How Outsourcing Can Help BPO Real Estate Companies Maximize Their Operations
When businesses need to expand and become more flexible, they turn to outsource. Focus on core competencies while cutting costs. BPO real estate is familiar with this need and has reaped the benefits of outsourcing in recent years.
These requirements are even highlighted by Broker Price Opinion real estate companies. Financial institutions are on their client list. Banks, loss mitigation companies, and mortgage companies are examples.
How BPO Real Estate Works
Property inspection is part of the BPO performed by real estate brokers. On behalf of the financial institutions, they do this. This is to give an estimate of the property’s value based on its features.
This figure is based on the value of comparable properties in the region. In addition, comparable homes in the area will be considered.
Foreclosures and short sales are covered under BPO mortgages. The following are the steps involved in valuing a BPO property:
- Details on the property’s location, building type, and size
- An overview of the local housing market and its trends.
- The state of the property and its specifics
- Analysis of three other comparable properties recently sold in the same area
- Analysis of three additional properties that are currently for sale
- Provide information on the number of foreclosures in the area.
BPO appraisal, on the other hand, is a more difficult process. It is a highly regulated, unbiased estimate of the property that must be performed by a licensed appraiser. This is frequently required for the following purposes:
1. The procedure for purchasing a home
2. Approval of a purchase mortgage
3. Before putting the property on the market, a pre-listing inspection is performed.
4. Application for a home equity loan
5. Refinance applications
These processes are aided by a variety of non-core and time-consuming tasks. Which real estate BPO firms can assist in streamlining the processes?
Outsourced Roles Real Estate BPO Companies Needs To Outsource Today
1. Data Entry Specialists
Property documentation necessitates meticulous attention to detail. Additionally, such data can be encoded faster into cloud-based data management solutions.
Real estate encoders are also aware of the need of having reliable data. As a result of an error, the value of a property may be affected.
2. Property Management Assistant
Banks and mortgage companies are among the valuable customers of BPO firms. As a result, he or she is in charge of multiple listings in various areas.
Your outsourced property management assistant works in the same capacity as your in-house staff. This outsourced staff could perform the following tasks, depending on your requirements:
- Tasks with lease contracts
- Creation and placement of property ads
- Appointment setting for the property viewing
- Database and account management
- Liaison and communication with landlords, tenants, applicants, and tradespeople
- General administrative duties include responding to property inquiries and managing lease renewals.
3. Market Research Specialists
BPO is necessary to ensure that a property’s value is in line with current market values and trends. As a result, a real estate-focused market research team is a must-have.
These experts are capable of producing detailed market studies and analyses. They can assist your in-house staff with the preparation of market research. From this data, they can derive useful and reliable market insights.
This is to ensure that you can present your clients with a proper and accurate appraisal.
4. Property Data Management
You can hire someone to manage your property database for you. This is to ensure that any changes to the properties or assets are reflected in real-time.
As a result, you’ll be able to access this data and properly communicate it to your clients whenever they need it.
In addition, your in-house team is relieved of the burden of dealing with paperwork and filing cabinets. They can use it whenever they want because they have access to it.
5. Real Estate Accounts Assistants
BPO real estate frequently necessitates large trust funds. Fortunately, this role does not have to be on the beach all of the time. Your outsourced account manager will be able to work alongside your in-house account managers. This is to verify that the product is of high quality and accurate.
As a result, you will only be able to hire people who have real estate accounting expertise and experience. They are capable of doing the following tasks:
1. Trust accounts maintenance
2. Bank or bond reconciliation
3. Tenant and landlord invoice processing
4. Accounts receivable and payable processing
5. Utilities, trades, and rates pay runs
6. Payroll processing
7. Tax preparation
8. Property accounts management
9. Late payments, arrears, and defaults management
10. Strata management accounting
6. Real Estate Marketing Coordinator
This outsourced team organizes property photos for use in online advertising listings. In addition, I send emails and follow up with possible purchasers. They can also perform the following tasks:
- Copywriting for real estate listings, as well as posting listings online and in print advertising
- For property photoshoots, coordination with the multimedia team is required.
- Image enhancement and alteration
- Database administration
- Marketing on social media
- Management of third-party websites
- Management of property inquiries
- Marketing collateral such as property brochures is created and designed.
7. Strata Management Assistants
This includes assisting the BPO’s real estate management. Internal and external administrative responsibilities may be included. The following are some of them:
- Scheduling maintenance and repair work
- Preparation of meeting agendas and minutes
- Issuance of keys, contracts, emergency contact information to contractors, leasees, and owners
8. Virtual Executive Assistants
They can serve as a point of contact for corporate stakeholders and principals. Pre-screening of business calls and other communications is one example of a task. Other administrative chores include scheduling, coordinating meetings or property visits, and other administrative tasks. Other responsibilities could include:
- Connect clients with property owners or principals.
- Management of business communications and reporting
- Arrangements for the schedule, meetings, and travel
- Administrative assistance in general
9. Lease Consultants
BPO real estate manages a large number of properties, making it difficult to keep track of them all. This group can persuade and professional present homes to potential purchasers.
They can also aid property owners in finding acceptable tenants to preserve their property in good condition. They can also assess the tenant’s needs as well as his or her financial capability. This is to ensure that both parties benefit from the lease agreement.
They can also handle property marketing and advertising through numerous media.
10. Telemarketing Officer
Telemarketing’s targeted marketing is advantageous for BPO real estate. This might assist your sales team is zeroing in on potential clients who are a good fit for your property listings.
Your telemarketing representative can warm up leads and urge them to look at your property. Your salespeople can then use tailored proposals to further pique their interest. Additionally, the CRM systems used by this telemarketing team may provide you with information on which market segments your properties are most in demand. Which your realtors may focus on to close more deals.
Benefits of Outsourced Roles From BPO Companies
Your BPO real estate organization can grow up or down based on the season and requirements through outsourcing. You can hire people for certain positions or create your offshore team.
Your in-house personnel will gain from this move because they will be able to maximize their performance and time in closing agreements. Pursue prospective buyers and develop marketing strategies to keep your listing current and relevant to consumers’ preferences.
Outsourcing is the ideal combination of human intelligence and technological advancements. Factors that your real estate BPO firm can take advantage of. You can recruit staff that is knowledgeable about management tools for streamlined procedures through them.
This also ensures a quicker response time. Depending on your project, you can engage extra help with laborious operations.
Improved Business Alignment
Outsourcing firms do not need to have complete control over their tasks. To assure quality, you can assign a contact person and an in-house QA team. Additionally, by relieving your staff of non-core responsibilities, they will be able to devote more time to growing your company.
Outsourcing has been shown to save your company up to 70% on costs. This has to do with the amount of money spent on overhead. Recruitment, office space, and equipment are just a few examples. Salary, perks, supervision, and human resources are also included.
Get your free business consultation by contacting us today. Our business development team can assist you with developing service packages that are tailored to your BPO real estate firm’s needs.