Property Management Outsourcing has several advantages, however, risks should be considered. In this article, we’ll be going through operational risks, principal-agent-related risks, business risks, poor contract designs, and more. Many praise outsourcing for its ability to transfer fixed and variable costs to an external service provider. Unfortunately, this can result in unforeseen direct and indirect …
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Outsourcing Property Management services give businesses the benefit of “risk transfer”. Thus, the Business Process Outsourcing (BPO) provider becomes responsible for system failures and costs that come with it. But, that’s not always the case. So, should outsourcing be considered risk sharing? In this article, we’re going through the four main pillars of “risk transfer” …
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Automation is increasing efficiency in many industries, and property management is no different. Property managers can choose to automate a variety of tasks, though the reality is that only a small percentage of a manager’s tasks can be left to automation. Despite this, if done correctly doing so can improve performance and efficiency drastically. In …
If property managers want to start evaluating potential outsourcing partnerships, then a measurable benchmark should be defined. Generally, businesses hiring offshore service providers are looking to save costs. However, qualitative metrics such as employee and customer satisfaction must be taken into account. According to Collier’s study, the decision to outsource is based on two factors …
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Outsourcing property management tasks to an offshore workforce provides advantages – but, it also comes with risks. Luckily, there are best practices you can follow to help your business utilize outsourcing to its full potential. First, identify the business’s pain points. Ask what tasks your business is struggling with. Then, pinpoint which of those you …
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Bank Reconciliations are an integral process for any organization to prevent and find fraud. However, accounting teams, property owners, employers, and managers often disregard this. Businesses, especially those in a critical growth phase have owners wearing too many hats. During this period, administrative tasks wear in-house staff thin. Thus, management often de-prioritizes duties such as …
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Real Estate Professionals are Outsourcing Property Management Services Offshore and Here’s Why! OFFSHORE PROPERTY MANAGEMENT – Saying that building a successful business in the real estate industry is hard is a major understatement. It takes indescribable amounts of hard work, dedication, and perseverance that get you through this hyper-competitive industry. For this reason, the best real estate …
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Property Management Outsourcing has different structures – each one leading to a different business model. Primarily, we’d see three models used in this industry – corporate, business, and functional. The word “structure” is a broad term. But in this context, we’ll refer to structure as the responsibilities and reporting related to customer focus in real …
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Outsourcing Property Management Services – When Should You Do It? Outsourcing, with all of its benefits, does have risks that need assessment. But, if you’re planning on scaling up your property management services, then outsourcing would be the way to go. Entering into something like outsourcing can be nerve-racking, especially for a business that has …
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What Are The Costs And Fees Of Outsourcing To The Phillippines? Without a doubt, the Philippines is still the number one place you’d want to go to if you want to save on operational costs. But what makes the country attractive to international clients goes far and beyond savings. Since 2010, the Philippines has become …
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