The COVID-19 pandemic accelerated the adoption of remote work, leading many mortgage brokers to embrace virtual assistants (VAs) for streamlined operations and increased productivity.
While this offers the enticing option of outsourcing lower-cost labour for repetitive tasks, managing a global online workforce presents a new challenge for some leaders.
For those unfamiliar with this approach, concerns arise about how VAs will integrate with existing teams and whether company culture will be impacted.
Manisha Rai (pictured above), director of Universal Outsourcing, said these are valid considerations, and successfully integrating VAs requires careful planning and communication.
“Even though they are thousands of miles away, your VA is part of your business day in and day out, helping you achieve your goals,” said Rai.
“The more you connect with them, the better outcomes you’ll have and the better ROI you’ll get from using VAs in your business.”
The global virtual assistant services market size was valued at US$4.12 billion in 2020, according to Grand View Research, and is expected to grow at a compound annual growth rate (CAGR) of 24.4% from 2021 to 2028.
The report also states that the number of virtual assistants worldwide was estimated at 3.9 million in 2020 and is projected to reach 8.4 million by 2028.
In the mortgage industry, where high-value customer interactions result in multitudes of low-value paperwork and processes, virtual assistants are a perfect fit for many brokerages, small and large.
“Most brokers get into the business because they enjoy customer interaction and helping people, but they don't enjoy the management side of things,” said Rai.
“They don't want to deal with sick leaves, annual leaves, and other aspects of people management.”
By outsourcing, brokers can allocate work on a day-to-day basis without worrying about managing staff.
“If an offshore worker is away or sick, someone else picks up the workflow immediately, freeing up brokers from the time-consuming task of people management, which can take up to 70% of their time.” Rai said.
Other brokers have had great success offshoring loan processing and other broker-specific manual tasks.
Yet there are challenges in managing an offshore team.
Rai said one of the barriers of outsourcing for brokers is the concern that their staff might leave after a few months, and they’ll have to go through the hiring process again.
Assigning tasks that are “low value” without context to the benefit it produces often results in low-value work. It’s essential to remember that this is work that you did not want to do and have instead outsourced to another.
But while these recurring tasks may be administrative or data-entry heavy, the results they produce can greatly affect the business.
“It’s your job as the leader of the business to show the value of the work your VAs produce in the context of your business strategy and goals.”
Ever gotten lost in your work? Then you know what it feels like to be engaged. But this is just one form of engagement, according to professor John P. Meyer, industrial and organizational psychology at Western University.
“You might also have worked on tasks that, while not particularly enjoyable, gave you a real feeling of accomplishment when completed. This, too, is a form of engagement,” he stated in an essay on engaged workers.
“Indeed, looking back you may have realised what kept you going through the difficult periods was the belief that what you were doing was ‘worth the effort’.
“Finally, you may also have witnessed engagement in others, or at least inferred that they were engaged by their enthusiasm, level of energy and high rate of productivity.”
So we may know what engagement is, but how can brokers instil it within their VA team?
To combat high turnover, Rai said it’s critical to give VAs a sense of purpose and include them in the strategic vision of the business.
“Your VA is your driver of the business. I really encourage all my clients to include their VA in their business planning,” she said. “If you're doing a calendar year business plan or an end-of-financial-year business plan, include them.”
“Share your goals, like aiming for an eight-figure target, and outline what needs to be done daily and weekly. This helps the VA understand how they can contribute to achieving those goals, keeping everyone accountable and aligned.”
Rai said it's also important to give VAs multiple tasks to do.
“If there isn’t any data entry to do, they can help with other tasks, like chasing settlements or looking at pending pre-approvals,” she said.
“Including them in your business planning ensures they can align their activities to help achieve your goals.”
Lastly, Rai said it’s also critical to make them feel valued culturally.
“One of my brokers ordered jackets with his business logo for his staff, including the VA,” she said.
“Whenever I visit Nepal, I bring lots of goodies. For example, one of my clients sent new merchandise, including tissue papers and playing cards, to give to the staff in Nepal.”
“It’s not always about monetary rewards; it’s about making your VA feel cared for and part of the team.”
