fbpx

Why HOAs Should Consider Outsourcing Financial Management

How professional accounting services can strengthen community finances and board efficiency

Managing the finances of a homeowners association (HOA) can be a complex and time-consuming responsibility. Board members, who typically volunteer their time, may not have the financial expertise or available hours to handle all accounting tasks effectively. In the United States, approximately 30 percent of the population lives in community associations, with homes collectively valued at $12.2 trillion in 2023. This highlights the importance of maintaining sound financial management to protect significant investments and ensure the smooth operation of these communities.

Outsourcing financial management to professional firms is an increasingly popular solution that can help associations maintain accurate records, streamline operations, and safeguard financial stability.

Advantages of Outsourcing HOA Financial Management

Professional Expertise and Guidance

Experienced financial management firms bring specialized knowledge tailored to HOAs. They understand industry standards, legal requirements, and fiscal best practices, helping boards navigate complex financial matters. Outsourced professionals can handle tasks such as assessment collections, accounts payable, financial reporting, and long-term budgeting. Their guidance allows boards to make informed decisions and respond efficiently to potential challenges.

For context, there are roughly 7,000 to 9,000 large-scale associations with more than 1,000 homes and annual budgets over $2 million. Managing finances in these communities can be highly complex, making professional expertise particularly valuable.

Advanced Technology and Security

Reputable firms use the latest accounting software and online tools, including automated payment systems, secure data storage, and reliable backups. This access often exceeds what a self-managed association can provide. By leveraging modern technology, boards can enhance operational efficiency, protect sensitive financial data, and improve payment convenience for residents.

In 2023, U.S. community associations collected $108.8 billion in assessments, funding essential obligations such as professional management services, insurance, utilities, security, common area maintenance, landscaping, capital improvement projects, and amenities like pools and clubhouses. Proper management of these funds is critical for maintaining high-quality services.

Time Savings and Reliable Service

Outsourcing frees board members to focus on broader community initiatives while ensuring financial tasks are completed accurately and on schedule. There are an estimated 2.5 million elected and appointed community association board and committee members contributing over 100 million volunteer hours annually. Professional firms help reduce this burden, allowing volunteers to focus on governance and strategic decisions rather than day-to-day accounting tasks.

Cost Efficiency

Hiring in-house accountants or bookkeepers can be costly when considering salaries, benefits, training, and payroll taxes. Outsourcing allows HOAs to pay only for the services they need, often resulting in significant long-term savings. For example, the estimated value of volunteer time provided by board and committee members is $3.2 billion, demonstrating the economic impact of skilled, professional support that allows volunteers to focus on value-added work.

Improved Communication and Flexibility

Modern technology facilitates clear and responsive communication with outsourced professionals. Video calls, email, and collaborative platforms allow boards to stay connected, ensuring transparency and timely updates. Outsourced firms are also equipped to handle urgent issues, providing flexible support whenever necessary.

Scalability and Adaptability

As communities grow or financial transactions become more complex, outsourced firms can adjust their services to match evolving needs. This scalability allows HOAs to maintain high-quality financial management without hiring additional staff or investing in new software systems. Between 2014 and 2024, the number of HOA associations increased by 10.6%, and populations grew 15.6%, highlighting the need for adaptable financial solutions.

Considerations Before Outsourcing

While outsourcing offers clear benefits, associations should carefully weigh the costs, potential loss of direct control, and dependency on external providers. Selecting a reputable firm with proven experience, clearly defined services, and strong communication practices is essential to ensuring a successful partnership.

Making the Right Choice

Outsourcing HOA financial management can improve accuracy, efficiency, and strategic planning, while reducing risks associated with fraud or mismanagement. For boards facing time constraints or lacking financial expertise, it provides professional guidance and technological resources that would be difficult to replicate in-house.

With HOA homes on average priced 4 percent higher than comparable non-HOA homes, annual assessments contributing $108.8 billion, and collective property values reaching $12.2 trillion, professional, reliable financial management has never been more important. By carefully evaluating providers and establishing clear expectations, HOAs can make a strategic decision that safeguards their community’s financial health and supports long-term success.

Get Patients Back in the Chair: Hygiene Reactivation That Works

Reviving Patient Care and Practice Growth in a Post-Pandemic World: How Seamless Hygiene Reactivation Boosts Production, Reduces Stress, and Keeps Teams Engaged

It’s no secret that the COVID-19 pandemic had a profound and lingering effect on dental care. In a peer-reviewed study, dental visits plummeted by 80.9% in April 2020 compared to the same month the previous year. Even after practices reopened, dental visits rebounded much more slowly and took a while to reach pre-pandemic levels. 

