Home / Daily Dose / Poised for Growth: Advantages of Property Preservation Outsourcing
Print This Post Print This Post

Poised for Growth: Advantages of Property Preservation Outsourcing

Establishing a property preservation company brings with it a multitude of tasks to consider. Understandably the core business requirements, such as property inspections, are addressed first as without a strong base your company won’t be able to flourish as it should.

As your business begins to grow and you attract new clients, the contributing work such as data entry and auditing increases too. Of course, this work is essential and requires a lot of attention to ensure complete accuracy and quality, but often other jobs take priority over it.

At this stage, it’s an excellent idea to consider outsourcing these responsibilities to an outsourcing firm.

Here we explore the six main advantages to outsourcing data entry and auditing for property preservation.

 

  1. Cost

 

All businesses regularly review their cost-efficiency to ensure profit margins consistently grow in line with your business growth. Outsourcing can aid in your firm’s cost-efficiency considerably by setting up a team in a location that already has the infrastructure and relevant software to produce the best quality work.

Outsourcing teams remove the requirement of commissioning your dedicated team in your company, outlay for software, office space, and equipment that would have cut into your firm’s budget, leaving less cashflow available for company growth areas. India, for example, is famed for their access to the latest technology and their implementation of it to current processes, enabling them to continually increase their speed and capability in performing all manner of tasks.

The utilization of outsourcing firms reduces the amount of money your business spends on permanent or temporary employees and the benefits you are required to provide. Pensions, annual holidays, sick pay, etc. can build up and impact your budget, in turn, any reduction on outlay will increase the amount of capital you have available to reinvest in your business model.

2. Improved Work Efficiency & Quality Services

It isn’t just the cost-efficiency that benefits from outsourcing; your whole workforce can find themselves operating much more efficiently with the help of an overseas team. Data entry and auditing tasks can be a long and draining process for your employees, especially when they have lots of other core-business responsibilities that require their attention. A big issue with utilizing your primary workforce in data entry and auditing tasks is the diversion of their attention away from the vital core tasks of your business.

As discussed earlier, the core part of your business model in property preservation is integral in the growth of your business. Allocating too much time to non-core business responsibilities will ultimately be detrimental to your overall workflow efficiency.

The accuracy and quality of the work will improve substantially too. A team dedicated solely to data entry and auditing, won’t be distracted by any other responsibilities and requirements, thus improving the quality and accuracy of the work completed. The reputation of your business in terms of accuracy and quality of output can aid you in the acquisition of new clients, primarily when you can provide useful and informative reports to illustrate the quality of your workflow.

3. Excellent Data Management:

The proper and complete organization of your company’s property preservation data is crucial for a variety of reasons. An organized system enables you to generate quick customized reports, fast analyzation of information and the ability to rapidly export any necessary data instantly. A well-managed database also ensures your firm is doing everything possible to protect the security, and you can provide absolute data protection to your clients while adhering to data protection laws.

The organization and continual updating work for a well-maintained data management system is a fantastic benefit for your business and it helps all areas of your business. Outsourcing your firm’s data management ensures a dedicated team working continuously on the optimization of your data, providing a logical, indexed system, allowing your data to be quickly accessible and enables a seamless method to audit your data.

4.Time Zone Factor & Holiday Schedule 

A significant benefit of is the extension of your regular working hours. Due to the considerable time difference between India and the U.S., your business will be growing around the clock.

Offering your clients availability 365 days a year is something that your competitors may not be able to offer, this extended support allows you to offer a backup for your workforce. The whole idea around the growth and optimization of business processes is to be better than your competitors, to stand out from the crowd and be noticed for the work you are putting in. Extending your availability can go a long way to show that you are a professional business with contingencies in place all over the world.

5. Flexibility to manage varied workloads:

Clients and the workload they generate will fluctuate over time, depending on current campaigns, time of the year and current economic state.

Outsourcing allows you the flexibility to increase or decrease your workforce as you need it. Linking back to the cost-efficiency point earlier in the article, only paying the required amount for work will help you remove any unnecessary salaries on your books.

In contrast, firms that keep all their departments together with full-time employees can often struggle with their capability when you have acquired a big client, generating lots of revenue but also more work requirements. If you have an overseas team on hand to step up their workload at the drop of a hat, you can safely accept all new clients and not worry about your capabilities. Your team will also be experts in estimating the time-specific tasks will take, enabling you to provide clients with accurate delivery times.

6. Ongoing Training

Most outsourcing firms will have an in-house training centre, enabling them to keep their employees up to speed with all relevant training and certifications to best succeed in their role. Your firm will have access to skilled workers that they wouldn’t have been able to utilize in any other way previously.

This is a tremendous benefit to have; your team is always the most knowledgeable in the field at no extra cost to you. A team that is consistently reviewing their knowledge of the sector and the best processes to follow will be an efficient and crucial asset to your whole organization. The value of these overseas teams will continue to grow and provide your business with more worth, as they mature in their roles with ongoing training. You will benefit from new ideas, the latest research and an outsourcing team that is used to providing the best quality product for you and your clients.

Data entry and auditing tasks for your property preservation business are integral. By utilizing an outsourcing team, you can put yourself in the best possible position to succeed in your goals and your company’s cost-efficiency will improve in tandem.

In addition to ensuring quality service, you also gain a competitive edge over your competitors who aren’t entirely utilizing the options available to them and ultimately reducing their capability to serve their current clients and their attractiveness to new clients.

It is vital that in an industry that is filled with uncertainty and volatility, you have an offshore team that works as your extended team and supports you with processing of the challenging and complex inspection and auditing work.

About Author: Mit Somaiya

Mit Somaiya is a graduate from the EBS Business School, Germany. He has a rich experience in consulting for Social Business in Europe and Asia on the topics of Operational Excellence and Minimum Quality Standards. Somaiya's core specializations include strategic planning, operational benchmarking, optimizing workforce efficiency and foraying into newer business markets. For the Offshore Property Preservation division at IMS People, Somaiya is responsible for foraying into the U.S. REO market, making allied partnerships and overseeing operations to ensure quality services to clients.
x

Check Also

Emergency Notarization Order Crafted

The collaborating companies said “uniformity” and legal certainty are needed for the use of remote notarization in states promoting social-distancing measures.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.