Property Preservation companies provide invaluable support to lenders, servicers, banks, and other financial institutions by taking care of properties that require maintenance ahead of planned foreclosures. However, one of the biggest challenges for such companies is streamlining their back-office functions. Robust and efficient back-office functions are especially crucial for property preservation companies as they operate in a volatile environment.
The drudgery of maintenance, support, legal formalities, payments, and collections calls for an immense amount of time, effort, and manpower investment. This is where outsourcing the back-office functions to a strategic partner comes into the picture. Outsourcing can effectively take some load off Property Preservation companies while also saving costs and improving responsiveness.
However, Property Preservation companies need to take into consideration several factors before they decide to outsource their back-office functions to partners:
1. Turnaround Time
Property management and upkeep involve a host of time-intensive tasks that require dedicated teams. So, when outsourcing back-office functions for property preservation, turnaround time is one of the most important factors to consider. The service provider should be able to deliver all the services with quality output within the requested turnaround time. Fast, on-time, and accurate Property Preservation back-office support helps reduce costs and process more orders.
2. Technical Advancement and Industry Best Practices
Technology these days is not just a ‘good-to-have’, but a ‘must-have’ solution in almost all fields. Therefore, it is imperative to check before outsourcing back-office functions whether the service provider has invested in the best and latest technology solutions. The right outsourcing partner will offer insights, solutions, and best practice processes drawn from years of experience. Also, government policies and compliance requirements keep changing often and one needs to keep track of these changes. The outsourcing partner must guarantee strict adherence to rules and regulations and adopt best practices followed in the industry.
3. Price Compatibility and Cost Savings
Often the primary reason for outsourcing back-office functions is cost savings. Outsourcing can help optimize costs and achieve greater ROI, compared to having in-house teams and higher overhead costs. Moreover, the demands for a field like property preservation are directly linked to the fluctuations in the real estate market. Sometimes, the business volume is high, while lean times see very little volumes. Hiring permanent staff to satisfy the demands of such a dynamic business may be difficult to sustain for the business. Outsourcing is a great way for property preservation companies to weigh their profits against cost savings. Service providers can provide competitive deals which can lead to cost savings while also offering quality, technology, and timeliness.
4. Vendor Coordination
Establishing and maintaining a network of vendors is another key challenge faced by property preservation businesses. It is important that outsourcing service providers are able to source, select, and supervise the right kind of vendors efficiently, on time and in a cost-effective manner. They also need to have a strong network of vendors, so that they can get things done as per the best industry standards. Outsource partners need to maintain organized communication channels with vendors and stakeholders by acting as a liaison to resolve problems and issues.
5. 24/7 Customer Support and Communication
It is also essential that outsourcing partners have a strong complaint redressal window and a 24/7 customer support available. They need to keep updating the status of the task outsourced using the right kind of collaboration/communication tools. Service providers must offer full-time support and ensure complaints are addressed immediately.
Managing back-office functions is a challenging task in the property preservation space considering the ever-changing rules and regulations and the need to effectively manage a large vendor base. It is important to choose the right partner to outsource such functions.
PrologiQ’s well-trained Property Preservation team helps manage complex tasks with ease while reducing costs by more than 50%.
Reach out to us today to know more about our services!