When done right, outsourcing can help you scale your businesses at an unprecedented pace. Each year, more and more small businesses outsource. With this trend, we can see that outsourcing will only grow bigger in the near future.
By 2022, businesses are projected to spend over $700 billion annually on outsourcing. IT outsourcing investment is expected to reach $519 billion in 2023, up 22% from 2019. In addition, business process outsourcing spending will reach $212 billion in 2023, up 19% from 2019.
That said, we’ve compiled a list of robust outsourcing statistics to help real estate and property management firms in their decision-making regarding outsourcing:
9 Powerful Outsourcing Statistics For Real Estate & Property Management
Business Process Outsourcing Statistics
The Global BPO Market Is Expected To Reach $525 Billion By 2030
Between now and 2030, the outsourcing of business processes is expected to expand at over 9% annually. It is anticipated that the financial services, information technology,5, and telecommunications sectors will contribute most to this expansion.
86% Of Corporate Real Estate Companies Already Outsource
According to a survey, 86% Of Corporate Real Estate (CRE) companies choose to outsource their business processes to save costs.
Real estate professionals advocate cooperating with third-party specialists, developers, and investors to cut expenses and increase scalability. It can also assist provide budget predictability by protecting against variations in energy and operating costs.
Real Estate And Property Management Firms Outsource To Cut Labor Costs By Over 50%
Labor costs account for most of your savings. Outsourcing using BPO businesses is cheaper than recruiting locally. Statistics suggest that outsourcing to the Philippines can save a corporation more than 50% on labor expenditures.
Small business owners don’t have to worry about sourcing, employing, and onboarding new local employees, and overhead, benefits, and liability costs are decreased.
The Philippines Is The Top Country For Outsourcing Back-Office Services
Outsource Accelerator ranked India as the top country for IT and software outsourcing. Customer support and back-office were outsourced to the Philippines.
Because of this, many companies that need back-office services for their property management businesses head to the Philippines. The Philippines’ high literacy rate and more westernized culture made it an ideal location for the sector.
37% Of Small Businesses Outsource At Least One Business Process
A Clutch analysis from this year found that more than a third of small businesses use outsourcing. According to the results of the poll on outsourcing, over half of all respondents expect to outsource at least one company function in the near future.
That said, SMEs (Small and Medium Enterprises) have a lot of untapped potential with outsourcing. Meanwhile, many SMEs that outsourced have already reaped the rewards as they get to streamline their business processes.
Real Estate & Property Management Outsourcing Statistics
Lowered Costs & Increased Efficiency Are Top Factors In Outsourcing Decision Making
Cushman and Wakefield did a study suggesting clients also ranked the most important factors in their decision to outsource their back-office services. The study revealed that clients favored lowered operations costs and increased efficiency. Following this, clients favored how outsourcing allows their organization to focus on profit-driving efforts.
Customer Service Is One Of The Most Outsourced Service In Real Estate
In our last article, we said a good customer care team may boost customer retention. Hubspot found that a 5% improvement in customer retention can boost profits by 25%.
Outsourcing customer support opens up multiple revenue sources. Customers spend 300% more time with good customer service reps, according to the survey.
Document Related Services Are The Most Outsourced In Real Estate Globally
When a property management company expands, many challenges arise. Higher labor expenses, tougher workloads, and staffing concerns result. According to Statista, 44% of real estate firms outsource document or back-office-related tasks.
Outsourcing can execute repetitive, non-core work cost-effectively. BPO firms in the Philippines have a vast pool of technically skilled people, so you won’t have staffing concerns.
Conclusion
If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Contact us today and learn more about how hiring virtual assistants can help your real estate business can achieve your goals.
In the real estate and property management industry, several tasks such as rent roll can be delegated to outsourcing services. But, what exactly is rent roll?
Typically, the rent roll details the property, tenants, and rents. It helps investors enhance gross rental income and improve property performance.
When a rental property is bought, you also access the rent roll that reflects what you can earn after accounting for its assets. Rent rolls are vital in real estate, but preparing reports, collecting data, and everything in between may be difficult.
That’s where outsourcing comes in! You can hire real estate virtual assistants to help handle administrative tasks related to Rent Roll and more.
Here is the essential information that should be found in the rent roll:
Tenant’s Name
In-and-out dates
Lease term and expiration date
Expenses
Cash deposit
Parking lot fees, etc.
Late fees, etc.
Paid and owed
Outsourcing Rent Roll Helps Scale Your Business
As mentioned earlier, buying new property means that you also purchase the rent roll. However, this might cause scalability issues down the line.
New rent rolls can be difficult. There’s due diligence and the transfer of the rent roll from the old agency to your firm. And, depending on your size, you’ll have to make hiring decisions, manage growth, and more.
Because of this, real estate agents would rather opt to sell their rent roll. Other issues agents may face include the following:
Staffing concerns
Management, discipline issues
Training problems
Work, safety, health
Unemployment
Profitlessness
Not enough time to focus on business
All of the issues above can be a direct result of scalability issues. Although acquiring new rent rolls can be a good thing, if there’s nobody to manage it due to staffing issues, it quickly turns into a liability. The solution? – Outsourcing.
With that said, here are some of the reasons why outsourcing rent roll benefits your real estate or property management business:
Outsourcing Provides Cost-Efficient Support
Outsourcing means you get to delegate rent role-related tasks to a virtual assistant. Hiring in-house or locally will definitely cost a premium.
But, for tasks that don’t necessarily drive profit, scaling this becomes unfeasible in the long term. Furthermore, choosing to hire locally might require you to raise rents to cover operational or labor costs.
Luckily, an outsourcing partner provides services at an incredibly cost-efficient rate. According to studies, outsourcing can save real estate firms up to 70% in labor costs. Plus, you get the added benefit of not having to deal with any of the onboarding processes.
