We are seeing more and more a trend of companies moving away from outsourcing their property to portfolios to bringing them in house and investing internally in property management software.
There is no wrong or right answer for outsourcing versus in house processing. There are many factors that should be considered when making this decision, however, we do often find that many businesses that are keen to bring their processing in house, often aren’t fully versed on the pros and cons.
- Real time visibility to data
- No longer having to compile information from multiple sources or support integrations if you diversified your portfolio across multiple agents.
- Increased control-over process, data quality, business rules.
- Not having to adhere to a ‘one size fits all’. Your system/s can be configured specifically for your requirements.
- Resourcing- it can be difficult to find skilled resources that are trained and self-sufficient across all aspects of property transacting. Dependent on size of your portfolio you may only need one or two resources which can become single point sensitive and a risk to business continuity.
- No experience with what actually takes to process in the system and on what procedures need to be put in place. It’s easy to critique others, but do you really know what is required to self-manage portfolio? It’s often under estimated.
- Software licensing costs and Software training costs ( This should not be a one off cost. It’s important to continue investment in your knowledge and in best practice processes. Ideally, training programs should be ongoing.
With an average of 20+ years experience working both client and vendor side, Loci Solutions can help you navigate this decision. Contact us at firstname.lastname@example.org or +612 9251 3877 for a confidential discussion.