Not everybody can pay for all these themselves. You can spend tens of thousands of dollars on down payments alone.

This is where financing programs like shared equity mortgage comes in. But what exactly is it?

What is a shared equity mortgage and how does it work?

Shared equity mortgages are loans covering a percentage of the upfront costs of buying real estate. You can get this loan from non-profit organizations, local governments, or the private sector. 

The terms and conditions of the loan depend on the lender. Some require you to live in the home for a number of years before you can sell it. Others would implement a cap on how much you could sell the property for in the future.

This is done to ensure real estate prices in certain areas remain reasonable. It also helps low to minimum-wage earners secure homes.

Another term used for shared equity mortgage is “partnership mortgage”. Loan providers can act like a “silent partner” in your purchase. This should not be mistaken for home co-ownership or fractional ownership. 

Even if it’s a “shared mortgage”, it doesn’t mean you share it with someone else. The home you buy will belong to you. 

Instead, lenders can get a percentage share of the appreciated price when the property is sold. This percentage could be higher when loaning from private investors.

Here are some examples:

Shared Equity Mortgage Examples

One of the advantages of shared equity mortgages is that a loaner doesn’t have to pay the loan until they refinance the home or sell it. 

Let’s use this scenario as an example:

The total cost of the property is $300,000. You get a publicly funded shared equity mortgage worth $30,000. This equates to a 10% loan of the total price. The lender now has a 10% stake in future appreciation when the property is sold.

Here is another scenario using an example from a financing program in Austin called the Homebuyer Down Payment Assistance program. Residents can avail of a $40,000 silent second loan to secure down payments on a property. 

But the loan is limited to people buying a home with an appraisal value of less than or equal to $295,000. In addition, only residents within a certain wage bracket can avail of the loan. 

For this specific program, the household income needs to be less than 80% of Austin’s median income. The yearly income should also fall below $85,450 for a family of five.

Shared Equity Mortgage: Pros and Cons

There are several advantages to availing partnership mortgage. But before applying for a loan, you need to weigh both pros and cons.

Pros

More Accessible – Low-income earners gain access to affordable homes with the help of this loan. It can cover a large percentage of down payments and closing costs. 

Lowers Local Housing Rates – The benefits can also be seen beyond an individual level. Local housing rates in certain areas are moderated thanks to loan restrictions. This prevents people from selling homes at obscene prices.

Builds Finances – From a financial aspect, the loan also helps build your equity and saves you from costs related to Private Mortgage Insurance (PMI). 

Lowers Risks – This loan reduces the risks associated with buying property. If housing prices fall due to a weak real estate or short-term rental market, lenders also share your losses. You can then owe less than your initial loan. 

Cons

Lesser Profits – Homeowners get lesser profits because of selling caps or shared property appreciation. If you can’t find ways to offset these losses it could hinder your capability to grow your wealth. 

Higher Interest Rates – Having lower down payments because of the loan can also lead to higher interest rates, PMI, and other costs. Be sure to do your research and calculations before applying for a loan.

Limited Options – Your options are limited with shared equity mortgages. Not a lot of companies offer this type of service. This can force you into a “take it or leave it” situation. 

The loan is also offered to a select few that meet specific requirements. This makes it rare and hard to secure. So instead of buying a property outright, some invest in Real Estate Investment Trusts (REITs).

Difficult to secure – Local governments are also the best place to find such financial assistance programs. That means the offer is limited to the residents of those areas covered by cities or municipalities. If you make too much money, you may not even fit the criteria for a loan.

Should You Get a Shared Equity Mortgage?

If you’re planning on buying a home with the assistance of loans from shared equity mortgages, answer the following questions:

• Are you buying a home for the first time?
• Do you lack the down payment for closing costs for the home?
• Have you considered the long-term costs associated with it?
• Do you fit the criteria for the financial assistance program?
• Are you willing to let go of a certain percentage of future appreciation?

If the answer to those is yes, then getting the loan may be a sound idea. There are workarounds to the cons and it can benefit communities altogether.

Key Takeaways

Shared equity mortgages provide better opportunities for low-income earners to secure homes for their families. It improves finances by building equity and allows easy access to cash, and funding for home projects, and can even help with retirement.

There are definitely a lot of upsides when it comes to this type of loan. But each individual has a different financial situation. So, do your research and consider the following:

• Shared equity doesn’t need to be paid unless you sell or refinance a real estate property.
• These mortgages have strict rules such as limiting selling prices and the people who can buy the home.
• The goal of these loans is to make housing affordable in certain areas. 
• It’s not easy getting approved for this type of mortgage.
• There are several alternatives to shared equity mortgages.

The post What Is a Shared Equity Mortgage? Top Pros and Cons appeared first on Global Strategic Business Process Solutions.