And, people are still spending significantly less time outside their homes according to a study by researchers from UCLA and Clemson University. The data showed a decrease of almost an hour out of the house, with a 12-minute drop in daily travel times. This behavioral shift appears to be a lasting effect on the pandemic, the researchers said. 

The American Dental Association (ADA) released a 2024 trend report that showed stress is the “new normal” in dentistry in the post-pandemic world. In the study, 82% of dentists reported some type of major stress relating to their profession.


ADA Communications Trend Report: 2024

ADA’s chief economist Dr. Marko Vujicic said the three biggest concerns that dentists had going into 2025, according to HPI’s polling data, were staffing shortages, dealing with insurance, and rising overhead costs. All of which were the same concerns to dentists at the start of 2024. 

So, is there a way to address these concerns and cut the stress?

In a post-pandemic environment where patient behavior has shifted, staffing challenges persist, and costs continue to rise, dentists need solutions that both ease operational burdens and boost production. 

One proven approach is a hygiene reactivation flow that integrates seamlessly with the practice’s existing tech stack. This system keeps the team aligned, tracks key metrics, and only pays out when results are achieved. The system is built around a “living list” that constantly updates from the practice management system (PMS) and automatically tracks staff calls and patient activity.

From there, patients are guided through a continuous nurture sequence with scheduled follow-ups, and when they attend, the visit is instantly detected and logged. The system rewards team members with daily micro-bonuses that deposit automatically, while a real-time leaderboard powered by PMS data drives motivation. The result is a smoother workflow, a more engaged team, and a schedule that stays full, helping dentists tackle stress head-on while recovering patients who might otherwise be lost.

In Q4 2024, the ADA surveyed dentists about their plans for 2025, and by Q2 2025, most dentists had followed through, particularly with investments in new software solutions. 


The State of the U.S. Dental Economy Q2 2025 Report

In a recent study of 144 practices using TeamCare, the average incremental production revenue was $21,239. On average, 37 patients were successfully reactivated, and the average incentive payout per practice was $370.

The dental industry continues to face many challenges following the COVID-19 pandemic, including changes in patient behavior, higher stress levels, and operational difficulties. However, recent ADA reports show that many dentists are actively looking for and using solutions to overcome these problems. 

By investing in advanced tools like hygiene reactivation systems that work smoothly with their current practice management software, dental practices can bring back inactive patients, increase production, and keep their teams motivated.

The results, including higher revenue and more patient reactivations, show that these methods work well. As more practices use these new and effective strategies, the dental field will be better prepared to reduce stress, improve operations, and meet the changing needs of patients in today’s healthcare environment.

Why More Healthcare Providers Are Turning to BPO

Rising costs, staffing shortages, and complex regulations are overwhelming the healthcare industry. Here’s how outsourcing is helping providers regain control and focus on care.

As a healthcare provider, you’re expected to deliver exceptional patient care while juggling a growing list of administrative challenges. From increasing claim denials and tightening regulations to outdated revenue systems and skilled labor shortages, providers are struggling to keep pace. 

In a study by Kaufman Hall, a majority of healthcare organizations reported a spike in claim denials, up from just 33% the previous year.


2022 State Of Healthcare Performance Improvement,
Kaufman Hall

PYMNTS also found that most providers are losing revenue due to inefficient accounts receivable processes, with 85% agreeing their systems need major improvements.


Pains and Gains: Conquering Healthcare’s Payment Woes,
PYMNTS

Many healthcare companies remain vulnerable to revenue leakage due to outdated invoicing and manual payment processes. NetSuite reported that up to 15% of healthcare revenue is lost this way. 

As a healthcare manager, these issues may sound familiar. Business process outsourcing (BPO) has emerged as a strategic solution to help address these challenges. 

What is Healthcare BPO?

Healthcare BPO involves delegating non-core medical and administrative tasks to specialized external providers. Traditionally, outsourcing included services like housekeeping, utility maintenance, and inventory management. Today, it encompasses a wide range of high-value administrative functions, including: 

Medical Billing and Coding – BPO teams manage patient data and apply standardized systems such as HCPCS (Healthcare Common Procedure Coding System) and the ICD (International Classification of Diseases) to medical procedures, ensuring faster, more accurate reimbursements and fewer rejected claims. 

Claims Processing – BPO providers handle insurance setup, verify patient details, and manage claim submission and follow-up, streamlining the process and reducing errors.

