Blockchain To Likely Disrupt Real Estate Industry

[vc_row][vc_column][vc_column_text]Source: Forbes

In simplest terms, blockchain refers to a decentralized database. If you think of a traditional database like a spreadsheet, running on a single computer, blockchain distributes that so the spreadsheet runs on millions and millions of computers. It also uses state of the art cryptography (the art of writing or solving codes), so that once information goes in, it is virtually impossible to get it out again without the original passcode or key.

The real disruption here is that trust is established through collaboration and code, rather than a central authority. So, you no longer need a bank to make a money transfer around the world. You no longer need an escrow account (An escrow is a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties) to buy a home, or a real estate agent to facilitate the transaction. You no longer need a company or central authority to facilitate a transaction of any kind.  That is revolutionary and has the potential to revolutionize nearly every industry.

From Wikipedia

A blockchain is a growing list of records, called blocks, which are linked using cryptography. Blockchains which are readable by the public are widely used by cryptocurrencies. Private blockchains have been proposed for business use.

Each block contains a cryptographic hash (A cryptographic hash function is a hash function which takes an input (or ‘message’) and returns a fixed-size alphanumeric string. The string is called the ‘hash value’) of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree root hash).

By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires the consensus of the network majority.

Though blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.

 

Real Estate Sales

If you’ve ever bought or sold a home, you know how much paperwork is involved. But blockchain systems could be used to simplify the process and eliminate escrow altogether. Smart contracts could be designed that only execute when certain conditions are met, including funding. Besides, all these various documents could be stored securely.

A start up called Deedcoin is offering cryptocurrency powered transactions that decrease the commission rate for the agent to as little as 1 percent.

Rentals and Ride Sharing

It seems like start-ups like Airbnb and Uber have already disrupted these markets, but blockchain could create true peer-to-peer networks for real estate rentals and sharing of goods and services that would eliminate the need for the middle-man company, which naturally takes a cut of the fee.

In fact, there’s no reason these peer-to-peer networks couldn’t expand to renting and borrowing just about anything from books to tools to furniture and beyond.

The times they are a changing and real estate professionals need to educate themselves about Blockchain and their role in the future.[/vc_column_text][/vc_column][/vc_row]

Thinking about Outsourcing – Read this first

[vc_row][vc_column][vc_column_text]By Martin Conboy

All over the world Jobs are not just being outsourced, they are being replaced by self-service computer apps i.e. Travel apps, self-service banking apps, etc. and Robotic Process Automation.

The question is how much will automation impact the level of off-shored outsourcing and BPO? According to the Everest Group, North American companies believe automation gives them the ability to bring their work back on shore. A similar trend seems to be prevalent in the UK and Europe.

Automation reduces the advantages brought about by labour arbitrage, where software robots are even cheaper than wages in developing countries. (Global labour arbitrage is an economic phenomenon where, as a result of the removal of or disintegration of barriers to international tariffs, jobs move to nations where labour and the cost of doing business are relatively inexpensive and/or impoverished labour moves to nations with higher paying jobs.)

The ongoing Integration of a mix of live voice and digital channels will be hard to manage in terms of prioritization. The increased emphasis will be on the customer ‘experience’. Serious players are putting the customer at the center of their re-engineering efforts.

For those companies that are only beginning to outsource, or are unfamiliar with what it entails, misconceptions can occur which hinder what should, if done correctly, be a mutually beneficial relationship.

Outsourcing is set to really take off if it has not done so already, so it’s important for outsourcing myths and misconceptions to be discussed and for organisations to understand the potential business and financial benefits outsourcing and can bring.

Here are common misunderstandings for companies as they set out on their outsourcing journey for the first time.

 

Outsourcing is not a commodity

Outsourcing is not a set and forget play. It really does need to be managed by the parent company on a daily basis. Although many people view outsourcing as a way to reduce cost and improve efficiency, they neglect to consider other related costs, like moving a process from one location to another and keeping it in sync with the rest of the organisation. An outsourcing project is a living-breathing thing and it needs to be cared for. Sometimes, companies think that once they outsource a process, they can get rid of any involvement in it. An outsourcing project is more likely to fail if the parent company thinks that it has simply got rid of a pain point.

