Just like any other business sector, real estate companies are now applying current technologies in their daily business to boost the efficiency of their workforce. Robotic process automation or RPA has a key role to play in the transformation of the real estate industry. Robotics can easily automate tedious and repetitive tasks that consume a considerable amount of time, and improve the operations. By relying on a robotic process automation company, the real estate industry can increase customer traction, and manage operations and payments seamlessly.
Real estate organizations also face many challenges in dealing with their back-office processes such as document management, invoice processing, data extraction from diverse documents etc. Such processes are no doubt, time-consuming. Software robots can pre-handle applications and automate many tasks, saving your staff’s time for other services.
Benefits of Robotic Process Automation in Real Estate
Implementing RPA in real estate provides many key benefits such as –
- Improve and streamline customer communication
- Cut down application process times by half
- Increase process speed and productivity
- Free up employees’ time for more valuable work
- Enhance customer experience
- Provide more cost savings
- Increase work efficiency
- Improve turnaround time on tasks
Some RPA Applications in Real Estate
Rent Payment Reminders
Late payments can impact real estate management a lot. RPA bots can automate the payment reminding task. It verifies the payments made by tenants and sends automated reminders on non-paying tenants, so that clients can do the needful.
RPA tools can assist not only in maintaining property rentals, but also establishing rental rates, creating contracts, paying bills, developing annual budgets, and more.
Document Management and Data Entry
The Real Estate industry involves a lot of paperwork. To verify customer details, real estate agents have to go through diverse paper records and use their valuable time in data entry. Documents such as lease agreements, property deeds, brokerage contracts, vendor payables and credit applications, property management agreements and property tax assessments are all to be filed and maintained for a certain time period.
These documents are also crucial for more informed decision-making and for improving other related processes. Businesses can digitize their documents with the support of document conversion companies, which will have in place the latest technology and experienced staff.
RPA software makes it easy to complete paperwork, process documents, and organize information digitally, making them easy to access as well. Verifying customer details is another important task. To minimize errors, businesses can use robots to automate the RPA customer information verification task. RPA bots can take care of the data entry and document processing for you, RPA bots can accurately verify customer information from a variety of sources and can make detailed assessments, which will minimize security issues with sensitive data, reduce the possibility of fraud and some compliance issues.
Managing the status of property information across platforms or websites is important to ensure your inventory is current. Staying up-to-date can improve user experience, making it easier for prospective buyers to browse without seeing out-of-date listings.
RPA services make it easy for agents to identify rented or sold properties from their business network. Real estate organizations can even upload this updated data on diverse sites, improving visibility and reach to their properties. Buyers can also easily validate the accuracy of data for properties and leases.
Tenant on-boarding process involves many manual tasks such as collecting the tenant information with an online or paper application, screening the applicant via landlord references, credit checks, or income verification, collecting the security deposit, lease signing and more.
To ease this process, real estate agents can implement RPA to extract and process standardized information. RPA services can also automate the creation of a new tenant application, perform criminal background checks, and verify income, employment, and references. Robots can also handle rule-based tasks in the tenant admission process.
Streamlining anti money laundering (AML) and know your customer (KYC) compliance processes is critical to avoid costly fines. Ensuring compliance with all regulations first requires any submitted documentation to adhere to standard guidelines. Organizations can simplify the process and avoid the risk of compromising sensitive data, with the use of automation. Robots can scan and validate client information on all transactions, and alert staff when any additional KYC documentation.
RPA can also assist real estate agents with invoice write-off process, back-office accounting processes, reconciliation process, NAV calculations, and more. Independent agents, property managers and real estate agencies can use RPA as a transformative tool to improve their business operations. Consider choosing an experienced robotic process automation company like MOS that can provide end-to-end process virtualization, making business operations responsive, accurate, and cost-effective.