The success of a real estate firm primarily depends on the core activities that generate leads and potential revenue. Instead of focusing on clerical work, administrative tasks can easily be delegated to other expert members of the team.
Remarkably, one of the key functions of a professional bookkeeper is to determine the firm’s reports on profits and losses. Since they handle complex tasks like book closure and correcting financial errors, their routine duties demand meticulous attention to detail.
In this article, we’ll feature the job description, average salary, and specialized insights of real estate bookkeepers. We also created a precise cost comparison in the Philippines vs other countries (USA, UK, CA, AU, and more).
Real estate bookkeeping comprises tracking and organizing financial transactions related to properties, investments, and operations. Precise record-keeping and financial management are both crucial to the bookkeeper role, particularly within the real estate industry.
In the digital world, the bookkeeping process has been made easier and more accessible. A cloud-based accounting software is utilized for virtual bookkeepers to properly organize their records.
Through this, bookkeepers will no longer worry about misplaced documents and have difficulty in reviewing them. Streamlining the bookkeeping processes also comes in handy with the help of outsourced staff members.
A bookkeeper is essential in every real estate business as their financial reports help business owners make informed decisions. Aside from the convenience of professional handling of daily finances, this function gives a clear overview of your business’s cash flow.
Generally, a bookkeeper plays a significant role in fostering the financial well-being and success of a real estate business. By outsourcing a virtual bookkeeper, business owners can focus on core operations and other revenue-generating tasks. It is also crucial to maintain accurate and error-free financial records which help track trends and support strategic planning & budgeting.
Bookkeepers ensure strict compliance with tax laws and regulations and prepare financial statements for tax filing. At ShoreAgents, we offer cost-effective bookkeeping solutions that can save you considerable funds. We help you recruit highly qualified candidates with specialized skills needed for your business success.
There’s no question that a bookkeeper can work virtually, but which is the best option: to hire one locally or virtually? Let’s examine the cost difference table featuring local and virtual real estate bookkeepers after understanding their significance and main benefits.
In comparison to the Philippines, the list of salaries for other countries does not cover additional costs. The amount of salary listed in the Philippines, however, includes government charges, employee benefits, and ShoreAgents’ fees.
| Countries | Local Salary | ShoreAgents' Salary (Philippines) | Cost Difference |
|---|---|---|---|
| Australia | $68,250 AUD | $23,956 AUD | $44,294 AUD |
| United States | $47,726 USD | $16,139 USD | $31,587 USD |
| New Zealand | $57,240 NZD | $25,958 NZD | $31,282 NZD |
| Canada | $59,625 CAD | $21,307 CAD | $38,318 CAD |
| United Kingdom | £27,721 GBP | £13,402 GBP | £14,319 GBP |
| Singapore | $46,544 SGD | $22,074 SGD | $24,470 SGD |
Local Salary:
$68,250 AUD
ShoreAgents’ Salary (Philippines):
$23,956 AUD
Cost Difference:
$44,294 AUD
Local Salary:
$47,726 USD
ShoreAgents’ Salary (Philippines):
$16,139 USD
Cost Difference:
$31,587 USD
Local Salary:
$57,240 NZD
ShoreAgents’ Salary (Philippines):
$25,958 NZD
Cost Difference:
$31,282 NZD
Local Salary:
$59,625 CAD
ShoreAgents’ Salary (Philippines):
$21,307 CAD
Cost Difference:
$38,318 CAD
Local Salary:
£27,721 GBP
ShoreAgents’ Salary (Philippines):
£13,402 GBP
Cost Difference:
£14,319 GBP
Local Salary:
$46,544 SGD
ShoreAgents’ Salary (Philippines):
$22,074 SGD
Cost Difference:
$24,470 SGD
Evidently, the cost difference between hiring locally vs virtually in the Philippines is enormous. Not only can you save money, but you also get to access a talent pool for your real estate business.
With the price of one local staff member, you can recruit two or more in the Philippines. Aside from cost-efficiency, you can expect your staff to be efficient in English and handle various tasks.
Membership Level
Savings
Agents
One full-time staff member is the minimum commitment with ShoreAgents and you will commence at the standard rate.
Member Level
Standard
Agents
1
Savings
0%
One full-time staff member is the minimum commitment with ShoreAgents and you will commence at the standard rate.
Member Level
Bronze
Agents
2-5
Savings
9%
As you are successful with one team member or may have a larger appetite to grow, you can obtain the team rate. Once you have 2 -5 team members with ShoreAgents you will achieve a 9% saving off the standard rate.
