The global outsourcing market is valued at $92.5 billion. About two-thirds of large US businesses and almost half of UK businesses outsource. About one-quarter of small businesses globally outsource. One trend is to outsource property management back office services.
Companies outsource because outsourcing provides many benefits.
The No. 1 reason that companies in all industries outsource is cost reduction. Outsourcing property management back office services is no exception. Property management firms in the United Kingdom, United States, Australia, New Zealand, and Singapore will save a significant amount of money by outsourcing functions such as accounting, bookkeeping, and administrative assistance to countries with lower labor costs, such as the Philippines. Indeed, salaries for most jobs in the Philippines are one-half to one-third that of those in higher-cost markets. Companies will also save money because they will not have to equip a workstation for the employee in their office. If you make a hiring mistake, the outsourcing partner will take on the hassle of terminating the employee.
Recruitment and Retention
Outsourcing also has other advantages, however. Recruiting and retaining good team members is difficult and time-consuming in many countries. A good outsourcing partner will have strong networks from which they can recruit professionals who also know the property management industry. The outsourcing partner will also provide continuing education and a supportive work environment that encourages retention.
The outsourcing of back-office services also allows property management team members to focus on customer-facing services and deal-making. Most property management professionals entered the field because they enjoy working directly with building owners and rental customers face-to-face. They also like finding new properties to manage. Allowing these team members to focus on what they enjoy and do well will make your team members ecstatic! It will also improve their productivity, which, in turn, will improve your firm’s revenues. Higher revenues will make you euphoric!
Outsourcing with a partner that specializes in property management can help you up your game. The partner and the workers they will recruit will understand best practices. They will know the most efficient processes. A real estate virtual assistant from the right outsourcing partner can help you implement some of these best practices and processes at your firm.
How to Outsource
Outsourcing is easy if you choose the right partner. Here are the key steps.
Determine what services you’d like to outsource. You can outsource all back-office services as long as you have the right outsourcing partner. An assistant can perform these tasks virtually.
Find an outsourcing partner with specialized knowledge of the property management business. If cost-savings is one of your goals, choose a partner in the Philippines.
Work with the partner to develop a job description that specifies the duties you’d like the real estate virtual assistant to perform. Then talk with your team to ensure you have buy-in for the virtual team member. A good outsourcing partner could help with this conversation. Decide who will supervise the assistant daily and consider investing in task management software to ensure the assistant knows your daily priorities. A good outsourcing partner can suggest the right software.
Allow your outsourcing partner to recruit potential virtual assistants from their network. Then schedule virtual interviews and choose the assistant that is the best fit for your organization.
Work with the outsourcing partner to ensure the relationship operates smoothly and is free of cultural conflicts. The Philippines offers cultural advantages as well. Spain and the United States both ruled the Philippines throughout its history. The country’s religion is predominantly Roman Catholic. The country also shares many holidays with Europe and North America. Filipinos also learn English in school, and most Filipinos speak it fluently.
Enjoy the extra time, happy colleagues, and increased revenue you’ll gain from hiring a real estate virtual assistant.
The Right Choice
ShoreAgents is a staffing solutions firm specializing in the real estate industry, including property management. We are based in the Philippines. The Philippines is an excellent outsourcing location for many reasons, in addition to cost savings, cultural similarity, and English fluency. The Filipino government provides incentives to its citizens to advance their education beyond high school. As a result, the workforce is well-trained. The large labor force also is hardworking and known for its willingness to work flexible hours to serve foreign firms. The government also has an excellent infrastructure to support outsourcing, a major industry in the country.
ShoreAgents has a strong network of professionals from which it recruits. Once you choose the right assistant, we fully equip their workstation in a comfortable, modern office with workers performing similar functions for other companies. We provide continuing education in the industry and coach your leadership and the assistant past any possible adjustment challenges. We can help you grow your property management business through outsourcing. Contact us today to get started.