What is Robotic Process Automation? A Complete Guide for Real Estate Agencies and Brokers 

12.04.22 02:35 PM Comment(s) By Assetsoft

In 2020, the robotic process automation (RPA) market recorded a growth of 38.9%. More businesses are looking to achieve operational efficiency in pandemic times, and RPA can be the answer. 

But what does RPA mean? Are we talking about robots like in science fiction movies? 

Let’s explore more! 

What is Robotic Process Automation? 

RPA is simply put, a form of automation technology. It allows you to automate business processes that are repetitive and mundane.  For example, you may use RPA to match invoices with the right expenses. Or, RPA may help you extract data out of leases or even onboard tenants. 


RPA aims to free up employees and precious working hours. It allows your workforce to be more productive and focus on more important tasks. 


The “robotic” in RPA may lead some people to think about robots in science fiction movies. Unfortunately, we are not talking about something so exciting.  The “robotics” in RPA does not involve any physical robots. So, you don’t even have an assembly line of hydraulic hands and arms assembling stuff in the production floor. 


Instead, the “robotics” in RPA refers to software robots or algorithms that follow a predefined set of rules.  Next comes “process” that indicates any business or work process or workflow. For example, the process of matching receipts with the right transactions. The last part is “automation,” which means eliminating human intervention.  Therefore, RPA allows businesses to automate repetitive processes for a host of benefits. 

What Can Robotic Process Automation Do?

RPA has a wide scope that is not limited to any specific industry. You can apply the technology to perform any rule-based process or workflow. 


Perhaps, one of the best use cases of RPA in real estate is automation of back-office tasks. The employees in these departments have to undertake repetitive and structured tasks. The whole process involves a lot of manual effort like tracking payments, invoices, credit card expenses, and more. Additionally, you always have the risk of human errors or fraud that can create more inconveniences. 


RPA is the perfect technology to automate these types of tasks. In addition, you can be sure of accuracy, zero frauds, and absence of any errors.  As a result, RPA is also apt to automate real estate back-office accounting. It can go a long way to save time and costs in managing AP and AR. 


Moreover, RPA is highly suitable for tasks like: 

  • Checking the eligibility of tenant applications 

  • Filling in forms or entering data into systems and software 

  • Running background checks 

  • Updating and managing listings on websites 

  • Extracting data from leases and documents 

Moreover, you may use RPA for a plethora of tasks like lease abstraction, sending payment reminders, qualifying leads, and more. RPA is generally tied to a platform like ERP or property management software. You may also be able to automate unique tasks by creating your software robots. 

Benefits of Robotic Process Automation 

The most basic benefit of RPA is to free up hours of your employees. It brings an instant boost in productivity and helps you eliminate manual labor.  Best of all, your workforce can now concentrate on tackling meaningful tasks. Along with that RPA lets you enjoy a host of advantages like: 

  • Automation robots have an uncompromised memory 

  • They don’t make any mistakes and human errors 

  • RPA can work 24/7 for you without any breaks or day offs 

  • It can perform tasks at lighting speeds that is not possible by humans 


Most importantly, RPA can help you improve operational efficiency. It can be a game changer and help you gain a competitive advantage in these disruptive times.  In addition, RPA can lead to massive cost reductions. You no longer need to pay employees to do mundane tasks that software robots can handle.  Moreover, you can expect a reduction in your overheads and improvement in your bottom line. 

Where Does Artificial Intelligence Fit into the Picture? 

t is not very difficult to think artificial intelligence (AI) and RPA are similar. However, there are a few fundamental differences between the two technologies. 

AI is more focused on human judgment and intelligence, as per IBM. It is designed to mimic human intelligence and can learn to perform new workflows using ancillary technologies. The list includes machine learning (ML), cognitive automation, natural language processing (NLP), and more. 


RPA, on the other hand, is designed to perform human-directed tasks. It can only handle processes defined by an end user and needs an input and output. 

Most importantly, the process should be rule-based. 

Can RPA and AI Overlap? 

AI and RPA both are suitable technologies to reduce the need for manual interventions. However, the two don’t work in the same way to achieve the common goal. 

RPA is only ideal for structured processes based on rules. Therefore, its scope is somewhat limited to eliminate repetitive tasks. AI, on the other hand, can even handle unstructured data and processes. It can identify patterns in data and even improve over time to make complex analyses. 


That being said, AI can empower RPA to perform more complex tasks that require human judgment. For example, you can use AI to power RPA for an accurate valuation of properties. Moreover, RPA can help AI to automate tasks and open up more possibilities. 


Make the Most of RPA with Assetsoft


You need an experienced partner to automate your business processes with RPA. Assetsoft has years of exposure in helping real estate agencies improve operational efficiency. We can help you choose the right technology and automate key processes for your business. 


Contact us today to know how we can help you be more productive and cut costs. 

Know how RPA Can Help Your Real Estate Business

RPA is an automation technology to eliminate manual labor. It can automate most business processes that are based on rules. Therefore, RPA can save precious hours and streamline your workflows. You can also focus on more important tasks, like growing your leads and revenues. Additionally, RPA may rely on technologies like AI to perform more complex tasks. 


We can help you choose the right property management software, from Yardi to MRI - and implement RPA for your business processes.


Know more about how we can help your business today! 

Assetsoft

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