Data Entry and Management – Specialists accurately input and maintain patient records, including lab results, prescriptions, and drug inventory, allowing clinical staff to focus on patient care.

Medical Transcription – Outsourced transcriptionists convert physician audio notes into accurate written records including diagnoses, clinical findings, and surgery notes. 

Medical Cost Analysis – Analysts compile and evaluate medical records to estimate care costs and create reports such as Life Care Plans (LCP), Medical Cost Projections (MCP), and Medical Impact Reports (MIR). Proper cost analysis helps healthcare providers and legal teams understand the financial impact of medical care.

Nurse Analysis Report – Experienced nurses review and interpret records to assess standards of care and provide insight in legal cases, such as malpractice claims. 

Medical Chronology – BPO staff organize medical events into a clear, chronological narrative focused on specific incidents like falls, motor vehicle accidents, or wound care. 

Brief Preparation/Writing – Outsourcing teams collect relevant documents like physician CVs and insurance paperwork, then validate and summarize key data to create accurate and professional legal briefs.

Why Use Healthcare BPO?

As the healthcare industry evolves, BPO offers a flexible, scalable way to meet increasing operational demands, navigate compliance challenges, and stay competitive. Smaller providers often lack the internal resources to meet staffing or technology needs. Outsourcing fills those gaps efficiently. 

Healthcare BPO firms employ professionals skilled in coding, claims processing, transcription and data management. Partnering with these experts gives providers access to advanced tools and specialized talent without the cost of building in-house teams.


Outsourcing Non-Core Services in Healthcare: A Cost-Benefit Analysis,
International Journal of Scientific Research and Management

The graph shows that despite upfront and ongoing costs, all services achieve net savings, with IT and catering seeing the largest reductions. According to the study, outsourcing can also improve service quality, efficiency, and resource use in healthcare. For example, outsourced IT leads to better uptime and faster issue resolution. 

Strict regulations like HIPAA make compliance critical. BPO partners implement certified frameworks such as HIPAA and SOC 2 to protect sensitive data and ensure secure management of medical records. 

By outsourcing administrative tasks, healthcare professionals can focus more on patient care. Patients benefit from shorter wait times, better clinical attention, streamlined scheduling, and expanded telehealth services.


20th Annual Outsourcing Services Survey,
Black Book Research

BPO is especially valuable during staffing shortages, technology upgrades, regulatory audits, and spikes in patient volume. It allows healthcare organizations to scale efficiently while maintaining high-quality service. Healthcare BPO is not just a cost-saving measure, it’s a strategic advantage that supports sustainable growth and improved patient outcomes in a fast-changing industry. 

Review the key benefits of healthcare BPO:

– Ensures regulatory compliance and minimizes risk
– Reduces operational costs and redirects resources to patient care
– Provides access to skilled professionals and advanced technologies
– Improves accuracy in coding, billing, and data entry

    Common Misconceptions About BPO and What You Need to Know

    Business Process Outsourcing is more than just a way to cut costs or something only big companies use. Learn how BPO can improve quality and help businesses of all sizes grow with confidence.

    Business Process Outsourcing (BPO) may be a relatively new concept to some, but it has quickly proven to be a powerful and innovative strategy for companies looking to boost efficiency, cut costs, and scale operations. While it’s natural for business owners to stick with familiar processes, embracing new approaches can be the key to unlocking greater productivity and long-term growth.

    Despite its growing presence, BPO is still misunderstood by many. The idea of outsourcing essential tasks might feel risky at first, but with the right partner, it doesn’t have to be. In reality, BPO offers a flexible, scalable, and often smarter way to run parts of your business. So, what does BPO really look like in practice?

    Misconception #1: BPO is only for large corporations. 

    Reality: Outsourcing can be a cost-effective solution for businesses of all sizes, including small and medium-sized enterprises. Smaller companies can use BPO to gain access to resources and specialized skills they might not have in-house. Plus, outsourcing is a smart way to scale a business gradually, so starting small is not a problem at all.

    A study in the Journal of Global Entrepreneurship Research found that BPO can boost profitability for SMEs across sectors like manufacturing, IT, and retail. Most surveyed businesses agreed outsourcing helped their bottom line, with researchers linking it to cost savings, focus on core activities, tax benefits, and increased revenue.

    The researchers suggested that:

    – SMEs should use outsourcing to reduce costs and improve customer service
    – Manage outsourcing closely with strong communication and monitoring
    – Ensure outsourcing costs don’t exceed its benefits
    – Outsource accounting to reliable vendors for better results and lower costs

    Misconception #2: BPO ultimately leads to lower quality. 

