As the increase of outsourcing continues to rise across all industries, property owners worldwide are now looking into outsourcing their property management needs. Using advanced technology to the point that professionals can literally work from anywhere in the world it only makes sense that property managers can handle most of their tasks using the internet.
Business and property owners look to take advantage of these virtual property managers to save them money in hourly rates and payroll taxes as well as other overhead expenses like health insurance, management costs and office space / supplies.
Outsourcing is definitely not a new concept in managing properties as almost everyone uses an outside source to handle their background and credit checks for future tenants and/or employees. Listed below are some of the property management tasks that are commonly outsourced by small to medium sized businesses around the world.
Aspects of Property Management to Outsource
- Administrative Tasks. Almost all of the administrative tasks dealing with property management can be outsourced. Property managers can remotely manage the rent payments, lease agreements, vendor invoices, HOA violations, notices dealing with eviction or late fees, welcoming emails and record keeping of property documents.
- Property Marketing. This crucial task for property management is probably the most beneficial to property owners. Outsourced property managers have deep knowledge on how to advertise properties in the most efficient way to get the results needed. Using proper planning and oversight properties will be quickly introduced to potential clients so no time goes by as unoccupied. These social media masters will create a marketing strategy and get listings sent out the ways that will have the biggest impact. Marketing is definitely an aspect of property management that can be outsourced.
- Customer Service Line. Outsourcing to a call center for handling over the phone inquiries is pretty straightforward. Call center agents can provide future customers with directions and operating hours, tenants rent balances, lease expiration dates, answer follow ups on work orders, provide planned maintenance statuses and taking messages for on-site staff.
- Tenant Screening. From anywhere in the world property managers have the necessary tools available to them to filter out the good tenants from the potentially high risk tenants. These remote managers can run credit reports, contact current and former landlords, contact employers, follow up with references, maintain tenant scorecards and send denial or approval letters.
- After Hour Support. Rather than hiring a person as a property manager outsourcing is usually a fee to provide a service. Owners do not have to rely on a single person to handle the tasks needed and the outsourcing company makes sure everything is covered 24/7. The service can take care of after hour messages, handle emergencies, coordinate immediate repairs to plumbing, electric, HVAC, windows/doors and assist with lockouts.
- Maintenance Coordination. One of the most time consuming tasks for property managers is handling all of the requirements when dealing with maintenance. Luckily for property owners this is one of the easiest tasks to outsource. Virtual property managers will take all of the maintenance calls, troubleshoot issues tenants are experiencing, create work orders, post invoices, shop and dispatch vendors, follow up on completed work, provide statuses to tenants on work progress and update the on-site maintenance staff.
Benefits of Outsourcing Property Management
Companies normally look to outsource property management to minimize the amount of staff needed. Savings are immediately obvious when office space is freed up and owners have that peace of mind of not having to worry about staff. Employees take vacation and sick days which causes problems. The more staff involved in operations then the more problems, that is just the nature of business. Outsourcing property management clears owners mind and calendar. They no longer have to worry about staff because the service those staff will have been provided is already taken care of by the outsourcing company.