Why Outsource Property Management Assistants Offshore
The property management industry connotes having rigorous tasks that usually require a serious amount of time to make a well-thought decision that may lead to the business’s breakthrough, be it when creating your first 50 doors or first 1000 doors. But here’s the problem: it also connotes accomplishing heaps of administrative tasks that take up 60% of the workload of an average property manager, and in most cases, these tasks are non-dollar productive. And this is where outsourced property management assistants play a big part.
What does Outsourcing Staff Offshore Mean?
Outsourcing staff offshore has been helping business owners upscale their business as it helps in minimising overhead costs among other things. The term Outsourced Property Management surfaced as well, paving the way for Property Management business owners to run their real estate business at its peak. Property managers outsource administrative work associated with property management to a virtual staff in an offshore location such as the Philippines. These administrative tasks do not require to be performed in the local office, and these tasks are usually associated with account management, communications, lease contracts, and general administration. Outsourcing property management assistants has been a great help in real estate agencies to retain and potentially grow their rent roll
Essentially, Outsourced Property Management Assistants are virtual assistants that are underpinned by great systems to help a property manager accomplish the day-to-day tasks without having to worry about the multitude of administrative tasks related to property management–or for a better term, non-dollar productive tasks.
Property Management Virtual Assistants can be flexible enough to be trained, given that their schedules could adapt to the timezone of their clients. And for any additional tasks, outsourced property management assistants can also be internally trained to fit your property management business needs.
One common misconception of a virtual assistant is that most people would think they are all one and the same. Just like any other services a business offers, outsourced property management assistants are not a cookie-cutter solution that could fit all property management business models. It could vary from their prior experiences, the tools and software applications they use in the process, and/or the technologies your business adopts.
And if you aren’t still sold on the idea of hiring your very own property management virtual assistant, read on, and by the end of this article, you’ll understand why businesses deem outsourcing property management assistants offshore as essential in achieving growth for the agency.
#1: Outsourcing Property Management Assistants Offshore is Now the Trend
In the traditional property management industry, most property managers would dare to do all property management tasks at hand, proving that they can do anything. Indeed, property managers could earn one’s respect easily by the way they handle their tasks, even sacrificing their rest days to accomplish all the seemingly endless property management-related tasks.
Learn more about Protip: How to be a Successful Property Manager
When there is too much load to handle and when one’s rent roll starts growing, being open to in-house property management assistants has become their solution to accomplish all tasks in the shortest time possible. This has helped many property managers in maximising their time for more dollar-productive tasks.
But why has outsourcing property management assistants offshore become a trend?
While the tasks of an in-house property management assistant and a property management virtual assistant are the same, it is notable that hiring a property management virtual assistant is only a third of the cost of the in-house assistant, defying yet another misconception that a VA is more expensive than the local assistant. This then has helped many property management businesses to save not just time, but also money, and essentially, sanity.
#2: What Property Management Roles Can Be Outsourced?
To take back control of your property management business, one must learn how to delegate. And for the delegation to be effective, the allocation of tasks must be guided to avoid errors no matter how minimal. The allocation of non-dollar productive tasks to an outsourced property management assistant helps property managers to accomplish dollar-productive tasks with efficiency. Non-dollar producing as they may seem, but these administrative tasks help the business in so many ways in terms of ease of access of all pertinent information, the business, and operational flow.
The tasks that can be performed by an outsourced property management assistant include the following (and more):
- New tenant set-up and establishment
- New managements
- Rental payments
- Tenancy renewals
- Property in-residence inspections
- Early terminations
- Writing and placing property ads
- Scheduling property viewings
- Late payment and arrears
- Vacating tenants
- Compliance–smoke detectors, curtain cords, pool fencing
These are the common tasks a property manager can delegate to a property management assistant to mention a few. Additional administrative work can always be endorsed to the outsourced property management assistant by giving proper training to avoid errors regardless of how minimal. Proper training could show the strengths of a property management virtual assistant along with the areas that need improvement to better fit the company’s business structure. For a thorough understanding of the tasks, check out what tasks you can allocate to a property management virtual assistant.
#3: What are the benefits of hiring a Property Management Virtual Assistant?
Property managers deal with mind boggling amounts of different tasks, and most of the time, they face challenging situations that could lead to losing one’s sanity.
But one challenge that any property manager would wish to conquer is improving profitability by lowering operating costs without having to compromise the quality of work and service to clients.
Since outsourced property management assistants can be trained just like a local team member, property managers can hone the VAs skills according to the company’s needs, but that doesn’t mean you cannot improve the company’s profitability. Hiring a property management virtual assistant is actually four times less expensive than a local team member. If you are to train them both anyway, technology can be an effective and efficient medium to train with and to communicate with your outsourced property management assistant.
In this way, you can improve your profitability by lowering your operating costs, giving you the freedom and the opportunity to scale your business by having more time to think creatively for decisions requiring well-thought solutions. With all the time they could save when they have a VA working for them, not only will property managers have the capacity to manage a much larger property portfolio, but they will also have enough time to nurture relationships with rental property owners, resulting in satisfaction of service and stronger client respect and loyalty to the agency.
#4: How much will it cost to Outsource Property Management Assistants Offshore?
Debunking another misconception that hiring an offshore staff will render a higher cost and will deem as another expense, property management virtual assistants have proven to become an invaluable and cost-effective way to manage job roles that have a strong administrative requirement.
Learn more about Debunking Top 5 Property Management Myths.
Adding more employees doesn’t always mean you are adding more expenses to the business. If you are to compare hiring in-house assistants to virtual assistants, you’d be surprised how much you could save. However, the cost of an outsourced property management assistant varies according to the years of experience and their expertise as well. But with today’s technology and the way people adapt, a green person in the property management field can be an expert in no time if they train with proper training materials and determination.
Our Purple Powered Virtual Assistants are trained professionally via ireviloution’s practical property management training. This training is also recommended even for people who are already in the property management industry. You can choose from operational, business, and leadership courses whether you are aspiring to a career in property management or currently working in the industry.
The ireviloution’s practical management training, or also known as iiIPMA (ii International Property Management Academy) training, helps one to advance your knowledge and skills by learning ‘how’ to be a property manager. Property managers can vouch that being a property manager is no joke. A simple mishandling of a situation can cost you time, money, and sanity. iiIPMA offers the world’s first online property management training that could teach you the practical side of property management in no time.
Outsourcing your property management assistants offshore can save your business a significant amount of up to 70%. And a great way to know more about hiring your very own property management virtual assistant is by booking a free demo. You’d be surprised how hiring a Purple Powered VA is as simple as 1, 2, 3!
Numbers of property management businesses across the globe have been adapting to the idea of outsourcing property management assistants offshore, and that has been the trend since. How property managers became more effective, efficient, and dollar-productive has significantly increased the profit margin of their respective companies, rendering these companies to perform at their peak and upscale in no time.
Sure enough, there are hiccups along the way if a VA isn’t fit for your company’s needs. But with the right training and a VA who has the attitude to learn and grow, your VA will be a part of your company in an instant.
Don’t be the last to know and to join the bandwagon. Outsource your property management assistant offshore today.