When starting a multifamily investment company, the first few hires 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.
Here are the first four positions that we hired for and that you may want to consider if you are on a similar path:
- Executive Administrator (EA): In any small business an EA can play a crucial role in ensuring the smooth operation of the business. An EA who can wear multiple hats can help improve productivity, time management, 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.
- 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.
- 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.
- 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.
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.