 

Outsourcing is only for big business

Outsourcing is becoming a lot more commonplace than you think! It used to be only thought of for larger companies, but these days it is cascading down to the SME level. These smaller companies are starting to understand the business benefits that outsourcing can bring. For example, small businesses can benefit from improved efficiency and flexibility in their organisation. Outsourcing can have a direct impact on businesses in various sizes.it is not just for larger organisations. One of the fastest growing areas for SMEs is bookkeeping and companies like Pacific Accounting and Business Services (www.pacificabs.com) are experiencing stellar growth.

 

Strategic Planning

Outsourcing teams might be commissioned at the beginning of a project or midway through the project. Whether they are there from the beginning, or brought in to help fix an ongoing glitch, they are part of the project’s strategy.  Both the organisation and the outsourcing vendor will have a strategy and both need to align these strategies at the beginning of the enterprise to ensure that they work together and optimise their offerings.

 

Left-hand does not talk to the right hand

If an organisation is outsourcing or commissioning a project for the first time, they might believe that the communication within the company or project will be disrupted. This doesn’t have to be the case. By discussing and deciding the chain of command and escalation pathway before the project begins, there won’t be a loss of communication within the organisation, as each team member will understand their individual and team role. A good outsourcing project will allow for an optimal working communication model that ensures adequate face time and collaboration through all aspects of the project. The executive decision-making and reporting process should be clearly outlined and documented at the beginning of any joint alliance.

 

Outsourcing does not need a contract; we can figure it out as we go along.

Because outsourcing can be complex it’s tempting to draft a contract that is totally buttoned down. The fact of the matter is that it is impossible to take all contingencies into account. Of course, you will need a solid contract with all of the KPIs considered, however, there needs to be some flexibility built in. After all, one does not know what one does not know. Things change and it’s much harder to get out of a rigid contract than one that’s got some leeway. It’s also a good idea to have a contract review every 12 months and make adjustments as required.

 

Our Culture will change

Some organisations might be concerned that their company culture will be changed if an outsourcing vendor is brought in. Company culture is vitally important in any organisation, so it’s crucial that it doesn’t change if new individuals or outside teams are introduced to the company or project. After all, to the outside world, they are representing your values and customer experience. Although disrupted company culture is a concern for some organisations, outsourcing vendors can adapt and even add to the company culture. This needs to be considered in the planning and implementation stage. Cross-cultural and soft skills consideration is not high on many companies checklist and it should be.

 

We are not them and they are not us

A concern for some organisations is that the company which is controlling the outsourcing project will have a conflict of interest with the outsourcing vendor. You entrust a process to an outside organisation, so it’s prudent to ask for a three-month trial for part of the process to see how it all turns out before you fully commit.  Then if that is successful you can expand the project. A basic rule of thumb is that everything that will happen in the life of a project will happen in the first 90 days. The role of an outsourced service provider is to offer and share their knowledge and expertise with the company and prove that they can in fact seamlessly become part of your culture.

 

Download infographic here. 

 

Martin Conboy

Martin is well recognised as one of the leading voices of the outsourcing industry and its role in facilitating outsourcing success throughout the Asia Pacific.  Martin was voted into the top five most influential and respected people in the global call centre outsourcing industry in November 2014.  Martin is an accomplished writer and public speaker and has delivered keynote addresses at BPO – ICT and Shared Services conferences in Australia, Bangladesh, China, Hong Kong, India, Korea, Malaysia, Mauritius, Middle East, The Philippines, Singapore, Thailand and USA.

