Why Outsourcing Your Property Management Back Office Services Makes Sense
Patricia Arcilla
Content Writer
Patricia is a content writer for STAFFVIRTUAL. She’s been interested in writing since she realized the magic behind her favorite films, shows, music, and books is about sharing stories that connect with people. Patricia has had previous experience writing about the outsourcing world and other niche business concepts. Through her work, she’s shared various insights and information by demystifying complex ideas.
Articles by Patricia Arcilla
Discover the advantages and disadvantages of outsourcing to the Philippines. From time and cost savings to potential challenges like loss of control and language issues, find out how outsourcing can transform your business.
What comes to mind when you think about the word “growth”? Growth is an optimistic word. It’s undoubtedly one of the top goals a business aims to achieve. But how do you know which strategies to use to achieve growth?
Success in the property management industry will depend on both the internal and external operations of a business. Think of your business as a grand theater production. While it is the actors who command the stage, it’s the production crew that works to ensure the play runs smoothly.
To say the property management space is lucrative is an understatement. According to research conducted by iProperty Management, the industry generates an impressive annual revenue of $99.449 billion! It’s no surprise that property managers are always on the lookout for ways to innovate and re-imagine their operations.
Here are two questions for you. 1.) Are you struggling to keep up with your property management firm’s daily administrative tasks? 2.) Do you think you’re losing significant time to grow your business?
Landlords can be individuals or businesses. It shows that property management is a diverse industry. On average, landlords own three properties. 45% manage their properties, while 44% hire someone or outsource to a third party. These figures prove that outsourcing is a great solution for property management companies.
It’s 2024, and you’re still managing your accounting operations in-house? Do yourself a favor and inquire about Property Management Outsource Accounting today!
Without a doubt, accounting can become a major headache in every business. However, it’s an integral part of property management. It encompasses tasks like monitoring cash flow and expenses, payment collection, and reporting. One of the most common responsibilities in property management is collecting rent and fees. This requires specialized skills and experience, so it’s more practical to outsource it.
Unlock Your Real Estate Business’s Potential with a Virtual Assistant! Delegate mundane tasks like social media management, listings, appointments, research, email handling, and budget management to focus on selling properties. Maximize efficiency and growth.
In the property management industry, outsourcing non-core functions is a strategic move. A Deloitte study revealed that 53% of companies outsource to reduce costs. It can translate into operational efficiencies.