Many investors have been drawn to the city not just by the possibility of earning excellent profits, but also by the alluring business and employment environment it offers.
Therefore, real estate investing has a variety of advantages. With carefully chosen assets, investors can benefit from reliable cash flow, strong returns, favorable tax treatment, diversity, and the potential to increase wealth through the utilization of real estate.
We were contracted six months ago to manage a property for a well-known Bangladeshi real estate investor. Then, we present them with our services to manage the property. So, let’s crack it below!
A Real-Life Case Study on Outsourcing Property Management Services
Our client:
The client is a prestigious real estate property investor. A lot of work like looking after the property, collecting rent, maintaining the accounts and finance, marketing, supervising, managing clients and so on.
So, it was difficult for my client to maintain all the work. Even he could not concentrate on other projects because of workload.
However, he contacted us to get our services. He was mainly looking for a trustworthy service provider who can manage all the accounts.
Challenges:
The client approached us with the request after giving it great thought. There were a few obstacles to overcome after the project got underway, including the following:
- Four property accountants and two accounts payable processors worked together on a large-scale project that involved managing more than 4500 units across 25 buildings.
- A proper quality check was necessary to assure correctness when processing a significant volume of utility bills manually.
- There is little current record of a few major actions.
- The team had to swiftly understand the team’s essential responsibilities due to the month-end closing’s strict deadlines.
The Solution We Provided:
The following procedures were part of our strategy for successfully satisfying all of the client’s demands and providing effective, well-maintained services:
- A project manager was hired to communicate with the client’s supervisor and keep him fully informed on the upkeep, maintenance, etc. of the property.
- Our team took over with expertise, handling the tenancy certificates of insurance, preparing tenancy agreements, and maintaining the accounts of the client.
The Services We have Provided:
- Marketing of the property.
- Handling the repair and maintenance of the property.
- Handling the tenants and collecting rent from them.
- Managing accounts.
- Tax filing services.
Result:
- Firm significantly cut accounting costs from their base accounting charges by 60%. They used this solution to save expenses every year.
- Development of a low-cost variable employment strategy capable of coping with a business climate downturn.
- Detailed documentation of current procedures resulting in quicker training, more efficient handling of staff changes, and uniform procedures
Advantages of Outsourcing Property Management Services
There are three benefits to using a property management firm:
Reduce time:
A property management business can handle all of the routine duties associated with managing a property, including locating tenants, holding viewings, collecting rent, handling repairs, and maintaining legal compliance.
Lower costs:
A qualified facilities management company will be able to provide a comprehensive service at a comprehensive cost, enabling you to efficiently plan your budget for a variety of useful services.
Increase ROI:
You probably want to increase your return on investment as a real estate investor. You must lower your rental property’s vacancy rate if you want to do this.
To Conclude
Our main objectives are to enhance the quality of life for our citizens, communities, and neighbors while also adding value for owners and investors. We make a lot of effort to customize our services to meet your demands for property management, using streamlined, effective procedures for greater overall earnings.We enjoy sharing your success tales. Learn more about our property management experience and innovative solutions by looking through our case studies.
