KriyaGo - Blog #lead generation

The Top Real Estate Processes You Should Outsource

Fri, 20 Aug 2021 09:00:00 -0400

Working in the real estate industry is not easy. Expanding client base, handling tenants, and marketing properties--real estate management constitutes a multitude of tasks. While each of them is equally important, you can manage your work better by outsourcing a part of your property management.

According to a survey by JJL, facilities and property management is the most outsourced CRE activity. Whether you want to improve your marketing or lower your workload, here is a list of all the tasks you can outsource to streamline property management.

Lead generation and nurturing

Successful property management depends on market creation and retention. Lead generation is necessary to expand your clientele. For a highly competitive industry like CRE, lead generation and nurturing is a continuous process that can take up a lot of your time.

By outsourcing this task, property managers can not only focus on other business tasks but also generate leads more effectively. A report by Fearless Competitor states that outsourcing lead generation can give 43% better results than having an in-house team.

Digital marketing

Digital marketing is one of the best ways to increase brand visibility. With more than 3.96 billion people using social media, it has become the biggest platform for advertising. Digital marketing agencies can help market your business by targeting the right audience. They have the required tools and technology to quantify viewer responses. By outsourcing digital marketing, you can increase sales by displaying ads in front of an interested group.

For example, if you want to advertise commercial properties, LinkedIn serves as a better platform. Similarly, digital marketing agencies can find the right groups and platforms and increase brand awareness.

Back office accounting

Every real estate business needs accurate accounting. As it is not a core task, an internal team dedicated to accounting will be expensive to maintain. Onboarding new members and training them will not only cost you more but will also be a lengthy process. And if you hire experienced accountants, the employee compensation will be very high.

By outsourcing, you get access to trained resources and better software while ensuring that the accounting processes are in safe hands. You can take better control of your finances and also leverage accurate data.

Data analytics

Investments in real estate are directed by data and insights. If you use any kind of real estate software such as accounting or CRM, the huge data it generates can be converted into valuable insights that drive company profits. Identifying trends in the consumer behavior can also help you improve relationships with tenants and clients. Instead of intuition-based decisions, data lets you make informed investments.

But to analyze the data accurately, you will need the right balance of human resources and technology. Outsourcing companies dedicated to data analysis generate relevant insights through their trained staff and analysis software.

CAM Reconciliation

Common area maintenance expenses can be difficult to calculate. As they vary every year, CAM reconciliation consumes a lot of time and resources. Lease duration, occupancy, and local laws all come into consideration while calculating CAM expenses. Any error in reconciliations can have a direct impact on company revenue.

Hiring a managed service provider like KriyaGo is one of the best ways to manage common area maintenance expenses. Through trained accountants, your CAM reconciliations are accurate and balanced. You can also access periodic reports to understand CAM expenses and ensure compliance.

Bookkeeping

You need to regularly keep track of your business revenue and expenses. With many tasks at hand, managing ledgers and accounts can be tedious. A missed entry, a duplicate transaction, or inaccurate details can cause problems during tax season. That’s why property managers hire real estate bookkeeping services.

The service providers manage your expenses, reconcile the books with your bank account and point out any discrepancies. They also keep track of your accounts payable and receivable and regularly update your records as needed.

Lease abstraction

The real estate industry is incomplete without lease papers. Most tenants fail to understand the legal jargon in the lengthy lease documents. So, property management companies prepare abstracts for a better understanding of leases.

These abstracts are condensed versions of the existing lease. The right service provider will identify the important terms from the lease and provide you templates for the abstracts. Depending on your requirements, you can also get the lease abstracted in multiple languages.

Lease audits

One reason why leases are complicated is that they need to account for every possible situation. This adds more clauses allowing more room for error. Even if you prepare abstracts, lease audits let you ensure that both your documents are error-free.

Whether it is inaccurate data or missing clauses, a single mistake in the lease costs a lot of money. Managed service providers handle validity checks, resolve disputes and verify data to make your leases and abstracts accurate.

Property management tech solutions

Property management is easier by leveraging technology. Various software and tools are designed to assist real estate managers in different functions. From maintenance to CRM, property management software can handle almost every task. But efficient software usage requires relevant skills and experience.

Outsourcing your software requirements gives you access to state-of-art tools, resources, and platforms. The service provider can also help you customize the software for additional features according to business needs.

Outsourcing your real estate processes to KriyaGo

Property management has several options for outsourcing. You can reduce your workload by hiring a managed service provider. Companies like KriyaGo understand property managers and provide services like CAM reconciliations, lease abstractions, and lease audits. We also handle your finances through back-office accounting services.

Our experts and top resources make us one of the best options for outsourcing. We listen to your requirements and create strategies that suit your business. No matter the size of your business, KriyaGo offers outsourcing services to everyone.

We also understand that your data is valuable and ensure that all the information is safe with us. By choosing KriyaGo, you can streamline your property management through outsourcing.

To know more about our services--reach out to KriyaGo!

