How To Move Y Our Property Valuation Business Away From National Boundaries

BUS_20131124_BUS_006_29687761_I1There are certainly a number of benefits when you decide to go overseas in your quest to give your property appraisal business a new thrust. You will be able to grab a pie of the international property valuation business which could run into trillions or dollars. While getting a foothold in established and well developed real estate markets like Europe and USA might be difficult, there are a number of opportunities waiting to be tapped in emerging economies like Russia, India, Brazil and South Africa.

Apart from being able to garner a portion of the local property valuation business, you could also think of outsourcing some of your tasks and processes that you are currently doing in Australia to other labor intensive and labor efficient countries like India. The cost of labor in these countries is much lower compared to that of our country. By outsourcing a few such processes you will be able to become more competitive and productive over a period of time. However, such outsourcing should be done only with the concurrence of the local authorities and it should not hurt the job opportunities of local Australians.

Further when you are planning to move to other countries to start a real estate valuation business, you must keep in mind several important factors. First and foremost you must be aware of the local rules and regulations governing foreign companies doing business in their soil. Further, you must be very thorough about the local rules pertaining to property valuation and never should take anything for granted. It is always better to start the business with a local entrepreneur and in fact the rules in most of these countries stipulated the need for such joint collaboration. You should be willing to learn fast the culture and way of life of the local people here if you are keen to do business on a long term basis. It would always be better to run the entire setup with local employees and you could play the role of an overseer so that you could ensure that everything runs smoothly over a period of time.

How To Go International With Your Valuation Business

EmployersOne of the biggest reasons why there is sense in moving to other countries for property valuation business is because of the cost factor. However, it may not be right to look into all the markets that are available on the map. As a real estate valuer, you should look only for those markets where you can add value. The best way forward would be to look for countries that are often referred to as BRICS, i.e. Brazil, Russia, India, China and South Africa. It certainly makes sense to try and start your own valuation business in any or even all these countries. However, it is important for you to have a local partner without which you will not be able to make much headway.

The reason why these countries have been chosen for property valuations melbourne is because the cost of labor is relatively cheap in these countries when compared to those in Australia and other developed countries. Therefore, you would be in a better position to leverage the price benefit to your advantage. You could look into the possibility of outsourcing some activities pertaining to your local real estate business to any of these countries. Not only do they have cheap labor, but the labor also has skill sets and reasonably good English knowledge, especially in countries like India and South Africa.

However, before outsourcing a part of your valuation business or starting a local valuation business it is very important for you to thoroughly do a due diligence process. You should evaluate the risks and benefits and only if it worth the effort should you get into it. You should not get into it with a short term objective in mind. You should do so only if you find that by outsourcing certain activities you will be able to add value to your local customers. For example, by outsourcing report generation and data incorporation activities, you could reduce the cost of valuation by a few hundred dollars back home. This will certainly add a lot of value to your local customers.

How Lucrative Is International Property Valuation Business

doles-ash-farmhouse(1)If you are a successful real estate and property valuers in Brisbane, it is quite likely that you have achieved success in this field after a lot of hard work and commitment over the past many years. Most of the real estate companies and individuals who have achieved reasonably high levels of success would have done so by growing their business consistently and persistently. Based on their expertise and experience, they would be willing to establish valuation companies outside Australia if the situation so warrants and if it felt necessary and conducive.

In fact such a plan is indeed welcome and many foreign countries are on the lookout for expertise in this field from foreign players. When we talk about such countries it would always be better to target the new emerging economies rather than go in for the rich and affluent countries in Europe, USA and the Gulf. This is because doing business in these countries could be a tough and costly proposition. On the other hand if you target these emerging economies it certainly will go a long way in helping such companies to expand their business successfully here. The demand for quality property valuers who use the best of tools, methods and techniques are always welcome in countries like Russia, South Africa, Brazil and India.

While this indeed sounds very interesting and lucrative, as a real estate valuer who has seen success in  Australia, you should try and understand the business and legal systems in these countries before getting  into the act. Further it is always better to be associated or collaborate with a local investor so that you are able to have someone trustworthy when doing business in their new and unknown countries. Further,  apart from doing fresh business in these countries, you could also look into the possibility of moving over some processes and functions to these emerging economies where labor costs are cheap. However, here again you should not do anything drastic that might affect business interests and employment avenues I your own country.