But as a rule of thumb, you want to solve these challenges as soon as possible to prevent underlying issues from getting bigger. Here’s an in-depth look at five critical problems in property management.

Stagnant ROI

One of the most pressing challenges property managers face is finding ways to increase ROI (return on investment). Investors spend money on real estate and expect good returns. If the ROI is stagnant, that means the business isn’t growing or losing to the competition.

Property managers are expected to use every tool they can to boost ROI. This includes outsourcing property management services, using automation, or implementing better marketing strategies.

But keep in mind that no two properties are the same. There won’t be a singular solution that solves this problem.

Instead, focus on the foundations of the business. Find the pain points and streamline business processes. For example, many firms invest in outsourcing to cut down operational costs.

This helps managers invest more money into dollar-productive activities rather than spend it on repetitive tasks such as back office work.

Changing Regulations

The legal framework governing the real estate sector is constantly changing and adding new laws and standards, sometimes with harsh penalties for breaking them. The requirement to stay current with these regulatory changes is challenging.

Effective and technologically based approaches must be used to remain on top of regulatory developments. Property managers may easily become overwhelmed by narrowing down what is pertinent to the property, yet disregarding these improvements might result in crippling fines.

It is advised to speak with firms offering legal and business support because these laws differ from one location to the next. In particular, evictions are a delicate legal matter that must be addressed by abiding by the law.

Property Maintenance

Providing an excellent tenant experience is one of the most important tasks of a property manager. However, managers can’t be expected to be on-call 24/7 whenever there’s an issue. This is the reason why many managers struggle.

Whenever there’s a leak, a broken bulb, or a fire alarm that was accidentally set off, property managers need to be there to address the issue. But this isn’t sustainable. Some of these issues happen after hours.

The key here is to leverage maintenance services that offer 24/7 support. Outsourcing can also help with monitoring tenant issues. Firms can set up their own call center for concerns and hire outsourced customer service reps to handle the issues.

Time Management

Property managers often wear many hats. Throughout the day, they can bounce around from one task to another ensuring there are no problems. This leaves no time for creating strategies that could help grow the business.

Stress can easily build up between emergency maintenance calls and administrative concerns. An easy solution for this is to outsource repetitive, non-dollar-productive tasks.

Managers can now have more time to do what they do best. They can set up more meetings and find better ways to increase ROI, marketing, and more.

Tenant Acquisition and Retention

Finding new tenants is difficult. Another issue is keeping tenants and making sure they’re in it for the long haul. This is where the tenant screening process comes in.

There should be a dedicated process that filters out potentially bad tenants. This can save money, and avoid issues like late rent, and other concerns.

To streamline the process, managers need to find a good marketing team that helps promote their rentals and overall business. Firms can also improve their online presence and authority through Search Engine Optimization (SEO).

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.

The post Challenges Of Property Management & How To Solve Them appeared first on Global Strategic Business Process Solutions.

Although outsourcing has many benefits, there are also risks involved. For instance, outsourcing does not result in the cost savings your company anticipates.

Alternatively, the service provider is unable to meet your company’s needs. Or perhaps they lack the personnel skills necessary to complete your essential work. The service’s quality can occasionally fall short of expectations.

The outsourcing business model is still upholding its reputation despite numerous concerns. There are numerous justifications for doing so.

How To Minimize the Risk Of Outsourcing

To assist you with your hiring needs, you can select a domestic or foreign outsourcing partner. But keep in mind that when you outsource, you give up a lot of information. For instance, operational data, private information, and other records.

Here are 8 ways you can stop these issues:

Sharing of Responsibilities

The technological nature of outsourcing necessitates thoughtful decision-making. You and the service provider have equal responsibility for the exact execution of the project, and both parties must work together to control the risks. In this manner, when something goes wrong, nobody can be held responsible or held accountable by either party.

Determine Quality Standards and KPIs

Any company’s growth depends critically on documentation. Before you want to begin operations, you must determine the parameters of your business. Additionally, it’s critical to use performance indicators to gauge successes and failures.

Establish timeframes, KPIs, and accomplishment benchmarks. Set and adhere to high standards for quality. This allows you to assess where things went wrong. When any indicator is violated, the offending party will be penalized. As a result, outsourcing failures can be reduced by careful investigation.

 Ensure Discretion and Privacy

In the contemporary corporate paradigm, secrecy is essential. Businesses are required to divulge their private data to service providers. A compromise of private information, however, can result in problems for your company.

Therefore, have your service provider sign a non-disclosure agreement. You can prevent the outsourcing company from disclosing your personal information in this way. To ensure the security of your data, you can also go to the service provider’s physical location.

Accomplish Business Goals

Make sure your outsourcing agreement reflects the particulars of your company strategy. Never use outsourcing as a means of obtaining cheap labor for your company.

