An acclaimed provider of residential lettings outsourced services, responsible for managing numerous agencies in London, encountered difficulties characterized by instability and a notable attrition rate. The major challenges included:
- Onboarding of new client with unstructured processes
- Lack of process documentation leading to high error rate
- High operational cost
- People dependent processes and associated inefficiencies
- Dysfunctional bank reconciliation process
Overview
Residential lettings services provider operating for over 15 years in and around London with an established brand name. Accredited membership of The National Association of Estate Agents (NAEA), The Association of Residential Letting Agents (ARLA), The Property Ombudsman (TPO) and Tenant Deposit Scheme (DPS)
Solution
- TBL offered their assistance to mitigate the staffing, management and scaling up processes like Accounts, Property Management, Credit Control, Renewals, New Lets.
- Established clean Start point for reconciliation by
- Identifying the non-reconciled items on Legacy System
- Reconciled bank statements and payment receipt journals
- Validated reconciled and non-reconciled items
- Prepared reconciliation schedule with timelines defined for target date delivery.
- Followed a Daily Governance Structure
Business Value
- Process Re-engineering end-to-end, eliminating people dependencies.
- Implemented industry best practices in the new process design.
- 60% processes offshored.
- Scalability of business by 20%
- Seamless transition supported by strong governance process.
- Operational cost reduced by 30% as a benefit of using TBL’s outsourcing services
Other Benefits:
- 24 hrs email turn around delivered.
- Streamlined bank reconciliation with 100% accuracy daily
- 98% accuracy level delivered month on month
- 100% SLA delivery month on month
- SOPs’ prepared for transparency
- Process Reengineering
- PropCo driven efficiencies
Lettings Outsourcing UK
A virtual extension of your lettings business servicing the Pre-Tenancy Administration, Lettings & Property Management and Client Accounting Services to UK based Letting Agents.
Experience at scale
We have experience working with start-up agents, established agents with over 500 properties and multi-branch agents with a maximum portfolio of 25,000 properties.