If you own an iPhone, read the box it came in. You’ll see the words, “Designed by Apple in California. Assembled in China.”
Outsourcing is not a new thing, we all outsource, but when it comes to outsourcing tasks within your property management team, it can feel uncomfortable, uncertain, unknown.
The good news though is that the outsourcing of property management tasks is now a very well-established practice around the world. It is a trusted option for real estate and property management businesses looking to increase profits, drive efficiency and grow their rent rolls.
In fact, there are very few industries better suited to outsourcing than property management. The reasons for this are threefold:
- Significant cost savings
- Build stronger relationships with your customers
- Access high-quality talent (Click to view what a team looks like)
Significant cost savings
While it’s well known that building offshore support teams is an effective cost-saving strategy for businesses looking to drive revenue, many businesses don’t yet fully realize the extent of the savings that can be made.
As a general rule of thumb, property management business owners can hire three fully qualified outsourced professionals for the price of one, giving them the option to either significantly reduce their expenditure or potentially triple their output capacity without any further outlay.
Staff salaries are, however, just the tip of the iceberg. Providing office space, computers, furniture, utilities, payroll and HR support, all quickly add up, but when outsourcing, your provider can take care of these things far more affordably than can be done locally.
Build stronger relationships with your customers
Ask any real estate or property management professional worth their salt and they will all tell you that building relationships and developing networks are the keys to success. This is where business owners can really unlock the true value of outsourcing.
Your top local talent should be focusing their time on performing tasks that generate profit – meeting landlords, pitching proposals, building relationships, and increasing your client base.
Other tasks, however, are a poor use of their time – chasing late rentals, renewing and lodging paperwork, scheduling repairs and maintenance, booking inspections, managing the marketing-go-round, 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 also a sign you are wasting your precious talent doing the tedious but necessary work that keeps you at the office way past closing time.
Access high-quality talent
We mentioned earlier that offshoring some property management roles is a very well-established practice, and has been for many years now. This also means that when building an offshore support team in major offshoring hubs such as the Philippines, it is not difficult to find top candidates with many years of industry experience who are familiar with your local market and IT platforms.
Offshoring opens up a massive global talent pool for you to choose from, and with the rapid uptake of cloud-based technology, it’s never been easier to find the right people that fit the roles you need.
Building an outsourced property management team is a safe and relatively easy process, but it does require proper planning and a little know-how to be successful. Cloudstaff’s 7-step playbook aims to give 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