Real estate is a booming and evolving industry, as the need for rental or purchasing purposes will never stop. With this characteristic, real estate businesses are expanding and need more support staff.
If you’re a real estate business, are you having a problem balancing the administration and accounts of your business with its brand value? If the answer is yes, we suggest you hire virtual accounting services to help you wherever you’re stuck.
There are several expenses in real estate, such as paid holidays for employees, worker’s compensation, payroll taxes, and healthcare. And when you engage with virtual accounting services for real estate, you hire an independent accounting service provider. This provider will be in charge of every expense that becomes a part of real estates, such as virtual accounts payable services, tax filing, property valuation, etc.
A real estate virtual assistant is an individual who is well-versed in the Ps and Qs of the real estate industry. Hiring one will save time and money, increase brand awareness, and add more value to your clientele's real estate business. Hence, you must consider hiring virtual real estate assistants for virtual accounting services.
This blog will help you settle the debate constantly occurring in your mind regarding whether to hire regular staff or a virtual assistant as a real estate support service.
Let us explore the subject in detail -
Why Does Your Business Need a Real Estate Virtual Assistant?
Real estate businesses are constantly looking for accountant virtual assistant services and administrative real estate virtual assistants who can help plan schedules, deal with clients, create legal documents, and perform clerical tasks. The most common and significant benefit of hiring a real estate virtual assistant is that it saves time and money.
We have listed vital duties you can delegate to your real estate virtual assistant while focusing on the bigger picture. Collaborating with real estate virtual assistants will help you delegate tasks like:
- Scheduling appointments with clients, inspectors, maintenance, and property appraisers
- Looking for comparable properties in the same vicinity
- Constantly eyeing and updating listing changes
- Editing and proofreading real estate documents
- Managing contact lists with the requirements of clients
- Researching various real estate literature, journals, and seminars
- Managing the social media presence of your real estate business
- Checking voicemail; sending emails and messages that require an immediate response
- Researching the latest real estate market trends
- Drafting and sending emails and letters to clients
Essential Benefits of Hiring a Real Estate Virtual Assistant:
We have listed down the key benefits of hiring real estate virtual assistants for you to make a quick and informed decision:
It’s a Cost-Effective?Strategy: Since real estate businesses are ever-changing due to market scenarios, it becomes difficult to have a designated space for everyday transactions and administrative tasks. Hiring a virtual real estate assistant will get your work done remotely and at reasonable costs. Moreover, hiring virtual real estate assistants can avoid expenses like healthcare, employment, and social security benefits.
Don’t Worry About Sick Days: Real estate businesses face the challenge of labor restrictions that prescribe sick leaves, overtime compensation, and paid leaves. When you hire real estate virtual assistants, you will boost the efficiency of your business through remote working as you don’t need to take sick leaves into account.
Stay Updated: The real estate industry is dynamic, which means it is constantly changing, especially across digital platforms. To keep up with the competition in the real estate market, you will need to hire someone with appropriate technical and creative skills for newsletters, databases, and listings.
This is where real estate virtual assistants come into the picture, and this works as one of the best long-term investments.
Enhanced Performance: Not all real estate companies deal with money; time management also matters because a real estate business has a variety of clients that need focus. Real estate businesses can lose track of what’s more critical in fixing appointments, delegating paperwork, and answering calls.
Delegating such tasks to virtual real estate assistants will ensure that these tasks are completed, managed, and filtered as per importance.
Now, let us briefly discuss Virtual Accounting -
What is Virtual Accounting? Virtual accounting occurs when a business's finance and accounting teams have access to the technology required to perform their tasks and activities virtually or remotely without being physically in the office. As a result, virtual accounting services are efficient, flexible, cost-effective, and distraction-free.
One of the essential features of accounting in real estate is that accounting isn’t only about dealing with finances. Instead, the backbone and base of a real estate business determine the company's growth.
How Real Estate Businesses Can Benefit From Virtual Accounting Services
Now that you have an idea of what virtual accounting services are and the power they hold, let’s take a look at how real estate businesses can benefit from yielding virtual accounting services:
1) It Inflates revenue and cuts down expenses
Keeping a check on costs is a way of boosting business revenue which encompasses the task of keen monitoring of every transaction, whether it is that of clients or middlemen. This is where human errors make their way into accounting, especially when the person carrying out such tasks is already swamped with other necessary real estate business particulars.
Virtual accounting services will analyze your portfolio, suggest if you must increase rent on rentals, provide additional amenities to generate revenue, keep a constant check on numbers, and consider all monetary factors.
Virtual accountants can quickly analyze the expenditure and make the calculations look simple.
2. It reduces debts
Real estate businesses need to be sufficiently funded because the market can fluctuate at any time. There is also a period wherein nobody is interested in buying, selling, or leasing property. This is when a business gets into debt which can take it straight into an organizational slump.
Availing the benefits of virtual accounting services will save your hard-earned profits through a thorough assessment of interest rates on loans, credit cards, and mortgages, helping you avoid piling debts and losses.
3. It helps determine property rates
One of the fundamental responsibilities of a real estate business is determining current property rates. While this seems like a piece of cake, it is more like baking! Determining property rates requires accuracy because these rates don’t remain the same for extended periods.
Moreover, most real estate businesses calculate property rates based on estimates, making it difficult to determine the actual rates. Hence, to tackle the issue of complex property rate issues, one needs to avail of virtual accounting services, which will become the measure of your business's growth.
4. Helps in formulating new profit strategies
Streamlining real estate services requires coming up with strategic plans, and this can influence the growth of your real estate business. Virtual accounting services help implement and develop new strategies for the real estate business. In addition, these services can help you compare your growth year by year and identify the properties that aren’t doing economically well.
Here is an immediate benefit of virtual accounting services summary for you:
Virtual accounting services primarily help with keeping a detailed account of accounting records which, in any case, should be prepared and needs to be accurate. It is essential for real estate business owners to be thorough with auditing and financial reporting to be able to answer questions about the financial health of their business and to make informed decisions.
Another benefit of virtual accounting services for real estate businesses is that they help strategize and structure long-term business plans tax-efficiently. Since virtual accountants are familiar with concepts of current tax law, tax changes, and ways to minimize tax obligations, it will benefit you exponentially during the taxpaying time!
Working with virtual accountants in a real estate business is beneficial throughout the year. Unfortunately, there are several financial loopholes your business can be prone to. Virtual accounting services can help you improve cash flow or get your finances right when things aren’t up.
Virtual accounting services will also help you make objective business decisions that can go wrong without guidance, as no one will have as much experience and training as a trained virtual accountant. A professional virtual accountant is trained to study financial reports and make forecasts based on them. Once you get a virtual accountant on your real estate team, it will ensure the presence of a well-versed third party who can offer cost-efficient accounting services.
Final words of wisdom; Since accounting is an integral part of the real estate industry, virtual accounting services can help real estate businesses prosper. And while accounting seems like a task you can take up by yourself, getting its particulars right isn’t as easy as it looks, and you might lose more than you’ve saved.
We suggest you delegate this time-consuming, precision-requiring task to virtual accountants being finance handling specialists.