How To Tackle Increased Competition In Property Conveyancing

While there is no denying the fact that property conveyancing is very important and indispensable, when one looks around, there is lot of competition in this business. Running a successful property conveyancing business can no longer be taken for granted. Even many established players are finding the going tough. This could be attributed to a few reasons. First and foremost the levels of completion have increased quite substantially. Secondly, the uncertainties associated with the real estate industry as a whole has also taken a toll on many property conveyancing businesses especially the small ones. Hence, in this article we will try and find out some ways and means how property conveyancing business can remain reasonably well insulated from the vagaries of the market.

First and foremost, it is important for modern day conveyancers to understand that customer tastes and preferences have changed quite significantly. Today, most of the customers are finding lot of time constraints. Therefore, many of them find reaching out to conveyancers the formal way very difficult and almost impossible. Hence as a starting point it is important for property conveyancers to understand the need to use modern technology to greater advantage and for reaching out to more number of such customers. Therefore, online conveyancing even in its primary form is becoming extremely important to say the least.

The next important point is to try and reach out to the customers rather than wait for the customers to come to you. Towards this objective too, it would not be a bad idea to become more aggressively present in the social media networking sites like facebook, twitter and so on. These are the places where thousands of prospective customers are present quite frequently. Hence, if you are able to make a mark in these social media sites, you job of finding out a few dozen customers would not be much of a problem.

There is also the need to find out other conventional ways and means to network more efficiently and build more effective relationships with customers. For example, being a member of a reputed chamber of commerce can do a world of good to your property conveyancing business. This is the place where all the stakeholders are present. It is the place where banks and financial institutions are present. Therefore, if you are also present there your job of networking and buildings relationships will become that much easy and predictable.

Should Property Valuation Be Done Only Inhouse

blueprint-house1There is no doubt that valuing a property has many reasons for it. The first and foremost reason is to help buyers and sellers to get smoothly into the process of property ownership transfers. It would be virtually impossible to go through this process without having property valuation done. Additionally, whenever there is a need to find out the market value of properties or other movable and immovable assets, property valuation becomes of paramount interest. Whenever there is a need to arrive at compensation of properties that are taken over by government authorities, there is no doubt that property valuation becomes extremely important. Hence there is no doubt that property valuation has many variants and needs attached to it.

As of now almost the entire job of property valuation is handled internally and there is perhaps zero outsourcing of this process. Now with more number of customers entering into this area, there is no doubt that there could be the need to look into the possibilities of outsourcing a part of online valuation. However, the numbers should justify this process and the onus should lie on the entrepreneurs to take a call on this. While there is nothing wrong with outsourcing a part or entire process of property valuation here are a few important points that should be kept in mind.

First and foremost, it is very important to ensure that online valuation is possible only when one has a website of their own. Without a website and the right internet based infrastructure outsourcing property valuation efficiently would be a distant dream. The next important point is to help identify the right resource that could help in the process of third party valuation. While it is always ideal to look for partners within the country, there are others who have also looking outside national boundaries for the same.

Whether you are looking for internal or external partners, you should be sure that they have the right credentials to take up such a demanding and complicated job. If it is being set up outside the country, it should not be at the cost of job losses within the country. Further, the partners outside should have fluent knowledge of the English language apart from understanding the rules governing property valuations as far as this country is concerned. Hence, it is very important to think through the entire process only after which would it be possible to go in for outsourcing of this job.

Does Is Make Sense To Outsource Property Valuation

MW-AL527_home_f_20110715152258_METhere is no doubt that outsourcing is the mantra for almost each and every organization, however, big or small it might. There are certainly a number of advantages associated with outsourcing and reduction in cost is perhaps the biggest advantage. While there is outsourcing in almost each and every aspect of in this particular article we will try and have a look at the possibility of outsourcing property valuation related jobs.

As mentioned above while the main objective for outsourcing any work should be driven by sound economics, this alone should not be the main reason for such outsourcing. As far as property valuation is concerned, it is a service at the end of the day. Hence, when outsourcing part or whole of a service care and caution should be exercised. It should not hamper the efficiency level under any circumstances. We have to bear in mind that most of the property valuations are time bound and hence this should not be hampered under any circumstances. Further outsourcing of this job should be done only when it is able to easily merge with the other conveyancing related jobs that are important for smooth transfer of ownership from one person to another.

