Real estate BPO

Top Outsourcing Roles That Every Real Estate Firm Should Consider

Rashmi Soni

One of the most competitive industries in the world, real estate firms have been growing since the global economic boom. An estimated 35% of the development and management of the real estate portfolio are outsourced throughout the world. With a moderately slow growth of the economy, there are new real estate companies which are streamlining their processes in various ways. Outsourcing is one of them. Through Business Process Outsourcing services, real estate work becomes half the hustle with efficient tasks that are otherwise repetitive in nature.

Recent studies show that at least 43% of real estate document services are outsourced out of which 39% of managing and processing for corporate real estate work is outsourced altogether. And at least 20% of the real estate finance work has been outsourced and is expected to grow by 20%. It is also expected that managing assets/leases outsourcing work will rise up to 37%. Through outsourcing, it becomes easier to expand the business and be flexible with their scaling. 

Designing new workplaces, portfolios, and strategic planning, as well as forecasting are some of the major roles under real estate outsourcing. It not only helps drive the creativity and transformation in an around workplaces but also helps real estate achieve goals. Ranging from a wide number of companies, like Google and Walmart, outsourcing has helped real estate gain momentum and is set to keep rising. While market competencies are known to be on the rise, it is important for companies to find help with outsourcing processes so as to have momentum in their growth. Online marketing structures are in compliance with the new adaptive technological trends that can help with the outsourcing process.

While real estate firms are on the rise, there are many possibilities for each and every firm to be competitive and more so, to be more and more strict with their outsourcing activities. Having enough listings not only helps real estate firms to become successful with their outcome but also has a lot of possibilities for steady growth. Property ads, managing the renewals, as well as steady communication with the key stakeholders are some of the important aspects of a growing economy in real estate.

With improved business and overall competency, it becomes possible for any real estate company to seek the best practice of control and fulfilling their business ideas. Steady growth requires daily inspection, security, and proficiency in creating ads for outsourcing purposes. As the real estate economy rises, so does the competition, and the requirement of outsourcing agencies. With ample cost-saving solutions and high demands of in-depth knowledge, it becomes easier for any real estate company to get better in their process of expansion. 

Challenges Faced by Real Estate Realtors

Although the real estate business seems to be in a prim and proper shape and booming, there are challenges faced by every real estate. Some of them are:

1. Database and its Cultivation

It is estimated that at least 25% of the agents generate more than 50% of the business through business referral programs. Many-a-time, real estate firms are unable to use the database that they collect to their full potential so as to cater to new and potential clients. They are also unable to understand the buyer’s perspective even when they have heaps of collected databases. 

For a long-term contract, it is essential to know the basics of yielding and the importance of cultivating the database. It generates more profit than you would ever think. Therefore, contacting your regulars daily and keeping them posted is a major aspect of cultivating relationships with buyers. It is also essential to regularly check up on your clients and follow up with them to build a relationship. 

2. Managing Portals and Listing Properties

Keeping records, listing properties, etc. are some of the important aspects of creating a perfect record for outsourcing purposes. Keeping all the records and managing the portals can be easy when you have a proper database. Although it is challenging for real estate companies to keep creating leases, rent properties, look out for new spaces to build and expand their place, it is also very exhausting.
Having a proper database and a secure listing for the property may help manage the companies easily. Companies also get to easily follow up with their clients and build their relationships over time.

3. Increasing the Property Listing Online

Due to the rise in the competitive market in real estate, it is difficult to increase the property listings as there are more sellers in a cheaper range of prices. It is also a growing economy of outsourcing businesses wherein the buyer can easily have access to the property listing with quick research.
Therefore, increasing the property listing online may make it difficult for the companies to get the good price they usually expect.

4. Leveraging Technology Trends

It is clearly seen that a company that is up-to-date has the idea that a free-flowing and has a greater impact amongst the masses. It is also possible for companies to make an impact regarding their own businesses for steady growth and development. Resources such as social media, listing websites, as well as other types of websites and platforms can be easily used to gain some edge. If the companies are able to build a solid base, it becomes easy for them to capture leads.

5. Calculating taxes and other deductibles 

If a real estate company has its own powerhouse, it has to be the accounts section. Calculating your taxes and making a note of your deductibles can be useful in the longer run. You can also make use of the spending to organize your asset value and seek returns wherever possible. 

6. Issue of Real Estate Appraisal

There are various methods of real estate value appraisal. BE it through commissions; be it through income approach, and so on. But, there is a stagnant problem that arises with the onset of the appraisal. The contractual delays are a part of the real estate appraisal problem. Around 18% of real estate appraisal issues cause contract delays. 
The delay in the appraisal can cause the property and the real estate more costs that they have to incur in the long run regarding the maintenance of the property.