Martin is a Director and shareholder of Virtual Property Manager a new and innovative business model for the Property Management space.[/vc_column_text][/vc_column][/vc_row]

Bringing virtual assistants to property management – Part 2

[vc_row][vc_column][vc_column_text]In the previous article, I looked at the issues and challenges of implementing a virtual assistant team within the property management industry. Here I will continue this discussion, looking at the technology and strategies that go into developing a virtual assistant team.

There is a lot of discussion around the physical work space and what it will look like in the future. We may not necessarily ‘own’ the space that we occupy, as there will be a lot more ‘hot-desking’, catering for work groups that only come together for special events and projects.

Video-conference technologies like Skype and GoToMeeting, Zoom etc. and personal devices such as smart phones, tablets and laptops, mean the companies of the future will not impose restrictions on the tools employees need to do their jobs – think converging technologies, cloud storage and thin clients, yet using your own internet-access device.

With a lot more people working remotely, there are implications for how office space fits into the mix. This will give metropolitan building owners and managers heart palpitations, as in the future people will not go to where the work is, as we do now; in the future, the work will go to where the people are. With the rollout of the National Broadband Network (NBN), we will see the resurgence of rural and regional Australia as people opt for better work-life balance and do away with long commutes and the congested living and expense of the big cities. 

Our devices will not actually hold data on them, per se; data will be housed in the cloud so that it can be accessed anywhere, any time, by anything, so long as one has the relevant access codes. In other words, data will be the most important asset in the future, not the devices that we access it from.

In order to make sure that we are offering services that our customers want and need, we will use tools like crowdsourcing to engage with customers to solve business and marketing problems. We will have to get used to collaborating outside of the standard business framework and work with our own communities of interest, work groups, and social networks to test our ideas.

 

Recruiting your virtual workforce

Many organisations seem to make less effort when recruiting for a virtual workplace.

Recruiting your virtual workforce requires the same level of effort, if not more. If you don’t have the resources to effectively manage the process required, particularly if the people you employ are casual or contract-based, then outsource it.

Poor hiring practices, with the resulting issues of high turnover and mis-hires, have the potential to eliminate the benefits of having a virtual workplace. Experience with technology and digital communication channels, though necessary, is not enough for someone to be a capable member of a virtual team.

Traditional competencies based around teamwork, organisation and motivation are still just as important. www.VirtualPropertyManager.com.au are making headway in this new space.

 

Build trust and keep people motivated

Just because they are largely out of sight, your virtual employees should not be out of mind. A more conscientious effort is required to ensure everyone’s contribution is recognised and appreciated.

Most people are prepared to give others the benefit the doubt, and are generally enthusiastic about starting a new job. They start out motivated and are willing to co-operate and work with others, but it’s how you build on that initial trust and keep them motivated that matters.

Management teams need to be extremely organised and develop a regular schedule of how and when they communicate with their remote team members. And, just like with their on-premises workforce, develop reward and recognition programs that make remote employees feel appreciated and connected with the goals of the organisation.

 

The right management skills

Ensure the leaders and managers in charge of your virtual teams have the necessary skills and appreciation of working in a virtual environment.

Good communication and collaboration skills are vital – how well can they arrange and manage a Skype conference call to resolve an urgent issue?

They need the skills to use such digital services, as well the telephone, to maintain strong communication and co-operation with the team.

They need to be exceptional listeners. People use hand gestures, posture, and particularly facial expressions in communicating. These visual cues are mainly missing in communication with virtual team members.

A lot of meaning can be lost in written chat messages and emails. Messages or notes can easily be misunderstood without the aid of vocal tone or physical gestures. There is a tendency to sound short and curt without intending to be.

If working with teams in other countries, cultural sensitivity is crucial.

Virtual workplaces offer companies, as well as their employees and customers, a range of benefits. But the teams you build need dedicated and specialised management.

 

 

Martin Conboy is recognised as one of the leading voices of the outsourcing industry and its role in facilitating success throughout the Asia Pacific. He is a director of Virtual Property Manager, which is a  business support model called Real Estate Virtual Support Enabler.