    Reality: Quality is a top priority for great BPO providers. They track performance closely using key performance indicators (KPIs) to ensure high standards are met. These providers often hire college-educated candidates who undergo thorough training to be fully prepared to support clients quickly and effectively. Even though many staff members work virtually, they do so from professional office environments with access to the resources they need to deliver excellent service.

    In addition to strong training and quality control, BPO can also drive innovation, offering fresh ideas and improved processes that help businesses stay competitive in a rapidly changing market.

    Business researchers grouped the core factors that define a high-quality BPO provider:

    – Reliability: Consistent, accurate, and timely service delivery. Includes dependable processes for functions like recruitment, onboarding, and training.
    – Tangibility: Use of advanced technology, professional infrastructure, and user-friendly systems that make service delivery visible and effective across all client levels.
    – Responsiveness: Fast issue resolution and accessible support. High-performing BPOs address errors quickly to minimize disruptions and maintain client satisfaction.
    – Conformance: Services aligned with agreed standards, SLAs, and client expectations. Regular performance tracking and governance help ensure long-term success.
    – Flexibility: Ability to scale and adapt to changing client needs. Flexibility supports long-term value and resilience.
    – Security: Protection of confidential data through encryption, secure environments, and regular audits. A critical element for safeguarding business information.

    Misconception #3: Geographical and cultural differences create barriers.

    Reality: Today’s communication tools keep teams connected across time zones, but technology alone isn’t enough. A clear communication plan that sets expectations early, includes regular check-ins, and encourages consistent habits is key to staying aligned. Clear and respectful dialogue also helps bridge cultural gaps, fostering trust, understanding, and stronger collaboration.

    A PwC report says companies require a mix of diverse, adaptable talent to stay innovative, form strong partnerships, and use technology well. Outsourcing opens access to a global pool of highly skilled talent across the globe. Success depends on having both creative and practical thinkers, specialists and generalists, and leaders who can work across different teams, industries, and cultures.

    18th Annual Global CEO Survey, PwC

    Misconception #4: BPO is often associated with a call center or customer service functions.

    Reality: While many BPO services include call centers or customer support solutions, the scope extends far beyond that. BPO can cover a wide range of functions, including finance, accounting, human resources, IT support, medical billing, and more.

    Misconception #5: Only tech companies use BPO.

    Reality: BPO is actually used by a wide variety of industries, including healthcare, finance, retail, and others. One of the great things about BPO is that it can be customized to fit the unique needs of any business. Whether it’s handling medical billing, managing customer support, processing transactions, or supporting HR functions, BPO providers offer tailored solutions that help companies improve efficiency and focus on what they do best.


    Business Process Outsourcing Market Size, Share & Trends Analysis Report, Grand Review Research

    Misconception #6: It can be more challenging to train outsourced workers compared to in-house employees.

    Reality: BPO providers typically have dedicated training programs designed to prepare outsourced teams thoroughly before they begin their work. These programs ensure that team members are not only familiar with the specific tasks but also understand the company’s standards, tools, and customer service expectations. By completing comprehensive training upfront, outsourced staff are well-equipped to handle their responsibilities efficiently and confidently from day one, which helps maintain quality and consistency.  

    Misconception #7: There are security risks for sensitive data.

    Reality: Reputable BPO providers place a strong emphasis on data security and take extensive measures to protect client information. Many follow strict industry standards and regulations, such as being HIPAA-compliant to safeguard sensitive healthcare data and maintaining SOC 2 Type 2 certifications to ensure rigorous controls around security, availability, processing integrity, confidentiality, and privacy. These certifications demonstrate a provider’s commitment to maintaining a secure environment, giving businesses peace of mind that their data is handled responsibly and protected against potential risks.

    Misconception #8: BPO is just about cutting costs

    Reality: Sure, saving money is one benefit, but BPO offers much more.


    Global Outsourcing Survey 2024, Deloitte

    BPO helps businesses operate more efficiently by allowing them to focus on their core strengths while experts handle other key tasks, often leading to increased profitability. It also provides access to global talent, helping companies meet customer demands, improve quality, and enhance performance. While cost savings remain important, today’s businesses increasingly prioritize talent, service quality, global reach, and agility when choosing to outsource.


    Global Outsourcing Survey 2024, Deloitte

    Adapting for Growth: Strategic Outsourcing in a Changing Market

    How Business Process Outsourcing and Virtual Assistants Empower Companies to Meet Evolving Consumer Needs and Stay Competitive

    How does a business owner prepare for the dynamic changes of market growth and evolving consumer needs? The first step is to delegate office tasks to outsourcing partners. The second is to focus on the products and services that align with their education and experience. 

