Collecting, processing, sorting, analyzing, and storing data is a standard practice at nearly every property management firm. The emergence of the digital-first concept further pushes businesses to use cloud storage solutions. But this shift constitutes a major concern – is user data at your firm secure?
Many research studies have found alarming figures related to the increasing number of cybercrimes. It is calculated that cybercrime could cost the world USD 10.5 trillion annually by 2025. In the U.S. alone, these costs could reach USD 1.82 trillion by 2028.
It’s not only the financial loss (which can run in millions) that businesses should worry about, but also the impact on their brand’s reputation.
However, taking proactive measures like property management outsourcing can help create a shield against cyberattacks. Besides, outsourcing boosts the overall efficiency of your organization.
How Does Outsourcing Property Preservation Mitigate Risks & Optimize Business Processes
There are risks involved in a full-cycle property preservation process, from initial inspection to ongoing maintenance and compliance management. By outsourcing property preservation services, you can effectively mitigate these risks, while optimizing business processes.
Enhanced Data Security
Data governance is a top priority of property preservation outsourcing firms. The user data your organization shares is encrypted both in transit and at rest (in storage). Many outsourcing companies use measures such as converting data into an indecipherable format using advanced algorithms. Such data is decrypted only by authorized parties with an access key and using multi-factor authentication.
Regular security audits and employee training further reduce the risk of data breaches. Additionally, your organization gets to control various aspects of the data, such as:
Define who can access specific data, and establish role-based permissions to limit exposure.
Ask your property management outsourcing partner about which regulations they adhere to, such as GDPR, HIPAA, Payment Card Industry Data Security Standard (PCI DSS), ISO 9001, or SOC 2.
An established outsourcing partner will sign clear Non-Disclosure Agreements (NDAs) and Service Level Agreements (SLAs) outlining security expectations.
You can ask for access to security audit reports of your organization’s data.
Regulatory Compliance and Risk Management
There are stringent regulations like tenant rights, fair housing, maintenance standards, and vacant property registration that property management firms must adhere to. Non-compliance can lead to risks of fines, legal disputes, and reputational damage.
There are risks in property preservation, such as the probability of working with unreliable vendor for maintenance of foreclosed, vacant, or abandoned property. In such situations, there’s a risk of poor services from vendors, leading to the risk of losing a client or penalties.
A professional property preservation services provider uses advanced compliance management solutions that integrate automated tracking, regulatory updates, and real-time reporting.
Outsourcing firms also implement intrusion detection systems (IDS), data loss prevention (DLP) tools, and endpoint protection to secure sensitive information collected during preservation processes.
Maximized Operational Efficiency
Outsourcing business processes can simplify workflows by delegating repetitive yet essential tasks to experienced and dedicated teams. Operations such as rent processing, invoice handling, data management, work order coordination, etc., can be executed by experts in property management outsourcing companies.
This delegation frees up your organization from monotonous tasks, helping you focus on onboarding, retaining, and assisting clients. Additionally, outsourcing reduces manual errors, improves data accuracy, and overall productivity. It’s because outsourcing firms use the latest tools like Robotic Process Automation (RPA), Customer Relationship Management (CRM) systems, Enterprise Resource Planning (ERP) software, AI, and more.
Cost & Resource Optimization
Managing property preservation in-house requires substantial investment in workforce, infrastructure, and technology. Outsourcing these non-core functions minimizes overhead expenses, while maintaining high service quality.
Most outsourcing firms leverage economies of scale to offer cost-effective solutions. Your organization can pay for services on demand; therefore, no unnecessary expenditure on full-time staff, software, or infrastructure.
Better Scalability and Flexibility
The property management industry is highly dynamic, and experiences seasonal fluctuations, market shifts, and changing client demands. Responding to these changes in-house can be resource intensive.
However, when you outsource property preservation operations, you will get agile solutions that support expansion into new territories. You get the ability to request increased maintenance services without having to compromise the quality. Similarly, during downtime, you can ask your outsourcing partner to limit the management of the concerned operations.
Choose IMS Datawise for Property Preservation Outsourcing Services
At IMS Datawise, we combine deep industry knowledge with rigorous security protocols to deliver secure, efficient, and streamlined property preservation outsourcing services. We adhere to high data protection and regulatory compliance standards, including ISO 27001:2015 and ISO 27701:2019 certifications.
We have strict data governance policies that include signing NDAs, sharing SLAs, and auditing security reports, including penetration testing results. Therefore, your organization is safe from shirking, poaching, and vendor hold-up risks.
In addition to our security-first approach, we focus on offering customer-centric, on-demand, and scalable solutions with minimal turnaround time, and transparent communication.
