When evaluating vendors to outsource property tax services such as tax monitoring, you’re likely focused on the nuts and bolts of the service you’re outsourcing: process, quality, pricing, etc. But it’s important not to forget the service and support experience you’ll be getting.
Different property tax services companies offer different levels of support, so this is an important factor to investigate before partnering with a new vendor. (And if you already outsource property tax services, but aren’t satisfied with your service experience, know that there are better bank vendors out there!)
In this blog, we’ll review some of the service/support aspects to look for when researching a property tax services company, to ensure you partner with a vendor who will support you and your borrowers at all times.
Responsiveness
A key marker in any excellent support team is how responsive they are when you contact them with a question or concern. Find a vendor that answers calls immediately, and resolves any issues within one business day.
Further, ask about their follow up. For instance, if there is a mix-up with a tax agency or a technology issue, do they simply resolve it? Or do they dig into the root cause to ensure a similar problem doesn't recur in the future?
Net promoter score (NPS)
A net promoter score is an excellent measurement of customer satisfaction and loyalty. The best companies around the world consistently measure their NPS and make changes based on customer feedback. Ask each vendor you evaluate what their NPS is (assuming they measure this metric).
An NPS score can range from -100 to 100. Above 0 is considered good, meaning that the majority of your customer base is loyal. An NPS score above 50 is considered excellent, and scores above 70 are considered world-class, with few companies achieving that level of customer satisfaction and loyalty. Learn more about net promoter scores and how they relate to financial institutions here.
Regular, proactive communication
A great support experience involves addressing questions and issues quickly, professionally, and accurately. However, proactive communication from your property tax services vendor is also beneficial. Find out how often a potential vendor reaches out proactively to each customer to introduce new features, answer questions, and ensure high satisfaction.
Implementation/Onboarding
Your first interaction with a new vendor is during the implementation process, so you’ll want to learn in advance exactly what that entails. For instance:
- Who handles the majority of the work?
- Do you have a dedicated specialist guiding you through the process?
- Is there flexibility to tailor the implementation process to your needs and timeline?
- Does the vendor have experience with your core system?
Make sure you don’t neglect this critical part of the support experience when evaluating lender services companies. To learn about Info-Pro’s implementation process, including frequently asked questions, take a look at this information sheet.
