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Summary: The robots are ready! Is your real estate business ready to implement RPA capabilities? RPA adoption helps businesses to leverage a magnitude of benefits: from 86% improved productivity to 59% cost reduction (Deloitte RPA global survey). If your business wants to tap the potential of RPA, you don’t need to wait! Read this blog right away to discover how RPA in real estate can redefine traditional industry ways.
Disruption is Everywhere: Real Estate is no Exception!
The time-consuming, ruled-based tasks and handling piles of paperwork is the key problem that is grabbing the attention of the Real estate industry, which they are figuring out by leveraging the potential of digital transformation.
The prominent solution that gives the real estate industry a sigh of relief is Robotics Process Automation (RPA).
But when incorporating the RPA, one question buzzes the mind- can automation meet today’s real estate challenges?
Want to dig deeper to know how Robotics Process Automation in real estate solves the challenges and becomes the winning strategy for real estate professionals?
That’s great! Without further ado, let’s understand what RPA is in Real estate and how RPA proves to be the best companion for the Real Estate industry-
What is RPA in Real Estate?
RPA is a software technology that eases mundane, time-consuming tasks by harnessing the potential of automation to emulate human actions based on software robots to enhance the productivity and efficiency of an organization, along with minimizing operational costs.
RPA in Real Estate: Automate complex processes
RPA in real estate can help to automate the complex process which requires standardization and repetition rates.
It has the capability to enhance the efficacy and speech of work processes while minimizing the likelihood of errors and employees’ workload.
RPA capabilities for the Real Estate industry:
- Data extraction
- Data migration
- Data update & validation
Key benefits of using RPA in the Real Estate Industry
Here are some key benefits of implementing RPA in the real estate business.
Minimize operational costs: More savings!
Undoubtedly automation systems seem to be a huge investment. It involves some initial costs, but it can be seen more as a long-term investment rather than an expense that can reap a fruitful ROI as it can save the money which is going to be spent on computer-based tasks done by business agents and labor. When it comes to real estate and property management, it incurs high operational costs. RPA can reduce operational costs by boosting the employees’ productivity and rescuing a lot of time by automating repetitive tasks.
More client outreach: Drive more ROI!
The perks of RPA are that it enables agents to be more focused on amplifying client outreach. They can execute tasks that provide high value rather than complex repetitive tasks, as bots can perform them in the background.
More satisfied customers: More business!
There is no brainer that if your customers get a good experience, they are more likely to return and spread their positive experience through word of mouth. RPA in real estate is a winning strategy that can help real estate firms to deliver quick and better services with fewer errors due to less human intervention.
Ensure safety: Fewer chances of Errors!
When an employee repeatedly performs the same boring task, the risk of making mistakes will likely happen more. Suppose those tasks are payment and regulatory noncompliance, then needless to say, costs you dearly. It’s not only about money but the trust of your partners and clients. What’s the solution? It’s really simple just hand over burdensome tasks to the RPA, which they can perform at any time as it never sleeps with no errors.
RPA Use Cases: In the Real Estate & Property Management
Robotic process automation in real estate can be utilized in handling various operations, including extracting, updating, migrating, and validating data to lower the risk of errors and employee workloads and enhance the efficacy of real estate organizations. Let’s focus on some of the new cases of RPA in the real estate industry-
- Tenant Onboarding
- Payment processing & reminders
- Portfolio management
- NAV management
- Document processing
1. Tenant Onboarding
It is a very tedious and time-consuming task, which can be distressing for the prospective client to go ahead with the process and most likely to end up getting a negative experience. This might lead to passing this opportunity to a competitor landlord and missing the deal.
RPA facilitates real estate agents to make this painstaking task a simpler one. These RPA bots can be programmed to perform rule-based tasks, including
- Create a new tenant application.
- Investigate the tenant’s criminal history involving court records, criminal databases, etc.
- Verify their job profile, financial stability, and references.
- It can perform preliminary checks to decide whether the application can be approved or disapproved.
2. Payment processing & reminders
Late payment is a sincere problem that most real estate companies experience at a certain point in time. Late payment is something that no real estate companies like, and that is for good reasons. These unpaid invoices enable businesses to bear a great loss as they can inhibit the loss of operating capital, along with a lot of time and energy wasted chasing overdue client payments.
This process is quite a paper-intensive task; to process these invoices takes many working hours, and due to human involvement, there is a high degree of error.