You Can Easily Grow Rent Rolls With Outsourcing
Real Estate Agents and Property Managers want filled rent rolls for obvious reasons. Meanwhile, having unfilled units on your rent roll is a surefire way to turn the rent roll from an asset into a liability. So, if you want a higher return on your investment, expanding your rent roll is essential.
Here are some of the ways outsourcing can help you grow and scale your rent roll:
Lead Generation – Lead generation, especially in real estate, is important for business success, but it’s tedious and time-consuming. Without leads, you can’t sell, but doing so distracts you from higher-level tasks.
Dedicated Sales Team – Having a dedicated sales team can help promote and highlight why people should invest in property. You can assign them to contact people through platforms such as social media, websites, or even through the phone.
24/7 or After Hours Client Support – One of the most underrated aspects of outsourcing is the ability to hire a 24/7 or after-hour customer support channel. To help increase your rent roll, it’s important to keep your current tenants happy.
Content/Social Media Marketing Campaigns – The fastest way to reach your audience, no matter the niche, is through social media platforms such as Facebook, Instagram, and YouTube. The right photos and videos that highlight the best part of your business can be a game changer.
Virtual Assistants Can Help With Supporting A Client Referral System
As a rule of thumb, potential tenants or clients will have more faith in you when they walk through the door if they have personal knowledge that a close friend or relative enjoyed the service. Moreover, you can even add a reward system for your current tenants to incentivize them for referrals.
Having a mutually trusted third party introduce you to a prospect is a great approach to quickly and easily establishing a rapport that can pave the way for a fruitful business relationship. When the potential customer hears about a favorable experience from someone they know and trust, they are considerably more willing to give you a try.
According to a Goethe University study published in Forbes, referral consumers are 18% more likely to stay. This number was steady throughout three years of studying a German bank’s referral program. Referrals may have a greater retention rate due to improved trust in you as an agent.
If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Contact us today and learn more about how hiring virtual assistants can help your real estate business can achieve your goals.
In real estate, every transaction comes with several documents that need processing – this takes up a lot of time. Plus, scaling the business becomes an issue as more employees are needed to handle increased workloads. Luckily, that’s where a virtual real estate transaction coordinator comes in.
A remote transaction coordinator easily handles all the paperwork and deadlines. So, everything from initial contracts to a settlement can be streamlined. As a result, real estate agents gain more time to do dollar-productive core tasks. Furthermore, you can save up to 75% on labor costs when outsourcing this specific role.
Tasks You Can Delegate To A Virtual Real Estate Transaction Coordinator
A virtual assistant that handles real estate transactions takes up a broad range of responsibilities. However, because this is somewhat of a niche within the real estate industry, you have to be sure that your firm hires a qualified real estate virtual assistant.
That said, here are some of the specific tasks you can assign to an offshore real estate transaction coordinator:
Opening escrow and depositing the buyer’s money until settlement.
Coordinating sales and inspections.
Completing all repairs
Make sure documentation is submitted on time.
Settlement coordination.
Checking on the buyer during the contingency period.
Signing contracts in the appropriate areas.
Sending buyers, sellers, and lenders contracts.
Managing web-based transaction files.
If purchasers miss deadlines during the contingency period, send demand notices.
Providing the lender with all necessary paperwork.
Documenting buyer-seller communications.
Paying taxes by settlement’s end.
As a rule of thumb, the best way to utilize a transaction coordinator still depends on the specific needs of a real estate firm. Moreover, you also need to consider the risk of outsourcing and how to effectively manage it.
Still, the pros of hiring a real estate virtual assistant massively outweigh the cons. That said, here are some of the benefits you get when you choose to outsource a transaction coordinator for your firm.
Benefits Of An Offshore Virtual Real Estate Transaction Coordinator
During the pandemic, the real estate industry was hit hard. As a result, many transaction coordinators were laid off in early 2020. Meanwhile, others quit in fear of imminent layoffs.
Eventually, the world began recovering from the pandemic, there was a huge demand for real estate. This eventually resulted in a massive demand for both in-house and outsourced transaction coordinators.
But, how do you know if you need to hire locally or outsource virtual assistants from countries like the Philippines? To help you decide, here are some of the benefits you get from outsourcing.
Reduced Labor Costs Up To 70%
A study from Dot Loop suggests in-house transaction coordinators make around $50,000/year. Additionally, you also need to consider their benefits and the taxes that go with them.
Meanwhile, in the Philippines, document-related tasks that support transaction coordination can start for as low as $8.50/hour. This is possible thanks to the low cost of living paired with low minimum wage in countries like the Philippines.
Access To Professionally Trained & Skilled Virtual Assistants
The Philippines is home to talented individuals who are professionally trained to handle tasks such as transaction coordinating. As such, firms don’t need to worry about compromising the quality of work for the reduced labor cost.
Partnering with an outsourcing service provider means that you hire a full-time transaction coordinator. Here at Global Strategic, we provide all the resources and infrastructure they need for your firm.
And, all that’s left for you to do is monitor their performance on a daily or weekly basis. Additionally, the offshore employees you hire answers to team leaders and supervisors that ensure the quality of their work.
Key Takeaways
The conditions for successfully completing a real estate transaction have changed over time. The specifics of each deal depend on the regulations of the relevant state and county, both of which might add layers of complexity.
That said, hiring a Transaction Coordinator is essential for a smooth closing. Luckily, outsourcing this role allows real estate agents to concentrate on what is most important: their core Real Estate Business.
As shown above, a virtual real estate transaction coordinator’s tasks are exhaustive. And, delegating these tasks to your in-house staff can be both costly and counter-productive. More often than not, this leads to real estate businesses becoming stagnant due to scalability issues.
