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The Letting Partnership - Client Accounting

Tuesday 15 October 2019

When it comes to choosing an outsourcing company what can you do to make sure they’re the right partner for you?

Partner with the right company and they will deliver on the Outsourcing Industry’s promise of ‘Saving You Time & Money’. Partner with the wrong one and you could lose a whole lot more than just money.

Choose the wrong outsourcing company and relationships with your landlords will most certainly be damaged, employees will feel undermined and as a consequence your agency’s reputation will inevitably be tarnished.

Finding an outsourcing partner who ‘best fits’ with your business is key to a long, happy and successful relationship. So, where do you start? First thing to do is work how much or how little you want to outsource.  

Using client accounting as an example would you want your outsourcing partner to provide a complete start to finish service. From processing client money, posting contractor invoices, making all payments, registering tenant deposits, collecting and paying over to HMRC on your behalf any non-resident landlord tax etc. Or would you be happy to continue to do things like posting contractor invoices and registering tenant deposits ‘in house’.

Right. So now you know what you want done who’s going to do it.

It’s important to get to know the company who will be working with you.  Put in the time and effort to find out about your potential outsourcing partner and you’re 90% there when it comes to choosing the best one.

Do your homework. Ask the questions and don’t sign up until you’re satisfied with the answers.

  • How long has the company been doing client accounting for letting agents?
  • What’s the background and industry experience of the directors, partners and management team?
  • Will there be a dedicated processor assigned to your account?  Will they have a backup?
  • Is the company a member of any recognised regulatory organisation (Propertymark, ICAEW, Property Ombudsman etc)?
  • Does the company have Professional Indemnity insurance that covers theft and/or misappropriation of client funds?
  • Is the company signed up with any of the recognised CMP scheme providers?
  • Has the company got separate CMP cover in place?
  • For referencing purposes can they give you contact details for clients who are similar to you?
  • How long will the transition take and how will it be implemented and managed?

For owner/managed businesses the benefits of outsourcing to an experienced and client friendly company far outweigh the expense and burden of conducting the process in house. 

Choose wisely and outsourcing your client accounting could be one of the best business decisions you ever make. 

The Letting Partnership, acknowledged as industry leaders in the field since starting out in 2006 the company, has been committed to setting and raising professional standards in client accounting and client money protection.

Besides being fully trained and experienced in client accounting all employees are encouraged, through the company’s personal and professional development programme, to study for industry specific qualifications and a number now hold the Level 3 Technical Award.

An award-winning and nationally recognised client centric company The Letting Partnership are at the forefront of industry good practice, compliance and professional standards.

With tailored service packages, pay-as-you-go pricing and no hidden costs whatever your size outsourcing your client accounting to The Letting Partnership could be the best business decision you ever make.

If you would like to know more about The Letting Partnership call 01903 447900 or visit our website at www.thelettingpartnership.co.uk

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