Offshoring property administrator with Boomering

Property administration forms the backbone of efficient real estate management.

Whether you’re a property owner or part of a property management company, understanding the basics of property administration is essential for maintaining smooth operations and maximizing returns on investment.

However, did you know that 44% of owners do not manage their own property? Instead, they outsource this task to a contractor or an offshore services provider. 

Offshoring property administration

Offshoring property administration has emerged as a strategic solution for real estate firms, property management companies, and investors seeking to streamline operations and reduce the ever-rising costs of property maintenance.

This approach involves delegating property management tasks to offshore locations, typically in countries like the Philippines, where skilled professionals offer cost-effective services without compromising quality.

Responsibilities of a property administrator

Property administration encompasses a wide range of tasks related to the management and upkeep of real estate assets. These include overseeing various aspects, such as leasing and tenant relations.

1. Tenant screening and lease management

• Performing basic background and credit checks and conducting rental history verification for prospective tenants
• Drafting lease agreements, negotiating lease terms, and handling lease renewals and terminations

2. Tenant communication and customer service

• Responding to tenant inquiries, complaints, and maintenance requests
• Providing information on property amenities, lease terms, and community policies
• Addressing tenant concerns and resolving disputes in a timely and professional manner
• Facilitating communication between tenants, property owners, and management staff

3. Regulatory compliance

• Maintaining accurate records and documentation, including lease agreements, tenant files, and property maintenance logs

4. Property maintenance and repairs

• Hiring and supervising vendors, contractors, and service providers for maintenance and repair work
• Obtaining competitive bids, negotiating contracts, and overseeing work quality to ensure that property maintenance is conducted efficiently and cost-effectively
• Scheduling routine maintenance tasks and addressing repair issues promptly

Key considerations in offshoring property administration

The many benefits of offshoring property management (or outsourcing in general) are well-known. From cost savings to scalability and 24/7 support, outsourcing tasks to an offshore services provider like Boomering is a no-brainer.

What may be worth doing research for are the key considerations property owners should know when offshoring. These include the following:

Data security and confidentiality

When offshoring property administration, organizations must prioritize data security and confidentiality.

Partner with reputable offshore providers that adhere to data protection protocols and industry standards to ensure the secure handling of sensitive information related to:

• Virtual property management
• Tenant records
• Financial transactions

Effective communication and collaboration

Offshoring property administration requires seamless communication and collaboration between the client and the offshore property administrator.

Establish clear channels of communication and foster a culture of transparency and accountability. These are essential for ensuring alignment and achieving shared goals across geographically dispersed teams.

Compliance with legal and regulatory requirements

Offshore providers must adhere to local and international legal and regulatory requirements governing property management, leasing, tenant relations, and financial reporting. 

Organizations should also conduct thorough due diligence and ensure that offshore partners comply with relevant laws and regulations to mitigate legal and compliance risks.

Outsource a property administrator with Boomering

Boomering is a leading Business Process Outsourcing (BPO) company located in Clark, Pampanga, Philippines.  Their simple, smart, and flexible approach helps companies save on labor costs whilst ensuring that they provide the best offshore services possible.

Boomering’s dedication to personalized service, state-of-the-art technology, and commitment to industry best practices ensures that clients receive a service tailored to their company’s unique needs and requirements and outstanding support at every stage.

Email [email protected]h or visit Boomering’s website today to schedule a consultation!