    Business Process Outsourcing (BPO) refers to the practice of hiring an external organization to manage specific business functions or tasks. And, in the next five years, the industry is expected to continue to gain momentum across various sectors.

    With advancements in technology, the rise of flexible work models, and access to a broad talent pool, BPO is emerging as a powerful and strategic solution for businesses worldwide.

    Historically, BPO gained attraction in the 1990s when global companies began using third-party services. Three advantages include cost savings, concentration on productivity, and flexibility regarding economic effects. According to a report by Grand View Research, the U.S. BPO market alone is expected to grow at a compound annual growth rate (CAGR) of 9.6% from 2025 to 2030. Globally, the market is projected to reach $525.23 billion in five years, an increase of about 60% from the current $328.37 billion. Driving that movement is the demand for specialized services, especially in the healthcare, IT, and finance markets.

    Business Process Outsourcing Market Size | Industry Report

    Keep It Strategic

    Time is money. In-house staff should be focused on what they are good and passionate about. Pulling them away to do trivial tasks takes time away from generating revenue. Some entrepreneurs extend their business hours by hiring virtual assistants from different time zones. This approach allows for greater coverage of client communications and time-sensitive tasks, effectively expanding operations beyond the standard eight-hour workday.

    For businesses that are product-based, outsourcing can help in-house employees focus on new innovations, research and development, and improving product quality. For service-based companies, leadership can delegate customer support while they expand their services or research fixes from customer feedback.

    When the demand for a company’s services or products changes, BPO allows for them to scale quickly. Last year, research said about 60% of companies reported that outsourcing gave them the ability to scale up or down. Hiring a virtual assistant offers a cost-effective way to gain additional support without the financial commitment of a full-time employee. It provides flexibility to scale the team up or down as needed, making it a low-risk solution for growing businesses.

    The Perfect Match

    Virtual assistants offer diverse skill sets that can support a wide range of business functions. Their adaptability makes them a valuable resource for companies looking to increase efficiency without the cost of additional full-time staff.

    They are especially effective in managing customer support, handling emails, phone calls, live chats, and social media messages to ensure prompt responses and build client trust. This support allows business owners to stay focused on growth while keeping customer satisfaction high.

    They also contribute to social media efforts by creating and scheduling content, responding to comments, tracking performance, and managing ad campaigns to boost visibility and engagement.

    Additionally, virtual assistants take on essential administrative tasks like data entry, bookkeeping, calendar management, and project coordination. By offloading these responsibilities, business leaders can streamline operations and devote more time to strategic initiatives.

    It’s hard to mention the future of virtual assistants and remote work without mentioning the COVID-19 pandemic. The world saw a spike in remote workers in the spring of 2020, and while people have started to go back to the office, a large number remain in a hybrid setting. In a survey by the Harvard Business Review, U.S. executives expect remote work to keep increasing, while fully in-person, on-site work trends downward.

    Staying Competitive

    As the outsourcing industry evolves, business owners must adopt strategic outsourcing to stay competitive. Delegating non-core tasks to specialized partners allows companies to focus on their core strengths, innovate, and respond quickly to changing demands. 

    With the rise of virtual assistants, remote work, and advanced technologies, outsourcing offers greater flexibility, efficiency, and access to a global talent pool. By carefully selecting customized solutions that align with their goals, businesses can harness the full potential of BPO to drive sustainable growth and adapt to the future’s dynamic landscape.

    What Is a Shared Equity Mortgage? Top Pros and Cons

    Buying a home is a huge financial decision. Purchasing one requires large sums of money. You also need to consider down payments and other upfront costs.

    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.

    Challenges Of Property Management & How To Solve Them

    Property management firms can face a wide variety of challenges. Some are easy fixes, others could indicate more pressing issues.

    Challenges Of Property Management & How To Solve Them

    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.

    Minimizing Outsourcing Risks In Property Management

    Most businesses adore the concept of outsourcing. Three common causes account for the majority of it. Financial, operational, and logistical convenience are all assured by outsourcing.

    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.

    Outsourcing Challenges For Property Management

    Firms have transitioned into remote working due to the pandemic. But even after the lockdown eased, many still adopted the model.

    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.

    Outsourcing Checklist: How To Get Started With Outsourcing

    Outsourcing is the most effective way to streamline and grow any business. But, before considering outsourcing, you need to prepare a checklist to ensure things go smoothly.

    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.

    Outsourcing Checklist: How To Get Started With Outsourcing

    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.