7 Most Popular Use Cases of RPA in Real Estate
7 Most Popular Use Cases of RPA in Real Estate
The real estate industry is heavily occupied with multiple data processing tasks, such as managing documents, inventory, and key processes like procurement, accounting, etc. The voluminous document and data-based business processes in real estate reduce the efficiency of employees and industry players. Decision-making becomes an arduous task as the available information becomes limited; thus, business management processes slow down.
In the era of digital transformation, Robotic Process Automation (RPA) has a remarkable role in the evolution of the real estate industry. The technology will allow real estate companies to automate laborious, manual tasks letting real estate professionals concentrate their energy on assignments that add value to the business.
Deloitte reveals that RPA is a proven business technology helping companies with scarce technical resources bridge the gap between IT systems in the digital era. In addition, RPA can be incorporated across IT systems via the front-end, unlike traditional automation enabling integration with virtually any software used by an employee.
The popular Robotic Process Automation (RPA) use cases below display how the technology brings various advantages to the real estate industry.
1. Tenant Onboarding
In the real-estate industry, tenant onboarding procedures can be strenuous and time-consuming as they involve a high volume of manual tasks, which can be burdensome for the clients.
It is possible to rapidly verify data on each application and simplify processes to enroll tenants into an online system by leveraging RPA technology. In addition, Robotic Process Automation bots can be programmed in tune with the demands of real estate companies. So, business process management is grounded on rule-based processes.
Creating new tenant applications, criminal background checks, tenant approvals/disapprovals, and verification of employment, income, and reference are some of the specific uses of RPA by real-estate businesses.
2. AML (Anti-Money Laundering) / KYC (Know Your Customer) Compliance
Just like in other industries, RPA is becoming a sought-after solution to streamline compliance processes in the real estate business. RPA bots can certify current customer information on transactions, obtaining customer data from various internal sources. As a result, it is a smooth and rapid process to authenticate client data or send them to the staff for review.
RPA also can automatically send emails can also be sent automatically by RPA with alerts to front-office employees asking for necessary KYC documentation. As a result, human contact with sensitive data is minimized, preventing fraud and ensuring compliance.
3. Portfolio Management
Portfolio management can be described as the process or technique of directing real estate assets to preserve and increase the property’s value. Businesses in the real estate industry can realize this by managing diverse assets or selling and buying individual portfolio components.
By deploying Robotic Process Automation (RPA), realtors can easily list the rented or sold-out properties from their system. On the other hand, the properties of real estate companies will be more visible with the updated data on multiple online channels.
Moreover, RPA bots get the correct data to the right place, making it easy to validate data accuracy for properties, leases, units, and account balances. Asa result, players in the real estate industry can boost their performance in business process management.
4. Payment Reminders
Late payments are a troublesome and common issue in the business process management for real estate and housing services companies.
It is practical for realtors to automate rent payment reminders with the help of RPA bots. Real-estate companies can effectively manage their finances by checking incoming payments and sending reminders to non-paying tenants through bots.
5. Document Processing & Data Entry
The Real Estate industry inherently involves much paperwork due to legal guidelines and regulations. As a result, a vast amount of documentation must be filed and kept, including property deeds, lease agreements, brokerage contracts, vendor payables, credit applications, and property tax assessments. Accordingly, it keeps the staff in the real-estate business busy filling out and filing necessary documents and physically searching for information when a need arises.
Creating intelligent bots through Robotic Process Automation can be an efficient solution for fulfilling manual, repetitive, often rules-based processes and tasks. Thanks to RPA, players in the real estate industry can decrease costs drastically while gaining speed and accuracy in business process management.
6. NAV Calculations
Net Asset Value (NAV) calculations constitute an essential criterion for measuring the future returns of a real estate investment fund. Therefore, the realtors should execute the related tasks and processes to secure the future of their businesses.
On the other hand, assessing the value of a REIT (Real Estate Investment Trust) in the first place can be tiresome and time-consuming. It requires the collection and processing of data from various sources, then running them through a model to calculate the NAV (Net Asset Value).
Here comes RPA into the scene enabling automation of the process and enhancing data accuracy, thus improving NAV calculations. Consequently, there is a drastic time and cost-saving besides available data to make more informed decisions.
7. Back-Office Accounting Processes
One of the significant hardships that real estate businesses are going through is improving the efficiency of back-office processes.
When RPA bots are adopted, organizations can automate manual processes such as reconciling accounts and balancing the ledger. In addition, the bots simplify routine accounting processes, including sending invoices, managing expenses, and paying bills.
The back-office staff relieves from manual work while the business owners get a consistent cash flow without deficiencies.
The businesses in the real estate industry face various challenging multiple data processing tasks, including management of documents, inventory, accounting, etc. Unfortunately, these tedious and heavily data-based processes diminish the performance of the staff and the businesses.
Utilizing RPA technology in real estate businesses enables automating manual and onerous tasks, thus letting employees focus on major other tasks, increasing their companies’ efficiency.
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