RPA IN THE PROPERTY SECTOR
APPLYING AUTOMATION IN THE REAL ESTATE SECTOR
The real estate sector is one that is always developing and adjusting to the demands of the market. It follows that it would be obvious to install a solution that made it possible to save expenses, streamline processes, and completely transform the way you conduct your company.
Thankfully, there is a solution – RPA – which has the capacity to drastically upend the real estate sector in its entirety.
RPA: WHAT IS IT?
RPA automates business operations that are often completed manually by employees using software. An enterprise can set up “bots” to handle any repetitive, boring business processes that would normally take up your team’s time and squander expensive resources by using RPA technologies.
RThese procedures can be completed more quickly by an organization using RPA technology than if they were carried out manually. This lowers operating costs and frees up your team to concentrate on higher-value, higher priority work.
HOW REAL ESTATE PROFESSIONALS CAN BENEFIT FROM RPA
Realtors seeking to increase production, cut expenses, and streamline operations can profit greatly from RPA, as was previously indicated.
Some of the most notable instances of how automation might help your real estate agency are the following:
LOWER PRICES
Significant annual reductions in overhead costs, ranging from 10 to 40 percent, are observed by many firms that use RPA.
This is because processes carried out automatically take a lot less time to complete than those carried out manually. Putting RPA in place also makes it possible to rearrange personnel and change priorities, freeing up administrative professionals to work on higher-value projects for the company.
ENHANCED PROCEDURES
You have the chance to optimize your operations and make major enhancements to current processes that will satisfy your workers and satisfy your clients by using RPA bots as virtual assistants and handling manual tasks.
Additionally, RPA gives you visibility and transparency into your current processes and gives you access to a lot of data that can provide important insights.
WORK IS DONE MORE QUICKLY
RPA bots are incredible because they possess superhuman abilities. They don’t need supervision, they can work at 100% efficiency around-the-clock, and they don’t grow weary or make mistakes. They also don’t take breaks, vacation days, or sick days.
Because of this, RPA bots can complete tasks far more quickly than people can. RPA bots are actually thought to be 20 times faster and much more accurate than people at doing laborious, repetitive jobs.
IMPROVED PRODUCTIVITY
Your realtors can concentrate on what matters most—showing homes and closing deals—because RPA bots are handling laborious business operations!
Having more time to concentrate on essential business duties allows your realtors to concentrate on the more thrilling parts of their work rather than feeling overburdened, which raises overall productivity levels.
IMPROVED CLIENT EXPERIENCE
RPA not only frees up time for your team to concentrate on duties involving clients, but it can also enhance the general customer experience.
RPA bots can collect and handle data from a variety of platforms, such as blogs, social media, and other accounts. This data can be utilized to better understand your customers’ requirements and preferences and deliver a more customized experience.
USE CASES FOR RPA IN REAL ESTATE
In the real estate sector, RPA has many applications. Among the most advantageous and noteworthy are:
PURPOSE-TO-CLIENT MATCHING
Instead of you having to manually go through hundreds of postings, RPA can assist your clients in finding the ideal house that meets all of their needs.
Here’s how it functions: Properties that fit a client’s list of requirements are flagged by RPA bots as they search through your listings database. The number of bedrooms, the size of the space, the location, the use of sophisticated tools to tag particular words (or images) in listings for particular clients, and other details are examples of this.
OVERVIEW & MANAGEMENT
By automatically updating several systems to delete properties that have been sold or rented, RPA can assist realtors in managing their portfolio of properties.
INSPECTIONS OF HOMES
In order to make sure your clients have all the information they need to move forward with a sale, home inspections are a crucial step in the home-buying process.
For all parties involved, the house inspection process is made simpler with RPA. RPA has the ability to automate inspection agreements, send out alerts in the event that an inspection is rescheduled, and remind and follow up with customers and agents
ACCOUNT AND BANK RECONCILIATION
Since account reconciliation is a very repetitive data-based procedure, RPA is the perfect option. In this situation, bank statements and reconciliation can be extracted by bots, which can then be compared to the general ledger.
