Robotic Process Automation (RPA) is truly reinventing the way people run their businesses, and real estate is not very far behind in catching up with this trend. Commercial Real Estate especially can benefit a lot from RPA applications and bots integrated into their office systems. Why? The massive workload of any CRE business is unsettling at times, and property managers and business owners can get overwhelmed by the load.
Globally, employees spend more than 10 - 25% of their time doing repetitive office tasks. But luckily, there are many office tasks that are repetitive and tedious, to say the least, which might be boring but have the potential to be automated. This is where RPA comes into play. Automation Anywhere research says that more than 70 - 80% of such office tasks can be automated entirely with RPA bots.
If you are a Commercial Real Estate business owner or manager, you are in the right place. Read this blog to get an in-depth understanding of how you can save a lot of time and money and make boring office work more efficient with RPA and positively impact your ROI.
Opportunities of RPA in CRE
With proper technology selection in project management for real estate, you can seamlessly manage an overwhelming CRE business. Business Insider reports confirm that employees spend 40% of their time in a workday just completing data entry jobs, and it has become one of the most hated work things. And Commercial Real Estate sure does have a lot of back office work with the many properties they have to handle under their portfolio. Here is a list of the diverse uses of RPA your strategy and leadership body can look into for better business.
Compile documents, both legal and contracts, for new and old tenants. CRE documents are filled with bulky data work, and imagine that bots do that? That can happen with RPA; it will free up valuable time from your employees' workday and get the boring tasks off their plates.
Running background checks on all suitable, prospective tenants, their business history, their economic conditions, criminal history, etc.
Automate all data entry work, including reconciliation work and document verifications. Bots can even show red flags for any discrepancies in data and let you manage them before they curveball into a hindrance in your business process overview.
RPA can help you keep up with strict deadlines, send you automated reminders on upcoming deadlines, and help you meet up with all tax and legal compliances of the Financial Accounting Standards Board (FASB).
Commercial or Corporate Real Estate companies also have a huge staff working for them due to the vast number of properties they manage; managing this staff can also be done with the help of RPA. This will help you monitor and achieve workspace optimization.
You can also manage purchase orders with RPA, track payments, send reminders to multiple vendors, manage all customer databases and streamline the process.
Opportunities of RPA in portfolio or asset management
Any CRE company has many properties under its umbrella, and the numbers keep growing constantly. But keeping a constant update on the sale of properties, tenant turnover, and new property inclusion, RPA bots can quickly update this information and not wait for your on-ground staff to update your office staff and then get it updated.
The RPA bots can make updates in real-time and faster to never let you lose out on clients. Read on to know some other exciting uses of RPA in facilities management or portfolio management.
You can pre-schedule all activities on your facilities with RPA - like janitorial work, maintenance work, etc.
You can also monitor all utility spending in your facilities; you can keep track of the energy usage of your assets.
RPA bots can review any payments you make and remind you of any necessary or redundant spending on any of your assets under your portfolio.
It can also help in the asset documentation process. There are many assets that are the same in all your properties but still need to be taken care of. Such repetitive tasks and management can be done with bots. It can also help in the asset documentation process.
The inventory of your portfolio can be seamlessly managed and updated with RPA.
When your real estate is commercial, there are many different properties. Each has many different units under it; visiting everyone individually is a waste of time for your employees. It is better to get bots to do the job for you. RPA can help you draw up data on the carbon footprint levels and check their standards for sustainability for all your properties at the same time.
The Sustainability Accounting Standards Board has observed that focusing on environmental, social, and governance (ESG) factors can help real estate business growth. Even commercial real estate investors are increasingly encouraging these changes and want to do their part in reducing the carbon footprint of real estate. Deloitte data had similar findings and backed up this data that even customers are demanding more sustainable real estate projects to invest in, more than 74% of the surveyed population had the same view.
Furthermore, RPA can reduce paper processes and reduce field visits of your staff; it can help in many different ways to achieve sustainability.
RPA bots can integrate well with your existing project management software, and together they can digitize all of your office work. Compiling utility bills, property occupancy data, vendor management, and making regular reports based on data findings can happen with your bots.
How can Assetsoft help you with RPA integration
At Assetsoft, we can customize an assistive technology implementation plan for your business. We have options to customize the RPA bots with UiPath software and help you leverage the best of technology to manage your properties and back office work at the same time.
We can help you integrate project management UiPath and automate all of your tedious and heavy work and free up your time to focus on other business plans. Our team of real estate technology experts and engineers are here to guide help you through the integration and staff training process to let you make optimum use of the software services.
Talk to us to understand how we work.