What are the Benefits of Outsourcing?

A guest blog from The Letting Partnership.

You may be thinking that cost and hassle outweighs the benefits of outsourcing, but read on, because you may be surprised!

The last few years have seen a significant number of changes in the lettings Industry. With the Renters Reform bill and several new pieces of legislation due, this isn’t going to slow down.

The question is, how can outsourcing help achieve this?

Capacity for Growth

Every day we speak to owners and senior managers who are so busy ‘firefighting’ that they have no time for planning and innovation. Employing staff to take on tasks which free up your time is a great solution for most roles – you know what to look for in a negotiator and a property manager, for example, but what about client accounting?

In just one step, by outsourcing your client accounting you can achieve long lasting and significant efficiencies, build in flexibility, and provide a robust platform to allow you to grow and develop your business.

With your operation streamlined you instantly have the capacity for growth. Outsourcing offers businesses the ability to seize opportunities, acquire additional portfolios and/or scale up their business. All this can be achieved without having the worry of growing the team or that daily service standards could slip.

Continuity and Consistency

One of the biggest benefits of outsourcing client accounting as a business owner is, if you choose the right outsourcing partner, you have a 100% guarantee that your landlords will receive their rent without any delays.

The worry of accounts reconciling, and balancing daily are removed and the biggest headache of staff absences, holiday cover and resignations is eliminated.

Transparency and Security

Client money is under the spotlight with more regulation than ever before; being one step removed from your client accounting can offer confidence for your landlord.

An additional benefit is the ability to demonstrate an entirely transparent approach, providing clients with the confidence that accuracy, and security, will be provided when handling their money.

Knowledge and Experience

Errors with client money can lead to financial and reputational damage to your business:

• Late payments to landlords could cause them to leave
• Incorrect deposit registration can incur legal action and hefty fines

Are you confident that you or your staff have the necessary skills and experience to do the job properly?

Outsourcing presents the possibility of hiring a team of professionals with a higher level of expertise at an affordable price. To stay competitive in the market, outsourcing providers have a duty to invest in their staff’s continual training and to continually improve their skills and qualifications.

Much depends on choosing the right outsourcing provider, of course – do your research and choose a regulated company whose staff have real lettings experience at its core.

The Letting Partnership

The Letting Partnership is an ARLA Propertymark Regulated firm.  We have a wealth of letting industry knowledge earned by many years doing exactly what you do. We understand the day-to-day issues and frustrations that you deal with daily.

In addition to working with agents, we partner with industry regulators, deposit protection providers and insurers in all areas of financial compliance and client money protection.

If you would like to discuss the possibility of outsourcing, please call 01903 477 918 or email enquiries@thelettingpartnership.co.uk