A REVSE provides back-of-house, white labelled services to real estate and property management and property rental companies such as property inspections, tenant screening and tenant management, reference checking, property maintenance, property repairs and management and inspection reports. The service can also provide full administration support including trust accounting.[/vc_column_text][/vc_column][/vc_row]

Bringing virtual assistants to property management – Part 1

By Martin Conboy

 

Virtual workplaces allow individuals to work from anywhere in the world at any time.

Enabled by the internet and modern communications technology, virtual assistants are ideal for companies that need the ability to scale up or down quickly to meet the demands of the market, while keeping infrastructure costs down. They offer greater flexibility for employees in regards to when and where they work, but there are potential downsides for organisations.

According to a recent study by research firm Gartner, the combination of smart technologies and faster, cheaper and more reliable ‘virtual talent’ will be the new source of fuel for the services industry. Gartner vice-president and distinguished analyst Frances Karamouzis said, “The new normal is hyper automation arbitrage, which will be the new avenue for a completely different cost structure through virtual labour. It also addresses scale and predictability.”

Somewhere between 30 and 45 per cent of organisations, depending on which research you look at, employ contractors or remote employees, and this figure is on the rise.

Organisations save money by not having to acquire office space and the associated costs of utilities, cabling, furniture and workstations. By leveraging cloud technology to deliver applications to their virtual teams, organisations can streamline their systems and reduce the amount they need to invest in their IT infrastructure. The reduced costs and increased efficiency can be delivered to the customer in terms of improved service.

What that means now is that organisations can’t just use money to bring in the best employees. It means creating a modern corporate culture that employees want to be a part of; it means providing a flexible work environment, exploring different ideas, experimenting and trying to de-stress the work environment.

However, there are specific issues and challenges in regards to recruiting and managing virtual teams that need to be considered:

Relationship building

Employees who work from home or some other location can feel isolated and miss out on the sense of camaraderie enjoyed by people who work together.

Recognition and respect from other workers and management is important for job satisfaction and career motivation. We are, after all, herd animals, and who doesn’t enjoy a little water cooler chitchat?

Keith Ferazzi, CEO of Ferazzi Greenlight, highlights the importance of trust for effective teamwork. Establishing and building trust in traditional physical workplaces is hard enough. Trying to achieve it in a virtual environment, where people cannot see each other on a regular basis, is a lot more difficult.

With new and different ways to interact with customers and more flexible ways for employees to work, there needs to be a rethink about how we create frameworks that bring out the best in people. Unless you understand the underlying culture of what drives your employees, you cannot build the property management office of the future.

Virtual management

Another major issue is the apparent lack of skills needed to manage a virtual team effectively. A survey by the Society for Human Resource Management highlighted that only 26 per cent of HR departments offered any kind of special training or support for virtual team managers.

Dr. Thomas Frey, a futurist at the DaVinci Institute, put forward a proposition that work groups will come together in much the same way that Hollywood professionals come together to make a movie and then break up after the project is over. “The future gets created in the minds of everyone around us. Virtually everyone has a hand in it, but not all contributions are equal. As you might imagine, a small group of people armed with powerful ideas can make a disproportionately large impact,” he said.
“But creating the future needs to involve much more than just ideas.

The ideas create a starting point but need to be put into a visual context, massaged, enhanced, and somehow made to spring to life.” 
Frey speaks about ‘business colonies’ – a new kind of organisational structure designed around matching talent with pending work projects.

These operations will revolve around some combination of resident people based in a physical facility and a non-resident virtual workforce. Some companies will forego the cost of physical facilities completely, opting instead for an entirely virtual communications structure.

Most will be organised around a topical area best suited to the talent base of the core team. As an example, a property management team will attract a working group of people specialising in property management and real estate that will, in time, serve as a magnet for new projects.

In some instances, large corporations (think big-brand real estate companies) will launch their own business colonies as a way to expand capability without adding to their head count. Staffed with a few project managers, the company will use the colony as a proving ground for experimental assignments best performed outside the cultural bounds of the existing work flow.