Why Every Company Needs To Outsource Their Business Tasks

Fri, 23 Jul 2021 13:00:00 -0400

Outsourcing is a popular option for companies that want to expand their workforce. It is estimated that every year about 300,000 jobs are outsourced in the US. Companies prefer outsourcing as it provides flexibility, expertise and cost savings. This is especially beneficial for small businesses who do not have the resources to manage all their business tasks.

So, they outsource several processes such as IT services, human resource management and accounting. Regardless of the size of your company, outsourcing is helpful in many ways.

Read on to know more about how you can benefit from outsourcing your business processes.

Benefits of Outsourcing

Reduced labor and operational costs

Companies pay their in-house employees a fixed salary. This is regardless of the amount of work done. Gallup reports that 67% of the employees globally are disengaged. The resulting low productivity can cost the company around 18% of their annual salary.

You can eliminate these additional costs by outsourcing small but essential tasks. Since you pay only for the work done, you don’t have to worry about low productivity. The outsourcing service may bill you additionally for the service provided. But the money saved on expenses outweighs the service costs.

In Deloitte's 2020 Global Outsourcing Survey, 70% of the participants listed cost-cutting as their outsourcing objective. By managing labor and operational costs, you can channel the money into other revenue-increasing activities.

Focus on essential business functions

Your business has several core tasks that need your focus. But with back-office operations, HR, and marketing, your employees will have a lot on their plate.

Without strategic planning of core functions, your business can suffer. To avoid this, you can outsource important repetitive tasks. For example, if you have a property management company, you need to focus on selling your property. You can outsource other tasks such as data entry, client support, and CRM.

If a company has financial or labor constraints, it can consider outsourcing. This frees up the company's resources to hire experts for core tasks.

Flexible cash flow

The problem with handling every task through internal teams is the fixed employee expenses. By outsourcing, you can convert this into a variable component. Sometimes, your business can see a dry run, while other times, the sales double up. You can scale your outsourcing accordingly and pay only for the tasks you got done.

This frees up your budget for other revenue-generating tasks such as marketing. This is especially important for small businesses, who have limited cash flow. More than one-third of small businesses currently outsource at least one service. By doing so, they are focusing on generating more revenue and increasing efficiency.

Access to expertise and technology

Outsourcing companies have trained staff to handle your business requirements. This significantly cuts down the cost of hiring and training a new employee. Moreover, outsourcing companies have years of hands-on experience in the same field. Given a task, they can suggest the best strategy and resources to get it done in a limited budget.

They also have the necessary infrastructure and software for all your requirements. These tools can be costly and are an unnecessary purchase for your company. Based on your requirements, the company can provide the right combination of expert knowledge and new technology. You can also choose from a broader range of skill sets and people who specialize in a particular area.

For example, if your company outsources ad campaigns, you do not need to invest in image editing and videography software. Accessing the right software for your ad campaign is the responsibility of the service provider.

Reliability

No matter how many internal employees you hire, there are always risks of employee turnover. This can harm the productivity and progress of your company. Through outsourcing, you can have a reliable resource base. Outsourcing companies have a large number of people handling the same tasks. Even if one of their employees is on leave or resigns, they have enough resources to complete your project on time. Instead of worrying about filling an open position in your team, you can outsource to complete projects with almost no risk of employee turnover.

What tasks can you outsource?

IT Operations

IT operations are one of the most outsourced business processes. Any company except for IT businesses will find IT operations expensive. It requires specific infrastructure and tools as well as expertise. Outsourcing your IT operations can be an excellent financial decision for your company.

Accounting and financial tasks

Managing your company's finances requires expert resources. Outsource your bookkeeping, accounting, and other financial tasks. You can also outsource payroll processing, financial analysis, and planning. A service provider can handle all these tasks as a single project. Since the financial workload is greater during tax season, you can also scale it quickly.

Marketing and lead generation

Every small business starts with marketing. It is easy to manage initially, but marketing campaigns also need to keep up as the company grows. By outsourcing, you can ensure better results from the marketing and increase lead generation and retention. Service providers have tested marketing strategies that can meet your requirements.

Human resources

Human resource teams handle everything right from hiring a new employee to managing the work teams. As your company grows, human resource tasks also increase. So, it is good to outsource human resource management to an experienced service provider. Since it involves multiple tasks such as recruitment and payroll processing, you can also hire more than one service provider for the tasks.

Outsource your back office tasks to KriyaGo

You can make the best out of outsourcing only when you hire an experienced service provider. Managing an in-house back office team is expensive. Instead, you can outsource your business processes to KriyaGo. We understand your requirements and provide you a smooth, hassle-free outsourcing experience. With our reliable team of experts, we can handle various tasks like bookkeeping and accounting.

By outsourcing to KriyaGo, you will get professional resources and software at affordable costs. We also keep your data secure and offer you more control over all the processes.

Learn more about back-office outsourcing by booking a consultation with us!