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.

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.

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.

Price Waterhouse Coopers (PWC) conducted a study suggesting that 73% of customers attributed good customer service to choosing a product. Meanwhile, 92% of companies said investing in customer service increased client loyalty.

More importantly, 84% of real estate companies in their study said they increased sales. Meanwhile, 79% had massive savings on operational costs when outsourcing customer service.

Those are some great statistics, but just what exactly can outsourced customer service do for real estate firms?

5 Benefits of Outsourcing Real Estate Customer Service

There are several benefits to outsourced customer service that benefits real estate firms, and with a proper system in place, customer service can lead to increased profitability.

For example, real estate call centers speed up all operations. They free up time for contracts and transactions and keep consumer information and answers. With that said, here are some of the overall benefits of CX in real estate.

Increased Profitability

For example, here is a chart from a study on Determining Customer Satisfaction in Real Estate conducted by Iveta PUĶĪTE and Sanda GEIPELE.

The chart above clearly visualizes how a good customer experience can lead to better retention. Furthermore, it illustrates how even dissatisfied customers can help businesses by pointing out issues they can improve on.

On the contrary, having poor cx can lead to customers leaving and telling others about their bad experiences. As such, this can hurt a firm’s reputation in the industry.

More importantly, customers consider service when buying. 90% of Americans base business decisions on customer service. Your company’s customer service reputation will affect many potential customers.

Positive Impact on Brand Image

Your outsourced customer service is an extension of your brand. Social media, ads, content, and other external marketing aspects make an impression, but customer service talks directly to customers.

As a rule of thumb, customer support reflects your brand to buyers. Thus, customer service may make or destroy a customer’s loyalty.

Meanwhile, according to a Hubspot article, 89% of consumers say they’ll return after an excellent customer service experience. On the other hand, 61% of consumers say they’ve abandoned a brand due to poor customer service.

Streamlined Business Process

Having a dedicated customer service team means real estate firms can automate several necessary (but non-dollar-productive) tasks. This means in-house staff can leave maintenance/ repair tasks and tenant-related processes to your outsourced cx team.

Additionally, customer service can handle email and phone tasks at a cost-efficient price which helps tenant retention and new tenant rates. To summarize, with a call center, you can simply separate tenant concerns like maintenance and repair, billing issues, and disputes.

Increased Referral Rate

Investing in quality customer service can help real estate firms increase referral rates. When individuals have a remarkable experience—good or bad—they want to brag.

As per Hubspot, 55% of consumers share purchases on Facebook, Twitter, Pinterest, and other social platforms – this also applies to real estate and other property.

Your most influenced consumers will do word-of-mouth promotion. Also, 72% of happy consumers tell six or more people about it. Your customer service personnel can be a big driver for cheap promotion through favorable word-of-mouth and recommendations.

Gain the Strategically Competitive Advantage

Your business should stand out regardless of industry. Nobody wants to be “second-best” You want to be better than your competitors and have your customers know it. That’s how to keep customers loyal and engaged with your brand.

Customer service may distinguish your business. When a customer leaves a brand, it’s generally due to poor customer service. If the customer’s problem is fixed on the first interaction, 67% of turnover can be avoided. If you give exceptional customer service, you’ll keep your customers and gain your competitors’.

Well-trained, positive customer service can make your organization better. Their direct consumer communication can transform and develop your company.

When Should You Start Outsourcing Customer Service for Your Real Estate Business?

Think about your company and how you’re employing people. Do you see significant volume fluctuations, such as seasonal peaks and troughs?

Have you had a lot of turnover in critical areas of operation like accounting, customer service, or general administration? The use of an offshore partner is beneficial if you respond “yes” to any of the following questions.

Doing so will provide your company more leeway to adapt to the inevitable ups and downs that occur in every market. In comparison to our customers’ operations, expanding or contracting the number of people working off-shore is significantly simpler and less expensive.

You may increase internal efficiency, boost productivity from your core competency team, and save a ton of money by identifying and outsourcing your repetitive, data entry-heavy, redundant, and time-consuming jobs.

If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Talk to us today and learn more about how offshore outsourcing to the Philippines can help your business and future business growth.

The post Real Estate Customer Service Outsourcing In The Philippines appeared first on Global Strategic Business Process Solutions.

Outsourcing is primarily done in two ways – partnering with a business process solution (BPO) company or hiring freelance. Both have their pros and cons. Ultimately, it’s up to you to decide how you want to spend your resources.

However, before we get into the step-by-step process of hiring offshore staff, let’s define what real estate outsourcing is.

What Is Real Estate Outsourcing?