Now coming to some specifics about outsourcing of property valuation first and foremost, you must try and do it within the country itself. This may not make much difference in terms of cost cutting but will certainly go a long way in improving efficiency and streamlining the entire activity. If at all one decides to outsource property valuation to countries outside, then a lot of research and information seeking is a must. Identifying the right partner in the country where it is being outsourced is also something that should be always kept in mind. It should preferably be outsourced to a country that has a talented pool of workers who are good in English. This is because they will have to regularly be in touch with customers for various types of queries and information.

At the end of the day there is no doubt that property valuation is best kept within the four walls of the service providers. This will ensure the best of quality and adherence to even the most demanding and challenging timelines. However, if the volumes go up and cost cutting become imperative only then should one think of outsourcing this activity. Outsourcing may not exactly be the problems as far as property valuations are concerned.

Can Outsourcing Be Of Any Help For Property Valuation

Picture1There is no doubt that outsourcing is the mantra for all small, big and large businesses. As the world has become well and truly a global village, there are increased occasions where various types of jobs are outsourced to cheaper economies and countries. There are certainly a number of advantages and benefits because of such outsourcing. First and foremost, reduction in cost and increased profitability are the biggest benefit of such outsourcing. This reduction of cost is passed on to the customer thus making products and services extremely competitive. In this particular article we will try and find out whether it makes sense to outsource real estate valuation to other countries or should it continue to remain within the country where the business is being done.

From the point of view of economy in cost and productivity, there is no doubt that it makes sense for real estate valuers to outsource a part of the activity to third world countries or other emerging economies. However, this cannot be done blindly but has to be thought through quite well. There are a number of pitfalls and challenges along the way that have to be taken care of. For example, the only premise on which valuation of property grows and thrives is quality and timely service. If these two foundations are disturbed because of valuation, then it hardly makes any sense to go in for such valuation. This will create more problems than solutions. It will hamper the quality of valuation work, delays will creep in and the overall objective will get defeated.

Further, when outsourcing one has to take into account the local labor laws and rules and should abide by it. Outsourcing should not hurt local job opportunities beyond a certain limit. Furthermore identifying the right foreign partner for such valuation work in third world countries is also another important point that should be kept in mind. This is because it would be practically impossible and the local rules in these third world countries will not allow such outsourcing unless there is a foreign partner involved. Choosing the right foreign investor and partner is also of great significance and importance. Further it has to be borne in mind that valuation at the end of the day is all about local customers and therefore it always makes better sense to let that remain within the country. Outsourcing should be thought of only as a last option.

Pros And Cons In Outsourcing Property Valuation Work

0880150303005Buying and selling a home is not the same as buying other movable and immovable properties. It is much more complicated and the number of procedures and formalities to be gone through are quite a few in numbers. Only when all these formalities are completed to the satisfaction of the authorities will it be possible to transfer the ownership from the seller to the buyer. Hence it is very important to hire the right property valuer. While the most important role of a property valuer is to help find out the fair market value of the property in question, he or she does perform a lot of other important works. These include educating the customers about the development of infrastructure in the locality where the property is located. They also share very useful information about the availability of various common amenities and facilities like roads, transport, hospitals, schools, colleges, entertainment facilities to name a few.

Property valuers can basically be of two types. The first one are those who run their own valuation business and have their own team of valuers. They take up jobs from customers and use their internal resources to complete the job. On the other hand, there are other who basically work as jobbers. They pick up valuation requests from customers and outsource a part  or whole of it depending on the volume of business. The most common question that comes to our mind is whether it makes sense to outsource the valuation job or it is better to keep in under ones own control.

Valuation at the end of the day is a service and not a product. Hence, if it is outsourced it must be done after a lot of care and after performing the required due diligence. Unless you are sure that the third party service provider is of the highest standards it would not be advisable to outsource it. Quality has to be monitored very closely and almost on a live basis. Even the slightest laxity could cause a lot of damage and at times the damage could be irreversible. Given the above situations it has been found that it would be better to do property valuation on your own and with your own team of individuals who are directly under your control. This will not only ensure quality service but will also ensure timely delivery of services. Hence, outsourcing is not something that is desirable for property valuation.

Outsourcing Of Valuation Work – Does It Work

Plans-to-outsource-2013There is no doubt that property valuation is a very important task without which it would be impossible to transfer ownership of property from one entity to another. The main objective of any property valuation is to have good idea about the fair market value of the real estate that is being either bought or sold. Apart from the above there are also other important benefits that could be available because of property valuation. A good valuation report also has a lot of other aspects which are very useful for various stakeholders. Whether it is about the quality of infrastructure in the area or about the availability of various amenities and facilities in the neighborhood, it certainly provides very useful information that could be made good use of. Now that we know why valuation is important let us try and find out whether it makes sense to outsource this function.