So, before this happens, many professionals already invest heavily in outsourcing and have already reaped the rewards.
If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Contact us today and learn more about how offshore outsourcing to the Philippines can help your business and future business growth.
Virtual Property Management is starting to pick up we managers start to streamline business processes. However, there is a select list of tasks you can effectively outsource.
As a rule of thumb, you can effectively outsource repetitive or administrative tasks. But, can you actually outsource a property manager?
In this article, we’ll go through what you need to know when it comes to virtual property management.
What Is Virtual Property Management?
Having offshore property management allows you to quickly engage with clients and residents face-to-face using an app on your cell phone, tablet, or home or office computer.
Because the software allows call center capabilities like queuing, transfer, and more, you can have as many customization options as you need. And, when partnering with the right service, you’re ensured to receive specialized solutions to your specific needs.
5 Benefits Of Offshore Property Management?
Offshore property management allows you to manage properties remotely and recruit clients in any region, allowing you to grow your firm nationally. Through this, you get the ability to scale your businesses at an exponential rate.
Additionally, property managers must communicate with clients and tenants and maintain the rental property and keep the owner informed. Here are some of the benefits of having a virtual property manager:
Communicating With Clients
Customer service is just as crucial as tenant relations when managing rental properties. You must maintain the rental property and keep the owner updated on any changes or problems that may arise.
Thankfully, property managers can handle most of it remotely over the internet or by phone. This side of the virtual fence makes property maintenance a breeze.
Homeowners Association (HOA) Meetings
These can be held wholly digitally, with the help of online chat services, or they can move into discussions on Facebook groups.
Because most people don’t enjoy going to these meetings, a virtual property manager can do the work.
Growing Your Business
The expansion of your company is a real possibility with virtual property management. It allows you to take on property management customers from anywhere in the country thanks to the convenience of remote management.
Handling Tenants
Managing tenants without actually visiting the rental unit is the other side of virtual property management. Freelance property managers may have it more difficult, but there are ways to make life easier for everyone involved.
Cost Reduction
Virtual Property management can boost efficiency and output by outsourcing tasks. And for smaller companies trying to cut costs, outsourcing is a great way to get a better team together for less.
Pricing depends on the roles and functions you need. For most outsourcing services, data tasks start at $8.50/hr and voice at $9.75/hr (contingent on volume and task breakdown).
Conclusion
Property managers can boost their productivity and efficiency in a manner that is both cost-effective and more cost-effective when they outsource their work. In addition, small firms that are interested in streamlining their operations might benefit from outsourcing because it offers a method to increase the size of their personnel at a reduced cost.
Global Strategic is able to assist you with your company’s requirements and provide you with the Strategic Advantage you require to stay ahead of the competition. Contact us today and learn more about how offshore outsourcing to the Philippines can aid your business and future business growth.
Being in the real estate industry means dealing with lots of data – firms outsource data entry services. As a result, realtors, brokers, and property managers get to focus on profit-driving core tasks.
Whether we like it or not, data management is an important aspect of any business. However, despite its importance, data entry tasks aren’t dollar-productive. That’s why most real estate businesses have scalability issues.
So, how exactly can outsourcing data entry tasks benefit real estate firms?
Benefits Of Outsourcing Real Estate Data Entry Services
Real estate agents and firms deal with a lot of data. Maintaining this massive data inflow requires specialized employees, which increases overhead costs and time.
Luckily, outsourcing can take care of all these issues and more. Thus, real estate data entry is a significant asset for any company, agent, or realtor.
More importantly, having a streamlined data entry system can help firms focus on important business decisions. Here are some of the significant benefits of outsourcing data entry.
Reduced Labor Costs
Outsourcing repetitious administrative chores can save costs by 50-70%, according to studies. 89% of property management companies outsource. According to studies, 67% of property managers have outsourced.
We can’t merely consider the cost while choosing a virtual assistant. Online real estate communities have conflicting attitudes to qualified virtual assistants.
Fast Turnaround Time
Virtual assistants can complete data entry duties in six, 12, 24, or 48 hours depending on the client’s needs. Furthermore, you are ensured of completed tasks as VAs operate under supervisors that are tasked to oversee their work.
But, that’s assuming you’ve partnered with a Business Process Outsourcing (BPO) service provider. Meanwhile, taking on freelancers means you’d have to invest time and active energy into ensuring they get the job done.
Real Estate Data Entry Services Streamline Business Processes
Partnering with a BPO means your real estate data entry tasks follow structure. As such, real estate firms are ensured to have accurate results delivered in a timely manner.
Additionally, a firm’s in-house staff can focus on core activities and leave the repetitive data-related tasks to your outsourced virtual assistants.
Now that you know some of the benefits of outsourcing real estate data entry, here are some of the tasks you can outsource.
Tasks You Can Delegate To Real Estate Data Entry Specialists
As a rule of thumb, you can easily outsource non-core activities to virtual assistants. However, because of the training and experience of BPOs, you can also do more advanced data entry tasks.
On that note, here are some of the main tasks you can delegate to VAs:
Listings of available properties
Construction of a Real Estate Database
Collecting Information Regarding Buyers and Sellers
Real Estate Legal Documentation.
Entering Data Into the Property Sales Records
Real Estate Tax and Insurance Data Entry.
Services pertaining to the processing and management of real estate data.
Real Estate Data Extraction.
Data entry for the details of commercial valuations.
Data Entry for Details Regarding Non-Commercial Appraisals
Property Documentation.
Real Estate Legal Document Filing.
The data entry process uses hard copies.
Data Entry for Properties, Both Online and Offline
Real Estate Data Capture Services.
How Do I Know If I Should Outsource Data Entry Services?
