RPA in Real Estate
The real estate industry is heavily occupied with multiple data processing tasks, such as management of 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 to play 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 to bridge the gap between IT systems in the digital era. 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 mentioned display how the technology brings various advantages to the real estate industry.
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 verify data on each application rapidly and simplify processes to enroll tenants into an online system by leveraging RPA technology. 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.
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. It is a smooth and rapid process to authenticate client data or send them to the staff for review. R
RPA also can automatically send emails can also be sent automatically by RPA with alerts to front-office employees asking for necessary KYC documentation. In that way, human contact with sensitive data is minimized and fraud is prevented ensuring compliance with the regulations.
Portfolio management can be described as the process or technique of directing real estate assets to preserve and increase the value of the property. 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), the realtors can list the rented or sold-out properties from their system effortlessly. 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 right data to the right place making it easy to validate the accuracy of data for properties, leases, units, and account balances. Asa result, players in the real estate industry can boost their performance in business process management.
Late payments are a troublesome and common issue regarding the business process management for the companies in the real estate and housing services sector.
It is practical for realtors to automate rent payment reminders with the help of RPA bots. By checking incoming payments and sending reminders to non-paying tenants through bots, real-estate companies can effectively manage their finances.
Document Processing & Data Entry
The Real Estate industry inherently involves a lot of paperwork due to legal guidelines and regulations. A huge amount of documentation including property deeds, lease agreements, brokerage contracts, vendor payables and credit applications, and property tax assessments have to be filed and kept. 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.
Net Asset Value (NAV) calculations constitute a basic criterion for measuring the future returns of a real estate investment fund. 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 a variety of 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 is achieved to make more informed decisions.
Back-Office Accounting Processes
One of the major hardships that real estate businesses are going through is improving the efficiency of back-office processes.
When RPA bots are adopted, the manual processes such as reconciling accounts, balancing the ledger can be automated. The bots simplify all routine accounting processes including sending invoices, managing expenses, and paying bills. In the end, 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. 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 the efficiency of their companies.
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