Outsourcing is defined as contracting out a corporate task, function, or process to an external service provider. It encompasses outsourcing, strategic alliances, and partnership arrangements to replace internal services.

Meanwhile, outsourced real estate services offer firms the ability to streamline their business processes. So, instead of micromanaging every repetitive task, agents can focus on getting clients and other profit-driving tasks.

Traditionally, firms need to look for qualified real estate virtual assistants and delegate document-heavy administrative tasks to them. Some of these tasks include the following:

Real Estate Tasks You Can Outsource

As a rule of thumb, repetitive or non-core tasks that don’t drive income should be outsourced. These include administrative tasks, document-heavy workloads, scheduling, and more.

You can delegate these tasks to your in-house team. But, when you scale your business, you’d need to hire more people to account for the workload if you don’t want to overwork your staff.

Eventually, hiring more people is going to lead to an astronomical rise in operational costs. That’s why you should look into outsourcing the following tasks:

Real Estate Data Entry Services

Real estate data entry specialists enter the letter and numeric data daily. They also enter precise data for record tracking and administration.

Other responsibilities include:

• Administrating information-sharing methods.
• Communicating well with customers, staff, and PMO.
• Track process-finished papers.
• Responding to queries as needed to ensure outstanding customer service and records management.
• Develop, facilitate, and engage in staff training on transaction processing for the information storage system.
• Keep paperwork organized.
• Meet daily production requirements for timely work completion.
• Retrieve and repackage boxed files.
• Log daily labor hours per corporate rules.

Rent Roll in Real Estate

Rent rolls list properties, renters, and rents. Furthermore, it boosts rental income and property performance.

Thus, when buying a rental property, you access the rent roll. This shows what you can make after accounting for its assets.

Real estate rent rolls are important, but compiling reports, collecting data, and everything else can be challenging. Outsourcing helps as real estate virtual assistants can aid with Rent Roll and other administrative responsibilities. Here’s what the rent roll should include:

• Tenant’s Name
• In-and-out dates
• Lease term and expiration date
• Expenses
• Cash deposit
• Parking lot fees, etc.
• Late fees, etc.
• Paid and owed

Back Office or Administrative Tasks

A study from Cushman and Wakefield suggested that 89% of property managers and real estate agents already outsource back office or administrative tasks to service providers from countries like the Philippines.

Back-office Associates are the backbone of any organization that can also work as real estate virtual assistants. Those who work in this department ensure that operations run smoothly so that client-facing tasks can be streamlined.

A BPO company in the Philippines can provide remote services to support property management businesses. Among these services are:

• bookkeeping
• property research
• website administration
• digital marketing
• appointment/ open house scheduling

Real Estate Customer Support

Real Estate customer service is crucial. More importantly, effective communication saves time, and money, and streamlines your business.

According to a study, 73% of customers indicated good assistance was a consideration in choosing a service or product. Meanwhile, 92% of organizations increased client loyalty, per PR Newswire. And, 84% increased sales, with 79% stating good customer service saved money.

For small and medium real estate management companies, hiring in-house customer support might be intimidating. For growing companies, you must also increase customer support to keep up with your growing business.

But, this eventually would become unfeasible in the long term as the operational costs would outweigh profits.

Now that we know about the real estate tasks you can easily outsource to virtual assistants, let’s take a look at the benefits.

Benefits of Real Estate Outsourcing

There are several benefits to hiring offshore real estate services. McDonagh and Hayward conducted a study suggesting the following as the top reasons real estate firms outsource:

• Ability to focus on core business – As mentioned earlier, outsourcing allows businesses to streamline tasks so agents can focus on driving profit for the company.
  
  Based on a study, in-house staff can spend 60% of their week on administrative tasks. As such, streamlining the business processes allows your in-house workers to do more dollar-productive tasks.
• Access to leading practices/technology – Business Process Outsourcing (BPO) companies have access to leading technology and training to keep up with the stiff competition. As such, you won’t need to spend a large capital on equipment and training.
• Flexibility – Outsourcing real estate services allow you to be flexible with what you can do with the resources you have. When partnering with a BPO, you gain access to a large pool of workers that can even target specialized areas of real estate such as marketing, SEO, and more.
• Reduced Costs – Due to low minimum wages in the Philippines, a real estate firm can get massive savings on operational costs. Furthermore, you don’t have to worry about onboarding, sourcing talent, and paying for the benefits.
• Lack of internal resources – More administrative tasks means you need to hire more people to do non-dollar productive work. Thus, you’re more susceptible to scalability issues down the line which can cause stagnant growth of your business.
• Free internal resources – When you outsource real estate tasks, your in-house staff are free to help agents with dollar-productive tasks that will drive revenue to your business. More free time also means in-house staff isn’t overworked which leads to boosts in productivity.
• Risk Sharing – Firms should consider operational risks, principal-agent risks, business risks, and inadequate contract designs. Luckily, with a good BPO company, you’ve got the benefit of risk transfer.

