Leading PE-backed financial services marketplace reduces annualized costs by $14 Million while significantly scaling growth

Business challenges

The client is the largest online real estate auction company in the US, supporting 6.3 million buyers and 10,000 auctions per year representing $52 billion in sales to date.

The client sought an agile technology and services provider that could step in and take over non-core support functions in its business, allowing management to focus on high-value growth opportunities. We were selected to assume control of facility leases and expenses, infrastructure improvements and maintenance, and recruiting, onboarding, and managing employees.

The client wanted us to create turnkey production facilities with minimal start-up costs, staffing the facilities with skilled employees.

During the project, the client, eyeing additional savings opportunities, expanded the scope to include additional critical functions like settlement and closing, audit, quality control and web chat support.

To achieve the cost savings sought by the client, offshore operations were needed, requiring recruitment and training in real estate closing and transfer.

The transition occurred early in the COVID-19 pandemic. In addition to achieving the required cost and processing time savings, We had to transition all employees to work-from-home status to minimize the potential for disruption.

Putting real estate experience to work

Firstsource was selected by the client for its ability to respond quickly to the timeline requirements and for its knowledge of real estate closing and settlement. In particular, the client appreciated our ability to work with agile partners capable of adapting and deploying new technology and its willingness to expand the project’s scope.

Applying decades of experience in real estate and mortgage finance, we dedicated ourselves to meeting the aggressive timeline and the cost reduction/turn-time improvement objectives set by the client.

Challenges

  • Meet 6X scope expansion during the project
  • Provide back-office support for onshore processes
  • Establish and staff new onshore processing center
  • Reduce cycle time on back-office functions
  • Risk-manage staff at the outset of the pandemic
  • Complete modernization in six months