When it comes to hiring a virtual assistant, one of the biggest benefits is the ability to save on costs. However, property management business owners still need to establish a fair and reasonable payment method and policy.
How much should you pay a virtual property management assistant? What should you consider when estimating an hourly pay rate or per-project rate? Check out these insights from the VPM Solutions team!
There are a few different ways to determine a compensation package for your virtual assistant. While some aspects of compensation plans are similar to your regular onsite employees, there are a few differences when hiring and paying a virtual assistant.
So, how much you pay assistants for remote property management jobs must involve a few key factors.
One way to set a pay rate is based on the experience of the VA you hire. You can generally expect to pay more for someone with more experience. In addition, you'll likely get better quality work and a faster ramp-up timeframe for experienced remote assistants.
When posting a job description, include a pay range—a low end up to a high end of what you're willing to pay for the role--and note that your offer to the ideal candidate will be based on experience and other factors.
Another way to evaluate the ideal payment for a task or job role is based on the schedule you need your VA to keep. For example, virtual assistants can work full-time or part-time, depending on your needs. They might also work evenings and weekends to answer calls from tenants or handle other property management services and tasks off hours.
When interviewing your candidates for your property management company, be sure to discuss schedules and time zones to make sure your new virtual assistant understands when you need them to be available.
Business owners may also want to consider paying property management assistants based on the job they will perform. Roles in which your VA might handle sensitive tenant or owner data (requiring background screening) could justify a higher pay rate than an assistant that won't have access to personal data.
In addition, pay rates can be influenced by the type of job. Is it a short-term project or a full-time ongoing role? Depending on the tasks you need to be accomplished, you might offer premium pay ranges for special projects or specialized roles to ensure you attract (and keep) the talent you need. For example, an assistant handling administrative services or social media management might not need as high of a pay rate as a VA dealing with tenants or property owners.
Tasks that are more urgent or time-sensitive may warrant a higher pay rate than less urgent tasks. If you have a quick-turn project that requires a VA’s full attention for a short time or specific virtual assistant skills to meet a tight deadline, offering a higher wage can help you book the right talent to deliver what you need.
It depends! Hiring the ideal virtual assistant for a job posting could require a project-based fee if it's not an ongoing assignment. When choosing a project-based wage, be sure to consider how many hours you expect your VA to apply to the job. Then, set the project compensation fee based on a competitive hourly rate to gain interest in the job.
However, when searching for part-time or full-time remote assistant help, property managers often offer an hourly compensation plan for these roles. Again, you'll want to consider a competitive wage based on non-U.S.-based locations to attract the best talent and generate plenty of interest in your job posting.
Regardless of how you pay for the work delivered by your virtual assistants, you'll find they cost less than hiring U.S.-based, full-time, onsite workers! We mentioned considering competitive wages for locations outside of the U.S. You might be surprised at those rates the first time you review candidates from the VPM Solutions talent pool.
However, keep in mind that competitive wages that support a comfortable cost of living in other countries are consistently lower than U.S. wages—sometimes significantly lower! However, it is essential to make sure your per-project or hourly pay ranges are high enough to keep your jobs competitive without underpaying for virtual talent.
Setting competitive wages when hiring virtual assistants keeps them happy and provides for their lifestyles and families while lowing your payroll budget! In most cases, you can hire several skilled virtual assistants for less than the cost of hiring one local employee full-time.
Plus, you only pay for the hours your VA works! No more local salaried employees who aren't productive while collecting their guaranteed paychecks. With VPM Solutions, virtual assistants use timecards that business owners review and approve before payouts take place.
If you're ready to create a job description and set a pay range, VPM Solutions is ready to help you get started! After setting up your Company Profile (for free), you can browse similar job postings from other companies and review potential pay rates requested by virtual assistants that are available through our platform. Then, if you need additional help setting the ideal pay rates to hire the talent you need, our team is here to help. Get started today!
Get more insights into hiring better talent for less in our free download, “From Chaos to Clarity: A Virtual Assistant Impact Case Study.”