When starting a multifamily investment company, the first few hires for a multifamily firm can play a critical role in setting the foundation for the company’s success. For Catalyst, like any other start-up business, bringing on our first few hires was not easy. After a couple of false starts and several months of job postings, we finally got the right positions filled with the right people. This core team has been instrumental in our company’s growth over the last couple of years and they continue to help our Managing Partners to work ‘on’ the business rather than work ‘in’ the business.

The First Four Hires for a Multifamily Firm:

 

Executive Administrator (EA): In any small business, an EA can play a crucial role in ensuring the smooth operation of the company. An EA who can wear multiple hats can help improve productivity, time management, and communication, and can help take repetitive daily tasks off your plate. They can also assist in tasks such as marketing, investor relations, and helping set up a professional image for your company. Having this role should allow you to focus on the more important business-building tasks. Moreover, a skilled EA can manage schedules, coordinate meetings, and handle communications, which streamlines the daily operations and allows senior management to focus on strategic growth. Their ability to manage administrative tasks efficiently can also contribute to a more organized and professional work environment, enhancing the overall efficiency of the company.

Asset Manager: An asset manager is responsible for overseeing the performance of the company’s portfolio of properties. This person should have a deep understanding of property management, finance, and real estate. They will be responsible for maximizing the value of the company’s assets by developing and implementing strategic plans for each property. The asset manager should be able to analyze financial data, track property performance, and identify opportunities for value-add improvements. Additionally, they play a key role in maintaining relationships with property managers and other stakeholders to ensure that each asset is performing optimally. Their insights and strategic planning are crucial for the long-term success and profitability of the portfolio.

Financial Analyst (Acquisitions): A financial analyst is responsible for analyzing financial data, creating financial models, and developing investment strategies. This person should have a strong background in finance, be proficient in Excel and other financial software, and have excellent analytical skills. The financial analyst should be able to evaluate potential investment opportunities, identify risks and opportunities, and help develop investment strategies that align with the company’s goals and objectives. They are also tasked with performing due diligence on potential acquisitions, which involves scrutinizing financial statements, market conditions, and other relevant data to make informed recommendations. Their ability to provide detailed financial forecasts and reports is invaluable for making sound investment decisions.

Marketing Associate: A Marketing Associate is responsible for creating and managing all the firm’s external-facing content such as social media, newsletters, marketing ads, blogs, etc. This person is critical to building, maintaining, and increasing the firm’s brand awareness in the industry and must keep up to date with changes in the marketing landscape. They are instrumental in crafting the company’s public image and ensuring consistent messaging across all channels. Their role involves engaging with the community and potential investors through various platforms, enhancing the company’s visibility and reputation. A proactive marketing strategy can lead to increased interest from investors and potential partners, facilitating growth and expansion.

These were the four roles that were critical in building our success to date but each company may have a unique set of initial roles to fill based on their individual strategies. Building a team is challenging but it is absolutely critical to be able to effectively scale and take care of the properties and investors.