With your service provider, you should clarify your expectations and plan out your company objectives. It might also help you reach your goals if you communicate your company goals and aims to your outsourcing partner.

Dialogue on Critical Concerns of Outsourcing

Having a discussion about the hazards is the first and most important step. All the problems that arise while using an outsourcing business are discussed and evaluated.

Create a firm model based on a commitment to the project’s success. The third-party outsourcing supplier and your organization must both shoulder equal accountability throughout.

How To Make Outsourcing More Effective?

You provide your secrets to a third-party service provider when you hire them. This private information may have an effect on your clients, shareholders, and exclusive business partners.

To ensure trust and dependability, you must therefore improve your outsourcing process. Here are the best techniques you can use to increase the effectiveness of outsourcing.

Look for Relevant Providers Only

Your organization must look for a dependable third-party service supplier. Therefore, look for all the pertinent profiles that fit your company’s needs. Cross-check their performance history and review the client list of successful outcomes they have delivered. Before contacting any service provider, take your time and consider all the positives and negatives.

Establish a Monitoring Team

You must always keep an eye on the service provider you have chosen to handle your outsourcing needs. Keep a close eye on their performance, especially while you’re in the experimental stage. Follow up on their accomplishments of the target and missed objectives on a regular basis. It is advised to have a senior employee on the monitoring team. You can easily evaluate and monitor service providers’ performance thanks to their unique experience.

Ensure Complete Documentation

There must be no gaps in the service level documentation. Nothing should be left unrecorded, and verbal agreements should be kept to a minimum. The paperwork needs to be thorough and cover every conceivable angle.

The obligation and accountability of both parties must be clearly defined in the treaty. Don’t forget that negligent outsourcing can result in legal disputes. As a result, make sure your company takes the necessary steps to guarantee a well-optimized process.

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 offshore outsourcing to the Philippines can help your business and future business growth.

The post Minimizing Outsourcing Risks In Property Management appeared first on Global Strategic Business Process Solutions.

Businesses such as property management also tried outsourcing for cost efficiency and streamlined business process. Realizing the advantages, many invested heavily into it and already reaped the rewards.

However, outsourcing can still have its challenges, especially when it comes to Property Management.

In this article, we’ll discuss outsourcing challenges and strategies to prevent them so can reap outsourcing’s advantages.

7 Common Outsourcing Challenges Property Managers Are Facing

Successful firms outsource non-essential company functions to competent third-party service providers. But outsourcing has many challenges, and we’ll cover several solutions that may help you utilize it to its fullest potential.

Loss Of Control

At the beginning of outsourcing, firms often lose control over their project. Every organization must pass this step since their in-house staff previously handled it.

Communication and vendor location affect project control. Mismanagement of service providers might impair project quality since they won’t know your newest needs.

The solution: Before engaging an outsourcing partner for your firm, you might examine the organization’s client-handling experience and tracking strategy. Set meeting deadlines, measure KPIs and other indicators, and select a contact.

Communication Issues

Outsourcing to countries like the Philippines and India will result in massive operational cost savings. The issue with this comes in the form of language barriers and communication issues.

Due to cultural differences, tone, and accents, exchanging, there’s a high chance of miscommunication. Language and cultural limitations might hinder communication with your outsourcing vendor. Communication barriers are a typical outsourcing challenge that can reduce project quality.

The Solution: Set business hours to improve communication. Using good project management tools, you may standardize communication and define escalation processes.

Another quick tip is to outsource to a country like the Philippines that has a similar culture to the West and has a high English proficiency.

Hidden Costs

Outsourcing aims to acquire a competitive edge over in-house non-core business functions. Before picking a vendor, compare your in-house estimate to the vendor’s price.

Redeployment, troubleshooting, software updates, etc. are often overlooked. All these might add to your budget, causing problems later.

The Solution: To minimize outsourcing costs, contact the vendor and get a transparent cost estimate. Clearly outline the outsourced project requirements so the vendor can provide you with an accurate cost estimate.

Finding Trustworthy Service Providers

Successful foreign expansion requires a dependable outsourcing partner. Finding the appropriate outsourcing partner can be difficult. It’s a prevalent outsourcing problem since corporations don’t properly vet providers. Your outsourced job may be of poorer quality.

The Solution: Consider the firm’s expertise, number of projects and clients, average project size, ranking and reviews, access to the newest technology, etc. when choosing the suitable vendor. Companies’ lists vary. Before choosing an outsourcing partner, ask questions.

Language and Cultural Differences

Most organizations outsourcing confront cultural and linguistic challenges. Language and cultural hurdles prevent companies from outsourcing innovation and detail. Lack of research and communication causes cultural and language issues that affect outsourcing.

The Solution: Differences in organizational culture can only be resolved via conversation. Check if corporate employees speak English or your favorite language so you can communicate.

