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The global real estate market has been valued at $3.69 trillion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% between 2022 and 2030. This growth is largely due to the rebound of the real estate industry post-pandemic, as there has been an increase in the residential market for remote work and personal spaces and the commercial market’s need to introduce hybrid and return-to-work office schemes.
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The global real estate market has been valued at $3.69 trillion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% between 2022 and 2030. This growth is largely due to the rebound of the real estate industry post-pandemic, as there has been an increase in the residential market for remote work and personal spaces and the commercial market's need to introduce hybrid and return-to-work office schemes.
To support this growth, real estate organizations need to restructure their operations while balancing interest rate rises. Hiring additional employees is the most popular way to support anticipation of business growth. However, it means increasing employment costs. Real estate organizations can keep these costs minimal while maintaining high levels by outsourcing. By hiring offshore employees, organizations can minimize employment costs and offer necessary flexibility and support to onshore employees to focus on nurturing client relationships and creating growth strategies.
Offshoring can provide several benefits to real estate organizations looking to outsource various business processes or functions. While specific benefits depend on what the organization wants to achieve by outsourcing, the most common benefits include:
Outsourcing with the right provider can take care of costs such as recruitment, human resources, superannuation, payroll tax, IT, and overall management supervision. This can save organizations up to 70% on labor and operating costs.
Outsourcing allows organizations to allocate time-consuming and repetitive tasks to an offshore team, giving the onshore team time to focus on what they do best. This increases output quality and business efficiencies across the board.
Outsourcing can free up resources to be reinvested back into the growth of an organization, increasing the capacity for the team to take on more work and grow.
Real estate is a large industry, meaning that there are many roles and functions that are suitable for outsourcing. When outsourcing, organizations typically hire roles that they could source onshore but for a fraction of the cost. Below are some of the most frequently outsourced real estate roles and functions: