Outsourcing is a word which some Real Estate offices liken to religion – you just would not dare bring it up at the dinner table.
Property Managers are extremely passionate and opinionated. Meanwhile, all of you believe you know the BEST way of doing things or at least a way in which a task could be better managed.
There is no crime in that. You simply care for the industry and want your office to be successful. To be successful you have to have systems in place and systems need money. I know firsthand how hard it is to get Principals to open their wallet. “It will increase productivity, it will increase profits, it will stop me drinking a bottle of wine each night” ….nope…you will still drink the wine but nice try…
Outsourcing costs money. Many Principals look at outsourcing tasks as YOUR job. The Property Manager does the routines and/or the trust accounting or they employ someone to solely do that role. I say “get with the times”.
When I began in Property Management in 1997, I would type a lease on carbon copy document with a type writer. There were no such things as pool or smoke alarm compliance. A lease was 2 pages long and there was such a thing as a holding deposit.
As times have progressed and legislation is much more comprehensive, agencies have to progress with it. The demands on staff are just too high and if one thing is forgotten, it will generally cost the agency a minimum of a few hundred dollars to rectify.
Why not appoint specialist to perform these tasks; specialists with their own liabilities and own skills? Would you ask your husband to install a new kitchen light or your wife to replace the hot water service?
You may think this is a little far-fetched as these types of jobs are done by trades who study for 4 years. However how many times do we all read articles about the OFT placing agencies into involuntary liquidation or arresting staff for fraud as they have been mismanaging a million-dollar trust account?
One million dollars.
You are responsible for a one million dollar trust account and you allow an unqualified 24-year-old Property Manager to receipt the money and send it to the owners each month?
These tasks need to be outsourced to reputable trained specialists who do this day-in day-out just like an electrician installing lights. Of course, this will cost your office money. However, it could stop unnecessary problems from occurring in the future. It will also free up the time of the team member who can now focus on what they were employed for which is to Manage the Property.
Protect your asset.
Director Real Strategix.