FREQUENTLY ASKED QUESTIONS
What are the benefits of outsourcing real estate trust accounting?
Outsourcing can offer several advantages such as reduced staff and recruitment costs, spreading the risk, providing expertise, ensuring stability and consistency, and facilitating business growth.
What are the potential risks and how can they be mitigated?
Risks may include data security and quality control. It’s important to ensure that the outsourcing provider has robust security measures in place and can maintain consistent quality standards.
What tasks can be outsourced?
Virtually all accounting and property management support tasks can be outsourced, from tenant invoicing to chasing arrears.
How can outsourcing help with regulatory compliance?
Outsourcing to experts can help ensure compliance with trust accounting and legislative requirements, as they have the necessary knowledge and experience. RealTrust meets and exceeds every state and territory compliance legislation in Australia and New Zealand.
What should I look for in an outsourcing provider?
Key factors to consider include the provider’s expertise in real estate trust accounting, their data security measures, quality control processes, and their ability to meet your specific needs.
How does the cost of outsourcing compare to maintaining an in-house accounting department?
While the cost can vary depending on the provider and the scope of services, outsourcing is often more cost-effective than maintaining an in-house department, especially when considering recruitment costs and the burden of finding high-quality talent.
How can outsourcing impact business growth?
By outsourcing non-core tasks like accounting and property management assistance, businesses can focus more on their core income-producing activities, which can facilitate growth.
What about data security?
Data security is a critical concern when outsourcing. It’s important to ask potential providers about their physical and digital security measures, their policies on password creation and management, and how they handle data breaches.
Do you offer “Sales Trust” accounts processing?
Yes, RealTrust is very experienced in providing accounts processing for commercial property sales and leasing trust deposits.
Does my data go off shore?
No, our university-qualified accounting staff log in to your dedicated software platform (in Australia) and process to the limits of their login credentials.
How long does it take to come onboard with RealTrust?
Depending on the size of your portfolio, we usually have staff that we can allocate at very short notice. We then recruit permanent team members for your account. Your onboarding will be capably handled by our onshore Australian staff to ensure a smooth and efficient transition.