If you would like to know more please contact: Peter Springett on +61 (0) 416 212 199 or email at pspringett@virtualpropertymanager.com.au 

 

 

Martin Conboy is recognised as one of the leading voices of the outsourcing industry and its role in facilitating success throughout the Asia Pacific. He is a director of Virtual Property Manager, which is a  business support model called Real Estate Virtual Support Enabler.

A REVSE provides back-of-house, white labelled services to real estate and property management and property rental companies such as property inspections, tenant screening and tenant management, reference checking, property maintenance, property repairs and management and inspection reports. The service can also provide full administration support including trust accounting.

 

The Times they are a changing

By Martin Conboy & Assoc

When Bob Dylan wrote the now famous anthem in 1963 he was really saying, “time to wake up, the world has moved on”.  It is a song about perception.  You don’t have to rise up and overthrow the evil empire, but rather just admit that the world has changed irrevocably.  So be careful – it might just pass you by, and you might just be left wondering where the old world went.

Come mothers and fathers
Throughout the land
And don’t criticize
What you can’t understand
Your sons and your daughters
Are beyond your command
Your old road is rapidly aging
Please get out of the new one if you can’t lend your hand
Cause the times they are a-changing”

The new competitive advantage for property managers is the level of customer service and the customer experience that they give their clients.  Traditional business models are being flipped on their head because of the easy access and availability of information.

Although there has been some inroads made by technology into the property management space, it’s still very early days, as most of the current processes inside property management firms are still very hands on and time consuming. The aim should be to relieve property managers of the more time consuming functions and free them up to spend more time on revenue generating activities with new type of property management system.

A Real Estate Virtual Support Enabler (or REVSE©) is a new disruptive innovation that is disrupting the real estate value network. This new type of business model is made possible by the combination and utilisation of cloud based software and services and remote knowledge workers. It changes a real estate company from an operational and administration centre into a marketing and sales organisation by freeing up the existing human resources to concentrate on revenue creation.

A disruptive innovation is an innovation that helps create a new market and value network, and eventually disrupts an existing market and value network (over a period of time), displacing earlier technology and operating methodologies.

A Real Estate Virtual Support Enabler (or REVSE©) is a brand new support business model that describes a business that provides services to real estate companies such as tenant screening and management, reference checking, property maintenance and management and inspection reports. The service is also about providing full administration support including accounting. The principal driver will be that it is not only more efficient, but more cost effective compared to the cost of the administration sourced locally.

Virtual Property managers do not have a relationship with property owners; instead, they provide infrastructure and services to enable real estate companies to offer property management services and the time to have a deeper relationship with their landlords. Virtual Property managers offer the ability for real estate companies to focus on their core strengths of brand, customer loyalty and marketing and leave back end lower level enablement and operational processes to outsourced property professionals.

The cost of not adopting this new operating model will leave non participating players at a considerable commercial disadvantage as their competition will be operating off a noticeably less expensive cost base.

Although a property management company’s preference may be to ignore this new operating model due to cost or preference reasons that cost maybe insignificant against the lost opportunity cost of losing customers who will gravitate to more progressive and customer service focused property management firms.

 

 

Martin Conboy

Martin is well recognised as one of the leading voices of the outsourcing industry and its role in facilitating outsourcing success throughout the Asia Pacific.  Martin was voted into the top five most influential and respected people in the global call centre outsourcing industry in November 2014.  Martin is an accomplished writer and public speaker and has delivered keynote addresses at BPO – ICT and Shared Services conferences in Australia, Bangladesh, China, Hong Kong, India, Korea, Malaysia, Mauritius, Middle East, The Philippines, Singapore, Thailand and USA.

Martin is a Director and shareholder of Virtual Property Manager a new and innovative business model for the Property Management space.

The Four Global Forces Breaking All The Trends

In many ways, property management is only recently starting to catch up with the rest of the business world and the danger is that many property managers are not aware of what is happening around them. Simple saying. “Well this is the way we have always done things” is not going to cut it any more. Things are changing and they are changing fast.

