Whether you call it outsourcing, vendor management, or strategic partnerships, commercial real estate brokers are increasingly working with third-party companies to maximize value.
It’s not hard to see why.
Outsourcing the right tasks saves money and lets you spend more time on relationships and deals. It can also boost efficiencies by letting you hand off tasks you aren’t an expert in, such as technology and marketing, to specialists who can do the job for you.
So from getting rid of pesky administrative work to integrating the best technologies in the industry, consider outsourcing tasks in these three areas.
1. Administrative work
Administrative work is the bane of brokers everywhere. You’ll never reach your true deal-closing potential when every phone call interrupts you and you’re always spending time rearranging your calendar. Hiring a receptionist is expensive, but spending hours dealing with administrative tasks hurts your bottom line.
The solution? Outsource your administrative work to a virtual receptionist.
Virtual receptionists do the same work as traditional office receptionists, but instead of working in your office, they work remotely. That means they do everything from answering calls to managing your calendar, freeing up time for you to win more deals.
While there’s certainly something to be said for having a skilled receptionist in the office, virtual receptionists are a far less expensive option. Unlike an employee, you don’t pay for benefits and they’re typically only paid for the time that they work, making them a great option for smaller brokerages.
Whether it’s managing customer relationships or using maps to boost your prospecting efforts, CRE technology is advancing faster than ever before. But most of that evolution is not coming from in-house brokerage development teams. It’s coming from third-party tech vendors.
So rather than spending time and money developing software in-house, the world’s largest brokerages are creating strategic partnerships with tech companies.
In addition to outsourcing most in-house tech development, working with experienced vendors drives efficiencies by aligning core competencies. Brokers are dealmakers, not tech whizzes, and finding the right tech partner is a great way to cut costs while boosting results.
Automating tasks is another way to reduce inefficiencies. From using 3D tours to transforming property data into marketing documents with Buildout, optimize your time by automating as many tasks as possible.
While services like Buildout help you build marketing campaigns, some brokers go a step further and outsource all or part of their marketing efforts.
Like developing technology, implementing an effective marketing campaign takes time and expertise and is best left to specialists. But how much of your marketing efforts should you outsource?
The answer depends on your budget and how much time you can commit to daily marketing.
For starters, consider outsourcing your social media presence. A good agency will work with you to develop your brand message and apply it across key social media channels everyday. This will help you build your brand without the hassle of managing several social media accounts.
Outside social media, consider hiring freelance writers to build a blog or manage your email marketing campaign.