It’s time to take stock of the company and reevaluate your workforce. Is your volume highly variable, or does it peak and dip at specific times of the year?
What percentage of your workforce has left recently? I’m thinking specifically of accounting, customer service, and general administration. If you answered “yes” to any of these questions, working with an offshore partner may be beneficial.
And If you accomplish this, your company will gain some much-needed adaptability, making it easier to weather the inevitable ups and downs of your industry. Offshoring makes it far simpler and less expensive to add or eliminate workers than it would be for our client’s internal business.
You may increase internal efficiency, boost productivity from your core competency people, and save a ton of money by identifying your data entry heavy, redundant, and time-demanding jobs and outsourcing them.
Key Takeaways
Outsourcing your real estate data entry tasks benefits any firm as it helps streamline business processes. However, every firm is different.
That’s why you need to partner with an outsourcing service provider that can offer customized solutions that fits a client’s specific client’s needs.
If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Contact us today and learn more about how offshore outsourcing to the Philippines can help your business and future business growth.
Customer service is crucial in all industries, especially client-facing ones such as real estate, and modern agents, brokers, and property managers are investing more in outsourcing as a solution to their customer service requirements. According to studies, good customer service helps client conversions, tenant retention, and more.
Price Waterhouse Coopers (PWC) conducted a study suggesting that 73% of customers attributed good customer service to choosing a product. Meanwhile, 92% of companies said investing in customer service increased client loyalty.
More importantly, 84% of real estate companies in their study said they increased sales. Meanwhile, 79% had massive savings on operational costs when outsourcing customer service.
Those are some great statistics, but just what exactly can outsourced customer service do for real estate firms?
5 Benefits of Outsourcing Real Estate Customer Service
There are several benefits to outsourced customer service that benefits real estate firms, and with a proper system in place, customer service can lead to increased profitability.
For example, real estate call centers speed up all operations. They free up time for contracts and transactions and keep consumer information and answers. With that said, here are some of the overall benefits of CX in real estate.
Increased Profitability
For example, here is a chart from a study on Determining Customer Satisfaction in Real Estate conducted by Iveta PUĶĪTE and Sanda GEIPELE.
The chart above clearly visualizes how a good customer experience can lead to better retention. Furthermore, it illustrates how even dissatisfied customers can help businesses by pointing out issues they can improve on.
On the contrary, having poor cx can lead to customers leaving and telling others about their bad experiences. As such, this can hurt a firm’s reputation in the industry.
More importantly, customers consider service when buying. 90% of Americans base business decisions on customer service. Your company’s customer service reputation will affect many potential customers.
Positive Impact on Brand Image
Your outsourced customer service is an extension of your brand. Social media, ads, content, and other external marketing aspects make an impression, but customer service talks directly to customers.
As a rule of thumb, customer support reflects your brand to buyers. Thus, customer service may make or destroy a customer’s loyalty.
Meanwhile, according to a Hubspot article, 89% of consumers say they’ll return after an excellent customer service experience. On the other hand, 61% of consumers say they’ve abandoned a brand due to poor customer service.
Streamlined Business Process
Having a dedicated customer service team means real estate firms can automate several necessary (but non-dollar-productive) tasks. This means in-house staff can leave maintenance/ repair tasks and tenant-related processes to your outsourced cx team.
Additionally, customer service can handle email and phone tasks at a cost-efficient price which helps tenant retention and new tenant rates. To summarize, with a call center, you can simply separate tenant concerns like maintenance and repair, billing issues, and disputes.
Increased Referral Rate
Investing in quality customer service can help real estate firms increase referral rates. When individuals have a remarkable experience—good or bad—they want to brag.
As per Hubspot, 55% of consumers share purchases on Facebook, Twitter, Pinterest, and other social platforms – this also applies to real estate and other property.
Your most influenced consumers will do word-of-mouth promotion. Also, 72% of happy consumers tell six or more people about it. Your customer service personnel can be a big driver for cheap promotion through favorable word-of-mouth and recommendations.
Gain the Strategically Competitive Advantage
Your business should stand out regardless of industry. Nobody wants to be “second-best” You want to be better than your competitors and have your customers know it. That’s how to keep customers loyal and engaged with your brand.
Customer service may distinguish your business. When a customer leaves a brand, it’s generally due to poor customer service. If the customer’s problem is fixed on the first interaction, 67% of turnover can be avoided. If you give exceptional customer service, you’ll keep your customers and gain your competitors’.
Well-trained, positive customer service can make your organization better. Their direct consumer communication can transform and develop your company.
When Should You Start Outsourcing Customer Service for Your Real Estate Business?
Think about your company and how you’re employing people. Do you see significant volume fluctuations, such as seasonal peaks and troughs?
Have you had a lot of turnover in critical areas of operation like accounting, customer service, or general administration? The use of an offshore partner is beneficial if you respond “yes” to any of the following questions.
Doing so will provide your company more leeway to adapt to the inevitable ups and downs that occur in every market. In comparison to our customers’ operations, expanding or contracting the number of people working off-shore is significantly simpler and less expensive.
You may increase internal efficiency, boost productivity from your core competency team, and save a ton of money by identifying and outsourcing your repetitive, data entry-heavy, redundant, and time-consuming jobs.
If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Talk to us today and learn more about how offshore outsourcing to the Philippines can help your business and future business growth.
Real estate agents, brokers, and property managers all struggle with scalability issues – and as a solution many invest in outsourcing. But, how exactly do you outsource to countries like the Philippines? And, what benefits can you get when doing so?
Outsourcing is primarily done in two ways – partnering with a business process solution (BPO) company or hiring freelance. Both have their pros and cons. Ultimately, it’s up to you to decide how you want to spend your resources.
