Property management is that kind of business where operational tasks consume most of the day. Their everyday tasks include attending to maintenance issues, screening of tenants, posting advertisements for vacant properties, processing rental applications and so on. Clearly, there is a lot of work, and a lot of work means more staff.
Property management companies either function with a lot of staff or have lesser staff take on many tasks. The end result in both cases is- a ‘high-octane’ atmosphere where people seem to function on instinct rather than conscious action. With this as the everyday scenario, it is not surprising that property managers find themselves left with very little time for important business activities. Things like meeting prospects and marketing which is important for expanding the business.
Such companies could definitely benefit form having more time on their hands and more importantly, peace of mind, to focus on expansion plans. Outsourcing companies in countries like India and China are aware of such a situation existing in the industry, and after some observation, have come up with a mutually beneficial plan.
The win-win solution
BPO’s observed that most of the everyday tasks are mostly backoffice tasks in which the concerns can successfully outsource. For eg- Answering calls and processing entries can be done elsewhere with the same level of efficiency. This task is common for other industries and therefore it would need only minor alterations for property management. You see, there is no need to re-invent the wheel here!
BPO’s today offer good quality Property Management Accounting services. Specialized teams are set up and trained in popular accounting software such as Rent Manager and Bostonpost. Therefore companies need not even invest time and efforts into training the teams. They could straight away pass on their log in details to the BPO and have work updated on a day to day basis.
Apart from this, specialized answering service can also be easily set up. This in fact is turning out to be more popular than property management accounting since it does not require specialized training. Reps who are used to answering calls for other businesses can easily answer these calls as well, provided they are given a briefing on terms related to the business. Call Handling is in fact the most ‘in-demand’ service at the moment.
All in all, outsourcing of back office tasks would be a very wise decision on the part of property management companies. It would give them the much needed time to focus on other business activities such as marketing and meeting of prospects. It is important however to choose a credible outsourcing company else this could do more damage than good.