What is BPO in Real Estate?
Real estate is a very competitive business and many smart real estate agencies are looking to streamline operations. Outsourcing some functions can allow agency producers to focus on more high-level tasks, such as meeting with potential sellers, and doing large commercial deals. Outsourcing can also help generate and nurture leads. When real estate agencies outsource functions to a third-party, they are engaged in BPO.
Business Process Outsourcing (BPO) occurs when a company employs a third-party to perform one or more of the company’s business functions. Manufacturing companies were the first to outsource business processes as a supply chain management strategy. Now, companies across many industries use BPO services, generally to perform front or back office tasks. Real estate BPO services are also becoming popular.
Which Functions Make Up BPO Real Estate?
The best functions to outsource are administrative tasks that require only a computer and a telephone. Non-core activities that require specializations other than real estate sales are ripe for outsourcing.
Almost all real estate agencies would operate more effectively if they outsourced certain tasks, including:
Online Marketing Activities
Online marketing activities include posting MLS listings, writing blogs and social media posts and advertisements, creating websites, and scheduling email campaigns. Outsourcing these functions allows you to hire someone specializing in online marketing, including search engine optimization.
Producing Marketing Materials
Outsourcing the production of print marketing materials provides an agency with the opportunity to hire a top-notch writer or graphic designer.
Administrative Property Management Tasks
Administrative tasks such as scheduling contractors or property showings, collecting rent, and managing arrears can all be effectively outsourced. Outsourcing them frees up your staff to concentrate on other revenue-producing tasks.
Tasks such as entering and maintaining information on current and past clients and maintaining the CRM are non-exciting but essential tasks. Outsourcing them frees staff for other tasks that they may find more interesting.
Bookkeeping or Accounting Tasks
Back office tasks such as bookkeeping or accounting that are not customer-facing can free up staff time and be unnoticeable to customers.
However, many real estate agencies would also benefit from outsourcing roles closer to their core business. For example, an agency might outsource sales assistants, transaction coordinators, inside sales agents, and leasing coordinators. These jobs are also primarily administrative. Outsourcing these roles may offer companies more operational flexibility, particularly the ability to scale as needed. It may also allow them to access best practices to help them operate more efficiently. Outsourcing offshore may allow agencies in many countries to benefit from lower labor costs. It could also reduce a real estate agency’s office space, resulting in additional cost savings.
How Does BPO for Real Estate Work?
BPO in real estate works best when agencies outsource to a firm that focuses only on real estate services. Real estate BPOs have access to a vast network of professionals and can provide staff to handle back and front office roles. Agencies can also hire BPO teams for specific projects, such as completing market research in a particular area.
The advantage of hiring a real estate BPO is industry experience. A real estate BPO may also be able to advise you on ways to improve your revenue, especially if the BPO is directed day-to-day by experienced agency owners.
Many real estate BPOs are offshore in countries where labor costs are relatively inexpensive. The Philippines is a popular location for BPOs. Indeed, the BPO industry is the largest private employer in the Philippines, accounting for about 1.3 million jobs. The Philippines is advantageous because the workforce is large, well-educated, and fluent in English. Filipino culture is also similar to many Western nations, with Christianity being the main religion. Because BPO is such a vital part of the economy, workers are accustomed to working schedules that suit foreign employers, and the country has an infrastructure that supports BPOs.
The most significant reason many real estate BPOs have chosen to locate in the Philippines is its low labor costs. The salaries for most real estate roles are one-third to one-half what they are in many other countries. Agencies in those countries can save significant money by filling positions through a real estate BPO in the Philippines.
Working with a real estate BPO is easy. ShoreAgents is a real estate BPO in the Philippines. To work with us, you simply fill out the form. You’ll fill out your business profile and then a work order for the roles you’d like to fill. We’ll clarify your expectations and needs. Then we’ll use our vast network to recruit applicants with the skills you need. We’ll present a short list for you to interview, and you will choose your real estate or virtual assistant. You’ll pay their wages and health insurance. If you’ve never had a virtual assistant, you may need to invest in a task management tool to manage the assistant’s day-to-day activities.
We’ll supply the desk, computer, headphones, webcam, and two monitors. They will work in a modern office environment with other real estate virtual assistants and receive ongoing education. We’ll ensure that we follow all the labor laws.
Real estate BPO services can improve your bottom line. Contact us today to get started.