7. Management of the Back-Office

Given the costs of the front end and the property value of any estate, it is also important to note that the back office requires assistance as well. It is also one of the most important aspects of any real estate market wherein the back office holds most of the informative aspects that need to be calculated and looked after.

Different Outsourcing Roles That Help Real Estate Firms Maximize Their Operations

There are different types of outsourcing roles that are necessary to help real estate firms utilize their information in the best manner. Here are a few ways:

1. Data Entry

A thriving sector, with information disseminated from all over the place, it is required to be collected so as to bid the correct information when it comes to listing. Property evaluation, details of the property, sales, listing files, as well as other such information should be carefully collected and kept through the use of data entry.

2. Property Listing Management

With technological advancement, property listing management can be easily done by uploading the property's pictures on the site, listing them, as well as marketing them in the same place. A marketplace full of options would lead towards improvement when it comes to listing.

3. Market Research Analysis

Before moving on to listing and preparation of the site, it is important to research the property. Be it the existing value, or the competitive market schemes. It is also important to analyse different elements that can be used in order to develop your own real estate market.

4. Real estate Accounts 

Real Estate Accounts may include a variety of resources that require to be protected and are used in order to develop the assets. Management of properties through their respective accounts, payments, and legal files, as well as preparation of taxes, come under the real estate accounts properties.

5. Property Database 

Before the advancement of property and ownership, it is important to know more about the database. Renting leases, all the sold properties, as well as management, all come under the jurisdiction of any property database that real estate companies take note of.

6. Photo Editing In Real Estate

Having your own portfolio with photos can be more winning when it comes to listings. Around 72.2% of realtors agree to the fact that high-quality photos of any real estate property during the listing process help them win more listings. There is aerial footage as well as high-definition photographs that help get the listings more easily than those without the visuals.

7. Virtual assistance 

Making a mental note of whom to form a business with can also be very effective in the long run. You can connect with your clients from all over the world who possess principals and skills. Management of such businesses as well as the importance of resourcing, meeting, travelling, as well as scheduling appointments are all an important part of the real estate assistance process. Virtual assistance is, therefore, an integral part of the whole of real estate companies.

8. Real Estate Marketing Support 

Running ads and researching about the competitor as well as the current and next goals are a few of the fundamentals to make a note of. You can very well create your own marketing support by lodging your own support management online, as well as answering all the queries that clients might have.

Why should you consider real estate roles for outsourcing?

There are many reasons why you should consider real estate roles for outsourcing. Here are some of them:

1. With too many competitors, it is impossible to just list your own property and then look after the appraisal whenever it comes. You are required to constantly check up on the processes and collect data as much as possible due to the presence of other competitors. You are also required to make changes in your listings accordingly if there are necessary requirements that your real estate company does not fulfill.

2. Making sure to focus on the core business. Core businesses will help you outsource your model more, as there are legitimate understandings of the required changes that might or might not affect the listings of any company, As time passes by, it becomes more evident that the core businesses will be more known for their listings including conducting research. 

3. Hiring cost-effective professionals will not only help with the real estate process but also allow you to gain more momentum throughout the outsourcing process. Make sure to hire professionals who are skilled and have the perfect idea of how to work at a real estate company. 

4. Process optimization is another important reason why real estate should be considered for outsourcing. Evaluating the current costs, cost-cutting budgets, as well as creating a viable strategy that would allow the company to incur fewer costs and find the perfect price during the listing process. 

5. Get the advanced technical edge through social media posts, website content, and high-definition photographs including aerial view shots to make it a perfect portfolio that would help you gain more momentum? Researching the newest trends in technology would also help with outsourcing methods.

Do you want expert data services? Triyock BPO features automated solutions, business process management, as well as high-accuracy with affordable prices. Outsourcing partners are reliable sources to find the best listings possible in the real estate sphere. Triyock BPO has core competencies of high accuracy, qualitative results, data security, and affordable prices. Using the best innovative technology, it has services that include back office management, documenting and researching, data entry, and using integrated approaches for delivering the best services possible. With on-boarding, planning and team allocation, as well as quality checks, the Triyock BPO Business Process Outsourcing Services provide you with the best of services that would rank your property on the front with their expert outsourcing service.

About Author

Rashmi Soni

Rashmi Soni is the head of business process management division within Triyock BPO, an integrated data and digital solutions firm. Over the past 10 years, She developed and successfully managed an extensive portfolio of more than 30+ different solutions in the fields of  Data Collection, Automation Services, Data Annotation, research and analysis, and image intelligence. Her primary areas of focus are operational efficiency, operational excellence and AI & automation.

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