There’s a major trend shaking up the property management and real estate industry – outsourcing. You may not be aware of it, but outsourcing has been part of the business world for decades.
Most businesses rely on outsourcing to achieve their goals. However, outsourcing real estate functions can be intimidating and, perhaps, overwhelming.
There is good news though. Outsourcing property management tasks is a very well-established practice around the world. If you want your real estate and property management business to drive profits, improve efficiency and grow your rent rolls, outsourcing is a viable business strategy.
Outsourcing provides a wealth of benefits for businesses, including:
- Significant cost savings
- Build stronger relationships with your customers
- Access to highly-skilled, experienced talent
Significant cost savings
While a great deal of businesses recognize the cost-saving and revenue-driving aspects of building a remote team , many business owners are still reluctant about how much they can truly save by using this business model.
As a general rule of thumb, you can outsource three fully qualified professionals for the price of one, giving you the option to either significantly reduce your expenditure or potentially triple your output capacity without any further outlay.
Staff salaries are just the tip of the iceberg. Providing office space, computers, furniture, utilities, payroll and HR support, all quickly add up. When outsourcing, your provider can provide these things far more affordably than can be done locally.
Something to consider:
When choosing your outsourcing provider, it’s essential to do your research and be fully aware of the cost breakdown of their service. Remember, the cheapest option may not be the best option. Don’t sacrifice quality to lower overheads. With the right outsourcing partner, you can lower overheads and improve productivity, enhance efficiency and drive business growth sustainably.
Build stronger customer relationships
There are two vital elements to achieving long-term business success: strong relationships and comprehensive networking. These are where business owners can unlock the true value of outsourcing.
Your onshore staff should be focusing on profit-generating tasks such as meeting landlords, pitching proposals, building relationships and increasing your client base.
Other more time-consuming or repetitive tasks are a poor use of their time – chasing late rentals, renewing and lodging paperwork, scheduling repairs and maintenance, booking inspections, marketing and filing endless reports.
If you felt even the slightest shudder reading that last list, that’s your gut telling you your business could profit from outsourcing. It’s your sign to stop wasting precious time doing the tedious but necessary work and let an outsourced team help you simplify your workflow.
Access high-quality talent
Outsourcing property management roles isn’t a new strategy. For decades, firms have used remote teams to manage daily tasks so they can focus onshore teams towards growing the business and providing a high level of service.
Being a well-established outsourcing sector means your business has access to an abundant pool of highly-skilled, experienced professionals. It provides an opportunity for you to augment your team with talents that greatly contribute to your business.
The world has evolved dramatically since the first instance of outsourcing. The rapid adoption of cloud-based technology and remote working make finding the right people to fit your roles easier than ever.
With increasingly advanced technology and the comprehensive processes we have right now, outsourcing a property management team is less complex than you may think. While easy to do, it still requires thorough planning and a little know-how to be successful.
Our 7-step playbook gives you all of the information you need to build a thriving and successful offshore operation, including:
- How to build and grow an outsourced team
- What property management roles and tasks can be outsourced
- The best tools to use when outsourcing property management
- Best practices for offshoring success
We’re not recruitment. We’re not outsourcing. We’re Cloudstaff.