Recent years have seen a surge in demand for cost segregation (cost seg) services, driven by factors such as the 2017 Tax Cuts and Jobs Act (TCJA) and increased awareness of the benefits of cost seg among real estate investors.
Given this surge, cost seg professionals must balance efficiency, quality and cost-effectiveness when creating the cost seg reports the IRS uses to determine the appropriate depreciation of property components for tax purposes.
If you’re a professional in the cost seg industry, chances are you’re looking for ways to streamline operations and reduce costs without compromising quality. That’s where outsourcing photography comes in. By partnering with cost seg professional photographers, you can enjoy:
- Increased efficiency
- Geographic flexibility
- Time-saving for your highly skilled team
- Cost savings
In this blog post, we’ll explore the value of outsourcing photography for cost seg analyses, addressing the concerns and expectations of the industry and showcasing how the right cost seg professional photography company can serve as a reliable ally for your cost seg firm.
What Is Cost Seg Photography?
Cost segregation is a tax planning strategy that separates property assets into categories with different depreciation schedules to maximize tax benefits. This complex process requires detailed analysis and documentation of the property assets. Photos are crucial to any cost seg report, as they visually document the property assets being analyzed.
“We’re talking one job, thousands of pictures,” says FotoFetch COO and entrepreneur Gary Bamesberger. “You need dependability in what you’re getting so that you know what you see is good for developing an accurate report.”
By outsourcing photography to an experienced cost seg photography professional, investors, property owners and cost seg firms not only save time, but they can also ensure their cost seg analysis is accurate, thorough and compliant with IRS guidelines.
4 Benefits of Outsourcing Cost Seg Photography
One of the key benefits of outsourcing photography for cost seg is increased efficiency. As the demand for cost seg analyses continues to grow, engineers and other cost seg professionals find themselves with the demand that outpaces their ability to get to every location.
Outsourcing the photography component allows cost seg firms to streamline the reporting process. Professional photographers are experienced in capturing the necessary images and can quickly deliver high-quality photographs to engineers. This allows engineers to focus on analyzing the photos and compiling the cost segregation report, which expedites the entire process.
“By delegating photography tasks to a specialist, you can focus on other important aspects of the cost seg report, such as data collection and analysis,” Bamesberger says.
Additionally, professional cost seg photographers have the experience and expertise to capture the necessary images efficiently and effectively. They know exactly what types of photos are needed and how to get them, ensuring that your cost seg report is accurate and compliant with IRS guidelines.
- Geographic Flexibility
Outsourcing photography services allows cost segregation firms to expand their service areas without significant additional overhead. With a network of photographers nationwide, you can cater to clients in different locations, offering a broader range of services and attracting more business.
By working with photographers with experience in different property types, cost segregation firms can also provide services for a wider range of clients. Cost seg professional photographers can adapt to the unique requirements of various properties, ensuring that the images captured meet the specific needs of each cost segregation project.
Finally, partnering with a company that specializes in cost seg photography while leveraging the work of gig photographers across the country means you don’t have to worry about finding a local photographer or sending an engineer to the job site — saving you time and money in the process.
- Time-Savings for Your Highly Skilled Team
Cost seg requires a great deal of time and expertise. Outsourcing the photography part of a cost seg analysis allows you to reallocate resources to more profitable tasks.
By freeing up engineers from time-consuming photography work, these specialized members of your team can focus on high-value activities, such as expanding their client base or working on more complex projects.
- Cost Savings Across the Board
Outsourcing photography services can lead to overall cost reductions in producing cost segregation reports. By working with cost seg professional photographers, you can save on travel expenses, time and other associated costs. You also avoid the risk of having to redo the photography portion of your cost seg report at your own expense.
If your cost segregation firm caters to low-margin, high-volume businesses, outsourcing photography can also be an effective way for you to control costs and maintain profitability. By leveraging the expertise of cost seg professional photographers, your firm can provide clients with high-quality reports at a competitive rate.
“There’s downward pressure on pricing cost seg reports, and finding ways to reduce costs and expenses is important,” Bamesberger says. “Outsourcing photography is a cost-effective solution that saves money without compromising quality.”
Compliance and Discretion
Cost seg is a highly regulated and complex industry that requires compliance with IRS guidelines and maintaining the highest level of discretion for your clients. When you outsource your photography, you want a partner that understands the intricacies of cost seg and ensures adherence to all relevant guidelines. In looking for a cost seg professional photographer:
Compliance is key. The right cost seg professional photography service will deliver high-quality images that meet both IRS and accounting standards, ensuring a seamless experience and boosting your overall efficiency.
Discretion is built in. In the cost seg world, safeguarding your clients’ information is paramount. Opting for a white-label cost seg photography service can give you the peace of mind you need. By working discreetly and maintaining your company’s branding, a white-label service ensures your clients receive a consistent experience while protecting their sensitive data.
Photography Outsourcing for the Win
Outsourcing your cost seg photography needs can revolutionize your work, providing a more efficient and streamlined process. By partnering with a cost seg professional photography company — like FotoFetch — you’ll save time and money, ensure compliance and client discretion, and deliver top-notch results that will impress your clients.