Like many other companies, Real Estate and Property Management companies can benefit greatly from process consulting. All businesses need to operate as efficiently as possible, and a real estate process consultant can add value. Real estate process consulting services can help firms achieve big goals like optimizing profitability and driving down costs. Real estate process consulting services can also address specific goals of documenting workflows, planning technology upgrades, eliminating bottlenecks in process, and increasing staff efficiency. Frequently companies in this space will look to outside real estate process consulting outsourcing. In this article we will examine specific challenges for this sector, what a real estate process consultant does, and real estate benefits of process consulting.
Specific Challenges for Real Estate & Property Companies
The Real Estate space has its own unique challenges like many sectors. One that we hear from clients in the space is keeping and finding tenants. This is a labor and time intensive aspect to their business. Good tenant communication is something that requires thought and attention as well. Payment issues and collections are also something that we hear from our clients as it has a direct impact on cashflow and the bottom line. Our clients in the real estate space also share that finding staff, getting people with the right skills, and retaining employees are also challenges. Lastly, property management and maintenance can also be time consuming, labor and resource intensive, and a headache.
Additional Challenges for Real Estate & Property Companies
In our experience we have also identified maintaining a digital presence a challenge for some real estate and property management firms. Being able to have better decision making capabilities using BI (Business Intelligence) also comes up in our conversations. Many want to use AI or technology in decision making but do not know where to start. Improving profitability, identifying cost reduction, and improving ROI is also frequently mentioned, … just like it is at all our other client types. Automating back offices for efficiencies is also a common theme. How small firms compete versus big ones is one final challenge we commonly hear. This challenge however is another one we hear across the board.
Process Consulting Services for Real Estate
Real estate process consulting services can help to define what is holding a company back. It can also help identify bottlenecks and inefficiencies. The exercise of bringing in a real estate process consultant can help to define workflows plus unlock higher profits and revenue. We are typically brought in to make plans to optimize and develop a roadmap for process improvement. We always start our real estate process consulting outsourcing engagements with mapping out and documenting standard operating procedures or SOPs. From there we will document “As Is” processes and then “To Be” processes if improvements can be made.
At Valenta, all our real estate process consulting outsourcing engagements includes the following steps.
- Map the Current Processes
- Analyze the Current Processes
- Redesign Processes as needed
- Test New Processes
- Communicate Changes
- Implement New Processes
- Monitor and Optimize
Real Estate Benefits of Process Consulting
Real estate process consulting services will provide a clear assessment of where a company is at. It will also identify the areas where improvements and initiatives can have the quickest and maximum results.
Many companies do not take the time to document their processes. This is an unfortunate mistake. But it is only by visualizing what is being done now and what is optimal can improvements be made. We are typically able to streamline workflows that help with finding and retaining tenants. We also frequently identify better ways to address property maintenance and management. We often are able to implement BI tools to help with better decision making.
Frequently the outcome of our efforts is to identify software tools that can make a positive impact for our clients. Typically, it comes down to our offerings of digital transformation or staff augmentation. Sometimes learning and digital marketing will also come into play. The exercise of bringing us in as a real estate process consultant typically improves staff satisfaction. We frequently are able to automate work for them or use staff augmentation to get mundane back office work completed. This makes employees more productive and fulfilled.
At Valenta we have experience supporting clients in the real estate space and we use the right services to address the challenges they face. Our real estate and property management clients have many of the same needs as our accounting, insurance, financial planning, and legal services clients. We are actively helping midsized and small real estate entities compete effectively with big ones. Valenta real estate process consulting services are flexible and action oriented engagements. Tactical consulting projects are typically self-funding with ROIs discussed up front.
We have local managing partners and directors in cities, states, and provinces close to our clients. We also have regional partners with experience with process consulting, Six Sigma and Lean methodology. Our offshore consultant staff are all ex Big Four employees and bring skills from their large enterprise engagements to our SMB clients. At Valenta we help clients address their goals for growth, process, profits, execution, innovation, strategy, digital transformation, staffing, and digital marketing. We are able to address all of these objectives with our core services of Process Consulting, Digital Transformation, Staff Augmentation and Learning Platforms.
Please visit our website to learn more about our Process Consulting Services.