Additionally, bank statements can be downloaded by bots to a shared disk or the financial application used for reconciliation by your company.
DATA ANALYSIS AND RECORD MANAGEMENT
Important records are frequently kept in hard copy or digitized formats for real estate professionals. In any case, reviewing these documents and extracting data for analysis might divert hours of time from more important business tasks.
RPA may examine the digital records, extract data, and create reports that are prepared for study by using OCR. Access to this data can also provide you with a wealth of valuable business insights.
LENDER APPLICATION
Processing mortgage applications is one of the most tiresome and time-consuming jobs for mortgage brokers and lenders. Thankfully, RPA provides a fix.
By comparing documents from several sources, checking papers for mistakes or missing fields, and copying the document to several apps or file locations, RPA bots can process mortgage applications accurately.
PROCESSING DOCUMENTS
The following real estate paperwork can be very time-consuming and laborious to process manually, and doing so can result in mistakes that have an impact on:
- Lease contracts
- Purchase proposals
- Deeds of property
- contracts for brokers
- Applications for credit and vendor payables
- Assessments of property taxes
RPA bots can handle data entry and document processing for you by digitizing documents and performing the following tasks:
- Source materials scattered around
- Sort documents according to their file type.
- To extract data, use optical character recognition (OCR).
LEASE AGREEMENTS
There are various procedures involved in creating a new lease agreement. The lease agreement needs to be made first. After that, a member of your team will process the contract through several software programs and create an electronic signature envelope (e.g., Docusign, Hellosign, etc.). The tenant then fills it out, signs it, and sends it back. This can be a very time-consuming and error-prone procedure. All of these tasks can be automated with RPA.
WELCOMING ADDITIONAL TENANT
The following tasks can be automated by RPA bots, which can be beneficial for property managers and real estate organizations looking to rent out new properties:
- Generate fresh applications for tenants
- Check credit and background information
- Check references, job status, and income.
- Review applications and decide whether to approve or reject them based on predetermined standards.
- Transmit a follow-up email.
- Assessments of property tax
MAINTAIN CLIENT RELATIONSHIPS
Realtors frequently cultivate enduring connections with purchasers and sellers in order to guarantee recurring business. RPA can support you in this.
With the help of RPA, you may create an automated email pipeline that uses bots to send emails to previous customers on important occasions or at predetermined intervals, such as a year after they buy or sell a property.
LINE UP YOUR LEADS
It might be challenging to handle the numerous sources of leads that realtors frequently receive. When RPA is implemented, bots may synchronize data across all of these platforms and aggregate leads from multiple sources into a single source.
Even more, RPA may filter leads based on value, route leads geographically by postal code, and forward leads to the appropriate realtor.
ACCOUNTS RECEIVABLE AND PAYABLE
Processing dozens or even hundreds of invoices by hand is not only very time-consuming but also quite error-prone. In actuality, it may take four to sixteen days to complete an invoice from the time of receipt to the time of payment.
Furthermore, human labor is needed for 76% of the accounts payable and accounts receivable process. This decreases dramatically with RPA.
The following accounts payable and accounts receivable-related tasks can be carried out by RPA bots:
- Data entry
- payments
- matching errors
- approvals of invoices & reconciliation
- Closing the books
MAINTAIN CLIENT RELATIONSHIPS
Realtors frequently cultivate enduring connections with purchasers and sellers in order to guarantee recurring business. RPA can support you in this.
With the help of RPA, you may create an automated email pipeline that uses bots to send emails to previous customers on important occasions or at predetermined intervals, such as a year after they buy or sell a property.
DO YOU THINK RPA IS RIGHT FOR YOU?
Our goal at Automation is to make sure your organization is fully supported and empowered to implement RPA in a way that helps your business gather and analyze critical data, so your business can reach its full potential. Whether you are new to the world of robotic process automation and need some guidance, or you are already familiar with RPA solutions, we would be happy to help.
Any company wishing to use RPA to save time and money on reconciliation and closing procedures can take advantage of our tailored training programs, audits, instructional materials, roadmaps, and abundant continuing support.
Get started on your journey to automation by getting in touch with us today!