Hiring a Property Manager Hiring a Property Manager Hiring a Property Manager Hiring a Property Manager by Megan Coltby Megan Colt

IntroductionIntroduction

Olde Towne Apartments is looking to expand the

business with further investments. To do this, Mrs.

Barnes needs to hire a property manager to oversee

the day-to-day operations of the original 20-unit

complex.

Olde Towne Apartments is looking to expand the

business with further investments. To do this, Mrs.

Barnes needs to hire a property manager to oversee

the day-to-day operations of the original 20-unit

complex.

Essential QualificationsEssential Qualifications

Pennsylvania Real Estate Broker’s License or Salesperson

License

College degree or experience in real estate

Problem solving skills, as well as an ability to tactfully

deal with people

Good speaking, writing, computer, and financial skills

Pennsylvania Real Estate Broker’s License or Salesperson

License

College degree or experience in real estate

Problem solving skills, as well as an ability to tactfully

deal with people

Good speaking, writing, computer, and financial skills

Sourcing PlanSourcing Plan

Recruiting firm

The Emlin Group screens, interviews and verifies references of

candidates. Costly, but effective.

Internet job board

Monster.com or Careerbuilder.com is cost effective, but may not bring

highly qualified candidates.

Professional Association and Networking

Pennsylvania Realtors Association networking is cost effective and can be

very successful but may result in a bad hire if the recruit is not qualified.

Recruiting firm

The Emlin Group screens, interviews and verifies references of

candidates. Costly, but effective.

Internet job board

Monster.com or Careerbuilder.com is cost effective, but may not bring

highly qualified candidates.

Professional Association and Networking

Pennsylvania Realtors Association networking is cost effective and can be

very successful but may result in a bad hire if the recruit is not qualified.

Evaluating CandidatesEvaluating Candidates

Cognitive skills test assessing the candidates abilities in

verbal and mathematical reasoning, logic and perception

Interview should use a combination of behavioral and

situational questions

Reference checks reveal information about candidate

performance and accuracy of interview questions

Cognitive skills test assessing the candidates abilities in

verbal and mathematical reasoning, logic and perception

Interview should use a combination of behavioral and

situational questions

Reference checks reveal information about candidate

performance and accuracy of interview questions

Selection ProcessSelection Process

Rank applicants based on Cognitive test scores dropping off

those who scored at the bottom

Review and compare interview questions to narrow

applicants to a few final options

Mrs. Barnes will make the final decision based on her level

of comfort and ability to trust the applicants

Hiring is contingent on passing Background and credit check

Rank applicants based on Cognitive test scores dropping off

those who scored at the bottom

Review and compare interview questions to narrow

applicants to a few final options

Mrs. Barnes will make the final decision based on her level

of comfort and ability to trust the applicants

Hiring is contingent on passing Background and credit check

Orientation and OnboardingOrientation and Onboarding

Completing Employment paperwork

Property Manager will need keys, security codes and

access to computers including tenant information

Ice Cream Social or Barbecue to introduce Property

Manager to Tenants

Completing Employment paperwork

Property Manager will need keys, security codes and

access to computers including tenant information

Ice Cream Social or Barbecue to introduce Property

Manager to Tenants

Evaluating SuccessEvaluating Success

Weigh cost against time spent and quality of candidates for each

recruiting source used

When evaluating the Property Manager consider:

✤Tenant feedback on quality and efficiency of service

✤Occupancy rate, turnaround time and time-to-rent

✤Olde Towne Apartments Profitability

Weigh cost against time spent and quality of candidates for each

recruiting source used

When evaluating the Property Manager consider:

✤Tenant feedback on quality and efficiency of service

✤Occupancy rate, turnaround time and time-to-rent

✤Olde Towne Apartments Profitability

ConclusionConclusion

With the help of a new highly qualified property

manager, Mrs. Barnes will be able to spend time

looking for and purchasing more investment

properties. The day-to-day operations of Olde Towne

Apartments will be entrusted to a professional

brokers who can take care of tenants needs, maintain

the property and help achieve financial success.

With the help of a new highly qualified property

manager, Mrs. Barnes will be able to spend time

looking for and purchasing more investment

properties. The day-to-day operations of Olde Towne

Apartments will be entrusted to a professional

brokers who can take care of tenants needs, maintain

the property and help achieve financial success.

ReferencesReferences

Bureau of Labor Statistics, U.S. Department of Labor. (2010, September 15). Property, Real Estate, and

Community Association Managers. Occupational Outlook Handbook (2010-11 Edition). Retrieved

from: http://www.bls.gov/oco/ocos022.htm

The EmlinGroup. (2011). Retrieved From: http://www.emlingroup.com/index.php

Glassford, V. (2007, May). Search and Employ. Units Magazine, National Apartments Association.

Retrieved from: http://www.emlingroup.com/articles/emlin_searchemploy.pdf

Pearce, L. (Ed). (2011). Apartment Complex: Olde Towne Apartments. Business Plans Handbook.

Online ed. Detroit: Gale. Retrieved from Small Business Resource Center, Globe Education

Network: http://find.galegroup.com.proxy.msbcollege.edu/sbrc/start.do?prodId=SBRC

Phillips, J. & Gully, S. (2011). Strategic Staffing (2nd ed.). Boston: Prentice Hall.

Schulder, D. (2011, January 15). Pennsylvania licensing boards’ penalty assessments increasing. Retrieved

from Cozen O’Connor: http://www.cozen.com/admin/files/publications/realestate_011511.pdf

Bureau of Labor Statistics, U.S. Department of Labor. (2010, September 15). Property, Real Estate, and

Community Association Managers. Occupational Outlook Handbook (2010-11 Edition). Retrieved

from: http://www.bls.gov/oco/ocos022.htm

The EmlinGroup. (2011). Retrieved From: http://www.emlingroup.com/index.php

Glassford, V. (2007, May). Search and Employ. Units Magazine, National Apartments Association.

Retrieved from: http://www.emlingroup.com/articles/emlin_searchemploy.pdf

Pearce, L. (Ed). (2011). Apartment Complex: Olde Towne Apartments. Business Plans Handbook.

Online ed. Detroit: Gale. Retrieved from Small Business Resource Center, Globe Education

Network: http://find.galegroup.com.proxy.msbcollege.edu/sbrc/start.do?prodId=SBRC

Phillips, J. & Gully, S. (2011). Strategic Staffing (2nd ed.). Boston: Prentice Hall.

Schulder, D. (2011, January 15). Pennsylvania licensing boards’ penalty assessments increasing. Retrieved

from Cozen O’Connor: http://www.cozen.com/admin/files/publications/realestate_011511.pdf