Managing properties involves a significant amount of complex administrative work, from tenant screening to rent collection to maintenance requests. To streamline their operations, many owners and operators are increasingly turning to real estate BPO, or business process outsourcing, to handle many of the back-office tasks involved with property management.
Through outsourcing, property managers can provide more prompt, individualized service to their tenants, even when overseeing large complexes with high volumes of tenants. On the back end, outsourcing can enhance administrative processes and cut down on overhead costs without cutting corners for tenants. By partnering with the right business process outsourcing provider, property owners simplify leasing, tenant management, and beyond.
The Administrative Load of Property Management
Renting out properties may seem like a simple way for property owners to earn passive income; however, property lease management is a highly involved, hands-on field. Filling vacancies, collecting payments, resolving disputes, and making repairs are just some of the activities involved with renting out homes or apartments; each of these tasks requires extensive administrative work.
Simply onboarding a new tenant, for example, involves several different kinds of paperwork and documentation. Leasing office professionals will need to process the rental application, run a background check, review references from former landlords, and draft the official lease agreement. Current tenants also require administrative support for lease renewals, repair requests, and payment processing.
Handling these issues for a single tenant can be complex, and the administrative work becomes more challenging when overseeing multiple units or properties.
How BPO Streamlines Lease and Tenant Management
With business process outsourcing, companies can offload certain administrative tasks to a third party, allowing them to focus on their core tasks. BPO plays a major role in the world of real estate and property management, with companies outsourcing many elements of tenant management. Outsourcing companies can provide call center marketing, database management, marketing services, appointment scheduling, background checks and many other back-office real estate duties. By outsourcing these tasks, property managers and landlords will be able to simplify their workflows, improve efficiency, and reduce costs.
The Benefits of Outsourcing Tenant and Lease Management
Real estate BPO services have several advantages for property managers, especially as they purchase more properties and take on more tenants. If business growth is the end goal, focusing on that path while letting others handle mundane data and underwriting chores just makes sense.
Enhancing Tenant Support and Satisfaction
Keeping tenants happy is critical to reducing turnover and maximizing profits. If a tenant has a burst pipe in the middle of the night, they don’t want to be left waiting on hold. BPO real estate call centers make it possible for landlords to provide round-the-clock service to their tenants so they can quickly resolve any problems. These call center agents can also handle online maintenance requests, follow up on resident issues, and field questions about rental applications. By offering comprehensive, professional support, BPO providers can improve the resident experience, encouraging good residents to remain at the property year after year.
Cutting Down Maintenance Costs and Overhead
Real estate BPO companies operate at scale, meaning they provide services to many clients. As a result, they can operate more efficiently and complete the same standard of work at a lower cost. They often have well-established relationships with local service providers, giving them access to home maintenance services at a steep discount. Instead of having to employ a full-time maintenance staff or spend time and money looking for handymen, property managers can rely on their BPO providers to schedule affordable maintenance professionals.
Along with cutting the cost of maintenance and upkeep, outsourcing property management can decrease other kinds of overhead costs. Without BPO support, property owners may need to employ a large staff of administrative employees to field tenant questions, handle emergency maintenance, and manage documentation. By outsourcing, they can keep a smaller internal staff, reducing the amount of money they spend on salaries and administrative tools.
Leveraging Predictive Analytics in Tenant Management
Because BPO providers specialize in back-office tasks, they often have access to advanced analytics tools that can assist with tenant administration. Namely, they can leverage their databases and use predictive analysis tools to provide their clients with valuable insights.
Predictive analytics can help landlords set the optimal rent price at any given time, identify trends in tenant turnover, and improve their marketing strategies. The BPO provider will gather property-specific data alongside general market information, then make recommendations so their clients can keep up with trends in the real estate industry.
Data Security and Privacy Administration
Landlords often collect a wide variety of sensitive information from their tenants. This allows them to conduct background checks, verify employment, and collect digital payments. They need to keep these details on file, but they also have a responsibility to protect the privacy of their residents.
Data security and privacy can be a complex issue, and it involves some technical knowledge. BPO providers can take on this responsibility, using their secure platforms to collect and store tenant information. Because BPO organizations can run tenant portals and process applications on behalf of their clients, landowners won’t have to worry about recordkeeping and data privacy.
What to Look for in a Real Estate BPO Partner
There are many general administrative tasks involved with property management, so it’s important to select an outsourcing partner that provides a wide variety of services. By using a one-stop shop for real estate support, landowners can maximize efficiency, streamline communication, and simplify future growth.
Additionally, the BPO provider should have experience in the real estate industry. An experienced provider will be able to handle the nuances of advertising rentals, running background checks, and handling future issues.
Simplify Property Management
Real estate BPO companies make it easier for property managers to find and retain tenants. They have the infrastructure and tools necessary to process tenant data, respond to inquiries, and oversee site maintenance. With outsourced support, landowners can provide attentive service to a high volume of tenants, enabling them to increase margins and scale their property management businesses.
ConfieBPO provides expert BPO property management services for real estate professionals. Because real estate is one of our main areas of focus, property managers can trust ConfieBPO to understand the ins and outs of leasing and tenant management. Discover the benefits of real estate outsourcing today by connecting online or calling us at 800-684-2276.
