Magazine article Journal of Property Management

Simply Streamlined: Outsourcing to Save

Magazine article Journal of Property Management

Simply Streamlined: Outsourcing to Save

Article excerpt

Online is everything. Data is stored in the cloud and both our offices and our properties are becoming more and more paperless by the day. With technology shrinking the world down to size, comes the opportunity to outsource professional services like never before. And it's not just about cost savings and eliminating overhead. In some instances, these outsourced services will be provided at a level superior to those previously provided in house. What's more, for a start-up property management company or a company focusing on third-party management services, these vendor partnerships can help to ease growing pains or supplement in-house efforts while allowing you to do what you do best.

RE-THINKING REPORTING

Financial reporting is the backbone of any investment operation and real estate is no different. The ability to prepare and present accurate financials starts with a complete and streamlined workflow from accounts receivable to accounts payable and ultimately, an impeccable general ledger that answers all questions and concerns. Oh, and of course, the prompt disbursal of cash flow and client funds. You are no longer forced to hire the personnel to handle these items. Instead, you can hire a vendor to provide these services and instead focus your own staffing efforts on operations or oversight that will help to drive productivity and create value for you and your clients. In turn, you can manage the metrics to ensure that your vendors and clients are paid in a timely manner but also ensure that your clients' income, cash flow, operating statement and balance sheet are prepared and presented by a CPA. Not only do these services offer an added level of comfort and professionalism, engaging a third party can help to provide an added layer of security through checks and balances.

DON'T RUN THE RISK

Sure, monthly reporting may be one of the more tedious tasks we engage in, but human resources and risk management programs are also increasingly eligible for outsourcing. …

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