Real Estate is a fast-paced industry brimming with transactions, deals and quick transfers and management of properties. With the rising competition in the real estate industry, conventional processes handled manually are not sufficient to meet the demands and beat the competitors. Automation with real estate robotic process automation (RPA) is revolutionizing this industry significantly.
Real estate robotic process automation utilizes automated software that aligns and executes several business processes. The software-operated robots, often called ‘bots’, are capable of handling tedious, rule based and repetitive tasks efficiently. Here’s how implementation of real estate robotic process automation affects the business:
How is RPA boosting productivity in the real estate business?
Data extensive operations, handling of highly sensitive documents and frauds plough down the productivity of real estate industry. Rpa companies suggest that application of Cloud based RPA can be highly beneficial for boosting productivity.
Here are 3 areas where integrating Cloud with real estate robotic process automation benefit this industry:
- Scalability and Expansion: Cloud RPA increases accessibility of documents and data. This permits management of real estate business remotely and enables dealing with clients from different locations.
- Storage: With Cloud RPA, the chances of data loss, theft and mismanagement are highly reduced. Owing to digital management, misplacement errors become negligible. Another benefit in daily administrational and data entry tasks is that the data entry can be auto filled and corrected based on pre-existing data.
- Security: Integration of Artificial Intelligence (AI) with Cloud RPA enables the system to swiftly perform verification and detect potential frauds. Also, as most of the data is handled digitally, sensitive data is more protected. Data of tenders and bids are very important for real estate business and can determine heavy success and loss for the company. Trusting such data with technology is a more secure option for several companies. The emerging trends in the insurance industry have shown the growing trust on RPA for security.
How does real estate robotic process automation reduce errors?
Humans tend to make errors. In the real estate industry, any mistake can become very costly. With RPA, these errors are significantly reduced to near negligible. The tasks are more streamlined and consistent thereby enhancing proficiency. Operations such as data extraction, validation, correction and migration are performed with high precision.
One of the key advantages of RPA is that it can be easily integrated with other RPA tools, existing systems and even adapt to emerging technologies. This enables us to build a stronger system that reduces errors and even identifies and resolves any mistake quickly.
Can RPA improve efficiency for the real estate industry?
All industries and businesses adopting RPA are reporting higher returns on investment (ROI) and enhanced efficiency. High productivity and profits are yielding high performances for businesses with RPA. Similar trends can be noted with the real estate robotic process automation.
Rpa companies are customizing RPA to not only perform the regular administrative tasks but also field specific operations. For example, RPA is being specialized in performing medical billing for healthcare industry. In real estate, time consuming tasks such as seamless on-boarding of the tenants, payment reminders for rent and even management portfolios can be automated. Top rpa companies such as RamamTech, Appian, Automation Anywhere are designing tailor-made RPA systems for proficient services.
Is RPA worth the investment for real estate business?
The real estate robotic process automation is worth the investment. As RPA handles most of the repeated and typically no-brainer yet heavy workloads, it frees up the human resource. This enables them to focus more on strategies and innovation. This ultimately benefits the business and reaps more profits. While RPA handles the repetitive and mundane operations, your team can focus on closing the deals with the clients.
Another benefit of RPA is that it works 24/7 without needing any leaves or breaks. Thus, the overall productivity has increased. RPA can also be integrated with chat-bots or Conversational AI can be utilized for 24/7 Customer Service. This enhances the overall client and customer relationship with the business and builds customer loyalty towards your business.
For ensuring you make the most of your investment in real estate robotic process automation, it is essential to study the use cases and examples. This helps in identifying the useful strategies already implemented or even in preventing similar mistakes from being repeated. Here are some use cases of real estate robotic process automation:
RPA for on-boarding tenants:
The on-boarding process of tenants requires several time-consuming manual tasks. This blocks human resources in tedious tasks and slows the services provided to customers. The RPA bots can be utilized to automate the following tasks:
- Creation of application for new tenants.
- Verifying the documents and certificates related to employment, income and references.
- Identifying possible frauds and running background checks for criminal record.
- Sorting and selecting applications for approval based on the data derived from preliminary checks. Possible frauds and disapproved applications are marked for supervision.
The automation of the above steps ensures a swift and hassle-free experience for the customers. The efficient and smooth process helps in retaining the tenants and gives the business an edge over the competition.
Real estate robotic process automation for management of portfolios:
The effective management of portfolios is essential for enhancing the value of assets of real estate. The RPA integrated with Generative AIs such as MidJourney and Sora can be beneficial in this operation. RPA can also be utilized for assistance in the following:
- Identification of properties that have a significant growth potential.
- Offloading properties that are underperforming and marking them for re-strategizing.
- Optimization of the business portfolio for higher ROI.
RPA ensures that the portfolio of your business is at its best. This includes aiding in identifying properties for buying and selling as well as maintaining them.
Timely Payment Reminders with RPA:
Irregular, late and delayed payments are a recurrent hassle for most of the property managers. It can be emotionally taxing to remind each tenant to pay on time. RPA assists with dealing with excuses and reminding the tenants by:
- Checking the tenant’s incoming payments.
- Verifying the payee information.
- Sending regular automated emails to all tenants and marking the non-paying tenants.
Automated regular reminders for payment ensure steady and timely cash flow for the business. It also reduces the stress and workload on property managers.
Conclusion:
Embracing RPA for real estate business can bring revolutionizing changes. Real estate robotic process automation is highly beneficial and can significantly enhance business performance, profits and productivity. Automation of repetitive tasks, improvement in accuracy and consistency and high ROI are some of the key benefits. Timely aid and resolution go a long way in building loyalty with the customers. Such benefits enable the business to retain customers and beat the competition. RPA trends suggest that RPA automation is no longer just a luxury for the business but a topmost and essential requirement. Top rpa services companies offer customized RPA for specific requirements of the business. Some of the RPA use cases for real estate business include management of portfolios, regular payment reminders and making the process of on-boarding of tenants efficient.