Multi-Housing News Discusses Multifamily Trend
Years ago, the Harvard Business Review reported that “Outsourcing is not just a trend; it is an integral part of how smart companies do business.”
Whether or not outsourcing is a trend, multifamily operations are beginning to adopt outsourcing in a big way. As reported in last month’s Multi-Housing News, many owners and managers are finding that outsourcing their accounting can provide multiple benefits–from easing the headache of managing the back office to direct cost savings.
This sentiment was echoed in the March 2016 Units Magazine. Units reported that “apartment owners and management companies are seeing a trend in Outsourcing some of their accounting and back-office functions” and that they “expect more than 20 percent of multifamily operations to adopt outsourced Accounting in the next few years.”
Outsourcing allows owners and managers to focus their time and talents on their business’ core competencies, which are managing and marketing the properties and securing new business. This extra attention to their core business gives owners and managers an advantage over their competitors.
Outsourcing lets property owners continue to focus on their properties without worrying about staffing and the headaches that come from managing employees.
Also by outsourcing, many owners can often save 30 to 50 percent of the costs of performing back office operations. Ascent Multifamily also helps its clients save on property and health insurance policies and payroll processing costs that normally could not be obtained without our economies of scale. Click here to learn how a fee management company with more than 6,000 units improved his bottom line by more than $400,000 this year.
Clearly, there are many benefits to outsourcing finance and human resource operations. Outsourcing is an important trend in many industries and it’s a growing trend in multifamily. It may not be right for every multifamily operation, but it is something that every smart executive should at least investigate.
It is critical to select a leading finance and accounting outsourcing partner to hand over important processes related to the financial operations of the company.
If you want to be more productive and profitable, reach out for a no-obligation consultation.