How Can You Outsource Qualified Real Estate Virtual Assistants?

Virtual assistant qualifications can signify several things. Real estate agents are in the same field, but their pain points vary.

To answer “What Makes a Real Estate Virtual Assistant Qualified?” consider what duties take up most of your time. Separate critical (dollar-productive) from non-essential duties.

You can do this for a week to determine your needs. Log the chores you’re completing, the time each day or week, and if it’s vital. Once you have a list of tasks you want to outsource, you can find qualified real estate virtual assistants either through freelancing platforms or outsourcing agencies.

Outsourcing Real Estate Virtual Assistants Through Freelancing

Using an online job board is a quick and easy way to find qualified remote workers. It only takes a few minutes to sign up for an account and add a job advertisement. Still, before making a hire through one of these channels, you should consider the following pros and cons:

PROS of Online Job Boards

• Easy account creation
• Can Source Thousands of Talent
• You get to be visible to candidates actively looking for work

CONS of Online Job Boards

• An overwhelming number of applicants (especially if the rate is above $3-$5 USD)
• Interviewing Applicants takes up a lot of time for in-house staff
• The onboarding process can be complicated with everything done virtually
• Frequent Blackouts

Outsourcing Real Estate Virtual Assistants Through Business Process Outsourcing (BPO) Companies

There was a time when call centers were synonymous with business process outsourcing. But as technology improved, the industry’s supporting structures expanded dramatically.

These days, business process outsourcing firms may help you with anything from property management to social media.

If you use a business process outsourcing company to find and recruit virtual assistants, you will only have to engage in managerial-level communication. After filling out the necessary information on the website, a salesperson will get in touch with you to discuss price and other pertinent issues.

Having said that, here are some of the benefits and drawbacks you should think about:

Advantages of Business Process Outsourcing

• Access to a wide talent pool
• 24/7 Operations
• Advantages in recruiting and retaining highly skilled and trained professionals
• Superior Adaptability and Money Savings
• Replacement Generators and Other Modern Safety Measures
• Recruitment and employee onboarding are both handled by BPOs.

Cons Of Business Process Outsourcing

• Decline in Management
• Risks of Overdependence

Key Takeaways

If you want to expand your company, outsourcing is the way to go. It saves you money and time, allowing you to concentrate on what matters.

The option to outsource exists, and you can do so through various web platforms, but this will take time. Moreover, you’d have to deal with the time-consuming tasks of onboarding, training, and payroll.

With the support of a BPO, however, you can concentrate on your most important work while the provider handles the administrative details of new hire orientation. Not only that, but you also have access to a sizable pool of individuals educated by seasoned experts in the real estate market.

If you’re ready to start your outsourcing journey, Global Strategic can help with your business needs and give you the Strategic Advantage needed to edge out the competition. Contact us today and learn more about how offshore outsourcing to the Philippines can help your business and future business growth.

The post Real Estate Outsourcing To The Philippines – The Definitive Guide appeared first on Global Strategic Business Process Solutions.

That’s where real estate virtual assistants come in. With the help of these VAs, you streamline your business and automate repetitive, non-dollar-productive tasks.

Additionally, there are strategies we can use that utilize virtual assistants directly to save you money and boost profits. With that said, here are some Key Takeaways you’d find in the article:

KEY TAKEAWAYS

• Virtual Assistants can save up to 70% or more on labor costs
• Real Estate VAs can handle repetitive administrative tasks so you can focus on core responsibilities that drive profit.
• You can hire specialized Virtual Assistants that help you find leads, promote your business, and boost your overall online presence.
• You can hire virtual assistants through freelancing platforms or Business Process Outsourcing (BPO) companies.
• India generally has slightly cheaper rates, but the Philippines is still the go-to for real estate and property management.

How To Boost Profits by Outsourcing Real Estate Virtual Assistants

Boosting profits can come in many forms – but primarily, this comes in the form of saving up on labor costs. In countries like the Philippines, the cost of living is low paired with a low minimum wage.

With lower labor prices and high English capability, the Philippines is a prime destination for outsourced staff. The country has a lot of talented and skilled workers, especially in the Business Process Outsourcing (BPO) industry.

That said, here’s a rundown of what you need to know regarding the cost of outsourcing to the Philippines.