The world economy’s operating system is being rewritten and leaders have to adjust to this new reality. So say McKinsey Global Institute directors Richard Dobbs, James Manyika, and Jonathan Woetzel in a new book “No Ordinary Disruption.”

These trends have major implications for the Property Management Industry no matter if you are in Sydney, Melbourne, London or New York.

We have been writing quite a bit lately about technological change and its impact on Property Management, however, readers of this book will start to see that we also need to understand that trade and who trades with whom is also changing very quickly.

The trends are:

  • The age of Urbanisation
  • Accelerating Technological Change
  • Responding To The Challenges Of An Aging World
  • Great Global Connections

Ignore these trends are your peril.

While it is full of opportunities, this era is deeply unsettling. And there is a great deal of work to be done.

Much of what we think about how the world works is wrong!  We need to get a handle on the disruptive forces transforming the global economy; to identify the long-standing trends that are breaking, and to develop the courage and foresight to clear the intellectual decks and prepare to respond.

Today our world is undergoing an even more dramatic transition due to the confluence of four fundamental disruptive forces—any of which would rank among the greatest changes the global economy has ever seen.

These lessons apply as much to policy makers as to business executives. The process of resetting your internal navigation system can’t begin soon enough.

There is an urgent imperative to adjust to these new realities. Yet, for all the ingenuity, inventiveness, and imagination of the human race, we tend to be slow to adapt to change and Property Managers are no different. There is a powerful human tendency to want the future to look much like the recent past.

On these shoals, huge corporate vessels have repeatedly foundered. Revisiting our assumptions about the world we live in—and doing nothing—will leave many of us highly vulnerable.

Gaining a clear-eyed perspective on how to negotiate the changing landscape will help us prepare to succeed. I think this book could help open your eyes and mind.

Read:  Mckinsey – Insights The Four Global Forces Breaking All The Trends

http://bit.ly/1VQXeZl

 

Martin Conboy

Martin is well recognised as one of the leading voices of the outsourcing industry and its role in facilitating outsourcing success throughout the Asia Pacific.  Martin was voted into the top five most influential and respected people in the global call centre outsourcing industry in November 2014.  Martin is an accomplished writer and public speaker and has delivered keynote addresses at BPO – ICT and Shared Services conferences in Australia, Bangladesh, China, Hong Kong, India, Korea, Malaysia, Mauritius, Middle East, The Philippines, Singapore, Thailand and USA.

Martin is a Director and shareholder of Virtual Property Manager a new and innovative business model for the Property Management space.

 

Grow Your Property Management Business By Training Your People

By Martin Conboy

The growing economies of Australia and New Zealand have increased the competition for human capital to new heights, making the process of talent acquisition and retention more of a challenge for HR teams and recruitment professionals. Now and in the future understanding modern methodologies, technology, tools, techniques, processes and obstacles to be successful in human resource management is crucial.

Global connectivity, smart machines, and new media are just some of the drivers reshaping how we think about work, what constitutes work, and the skills we will need to be productive contributors in the future.

The future is looming up very quickly, and the old command and control way of running our organisations is passing. For most of us, it’s a work in progress; some will still want to hang on to the old ways and resist change. But these will likely pass and be forgotten.

There is only one constant in business and that is change. If you are not going forward, then you are going backward.

In order to understand what your workplace is going to be like in five or 10 years or 30 years out, you need to think about what your work is going to be like. Here’s a clue: employers will no longer need to pay people to drive to a building to sit and type. Bosses are discovering that there are a lot of reasons not to pay employees to have a huge impact on how we communicate, collaborate and work. Many of the roles and job titles of tomorrow will be ones we’ve not even thought of yet.

To cope with an ever-changing market and technological landscape, organisations need to invest in skills development and learning programs to ensure they remain competitive and are capable of adapting to the future.

Outsourcing the development and delivery of these initiatives means costs can be kept to a minimum.

