Hiring a Property Manager by Megan Colt

Introduction 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 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 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 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 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 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 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

Conclusion 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.

References Bureau of Labor Statistics, U.S. Department of Labor. (2010, September 15). Property, Real Estate, and Community Association Managers. Occupational Outlook Handbook ( Edition). Retrieved from: The EmlinGroup. (2011). Retrieved From: Glassford, V. (2007, May). Search and Employ. Units Magazine, National Apartments Association. Retrieved from: 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: 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: Bureau of Labor Statistics, U.S. Department of Labor. (2010, September 15). Property, Real Estate, and Community Association Managers. Occupational Outlook Handbook ( Edition). Retrieved from: The EmlinGroup. (2011). Retrieved From: Glassford, V. (2007, May). Search and Employ. Units Magazine, National Apartments Association. Retrieved from: 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: 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: