We've discussed some of the top advantages of outsourcing real estate tax services, best practices for vendor management in banks and credit unions, as well as the fact that not all real estate tax vendors are the same. Both of those blogs bring us to today, where we will be taking an in-depth look at the top features to look for when searching for a real estate tax vendor.
In order to make the most out of outsourcing real estate tax services, it is important you know what features are important when shopping for the right company to handle real estate tax services. Because real estate tax monitoring is such an essential function, you want to ensure the company you will be using for this service is able to meet your needs.
As mentioned, today’s blog will focus on the various features that you should look for when shopping for a real estate tax vendor.
Reporting Capabilities
While how customizable the real estate tax vendor’s services are is probably the most important consideration, reporting capabilities is right up there. When evaluating real estate tax vendors, look for a company that will provide you with easy access to electronic reports whenever you want or need them.
Customer Service
It is no secret that customer service is one of the most important aspects of banking, and this is no different for real estate tax services. In fact, you should look for a real estate tax vendor who will answer a customer’s call right away, stay in consistent communication with each customer, and go above and beyond when it comes to satisfying customers.
Efficiency and Accuracy
Both of these are important considerations when evaluating real estate tax vendors for similar reasons. In order to stay in compliance with audit regulations, a real estate tax vendor should make sure all information is accurate on real estate tax reports and work to deliver fast results to mitigate risks for your institution. Ensuring accuracy is one of the main reasons to outsource this function, so it’s important to do your due diligence in researching vendors to find one that meets your quality and accuracy needs (unfortunately not all vendors offer the same level of quality you might expect).
Onboarding
Even if you aren’t in a hiring phase or have no plans to merge with another institution, we recommend you look for a real estate tax vendor who will accommodate you and your employees should either of these situations arise. Look for a vendor that that will take the time to train new staff members and make any internal transitions as smooth as possible.
Escrow Services
Last but not least, make sure you are going with a real estate tax vendor who has the tools and resources to make the process of gathering tax escrow information as streamlined as possible. This may include customized payment solutions or multiple options for escrow payments, to name a few.
By looking for a real estate tax vendor that offers customized solutions and has a customer service-centric philosophy, you will be doing both your institution and your clients a huge service. Real estate tax vendors that offer the above features can greatly benefit your financial institution, allowing you to focus instead on other important responsibilities.
To find out more about the various features to look for when evaluating real estate tax vendors, be sure to download our latest resource, Buyer’s Guide: Choosing a Real Estate Tax Monitoring Vendor. And if you have anything to add on this subject, please feel free to use the comment section below.