Member Level
Silver
Agents
6-15
Savings
20%
When you move from a team to a workforce we pass on the most significant saving wherein you will receive a 20% discount on the standard rate. We love to see your workforce develop and reward you for getting there.
Member Level
Gold
Agents
16-25
Savings
25%
Once you have 16 staff to 25 staff at ShoreAgents you will be on our gold membership where you are now on the second highest discounted rate. You will receive 25% off the standard rate by having a mid-sized workforce with us.
Member Level
Platinum
Agents
26+
Savings
31%
The platinum membership comes with the maximum discount off the standard rate which is 31%. Now that you have a serious workforce to be reckoned with we pass on serious cost savings.
What is the daily routine of a virtual bookkeeper, for instance, in a residential real estate business? You will have expenses and generate revenue on a daily basis. All of these things need to be accurate and reconciled daily. So that you, as the business owner, can have a clear report on profits and losses and make informed decisions.
Imagine that you have a bookkeeper located in the Philippines with their daily tasks. This will free you from engaging in unproductive functions that are not within your scope of responsibilities.
For example, with three property settlements sold, commissions need to be allocated accurately for distribution among agents.
The bookkeeper needs to report the income generated from the sale. At the same time, you also need to pay the expenses incurred during the sale. This includes marketing the property and other related costs.
Additionally, you will have expenses related to generating more listings on a daily basis. Expenses must be accurately categorized in the chart of accounts to determine the true profit per sale.
Your virtual bookkeeper in the Philippines, located here at ShoreAgents, will take care of all these repetitive tasks.
Suppose it is mid-month, and on the same day, you are managing a rental roll consisting of approximately 1,000 properties. Rent must be received and accounts reconciled on that day to distribute funds to landlords and collect management fees. The same process applies to expenses, and you will also have salaries to be paid out through payroll. Again, your virtual bookkeeper can handle all of this.
So, on a daily basis, your bookkeeper will be a low-cost but highly valuable resource. And now that you know you can hire in the Philippines, it will not break the bank either.
Effectively managing remote staff requires strong communication and coordination in the era of digital work. In order to successfully manage remote staff, here are some professional insights:
You can hire a full-time bookkeeper on online platforms such as LinkedIn and Indeed. While there are several potential candidates qualified for the role, you will need to cull through each application. The process involves creating a well-written job description, screening applications, and conducting interviews. Not to mention that you will also need to consider the training and other overhead costs.
This is why we recommend that you partner with a reliable outsourcing agency such as ShoreAgents. We have a dedicated team who will take care of the recruitment process on your behalf. Prior to hiring, you will get to interview the endorsed candidates and choose the best one.
At ShoreAgents, we offer full-time bookkeepers at varying costs and it all depends on the level you will need. Our objective is to facilitate effective communication and alignment between your organization and remote team members.
This ensures a shared understanding of the work that needs to be completed and tasks that require attention. We strive to eliminate obstacles and minimize any friction in the client-worker relationship as much as possible.
Here are some advantages of collaborating with ShoreAgents:
In summary, bookkeeping is vital for real estate as it ensures financial order, compliance, informed decisions, and stakeholder trust. And if you are looking to reduce expenditures, partnering with an offshore real estate staffing company is highly recommended.
At ShoreAgents, we specialize in providing highly skilled and trained professionals to support every facet of the real estate industry. We possess extensive knowledge about the essential elements for running a successful property management business.
The support from Stephen and the team has been absolutely sensational. Outsourcing really allowed me to streamline what I do, particularly with my back office out of things which takes a lot of time off me, and allows me to focus on the role that I need.
We are loving our new VA its only been 2 weeks but we should have done it years ago.
The whole Outsourcing process at ShoreAgents has been amazing—starting from recruitment to processing, onboarding, HR, and everything in between.
I’ve been referring my real estate friends to ShoreAgents for many years now with great success. Their systems and real estate industry experience set them apart from the rest. Plus recent advances in new technology and AI make things even better.
We have 2 staff with ShoreAgents one in Property Management and one in multimedia. We are constantly blown away by the capabilities of our team in the Philippines and we will be hiring more staff with ShoreAgents in the future! The whole team there are legends.
The team at ShoreAgents has been crucial for our company growth over the past 12 months. We are extremely happy with the service and will be using them for other companies in our network.
