Tara Mastroeni is a Real Estate and Personal Finance Writer.
She has eight years of experience writing about financial topics and her work has been published on sites like Forbes, Fox Business, and Realtor,com.
You can follow her on Twitter @TaraMastroeni.
Maintaining a commercial real estate business isn’t easy. Particularly during the age of COVID-19, where the vast majority of offices are closed and many real estate professionals are being forced to work from home, staying productive can prove increasingly difficult. With that in mind, below is a look at how outsourcing your lease administration services can help you stay efficient.
Read on below to learn more about some of the major problems that many real estate companies are facing during the pandemic and the ways in which outsourcing these services can benefit your company. Armed with this knowledge, you should have a good idea of whether outsourcing your lease administration might be the right choice for you.
Put simply, while it is essential for most commercial real estate companies to work from home during the pandemic, being out of the office makes staying on top of lease administration services much more difficult. Working-remotely is a challenge for many real estate professionals, which makes it hard to manage day-to-day property accounting tasks in a timely manner. For many companies, this difficulty has resulted in a transaction backlog that needs to be effectively handled.
The simple solution to this problem is outsourcing lease administration services. By bringing in a partner who can provide end-to-end lease services while also optimizing the time, cost, and effort spent on these tasks, you’ll give your employees the ability to retrain their focus on providing your clients with operational excellence.
Now that you’re familiar with the significant roadblock that COVID-19 is creating for many commercial real estate companies, it’s important to take a closer look at the specific benefits of outsourcing lease administration tasks in the current work environment. To that end, we’ve laid out some on outsourcing’s biggest advantages as follows:
Companies that are “one-stop shops,” or that do everything on their own, often end up having employees cover multiple different job duties, often some fall where the employee is not the most well-suited person to be doing the work. By outsourcing, you can rest assured that an expert will be handling these tasks, which will cut down on the overall time and effort required to do the job.
Cost-cutting may not be the main reason to outsource, but it should be a major consideration. Outsourcing helps convert fixed costs into variable costs, which can release necessary capital for investment elsewhere in your business and ensure that you’re able to put more capital directly into revenue-producing activities.
Too often, employees can get caught up in their day-to-day tasks and to allow lease administration activities to fall to the bottom of their to-do list. When that happens.data has a tendency to become dated very quickly, which makes it much more difficult to make accurate decisions for your business. By outsourcing your lease administration services you can ensure that you always have the most current data at your fingertips.
Speaking of revenue-producing activities, outsourcing will ultimately ensure that you and your employees have the time and energy to focus on the activities that are most important to your business. Since you’ll no longer be concerned with having to manage some of these time-consuming-yet-essential property accounting services, you’ll have more freedom to focus on your core real estate offerings.
Ultimately, the choice of whether to outsource your lease administration services is a personal one. However, if you’re struggling to keep up your team’s productivity and efficiency in the current work-from-home environment, outsourcing could be the key to helping maintain focus on the important aspects of your business.
Ready to take the next step? Take a look at Springbord’s real estate services page to learn more about how we can help your commercial real estate business.