Last week we discussed why you should consider outsourcing real estate tax services and some of the top advantages of doing so. Before we dive into the task of finding the right real estate tax vendor for your needs, let’s take a brief look at some of the advantages that we talked about last week:
- Will help facilitate growth
- You will no longer have to maintain knowledge resources internally
- Both the borrower and lender will save time and money
- Risks will be mitigated
In today’s blog, we are going to take a deeper look into the notion of outsourcing real estate tax services by focusing on who will benefit from this and why you should look for a vendor who stands out from the rest. For financial institutions who have never outsourced this service before, it is imperative that they take the time to understand that not all real estate tax vendors are created equally.
Who Benefits from Outsourcing Real Estate Tax Services?
You’ve made the decision to at least consider outsourcing real estate tax services, so now what? For starters, let’s look at who will benefit the most from outsourcing this service. Interestingly enough, there are multiple parties who will benefit from this decision, namely borrowers and lenders. For lenders, outsourcing tax monitoring to an experienced real estate tax vendor will free up time while ensuring accuracy.
From the borrower’s perspective, they will have the benefit of someone with their best interests in mind by ensuring they do not become delinquent on their taxes, or mortgage, for that matter. This is an incredibly important customer service that can easily be taken care of by outsourcing tax monitoring to a third-party real estate vendor.
Look for a Vendor that Has Your Interests in Mind
It can be difficult to know what, exactly, to look for in a real estate tax vendor, especially if you have never outsourced this service before. On the surface, most vendors can seem to offer the same or similar services—but that is not actually the case.
In order to be met with success, it is imperative that you find a vendor that offers highly customizable services and does not do things like the rest. Too often we see financial institutions go with real estate tax vendors who offer the bare minimum when it comes to tax monitoring services, or offer out-of-the-box solutions that aren’t tailored to an institution’s needs. These vendors do not offer options and refuse to deviate from the standard way of doing things, which can be frustrating and cause problems.
Instead, look for a vendor that is willing to work with you and your borrowers, making adjustments to payment options and more without hesitation. By making the decision to work with a real estate tax vendor that will customize your experience, you will in turn be providing your clients with a higher level of customer service.
Next week we will discuss what specific features to look for in a real estate tax vendor. If you have any questions or anything to add about today’s blog, please feel free to add them in the comment section below. For a more in-depth look at the notion of outsourcing tax monitoring services to a real estate tax vendor, be sure to read our latest resource: Buyer’s Guide: Choosing a Real Estate Tax Monitoring Vendor.