Working in the real estate industry is not easy. Expanding client base, handling tenants, and marketing properties--real estate management constitutes a multitude of tasks. While each of them is equally important, you can manage your work better by outsourcing a part of your property management.
According to a survey by JJL, facilities and property management is the most outsourced CRE activity. Whether you want to improve your marketing or lower your workload, here is a list of all the tasks you can outsource to streamline property management.
Lead generation and nurturing
Successful property management depends on market creation and retention. Lead generation is necessary to expand your clientele. For a highly competitive industry like CRE, lead generation and nurturing is a continuous process that can take up a lot of your time.
By outsourcing this task, property managers can not only focus on other business tasks but also generate leads more effectively. A report by Fearless Competitor states that outsourcing lead generation can give 43% better results than having an in-house team.
Digital marketing
Digital marketing is one of the best ways to increase brand visibility. With more than 3.96 billion people using social media, it has become the biggest platform for advertising. Digital marketing agencies can help market your business by targeting the right audience. They have the required tools and technology to quantify viewer responses. By outsourcing digital marketing, you can increase sales by displaying ads in front of an interested group.
For example, if you want to advertise commercial properties, LinkedIn serves as a better platform. Similarly, digital marketing agencies can find the right groups and platforms and increase brand awareness.
Back office accounting
Every real estate business needs accurate accounting. As it is not a core task, an internal team dedicated to accounting will be expensive to maintain. Onboarding new members and training them will not only cost you more but will also be a lengthy process. And if you hire experienced accountants, the employee compensation will be very high.
By outsourcing, you get access to trained resources and better software while ensuring that the accounting processes are in safe hands. You can take better control of your finances and also leverage accurate data.
Data analytics
Investments in real estate are directed by data and insights. If you use any kind of real estate software such as accounting or CRM, the huge data it generates can be converted into valuable insights that drive company profits. Identifying trends in the consumer behavior can also help you improve relationships with tenants and clients. Instead of intuition-based decisions, data lets you make informed investments.
But to analyze the data accurately, you will need the right balance of human resources and technology. Outsourcing companies dedicated to data analysis generate relevant insights through their trained staff and analysis software.
CAM Reconciliation
Common area maintenance expenses can be difficult to calculate. As they vary every year, CAM reconciliation consumes a lot of time and resources. Lease duration, occupancy, and local laws all come into consideration while calculating CAM expenses. Any error in reconciliations can have a direct impact on company revenue.
Hiring a managed service provider like KriyaGo is one of the best ways to manage common area maintenance expenses. Through trained accountants, your CAM reconciliations are accurate and balanced. You can also access periodic reports to understand CAM expenses and ensure compliance.
Bookkeeping
You need to regularly keep track of your business revenue and expenses. With many tasks at hand, managing ledgers and accounts can be tedious. A missed entry, a duplicate transaction, or inaccurate details can cause problems during tax season. That’s why property managers hire real estate bookkeeping services.
The service providers manage your expenses, reconcile the books with your bank account and point out any discrepancies. They also keep track of your accounts payable and receivable and regularly update your records as needed.
Lease abstraction
The real estate industry is incomplete without lease papers. Most tenants fail to understand the legal jargon in the lengthy lease documents. So, property management companies prepare abstracts for a better understanding of leases.
These abstracts are condensed versions of the existing lease. The right service provider will identify the important terms from the lease and provide you templates for the abstracts. Depending on your requirements, you can also get the lease abstracted in multiple languages.
Lease audits
One reason why leases are complicated is that they need to account for every possible situation. This adds more clauses allowing more room for error. Even if you prepare abstracts, lease audits let you ensure that both your documents are error-free.
Whether it is inaccurate data or missing clauses, a single mistake in the lease costs a lot of money. Managed service providers handle validity checks, resolve disputes and verify data to make your leases and abstracts accurate.
Property management tech solutions
Property management is easier by leveraging technology. Various software and tools are designed to assist real estate managers in different functions. From maintenance to CRM, property management software can handle almost every task. But efficient software usage requires relevant skills and experience.
Outsourcing your software requirements gives you access to state-of-art tools, resources, and platforms. The service provider can also help you customize the software for additional features according to business needs.
Outsourcing your real estate processes to KriyaGo
Property management has several options for outsourcing. You can reduce your workload by hiring a managed service provider. Companies like KriyaGo understand property managers and provide services like CAM reconciliations, lease abstractions, and lease audits. We also handle your finances through back-office accounting services.
Our experts and top resources make us one of the best options for outsourcing. We listen to your requirements and create strategies that suit your business. No matter the size of your business, KriyaGo offers outsourcing services to everyone.
We also understand that your data is valuable and ensure that all the information is safe with us. By choosing KriyaGo, you can streamline your property management through outsourcing.
To know more about our services--reach out to KriyaGo!