Different Time Zones

Time zone variations are a key offshore outsourcing challenge. Your outsourced partner’s time zone will be different. Even when your vendor isn’t available 24/7, you can contact someone else. A time zone graphic helps you choose the right outsourcing company.

The Solution: Frequent communication with your outsourcing provider helps reduce time zone discrepancies. Set a time for mutual project updates so both sides keep informed. You may also choose a 24/7 service provider for better communication and less time zone confusion.

Security and Privacy Concerns

Because outsourcing uses fully-remote teams, data security should be a top priority. When outsourcing back-office tasks for property management, an outsourcing team is likely to handle sensitive information about clients and their customers.

So choose an outsourcing provider that has ISO 27001:2013 or the data security standards. This ensures:

• Confidentiality: ensuring that information is only accessible to those who are authorized to have access
• Integrity: safeguarding the accuracy and completeness of information and processing methods
• Availability: ensuring that authorized users have access to information and associated assets when required

Key Takeaways

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.

The post Outsourcing Challenges For Property Management appeared first on Global Strategic Business Process Solutions.

According to an Outsource Accelerator study, India and the Philippines are the top countries for outsourcing. For India, the most outsourced services are IT and software development.

Meanwhile, the Philippines leads with customer service and back-office-related outsourcing. With that said, here’s a checklist for businesses that want to start outsourcing:

Outsourcing Checklist

As mentioned above, the Philippines and India offer their own pros and cons when it comes to outsourcing. For this reason, there has been a long debate over the Philippines Vs India.

Outsource a Team That Understands Your Culture

Still, when it comes to back-office and customer service, the Philippines holds several advantages, especially in culture. The Philippines follows a more Westernized culture so they’re more likely to follow trends and references which make them more relatable.

English is also part of their education making Filipinos extremely proficient when it comes to English with most having no distinguishable regional accents. So, when planning to outsource, pick a service provider whose cultural background aligns with yours. This is important when it comes to customer service.

Outsource to a Provider That Tracks Performance

Consider the phrase “omnichannel” while looking for an offshore Business Process Outsourcing (BPO) provider. Omnichannel support means that a BPO can provide more than just customer or back-office support.

Anytime you need something from your provider, they should be able to reach you through multiple channels and promote a seamless experience between them. In addition, a BPO needs to be able to keep track of Key Performance Indicators (KPIs) to ensure productivity and efficiency.

Outsourcing Service Provider Should Offer Customized Support

A good BPO provider may use your current knowledge base to complete onboarding. They should help you automate while causing your customers no problems. Any difficulties should be handled quickly and reported on.

Every business has different set-ups so BPOs should provide solutions that fit your specific needs.

Outsource to a Company With Good HR & Recruitment

Thousands of applicants go to BPO companies everyday hoping for a chance to work with foreign clients. That’s why a good recruitment and hr team with a meticulous hiring process is needed to ensure the best applicants are offered an opportunity to shine.

Outsource To A BPO That Conducts Outsourcing Best Practices

Outsourcing reduces labor expenses. An effective business may save up to 70%, according to studies. This is a short- and long-term investment.

Following a first meeting, outsourcing businesses likely know what they can do. You must specify what you want from them.

To outsource a task, prepare a work plan. You’ll want to track milestones and deadlines. Time-tracking applications help. Your outsourcing partner should also offer a time tracker for full-time staff.

Following a negative encounter with a remote worker from another country, most companies decide to cease using freelancers entirely. This makes perfect sense, of course. Finding a reliable virtual assistant in the field of property management may be a time-consuming and expensive process.

When partnering with a BPO, you’ll have access to the heads of companies and managers, allowing you to build long-term connections with them. Reports have found that cooperative connections between managers are the key to the success of outsourcing projects.

This way, you may avoid stressing over absent VAs, broken equipment, and inadequate training. You now have access to the whole toolkit, workforce, and infrastructure that a BPO typically maintains. Therefore, it is practical to establish rapport with upper management in order to facilitate the resolution of any issues that may arise.

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.

The post Outsourcing Checklist: How To Get Started With Outsourcing appeared first on Global Strategic Business Process Solutions.

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.

The post 9 Outsourcing Statistics In 2022 You Should Know About appeared first on Global Strategic Business Process Solutions.

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.

The post Rent Roll Outsourcing For Real Estate & Property Management appeared first on Global Strategic Business Process Solutions.

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.

The post Virtual Real Estate Transaction Coordinator – Outsourcing To PH appeared first on Global Strategic Business Process Solutions.

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.

The post Virtual Property Management – Outsourcing To The Philippines appeared first on Global Strategic Business Process Solutions.

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.

The post Real Estate Data Entry Services – Outsourcing To The Philippines appeared first on Global Strategic Business Process Solutions.