However, before contemplating a decision to outsource valuation, there are quite a few important points that must be kept in mind. First and foremost, such a decision must be within the ambits of the local government rules and regulations. It should not deprive the locals of their right to job and livelihood. Secondly, the decisions to outsource valuation related jobs must have a clear commercial and economic advantage. It must result in reduction of tariffs for the customers without which such an outsourcing decision might prove unworthy. Last but not the least identifying the right partners in other countries is also very important.
Language also plays a very important role when it comes to outsourcing valuation related tasks. Not all countries have English people population and hence this point must be taken into account before moving further. There are a few developing countries like India, South Africa, Philippines and other such countries where there is availability of cheap labor who are alsoefficient and educated.
Before outsourcing the valuation tasks, a decision must be taken whether to outsource the entire work or a part of it. It is always preferable to outsource a small part of the entire process. The parts that are being outsourced should be repetitive in nature where a structured work process should be enough without too much application of mind. Only when a reasonable level of comfort has been reached should one try to go in for full scale outsourcing.
Further, it is also very important to understand the local rules and regulations pertaining to outsourcing. It must be also done only with the active participation and cooperation of local partners. It should never be done alone and in fact many countries do not allow such 100% foreign direct investment in valuation related matters. At the end of the day, the entire objective of such outsourcing must be to offer better services and better rates to the customers.