Robotics Process Automation in real estate becomes the sailor of the real estate business by handling the “invoice processing” boat by automating it to retrieve specific information from creating invoices to purchasing orders. Here are some of the tasks that can be performed by RPA bots, such as
- Check income payments
- Automate rent payment reminders to non-paying tenants.
- Verify payments done by tenants.
- Clients get the bills on time.
- Handle other communications such as rent increases or renewal of contracts.
3. Portfolio management
It is a crucial task for real estate businesses to manage the status of their property on their websites or platform. They also need to ensure that their inventory is in the league line with their property status. But what if their website pops up the out-of-date listings? It’s obvious that it becomes difficult for their prospective buyers to get the right information and which can provide them with a poor experience with the business.
Therefore, it’s extremely important to manage the right status across all platforms or websites so that their customers can stay up to date, which in turn can enhance User experiences.
Smart RPA solutions can help businesses get rid of this problem as they can streamline the data-extracting process so that they can leverage more business opportunities. Here are some of the portfolio tasks managed by smart RPA
- Easy uploading of property listings.
- Send relevant insights to potential customers.
- Identify sold or rented properties.
- With accurate data, buyers can easily get relevant information regarding leases and properties.
- Upload data on multiple sites by offering properties great visibility and reach.
4. NAV management
NAV (net asset value) is one of the key metrics management which can be utilized in a property fund to determine the assets’ investment value. It enables investors to determine whether the property is worth investing in. In other words, it allows investors to understand whether the properties are profitable and future-proof in the long term.
But calculating the nap is not an easy process. It requires Complex calculations to find out the exact value of the property as it involves the magnitude of internal and external market scenarios.
To make this process a simpler one. RPA in real estate comes into play. It automates the complex NAV calculation and offers the real estate business seamless benefits.
- It can easily collect valid and processed market data.
- Determine the exact asset value.
- Smart RPA algorithms streamline everything from data gathering to NAV calculation.
5. Document processing
The real estate industry requires to process of a lot of time-consuming and arduous documents, which can engage their employees in those tasks and does not provide 100% attention to high-value tasks. Also, due to the human environment, the chances of errors are likely to happen. Automatic document processing helps them to carry out some of the tasks seamlessly, such as property deed purchase offers, lease agreements, brokerage contracts, vendor payables, property tax assessments, etc. Leveraging the robotic process automation in real estate can help to ease out the following tasks, including-
- It can categorize documents in accordance with the file type.
- It can eat the data entry work.
- It can extract the data and help to process the documents quickly.
[ Also Read: The Game-Changing Potential of RPA in the BPO Industry ]
Final Takeaway: Here’s the Crux!
RPA in real estate helps your business streamline your work processes by automating them and freeing your employees to focus more on high-value-intensive tasks. In this way, you can save operational costs and also get rid of human error. The primary step is to identify the gaps and find a suitable solution. After that, you can determine how to improve the processes and leverage the potential of RPA.
Thinking whether RPA is right for you or not? Whether to understand that your business requires RPA or how you can incorporate RPA in your business: Don’t worry; That’s where the Gleexa team comes in!
We are top-notch RPA consulting services that provide comprehensive consulting services by assisting you whether your business needs to implement RPA or how RPA helps you streamline your processes and operations to reach its full potential.
What does RPA stand for in real estate?
Robotic process automation in Real estate unlocks the potential for real estate businesses to enhance their business productivity and employee efficiency. It enables automation of monotonous and complex work routine tasks to enhance client servicing, help agents identify rented or sold properties, scan and upload valuable data on various sites, offering them seamless visibility, reducing cost, and helping them to tap the most valuable verticals of real estate.
What is RPA in a mortgage?
Mortgage processing takes a lot of paperwork procedures and document verifications which can become a tiresome experience. RPA in mortgage helps to automate the processes from document downloading to upload It. Additionally, RPA in real estate can effectively provide accurate data, improve manual tasks, identify risk exposure, and minimize the loan approval span. In other words, it can make the loan approval process seamless.
What are the three main types of RPA?
Three main types of RPA are as follows
• Attended automation
• Unattended automation
• Hybrid RPA
1. Attended automation
This type of automation RPA bot is a kind of representative that perform the dedicated work procedures and require supervision from the rep. For example, a customer support consultant needs a few monitors and guide steps to execute the transaction. This work can be done with the help of automation code that can be executed by customer support by releasing a code.
2. Unattended automation
It does not require a consultant interaction during the whole process. It is a self-trigger that can run smoothly on servers to minimize the back-office employees’ workload.
3. Hybrid RPA
A hybrid model can combine the characteristics of attended and unattended RPA to perform back and front-office activities by leveraging automation.