Let’s agree at the onset that training is an integral part of any organisation; it equips the personnel with the necessary skills required to perform their work. However not every organisation invests in training for their employees and most businesses consider training as an operating expense when it is actually an investment.

There are plenty of reasons to invest in training, like; improving quality, better productivity, amplified motivation it also helps to engender loyalty. Training helps in building capacity within an organisation, and investing in people is vital.

According to HR Magazine, companies that invest in $1,500 or more per employee per year on training average 24 percent higher profit margins than companies that don’t.

Training delivery often requires specialised knowledge and sophisticated technology platforms that must be regularly updated. This makes it an ideal function for outsourcing.

Existing employees need to acquire new skills and abilities to cope with the challenges wrought by digital disruption. Yet the knowledge they have about the company, its value proposition, and its products needs to be transferred to the new generations entering the workforce.

Analysis from a study conducted by Accenture, showed that training has measurable effects not only on employee performance, but also on recruitment, retention, chargeability, and bill rates.

Though the benefits of employee training are clearly proven and documented, the ability and willingness of organisations to invest is not always front of mind.

Depending on the skills required, training could be expensive to implement and deliver effectively. In terms of soft skills, clear ROI can be difficult to calculate. After all, how does one measure outcomes if ‘soft skills’ is the input? That’s a debate for another day, but as a quick example, soft skills in a property management agency can have a very real impact on the outcome or customer experience.

Training delivery often requires specialised knowledge and sophisticated technology platforms that must be regularly updated. This makes it an ideal function for outsourcing.

A company may require multiple skill sets from a range of disciplines. The skills required in certain areas of the business may be core competencies, but the ability to train people in those areas is not.

Outsourced training allows greater flexibility by offering training precisely when and where it’s needed. Organisations that need employees to stay current with regulatory and compliance issues, technology trends and innovative techniques, will be served better by trainers with specialised knowledge who work with a range of organisations, institutions, and industries.

Experience shows that organisations can save up to 30% on training costs. The most strategic way to source the best training talent at the best possible price is to outsource. Instantly you have a pool of trainers and facilitators, who are industry experts in their field. This commercial experience brings training to life. One of the most cost effective places is your local TAFE or polytechnic college.

To outsource your training effectively and ensure you receive the cost benefits, you need to understand your current and future requirements and how they align with the objectives and goals of the business. Like any process that is to be outsourced, it must be documented and the outcomes required are fully articulated.

Training that focuses on specific knowledge about the company and its products, may be best handled internally. Particularly as it may require the involvement of experienced and committed staff to share their knowledge and experience to newer members of the workforce.

But for anything else outsourcing offers a range of benefits and opportunities for organisations that want to stay competitive.

 

Martin Conboy
Martin is well recognised as one of the leading voices of the outsourcing industry and its role in facilitating outsourcing success throughout the Asia Pacific.  Martin was voted into the top five most influential and respected people in the global call centre outsourcing industry in November 2014.  Martin is an accomplished writer and public speaker and has delivered keynote addresses at BPO – ICT and Shared Services conferences in Australia, Bangladesh, China, Hong Kong, India, Korea, Malaysia, Mauritius, Middle East, The Philippines, Singapore, Thailand and USA.

Martin is a Director and shareholder of Virtual Property Manager a new and innovative business model for the Property Management space.

 

http://www.huffingtonpost.com/emad-rizkalla/not-investing-in-employee_b_5545222.html

http://www.lastingcontribution.com/Documents/Accenture’s%20ROI%20in%20Training.pdf

https://www.linkedin.com/pulse/20140630213433-26967027-what-are-the-5-key-benefits-of-training-outsourcing

 

 

 

Top 10 tasks for Virtual Property Manager Assistants

Here are top 10 tasks for Virtual Property Manager Assistants that you can outsource to.

Have you been driving yourself sick working harder and harder for less satisfying results? If you work in real estate, you’re not alone. Property Managers and realtors are choosing to hire Virtual Property Manager Assistants and here is a of the Top 10 tasks that Property Managers request assistance with!

