Traditionally, the property sector has tried to encompass full-service models of business, offering sales, leasing and property management under the one umbrella, with many back office staff required to make that happen.
Often agents outsource only a small component of their operations – often areas that require higher technical expertise or have higher legal ramifications if not completed well – such as payroll.
With legislation requirements increasing across all aspects of business, and for the real estate sector predominantly around trust accounting, the PropTech industry has been surging, providing a myriad of choices. It is no longer a straightforward decision for most business owners, with software having such a wide range of focuses and strengths, it’s easy to get left behind if you have ineffective software. Certain software also brings with it a new staff skillset required to operate it, narrowing the recruitment choices agents have.
Everyday real estate transaction processing, particularly for high volume property management departments, has become a technical requirement business owners are no longer always comfortable (nor profitably) achieving internally.
Business Process Outsourcing (BPO) has emerged as a value for money, niche industry. Outsourcing provides businesses the ability to scale, without the need for more office space, head count and payroll. Reinforced by the recent covid pandemic, remote working is now a credible way of doing business and has definite efficiencies compared to managing an office full of people. Outsourcing your property accounting and processing is now the way to go.
Property organisations of all types (agents, owner managers, etc) can concentrate on their revenue generating areas of the business, leaving the transaction volume, to which attention to detail is paramount, to the processing experts.
How to choose an outsource partner?
Having weighed up the pros and cons of continuing to ineffectively manage your books in house, choosing an outsource partner is critical to ensure you don’t end up in more of a bind than when you started. You must ensure they can work within the parameters of your business and essentially become an integral part of your team.
Tips to look for in an outsourced processing partner:
– Expert knowledge in your software – are they a certified partner or just a customer themselves? Investigate and ask for references to make sure they really know their stuff.
– Maintain complete control and ensure ownership of your database – Don’t ever get locked out or charged to view your own data.
– Scalability – choose a partner that can scale as you do, without hassle or having to redesign the whole concept each time more properties come on board.
– Complementary benefits – what other areas can they help with? Can they provide additional tools and functions as part of the Outsourced Service, without attracting additional fees? Can they provide trust accounting advice and best practice practical knowledge? Do they have access to specialists that can support, configure and develop your system for you further as your business grows?
– Flexible contract – be sure to note any auto renewals, hidden fees and notice periods.
The Loci Services Outsourced Division has operated since 2016 and we specialise in processing on the MRI PMX solution. Clients can opt for additional applications and branded reports to be added on at no cost, whilst under contract with Loci. Our team is managed by industry specialists with real life experience operating in the field in trust accounting and property management roles.
If you are curious about how Outsourced Processing on your MRI application may benefit you OR if you are considering acquisition of the MRI PMX platform, but unsure about how to manage and resource the application, give us a call 02 9251 3877 to talk through your specific scenario. Alternatively email firstname.lastname@example.org for a confidential discussion.