Here’s why an offshore team can help your mortgage business:
1. Cost savings
The obvious advantage of course is that an offshore team can provide significant cost savings, as they are often based in countries with lower labour costs. This can help to improve your bottom line, and allow you to reinvest in other areas of your business.
2. Increased efficiency
An offshore team can help to increase the efficiency of your mortgage business by providing support with tasks such as loan processing, digital marketing, administrative tasks and 24/7 customer service. This can free up your time to focus on other aspects of your business, and help to improve your overall efficiency.
3. Improved customer service
An offshore team can facilitate your customer service by alleviating your onshore team of the additional admin burden. When trained effectively they can also support your customer communication if this is something you want them to do.
What are some of the things you need to know when setting up an offshore team?
Of course, setting up an offshore team (or even starting with one team member) can be daunting, but the world is working remotely more and more – and thanks to the pandemic we have seen just how beneficial this can be for businesses looking to scale, while retaining a high level of customer service. So this trend isn’t something that will go away, in fact, it will determine how businesses survive and thrive in the coming decade.
This is future-proofing your business.
But it’s also important to consider that with rising employment costs, and a shortage of skilled workers, an offshore team can help you future-proof your business by providing cost-effective mortgage processing and customer service. This can help you to stay ahead of the competition and maintain a strong position in the market.
Tips for setting up an offshore team
1. Location, location, location
You’ll need to consider factors such as labour costs, infrastructure, and the availability of skilled workers, as well as the level of English (or whichever language you work in) and other specialist skills.
2. Communication is key
We see many brokers think they can simply set up an offshore team and leave them to it, but – especially in the early stages – you will need to have excellent, robust, and continuous communication in place with your offshore team, to onboard them effectively and to avoid any misunderstandings or miscommunication. This might include regular video calls, email, and instant messaging, as well as proper CRM and project management tool setup.
3. Bring them into your vision
Instead of thinking of them as simply an offshore team, bring them into your company’s vision, mission and values just like any other team member. Set clear goals and expectations from the outset. This will help to ensure that everyone is on the same page and working towards the same objectives.
4. Invest in training
One of the key advantages of an offshore team is that they can be trained to your specific needs and requirements. However, this does require an initial investment of time and resources. You will likely find that offshore team members are very keen to upskill themselves and will be eager to learn so encourage this and support them in any way you can – the rewards will pay you dividends when you have a top-class team supporting your business.
5. Respect and embrace cultural differences
It’s so important to be aware of and manage any potential cultural differences that may arise when working with an offshore team. This can include things like language barriers, time zone differences, and different work cultures. It’s also an amazing opportunity to embrace these differences and invite more diversity into your workplace. Consider things such as different holidays and celebrations throughout the year and offer your offshore team time off for these, as well as the opportunity to join in with yours.
Offshore teams can be a great way to improve your mortgage business. It can feel like a big task to get the process moving, but the rewards are more than worth it.
Want some help setting up your offshore team? Talk to us today, we are happy to share our experiences and insights.