Repairs & Maintenance – including receipt of the repair request from the tenant, property owner or property manager, arranging the repair, through to checking that the work has been completed correctly and the tradie invoice is verified and paid.

Property Inspections – including arranging the inspection visit with tenant, ensuring that the property profile is up to date, transcribe audio recordings or format mobile app based property inspection reports through to updating the property profile in the Trust Accounting system and sending copy to the property owner and property manager.

Pre & Post Tenancy – including advertise property, arrange open house, review tenant applications, produce short list, manage tenant self-interview, conduct reference & finance checks, assist with preparation of lease, manage bond, tenant on-boarding and manage end of tenancy process.

Financial Services – including Trust & General Accounting, manage rent arrears and payment reconciliations such as rental receipts and payments to property owners, tradies etc.

Marketing – including website development & management, social network management, SEO & SEM, content marketing, produce agency eNewsletters, manage your Facebook & LinkedIn pages, post blogs and manage Internet marketing campaigns.

Email Management – including managing your spam and low-level emails so that you can focus on your higher value and revenue generating tasks.

CRM & Database Management – including setting up, updating and managing your CRM and/or contact database. Make sure that your most important asset – your contacts, are always up to date. We can even assist you with maintaining regular points of contact.

Appointment & Calendar Management – Let your virtual property assistant help you to manage your most precious resource – your time! By arranging & confirming appointments and manage your Calendar/Diary.

Late Night Work – Many property managers choose to have their virtual property assistant work a later shift, to manage after-hours calls or complete other tasks, to get you ready for the next morning.

Errands & On the Run Tasks – As your virtual property assistant is always available, you can easily text, Skype or message them, while you are ‘on the run’, to handle small, but important tasks.
Those are only part of the tasks for virtual property manager assistants. By outsourcing your team’s least profitable tasks, you’ll save time and money, while allowing your employees to achieve that elusive work – life balance.

 

About Peter Springett
Peter has more than 40 years’ experience designing & launching new technology based solutions into the UK, Australian US & NZ markets and has over 20 years bureau and outsourcing experience. He was founder and former public officer and secretary of the Australian BPO Association.

Keys to success in the Property Management business

Learn some tips to gain success in the property management business.

Successful property managers are good with people, pay meticulous attention to detail, and are straightforward in their dealings with clients, tenants and contractors.

As more and more of your revenue comes from property management the challenge is to grow your business and provide a professional and comprehensive property management service, without pricing yourselves out of the market.

We understand that it’s not easy surviving let alone competing in an ultra-competitive market with margins shaved to the bone and being constantly forced to do more with less.

Your clients want better service faster and are not prepared to pay more for it and you struggle to keep up with the demand. After all you can only break yourself in to so many pieces.

All that is about to change with Virtual Property Manager (VPM). Business concepts that were unimaginable five years ago are now mainstream. Some of the most profitable real estate companies in the world are outsourcing their back office processes. By outsourcing their back office, they are freed up to concentrate on growing their business by re-directing their energy towards personal relationships, which is the key to growth and retention in property management.

Virtual Property Manager is a brand new support business that provides busy and time poor Property Managers with a seamless, on demand, end-to-end support service. VPM is a back of house solution that enables your business to grow twice as fast at half the cost. Virtual Property Manager replicates how you currently perform your property management tasks and processes but at half the cost.

At Virtual Property Manager, we work for you. Not the tenant and not the property owner. You.

Virtual Property Manager works behind the scene and our public face is a “white label” operation. All our written communications from your software with your tenants and owners are branded with your name, address and logo and we provide a dedicated property management phone line to manage the majority of the property management telephone traffic.

 

About Peter Springett

Peter has more than 40 years’ experience designing & launching new technology based solutions into the UK, Australian US & NZ markets and has over 20 years bureau and outsourcing experience. He was founder and former public officer and secretary of the Australian BPO Association.