However, before we get into the step-by-step process of hiring offshore staff, let’s define what real estate outsourcing is.
What Is Real Estate Outsourcing?
Outsourcing is defined as contracting out a corporate task, function, or process to an external service provider. It encompasses outsourcing, strategic alliances, and partnership arrangements to replace internal services.
Meanwhile, outsourced real estate services offer firms the ability to streamline their business processes. So, instead of micromanaging every repetitive task, agents can focus on getting clients and other profit-driving tasks.
Traditionally, firms need to look for qualified real estate virtual assistants and delegate document-heavy administrative tasks to them. Some of these tasks include the following:
Real Estate Tasks You Can Outsource
As a rule of thumb, repetitive or non-core tasks that don’t drive income should be outsourced. These include administrative tasks, document-heavy workloads, scheduling, and more.
You can delegate these tasks to your in-house team. But, when you scale your business, you’d need to hire more people to account for the workload if you don’t want to overwork your staff.
Eventually, hiring more people is going to lead to an astronomical rise in operational costs. That’s why you should look into outsourcing the following tasks:
Real Estate Data Entry Services
Real estate data entry specialists enter the letter and numeric data daily. They also enter precise data for record tracking and administration.
Other responsibilities include:
Administrating information-sharing methods.
Communicating well with customers, staff, and PMO.
Track process-finished papers.
Responding to queries as needed to ensure outstanding customer service and records management.
Develop, facilitate, and engage in staff training on transaction processing for the information storage system.
Keep paperwork organized.
Meet daily production requirements for timely work completion.
Retrieve and repackage boxed files.
Log daily labor hours per corporate rules.
Rent Roll in Real Estate
Rent rolls list properties, renters, and rents. Furthermore, it boosts rental income and property performance.
Thus, when buying a rental property, you access the rent roll. This shows what you can make after accounting for its assets.
Real estate rent rolls are important, but compiling reports, collecting data, and everything else can be challenging. Outsourcing helps as real estate virtual assistants can aid with Rent Roll and other administrative responsibilities. Here’s what the rent roll should include:
Tenant’s Name
In-and-out dates
Lease term and expiration date
Expenses
Cash deposit
Parking lot fees, etc.
Late fees, etc.
Paid and owed
Back Office or Administrative Tasks
A study from Cushman and Wakefield suggested that 89% of property managers and real estate agents already outsource back office or administrative tasks to service providers from countries like the Philippines.
Back-office Associates are the backbone of any organization that can also work as real estate virtual assistants. Those who work in this department ensure that operations run smoothly so that client-facing tasks can be streamlined.
Real Estate customer service is crucial. More importantly, effective communication saves time, and money, and streamlines your business.
According to a study, 73% of customers indicated good assistance was a consideration in choosing a service or product. Meanwhile, 92% of organizations increased client loyalty, per PR Newswire. And, 84% increased sales, with 79% stating good customer service saved money.
For small and medium real estate management companies, hiring in-house customer support might be intimidating. For growing companies, you must also increase customer support to keep up with your growing business.
But, this eventually would become unfeasible in the long term as the operational costs would outweigh profits.
Now that we know about the real estate tasks you can easily outsource to virtual assistants, let’s take a look at the benefits.
Benefits of Real Estate Outsourcing
There are several benefits to hiring offshore real estate services. McDonagh and Hayward conducted a study suggesting the following as the top reasons real estate firms outsource:
Ability to focus on core business – As mentioned earlier, outsourcing allows businesses to streamline tasks so agents can focus on driving profit for the company.
Based on a study, in-house staff can spend 60% of their week on administrative tasks. As such, streamlining the business processes allows your in-house workers to do more dollar-productive tasks.
Access to leading practices/technology – Business Process Outsourcing (BPO) companies have access to leading technology and training to keep up with the stiff competition. As such, you won’t need to spend a large capital on equipment and training.
Flexibility – Outsourcing real estate services allow you to be flexible with what you can do with the resources you have. When partnering with a BPO, you gain access to a large pool of workers that can even target specialized areas of real estate such as marketing, SEO, and more.
Reduced Costs – Due to low minimum wages in the Philippines, a real estate firm can get massive savings on operational costs. Furthermore, you don’t have to worry about onboarding, sourcing talent, and paying for the benefits.
Lack of internal resources – More administrative tasks means you need to hire more people to do non-dollar productive work. Thus, you’re more susceptible to scalability issues down the line which can cause stagnant growth of your business.
Free internal resources – When you outsource real estate tasks, your in-house staff are free to help agents with dollar-productive tasks that will drive revenue to your business. More free time also means in-house staff isn’t overworked which leads to boosts in productivity.
Risk Sharing – Firms should consider operational risks, principal-agent risks, business risks, and inadequate contract designs. Luckily, with a good BPO company, you’ve got the benefit of risk transfer.
How Can You Outsource Qualified Real Estate Virtual Assistants?
Virtual assistant qualifications can signify several things. Real estate agents are in the same field, but their pain points vary.
To answer “What Makes a Real Estate Virtual Assistant Qualified?” consider what duties take up most of your time. Separate critical (dollar-productive) from non-essential duties.
You can do this for a week to determine your needs. Log the chores you’re completing, the time each day or week, and if it’s vital. Once you have a list of tasks you want to outsource, you can find qualified real estate virtual assistants either through freelancing platforms or outsourcing agencies.