Outsourcing Costs to The Philippines

There are several ways you can hire a real estate virtual assistant, but, the most popular are freelancing platforms like Upwork and OnlineJobsPh or BPO Companies.

As such, the cost of outsourcing to the Philippines depends on where you source the talent. For example, if you outsource to freelance, you may have a lower rate, but you lack security, training, management, and support, and may have trouble finding someone suitable (or someone who will stay).

Some smaller companies have made this work successfully, but many others have had negative experiences so it can take a little bit of trial and error. There are also BPO companies that provide outsourced staff, along with mitigating most of the above concerns.

Boosting Profits by Delegating Administrative Tasks

Real estate virtual assistants (VAs) provide administrative, technical, and creative support remotely, freeing agents and brokers to focus on core activities.

Studies suggest that repetitive, non-dollar productive administrative tasks can take up to 60% of a worker’s week. Naturally, this would drive productivity down for your in-house staff.

But real estate agents can delegate these tasks to virtual assistants so in-house staff can help drive profit to the firm. That said, here are some of the tasks you can assign to a real estate VA:

• bookkeeping
• property research
• website administration
• digital marketing
• appointment/ open house scheduling

To get more in-depth about the tasks, check out our article “Outsourcing Tasks To Real Estate Virtual Assistants“.

Hiring Virtual Assistants for Real Estate Lead Generation

Virtual assistants can help streamline lead generation for your real estate business.

Typically, virtual assistants were used by corporations to handle mundane, non-essential activities. But a virtual assistant can do more for a real estate company than just handle paperwork; they can also assist with lead generation to help directly drive business to your firm.

Attracting potential customers and collecting their information for further sales funnel progression is what lead generation is all about. Potential customers can be attracted to your company in a number of ways including:

• Cold Calling
• Facebook/Social Media Leads
• Cold Email Outreach
• Text Message Marketing
• Organic Leads

Where Can I Hire Real Estate Virtual Assistants?

As mentioned earlier, there are two primary ways you can hire a virtual assistant in the Philippines -Freelancing Platforms and BPOs. Naturally, there are pros and cons to each.

If you go on an online job board to find your VAs, you get a list of talented real estate VA applicants. You see their resumes, past jobs, and evaluations. You can also post job postings to attract applicants.

However, this means that you need to handle all the onboarding, interviews, background checks, payroll, and everything in between.

On the other hand, when recruiting virtual assistants from a BPO, only managers need to be involved. After giving pricing and other info on their website, a sales rep will contact you with pricing details.

Real Estate agents also get the following benefits when partnering with a BPO:

• Access to a wide talent pool
• 24/7 Operations
• Access to highly skilled and professionally trained workers
• Enhanced Flexibility and Cost Savings
• Updated Equipment / Backup Power In Case Of Blackouts
• BPOs cover all onboarding processes
• Ensured Data Security

There are a lot of ways you can get a VA depending on your preference. However, the important thing is that you hire a qualified real estate virtual assistant.

Here’s a quick rundown of what you need to know:

• Virtual assistant qualifications can signify several things. Real estate agents are in the same field, but their pain points vary.
• To answer “What Makes a Real Estate Virtual Assistant Qualified?” consider what duties take up most of your time. Separate critical (dollar-productive) from non-essential tasks.
• You can do this for a week to determine your needs. Log the chores you’re completing, the time each day or week, and if it’s vital.

India Vs the Philippines in Outsourcing

By hiring Filipino staff, clients can save a large amount in wage payouts, but pricing isn’t the only selling point. When companies outsource to the Philippines, they can hire workers that are:

• Diligent
• Proficient in Conversational English
• Adept to Western Culture
• Fast Learners
• Willing to climb the ladder to advance their careers

Savings shouldn’t be your only consideration when outsourcing, though. Consider the country’s outsourced infrastructure, government support, and culture when looking at India Vs the Philippines in Outsourcing.

Additionally, a Cushman and Wakefield study revealed that 89% of property management clients already outsource to the Philippines. And, for the top countries that do outsourcing, India is still #1 when it comes to outsourcing IT-related tasks while the Philippines is #1 for customer service and back-office operations.

CONCLUSION

If you don’t do your research and pick the best BPO provider, outsourcing might be a risky business investment. These risks can be minimized, and the benefits of outsourcing can be realized with some preparation, study, and the application of new technologies, methods, and knowledge.

Global Strategic can assist you to start outsourcing and provide you with a Strategic Advantage to beat the competition. Contact us today and learn how outsourcing to the Philippines can help your business flourish.

The post Boost Profits With Real Estate Virtual Assistants – Outsourcing 101 appeared first on Global Strategic Business Process Solutions.