Establishing your name in real estate is easy. All you need to do is forget sleep because of the long hours you’d be needing for research and prospecting on both the weekdays and weekends. Easy, right? Yep, easy to lose one’s mind!
Whether you are creating your first 50 doors or your first 1000 doors, it will take time, money, and a whole lot of effort to set yourself apart from all the property management agencies in the market.
But there is another way to skyrocket your success in the property management industry without blowing up your cash flow. And yes, there is a science to it. This has been the game-changer for property management businesses ever since. And, if you guessed right, it’s outsourcing property management assistants offshore. The big guns in the property management industry have delved into the idea of outsourcing property management virtual assistants (VAs), and there’s no reason why you shouldn’t too.
WHAT IS A PROPERTY MANAGEMENT VIRTUAL ASSISTANT?
A Property Management Virtual Assistant, otherwise known as a Real Estate Virtual Assistant, is a remote staff member that carries out almost all non-core tasks that are related to property management. These tasks are general administrative tasks that do not need to be carried out at the local office. These tasks include new managements, processing prospective tenant applications or new tenancies, scheduling property viewings, arranging and documenting inspections and condition reports, actioning rent reviews, and all the non-dollar productive tasks related to property management that can be accomplished outside the local office or remotely.
Not all VAs are the same. In most cases, they differ in years of experience and their expertise. Of all the property management systems and tools in the industry, seasoned VAs are underpinned by different property management systems and software to be able to fit the company’s business model.
But if your current VA is not trained in a particular tool your property management business is using, you may also upskill your property management virtual assistant by conducting internal training, so they fit your business requirements.
Get a deeper understanding of What a Property Management Virtual Assistant is.
And, if you are still on the fence about hiring your very own property management virtual assistant, then I bet these reasons will solidify the likelihood for you and your property management business to outsource property management assistants offshore:
1. HIRING A PROPERTY MANAGEMENT VIRTUAL ASSISTANT IS COST-EFFECTIVE
Property management virtual assistants essentially have the same tasks as in-house property management assistants. But why is hiring a virtual assistant more cost-effective than hiring a local property management assistant?
While both assistants can accomplish the non-dollar productive tasks at hand, virtual assistants wouldn’t need to use the local office space. Hence, hiring property management assistants offshore helps reduce the overhead costs, such as office space, equipment, maintenance costs, and additional taxes. These VAs are being outsourced offshore mostly in countries that have lower labor costs, such as the Philippines.
2. YOU GET ACCESS TO WORLD-CLASS TALENT
By being open to outsourcing property management assistants offshore, you get to discover a pool of world-class talent pre-screened by offshore staffing solutions. You don’t limit your choice by hiring local property management assistants, because you get access to world-class talent that you can handpick yourself to work for you and your company. Not only do you get the best VAs in the industry, but you also get to reduce operational costs because an outsourced property management assistant’s wage is just a fraction of the price of an in-house property management assistant’s wage.
3. HIRING A PROPERTY MANAGEMENT VIRTUAL ASSISTANT WILL HELP YOU FOCUS ON DOLLAR-PRODUCTIVE TASKS
You get to delegate all your non-dollar productive tasks that don’t need to be carried out in-house to your property management virtual assistants, which means you get more time to focus on core operations and look for ways to increase your bottom line. You can also utilize and train your local employees to work on bigger and more crucial tasks. In outsourcing property management assistants offshore, you and your team can accomplish more tasks in less time, paving the way to upscale your business.
4. PROPERTY MANAGEMENT VIRTUAL ASSISTANTS CAN ADAPT TO YOUR BUSINESS’ NEEDS
Just like there aren’t any companies that have the same business models and processes, no property management virtual assistant has the same years of experience and expertise. Property management virtual assistants may be proficient in various property management tools and systems. Having said that, how fortunate is it to know that these real estate VAs can be versatile enough to the property management company’s needs? While they may have been trained with practical property management training, internal training can be conducted to best fit the company’s requirements and needs.
Moreover, VAs can adapt to your timezone, so they can accomplish the tasks at hand right when you need them.
5. OUTSOURCING PROPERTY MANAGEMENT ASSISTANTS OFFSHORE CAN DRIVE BUSINESS GROWTH
Since we’ve learned that hiring a virtual assistant is just a third of the cost of an in-house property management assistant, this goes to show that embracing offshore property management assistants can help ramp up your team without blowing up your balance sheet. Training your local employees to work on high-value, localised work can help increase your bottom line as well. You get to delegate important and dollar-productive tasks, which helps the business to upscale in no time.
6. ABILITY TO STREAMLINE YOUR OPERATIONS
With a property management virtual assistant that is just at your fingertips, no emails or messages will be left unreplied, no phone calls left unattended, no bills unpaid, no tasks forgotten, and no meetings or schedules will be overlooked. Once you hire a seasoned property management virtual assistant, you won’t need to supervise them because they will know exactly what to do.
In streamlining your business operations, it is of paramount importance to have well-documented systems and processes in place in order to know the right protocols to follow. And, if you have none of them yet, you need not fret, for your property management virtual assistant can help you establish them.
Delegating tasks that require little to no critical thinking and focusing on core operations plays a big role in the success of a business.
7. MORE TIME TO IMPROVE PRODUCTS AND SERVICES
Did you know that 60% of a typical property manager’s workload is essentially non-dollar productive tasks? If you want to free up these non-core activities on a property manager’s schedule, there would definitely be enough time for your key players to ramp up your products and services. Underlying customer pain points will be addressed, so you can deliver a better service and one that your customers rightfully deserve.
8. HIRING A VA PROMOTES A BETTER WORK-LIFE BALANCE
Most property managers have forgotten what it feels like to enjoy a fun and relaxing weekend, let alone a fun work environment. There are always not enough hours in a day to accomplish all the property management tasks, be it administrative or dollar-productive ones.
Fortunately for property managers and property management business owners, VAs are here to help you save time, money, and sanity! All the urgent tasks can now be accomplished within the required time frame, without having to burn out and burying yourself under the tasks that may get out of hand. In hiring a property management virtual assistant, you also minimise the risk of errors in documentation and can get an ample amount of time to focus on not just your dollar-productive activities, but also nurturing your client relationships. Moreover, you get to enjoy your weekend with your loved ones, guilt-free!
9. CONFIDENTIALITY AND DATA PROTECTION IS GUARANTEED
The first thing you need to establish when you hire a property management virtual assistant is trust. Given the fact that your VA is on the other side of the world, you will need to build each other’s trust first, so that you can be at peace, knowing full well that your VA will efficiently carry out all the property management tasks you wish to get accomplished.
The number one reason why a client-VA relationship doesn’t work is when the client forgets that they are talking to a living, breathing human who has feelings. If you create a great, cohesive working relationship with your VA, they will stay with you for the long haul.
10. WEAK AREAS CAN BE STRENGTHENED
As the saying, “Two heads are better than one,” goes, you’d be surprised that your VA can help you strengthen your business’ weak areas. Having access to world-class talent gives you the license to choose the best possible property management virtual assistant who could impart processes that experience taught them. You can stay abreast of all the property management trends, improve areas in your business as you reduce overhead costs, and increase your bottom line in no time.
How to Hire a Property Management Virtual Assistant
Would you believe that hiring your very own Property Management Virtual Assistant is as easy as 1, 2, 3? It’s easy to see why so many property management businesses are now hiring property management virtual assistants because the benefits for your business, team, customers, and bottom line are clear. To find out more about hiring your VA, book a free demo.