Outsourcing Real Estate Virtual Assistants Through Freelancing
Using an online job board is a quick and easy way to find qualified remote workers. It only takes a few minutes to sign up for an account and add a job advertisement. Still, before making a hire through one of these channels, you should consider the following pros and cons:
PROS of Online Job Boards
Easy account creation
Can Source Thousands of Talent
You get to be visible to candidates actively looking for work
CONS of Online Job Boards
An overwhelming number of applicants (especially if the rate is above $3-$5 USD)
Interviewing Applicants takes up a lot of time for in-house staff
The onboarding process can be complicated with everything done virtually
Frequent Blackouts
Outsourcing Real Estate Virtual Assistants Through Business Process Outsourcing (BPO) Companies
There was a time when call centers were synonymous with business process outsourcing. But as technology improved, the industry’s supporting structures expanded dramatically.
These days, business process outsourcing firms may help you with anything from property management to social media.
If you use a business process outsourcing company to find and recruit virtual assistants, you will only have to engage in managerial-level communication. After filling out the necessary information on the website, a salesperson will get in touch with you to discuss price and other pertinent issues.
Having said that, here are some of the benefits and drawbacks you should think about:
Advantages of Business Process Outsourcing
Access to a wide talent pool
24/7 Operations
Advantages in recruiting and retaining highly skilled and trained professionals
Superior Adaptability and Money Savings
Replacement Generators and Other Modern Safety Measures
Recruitment and employee onboarding are both handled by BPOs.
Cons Of Business Process Outsourcing
Decline in Management
Risks of Overdependence
Key Takeaways
If you want to expand your company, outsourcing is the way to go. It saves you money and time, allowing you to concentrate on what matters.
The option to outsource exists, and you can do so through various web platforms, but this will take time. Moreover, you’d have to deal with the time-consuming tasks of onboarding, training, and payroll.
With the support of a BPO, however, you can concentrate on your most important work while the provider handles the administrative details of new hire orientation. Not only that, but you also have access to a sizable pool of individuals educated by seasoned experts in the real estate market.
If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Contact us today and learn more about how offshore outsourcing to the Philippines can help your business and future business growth.
Great property managers consider several factors that may be affecting their decisions regarding outsourcing. These factors benefit an organization’s long-term goals.
Aside from cost savings, outsourcing provides many opportunities for growth within an organization. However, this can only be achieved through strategic planning and risk management.
As a result, it is crucial that Property Management businesses evaluate and identify all aspects involved before deciding to outsource specific operations.
The Architectural Engineering Department of King Fahd University of Petroleum and Minerals in Dhahran, Saudi Arabia conducted a study suggesting that the decision to outsource falls under the following categories:
Strategic
Economic
Management
Technological,
Function characteristics
Quality
In this article, we’ll be focusing on the Strategic and Management aspect of outsourcing. This is because the strategic and management categories encapsulate a broader view of Property Management as a whole.
Strategic Factors That Are Affecting Outsourcing Decisions
Based on the study, Property Managers highlighted nine strategic factors that affected their decision to outsource. These include the following:
Focus on core activities
Access to world-class capabilities
Freeing resources for core activities
Accelerate re-engineering benefits
Risk Sharing with the service provider
Lack of Internal resources
Improve flexibility to the changing market dynamics
Developing strategic partnerships
Regulations governing outsourcing practices
Focus On Core Activities
For most property managers, the decision to outsource stems from reduced labor costs. However, outsourcing is better viewed as a strategic decision that allows firms to focus on core activities.
Following up on client leads, securing new doors, and developing partnerships are all examples of core activities that drive profit. Thus, focusing on core tasks gives firms a competitive edge.
As a rule of thumb, core activities are kept in-house. But, with the advancements in technology, training, and experience, some core tasks such as client lead generation can already be outsourced.
Access To World-Class Capabilities
Partnering with a Business Process Outsourcing (BPO) service provider provides property managers access to a large pool of talented and professionally trained workforce. As such, BPOs from countries like the Philippines already provide world-class resources that go above and beyond modern standards.
Still, without properly monitoring, the quality of the service may become subpar. Luckily, the role of BPOs gives elegant solutions to monitoring concerns.
In the Philippines, BPOs follow a hierarchal structure where management from within the service provider already ensures that the workers are monitored and services meet standards. This is done through quality assurance (QA) checks and consistent training programs.
Freeing Resources For Core Activities
Property managers often keep core activities in-house. As a result, they outsource repetitive, time-consuming, and non-dollar-productive tasks.
Usually, Property Management Virtual Assistants (PMVAs) take care of data-entry tasks and other administrative or back office duties. But, some PMVAs also have specializations such as accounting, social media, property listings, and more.
Additionally, outsourcing helps free up resources by creating a dedicated customer support hotline. As a result, in-house staff doesn’t have to spend as many resources dealing with tenant-related documentation, work orders, and applicant screening.
Risk Sharing In Outsourcing
Loss of competitive advantage, loss of flexibility, loss of security, and loss of control over the quality and operation of services are basic examples of in-house risks. To reduce exposure, many businesses are turning to third-party service providers to do some tasks.
In a previous article, we talked about risk transfer or risk sharing in relation to outsourcing. The term “Risk Transfer” is the legal process by which one party agrees to shoulder another’s share of an undiluted risk.
This is an approach to minimizing potential dangers. According to IT governance and information security consultant and educator Sunil Bakshi, the four pillars of risk are:
Risk Avoidance
Risk Acceptance
Risk Mitigation
Risk Transfer
Lack of Internal resources
A shortage of internal resources could have a disproportionate effect on businesses. It’s possible that hiring a contractor to provide the necessary resources is the best option in such a situation.
Thus, the decision to outsource could be influenced by the difficulty of gaining access to the necessary specialists. Any time there aren’t enough people or equipment on staff to do a job, that job is more likely to be outsourced.
This usually happens to Property Managing firms seeking to handle more property. As they get more doors, clients, and tenants, the amount of paperwork and admin tasks quickly pile up.
Unfortunately, this causes strain on in-house staff and management alike. So, to address the issue, managers need to hire new staff, thus, spending extra resources on non-core activities.
