OUTSOURCING – THE NEW NORMAL IN REAL ESTATE
The real estate industry is facing challenging times with commission rates showing a declining trend in both property management and sales. Lower cost and tech enabled business models are providing consumers with choices and forcing them to question the fees they pay. This is resulting in increasing numbers of real estate agencies wanting to improve their operational efficiency and reduce the costs of their business model.
Real estate industry has embraced outsourcing as a business strategy to improve efficiency and decrease cost. However, it is important to select the most suitable Business Process Outsourcing service if your Real Estate business is conducted in the US. Nearshore Outsourcing is the best option due to the proximity, same time zone, cultural affinity, English/Spanish language and quality of professionals.
What started as a trickle a few years ago has become a stream and looks like becoming a river. The early adopters have been using outsourcing for a number of years with great success. In this graph you can see the current activities being outsourced and the ones that are about to grow imminently.
So, what is motivating real estate agencies to outsource?
There are many reasons why a real estate agencies may choose to outsource certain business functions. Research shows that the most common reasons include:
1. Cost cutting tool
2. Enable focus on core business functions
3. Solve capability issues
4. Enhance service quality
5. Access to intellectual capital
6. Manage business environments
7. Drive broader transformational change
What tasks are being outsourced?
As the confidence in outsourcing grows, companies are now proposing to shift entire departments and business areas to nearshore outsourcing. Some of the common tasks to outsource in the real estate industry include:
•Generating CMA (Comparative Market Analysis) reports
•Data entry of client information
•Sales and rental agreements / contracts
•E-mail marketing campaigns
•Spreadsheets and managing data
•Creating letters and word documents
•Bookkeeping and debt collecting
•Scheduling routine inspections
•Updating and maintaining company website
•Property marketing campaigns
•Social media campaigns
•Blogging and article writing
•Tracking stock on market
•Database management and creation
Outsourcing in the Real Estate industry is expected to grow 40% by 2020. If you want to explore this option for your business, Bridge Solutions Group has a strong expertise in creating great teams, any profile and any task. Contact us to discuss how we can help.