Have you noticed the recurring patterns of work you come across? The could be typical work that recurs monthly, weekly, or even daily, like sending emails or having a pizza evening every Friday Robotic Process Automation or RPA can automate this work and take the load off employees. Research believes that more than 70 - 80% of rule or pattern-based work can be completely automated with RPA.
Strenuous office work in real estate can cut down on the productivity of workers. When you get RPA imbibed into your system you save time. Property managers can rather focus on getting new clients and closing deals than do data entry work. Read this article to know how RPA integration is reshaping the real estate business.
What does RPA offer for the real estate industry?
When it comes to real estate, time is money; making quick and aware decisions is needed to timely onboard new tenants and stay ahead in the competition. There are an endless number of property managers out there; if you blink, you miss out on prospective clients. You save this valuable time when you have an RPA system in place.
Imagine that you can simply pass on the load of accounts reconciliation, tenant onboarding, documentation, portfolio management to the system. Repetitive data-driven tasks can be finished in minutes, while your manual labor takes days to do the same.
RPA Trends in Real Estate
Deloitte research believes that Robotic Process Automation will be a universal thing for almost all businesses in the next 5 years. If that is any statistics to take into account then you must rethink your technology selection in project management. Read on to know the rising trends and uses of RPA in real estate that will positively impact your ROI.
Tenant onboarding
The tenant onboarding process has a lot of tasks that work in patterns. Yes, there are some tasks that are catered to individual tenants but the rest of it can be simply automated with RPA. No more losing out on clients because of the delayed onboarding process. Here are the things in tenant onboarding that you train your RPA bots to do,
Creating a new tenant application
Conducting background checks
Verification of tenant financial statements, employment, etc.
Approving or rejecting new tenants
Drawing up lease
Criminal record verification
Automated payment reminders
The pandemic has left all of us practicing social distancing. It is nearly impossible to visit every tenant or write up periodic reminders for tenants and vendors to get rent and other payments. RPA bots can simplify this process if you feed them the data. It will mimic the human task of sending reminders in regular intervals to ensure timely payments.
Late rent payments have also become a significant concern in pandemic times due to the loss of jobs. By 2021 January, the state of California alone had $400 million in unrealized rent from tenants. Sending reminders to these people can be a taxing job; a bot can have you covered.
Portfolio Management
From preserving and managing assets to increasing value, all come under portfolio management in real estate. RPA bots help property managers to make a system-generated list of already sold or rented properties. This way, you will not have to look through piles of papers to get scalable data and understand which properties need better sales.
Accounts and Bank reconciliation work
Extracting bank statements and accounts reconciliation services can be very hectic. But you still need to get it done to close your books on time. RPA can auto-download statements and get them logged into the system for you to work with. Accounts Payable and Accounts Receivable work can also be automated with RPA. Invoice uploading and transaction requests can all be simplified with this.
Perfect NAV Calculations
Assessing the Net Asset Value (NAV) of your property for Real Estate Investment Trust (NEIT) is crucial in understanding your position in the market. NAV calculations drive the current asset values and other future asset expansion plans. Validating and processing these data can very well be automated with RPA solutions.
Automated KYC Compliance
Know Your Customer (KYC) documents are highly confidential, and human handling of these can lead to fraud. When you automate the personal document verification of tenants and vendors alike, your credibility increases, and the work becomes faster at the same time. This system can even send alerts to you when there are discrepancies in the personal documents of clients to help in intervention.
Document processing and data entry work
Any real estate business is bound to have an overwhelming amount of paperwork and data entry requirements. Manually doing them will lead to a lot of errors. From form fill-ups, document processing, uploading, verification, etc. can all be automated with RPA bots and make your life easier.
How to choose your RPA partner in project management?
RPA can mimic and imitate numerous human tasks to provide a more user-friendly experience. Real estate project management has significant scope for this. You need to understand how your RPA software providing partner will help you leverage these features to reduce your office work. Project management UiPath is one such software that has helped several real estate companies automate many of their tasks.
UiPath is one of the leading RPA providers in the industry, and our team of technology experts is here to help you leverage their technology to scale your business. At Assetsoft, we have years of experience working with UiPath to develop RPA bots for our clients. From streamlining testing processes to financial services and internal office work, we can customize the bots to do it all.
RPA technology is highly user-friendly and can transform how you view your tedious office work. The right selection of technology in project management can revamp your business and get you ahead of the curve.
New technology can be daunting for any business, but it is the only way forward in real estate property management. The Assetsoft team is here to guide you through the process every step of the way. Contact us soon to help us understand your automation needs. We will help you custom-build solutions with RPA and implement them in no time.