Management Factors That Are Affecting Outsourcing Decisions
Management factors take a look at outsourcing at the managerial level. As per the study, the factors include the following:
Saving Management Time
Reduce The Management Load
Need For Specialized Management
Increase The Speed of Implementation
Functions Becoming Difficult To Manage
Safety Management
Consolidation and Decentralization
Management may decide to outsource for a variety of reasons, including the desire for faster performance or the presence of a function that is difficult to manage. Furthermore, another factor is the desire to save time and reduce stress.
Every business wants to reduce the amount of time required to complete a task. An outsourcing service provider may be able to complete the work faster than an internal team because they already have everything they need to get the job done.
By outsourcing routine, non-essential tasks, an organization’s management may concentrate on what it does best – driving profit for the company. Moreover, a lack of in-house staff can increase response times and put services at risk in crisis situations.
How Does Reduced Management Load Affect Outsourcing Decisions?
Outsourcing reduces management and control time by lowering effort and allowing management to focus on core activities. Thus, a Property Management firm should determine what an offshore service provider can do.
It also helps organizations’ flexibility through better use of internal resources. Additionally, outsourcing manages supplemental or supplementary company services.
It’s considered a way for enterprises to decrease costs, free up capital, increase service quality, and focus on core activities.
If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Contact us today and learn more about how offshore outsourcing to the Philippines can help your business and future business growth.
Real estate agents want to boost profits, but revenue remains stagnant despite growing their business. They may have even increased their sales, but the culprits are more likely to be scalability issues and failure to streamline business processes.
That’s where real estate virtual assistants come in. With the help of these VAs, you streamline your business and automate repetitive, non-dollar-productive tasks.
Additionally, there are strategies we can use that utilize virtual assistants directly to save you money and boost profits. With that said, here are some Key Takeaways you’d find in the article:
KEY TAKEAWAYS
Virtual Assistants can save up to 70% or more on labor costs
Real Estate VAs can handle repetitive administrative tasks so you can focus on core responsibilities that drive profit.
You can hire specialized Virtual Assistants that help you find leads, promote your business, and boost your overall online presence.
You can hire virtual assistants through freelancing platforms or Business Process Outsourcing (BPO) companies.
India generally has slightly cheaper rates, but the Philippines is still the go-to for real estate and property management.
How To Boost Profits by Outsourcing Real Estate Virtual Assistants
Boosting profits can come in many forms – but primarily, this comes in the form of saving up on labor costs. In countries like the Philippines, the cost of living is low paired with a low minimum wage.
With lower labor prices and high English capability, the Philippines is a prime destination for outsourced staff. The country has a lot of talented and skilled workers, especially in the Business Process Outsourcing (BPO) industry.
That said, here’s a rundown of what you need to know regarding the cost of outsourcing to the Philippines.
Outsourcing Costs to The Philippines
There are several ways you can hire a real estate virtual assistant, but, the most popular are freelancing platforms like Upwork and OnlineJobsPh or BPO Companies.
As such, the cost of outsourcing to the Philippines depends on where you source the talent. For example, if you outsource to freelance, you may have a lower rate, but you lack security, training, management, and support, and may have trouble finding someone suitable (or someone who will stay).
Some smaller companies have made this work successfully, but many others have had negative experiences so it can take a little bit of trial and error. There are also BPO companies that provide outsourced staff, along with mitigating most of the above concerns.
Boosting Profits by Delegating Administrative Tasks
Real estate virtual assistants (VAs) provide administrative, technical, and creative support remotely, freeing agents and brokers to focus on core activities.
Studies suggest that repetitive, non-dollar productive administrative tasks can take up to 60% of a worker’s week. Naturally, this would drive productivity down for your in-house staff.
But real estate agents can delegate these tasks to virtual assistants so in-house staff can help drive profit to the firm. That said, here are some of the tasks you can assign to a real estate VA:
Typically, virtual assistants were used by corporations to handle mundane, non-essential activities. But a virtual assistant can do more for a real estate company than just handle paperwork; they can also assist with lead generation to help directly drive business to your firm.
Attracting potential customers and collecting their information for further sales funnel progression is what lead generation is all about. Potential customers can be attracted to your company in a number of ways including:
Cold Calling
Facebook/Social Media Leads
Cold Email Outreach
Text Message Marketing
Organic Leads
Where Can I Hire Real Estate Virtual Assistants?
As mentioned earlier, there are two primary ways you can hire a virtual assistant in the Philippines -Freelancing Platforms and BPOs. Naturally, there are pros and cons to each.
If you go on an online job board to find your VAs, you get a list of talented real estate VA applicants. You see their resumes, past jobs, and evaluations. You can also post job postings to attract applicants.
However, this means that you need to handle all the onboarding, interviews, background checks, payroll, and everything in between.
On the other hand, when recruiting virtual assistants from a BPO, only managers need to be involved. After giving pricing and other info on their website, a sales rep will contact you with pricing details.
Real Estate agents also get the following benefits when partnering with a BPO:
Access to a wide talent pool
24/7 Operations
Access to highly skilled and professionally trained workers
Enhanced Flexibility and Cost Savings
Updated Equipment / Backup Power In Case Of Blackouts
BPOs cover all onboarding processes
Ensured Data Security
There are a lot of ways you can get a VA depending on your preference. However, the important thing is that you hire a qualified real estate virtual assistant.
Here’s a quick rundown of what you need to know:
Virtual assistant qualifications can signify several things. Real estate agents are in the same field, but their pain points vary.
To answer “What Makes a Real Estate Virtual Assistant Qualified?” consider what duties take up most of your time. Separate critical (dollar-productive) from non-essential tasks.