While outsourcing may work for many businesses, as far as property valuation is concerned it is unlikely that it will have much impact in improving the efficiency or productivity. This is because there are not many functions that are involved in property valuation. It is about valuing the property, sending out a report and there ends the matter. At best there could be the need for giving opinions about the future cash flows for a business that is being taken over. For these limited number of activities there are hardly any reasons why outsourcing is a must. Further, outsourcing of valuation may also hamper the quality of work and the turnaround times because of the following reasons.

When you decide to outsource valuation, you will not be in a position to exercise direct control over quality. Quality is perhaps the most important attribute of any good valuer and once this is given away to some third party service provider, then you could be compromising the entire business model. Further timely submission of reports and returns is also very important. Here again it would b pertinent to mention that it is best controlled when you keep property valuation to yourself. Outsourcing it would result in slippage in time and this could create more problems and increased levels of customer dissatisfaction. Hence, outsourcing valuation may not be a good idea at all.

Does Outsourcing Of Real Estate Valuation Make Sense

Seite1_Immobilienbewertung_11There is no denying the fact that outsourcing of various functions makes lot of sense to many companies, even if they are not big corporations or multinational organizations. It adds value to these organizations in terms of increased efficiency and also reduces the final cost to the customers therefore enabling them to become more price-competitive. In this article we will try and find out whether it makes sense to go in for outsourcing of valuation business. This is because quite a few valuation companies are known to be outsourcing some part of their valuation businesses to such third part outsourcing companies.

Property valuation without any doubt is one of the most important areas of any property buying and selling process. It is therefore extremely important to ensure that as a customer you choose a valuer who has the right experience and expertise. The appraiser should be able to perform the valuation correctly because based on this figure either a buying or selling decision will have to be taken.

If as a valuation company you are deciding to outsource part or the entire valuation process you need to keep in mind the areas related to quality and timely delivery of services. Unless these two important parameters are properly addressed it might not be feasible to go in for such outsourcing. Many valuers find managing these two parameters difficult once they outsource it to third party service providers. This is because such third party service providers may be handling quite a few dozen such valuations and hence at times they may fall back on quality and could also default on important time lines.

Therefore before going in for valuation you have to ensure that the service provider has a good reputation and goodwill as far as timely submission of reports is concerned. The service provider should also ensure that the quality of such reports are of the highest order and provide a number of subjective pieces of information. Further, as a valuer it may not be always advisable to outsource the entire process of valuation to third party service providers. Importance and crucial functions like calculating the actual fair market value of the property,taking care of complicated valuation and other such matters should be kept under their own control for obvious reasons.

Is Outsourcing Valuation Process A Good Idea

Outsourced-Collateral-ManagementWhen one decides to buy or sell a home, he or she has to certainly go through a number of steps and processes. Most of these processes are not only highly complex and complicated, but they are also very impossible for ordinary retail customers to do on their own. There are a number legal issues involved in it and therefore making mistakes could cost quite heavily. Further there are pre defined timelines in many of the processes which have to be adhered to. Taking the above factors into account, it is not very surprising when almost all buyers and sellers prefer handing over the entire valuation work to some professionals.

Though man individuals are into valuation and related tasks, as the volume keeps going up, many big companies have got into this business. Today, it is common to come across dozens of valuation companies in this city and most of them are doing brisk business. In most of the cases, the business is run and operated with the help of own internal human resources. But as business keeps growing and as number of valuations keep going up, there is a talk about the need and the pros and cons associated with outsourcing of valuation activities.

There are certainly some obvious advantages of cost and efficiency in operations when one decides to outsource valuation operations. It will result in higher levels of customer satisfaction provided it is managed and monitored properly. However, on the other side of the spectrum there could be issues concerning safety and security of customers’ records. Further in many situations outsourcing has often led to deterioration in the quality of services because of lack of direct control. In many cases timelines have gone for a complete toss because things are not directly under the control of the valuation companies. The accountability factor also gets impeded because of outsourcing. Hence, all these factors must be taken into account before going in for outsourcing.

Nonetheless in spite of some obvious shortcomings in outsourcing of real estate valuation, given the growth in business it will become a necessity. The day is not far off when outsourcing of valuation work will not stay restricted within the country itself. It will cross international boundaries and go to some other countries where quality labor is available at a cheap price.