You can do this for a week to determine your needs. Log the chores you’re completing, the time each day or week, and if it’s vital.
India Vs the Philippines in Outsourcing
By hiring Filipino staff, clients can save a large amount in wage payouts, but pricing isn’t the only selling point. When companies outsource to the Philippines, they can hire workers that are:
Diligent
Proficient in Conversational English
Adept to Western Culture
Fast Learners
Willing to climb the ladder to advance their careers
Savings shouldn’t be your only consideration when outsourcing, though. Consider the country’s outsourced infrastructure, government support, and culture when looking at India Vs the Philippines in Outsourcing.
Additionally, a Cushman and Wakefield study revealed that 89% of property management clients already outsource to the Philippines. And, for the top countries that do outsourcing, India is still #1 when it comes to outsourcing IT-related tasks while the Philippines is #1 for customer service and back-office operations.
CONCLUSION
If you don’t do your research and pick the best BPO provider, outsourcing might be a risky business investment. These risks can be minimized, and the benefits of outsourcing can be realized with some preparation, study, and the application of new technologies, methods, and knowledge.
Global Strategic can assist you to start outsourcing and provide you with a Strategic Advantage to beat the competition. Contact us today and learn how outsourcing to the Philippines can help your business flourish.
Outsourcing Tasks to Real Estate Virtual Assistants
Real estate agents and brokers have long struggled with scaling their businesses to keep up with increased demands, but the simplest solution could simply be outsourcing tasks to a virtual assistant.
Unfortunately, growing your real estate business means the workload of in-house staff increases with it- usually, coming in the form of paperwork and other administrative tasks.
But despite these being important, they do not drive revenue, and many companies would be better to delegate these tasks to qualified real estate virtual assistants.
Before getting into the specific workload you can delegate to an offshore staff, here are some key takeaways to look out for in this article:
Key Takeaways
Outsourcing to countries like the Philippines is a cost-effective way to streamline your business process. Aside from saving on labor costs, you also get access to talented individuals from a large population pool, so you don’t have to compromise quality.
Virtual assistants (VAs) in the real estate industry provide remote administrative, technical, and creative help to agents and brokers, freeing them up to concentrate on core tasks.
Many things go into this category, such as basic the following:
bookkeeping
property research
website administration
digital marketing
appointment/ open house scheduling
With that in mind, here are some of the tasks you can assign to real estate virtual assistants if you’re considering outsourcing.
What Tasks Can I Delegate to Real Estate Virtual Assistants?
Generally, you want to delegate non-core tasks. To have a better idea of the tasks you can assign, here’s a table for reference:
In the table above, we see that non-essential tasks like searching listings for buyers take up a lot of time per week. This, and other similar tasks, could easily be outsourced via delegating to a virtual assistant.
Furthermore, you can also assign these specific tasks:
Broker’s Price Opinion
BPOs (Broker’s Price Opinion) are real estate professionals’ valuations of properties. BPOs are used to set a property’s list price, similar to a CMA, and in foreclosure or short-sale situations.
A real estate agent or broker determines the BPO depending on various parameters. A local broker performs BPOs.
Our industry specialists examine all BPO reports for the correctness and address any issues or concerns. Customized BPO services are also available as Global Strategic can provide a curbside broker pricing opinion or a detailed report with trend summaries and market intelligence.
Here are some of the Broker’s Price Opinion-related tasks you can delegate to a virtual assistant:
Subject Property Condition
Price Recommendation
Prior Sales & Listing History Report
Repair or Renovations
Details Of Property and Neighborhood Conditions
Information on “Just Sold” Properties
Comparative Market Analysis (CMA)
REO Billing and Reimbursement
A Real Estate Owned (REO) property is a home the bank owns after a foreclosure. As such, there could be a lot of documents that need to be processed.
In this regard, virtual assistants can help with the following:
eviction services
redemption
property maintenance, including debris removal, repairs, and landscape services
market analysis
marketing services
title services
sales, and
closing services.
Moreover, you can also assign administrative-related tasks such as the following:
MLS Entry
Uploading listing to websites
Scheduling Buyer Tours
Coordinating Contracts with Buyers / Sellers
Assisting with Buyer Purchase Due Diligence
Creating and Posting Ads on Free Sites
Listing Maintenance
Adding Clients into Databases
Proper Filing of Documents
Updating Website
You can also assign your real estate virtual assistant to schedule personal appointments, prepare comparative market analyses, open house schedules, and more.
Social Media Marketing
You can hire specialized virtual assistants to do niche tasks like social media marketing. Anything from creating logos, and banners, to property listing graphics can be done through a remote VA.
If your business doesn’t have a social media presence or already has one but isn’t updated, VAs can help with that too. Among the task you can assign are:
Account Creation & Management
Targeted Advertising Campaigns
Respond to Comments & Posts
Monitor Spam
Progress Reports
Social media can also be used for lead generation through organic or paid advertisements.
Accounting and Bookkeeping
Accounting and bookkeeping is another specialized facet of virtual assistants. Here, you can hire remote staff that can handle the following:
Invoice and Payment Processing
Customer Invoicing
Credit and Collections
Bills Payment
At Global Strategic, we have access to licensed accountants who can use QuickBooks, AppFolio, Buildium, and more.
When it comes to providing our clients with accurate and reliable service, we adhere to GAAP and apply stringent information security processes.
Conclusion
Outsourcing is a big business investment with some dangers if you don’t choose the right BPO provider. A little research and effort, along with advances in technology, training, and experience can mitigate these dangers and provide you with all of the benefits of outsourcing.
Global Strategic can assist you to start outsourcing and provide you with a Strategic Advantage to beat the competition. Contact us today and learn how outsourcing to the Philippines can help your business flourish.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
