Table of Contents
Introduction
Real estate, property, and facility management are essential business segments that provide high ROI to investors. These industries maintain and manage physical assets, such as buildings and properties. Builders and real estate owners often need help managing their assets in this busy industry.
Like many others, the real estate industry is adopting technologies such as Robotic Process Automation (RPA) to streamline processes and improve efficiency and cost-effectiveness.
Robotic Process Automation, or RPA, is an advanced technology that enables industries and companies to automate repetitive and time-consuming tasks using software robots, such as data entry.
You can program these robots to imitate human actions and collaborate with human employees, freeing time and resources for more crucial tasks.
This blog post will unveil RPA’s role and definition in the real estate industry. We will also discuss its impact and game-changing use cases to help you understand RPA’s robustness in today’s evolving digital landscape.
What is RPA in Real Estate?
Like many other industries, real estate businesses often have to deal with time-consuming and rule-based processes related to managing documents, inventory, and accounting. These tasks can reduce the efficiency of employees and the productivity of businesses.
In contrast to the evolving digital landscape, Robotic Process Automation (RPA) comes as a savior. RPA involves the deployment of high-tech software robots & bots that can replicate typical human actions, automating repetitive and high-volume tasks such as property management, finance, accounting, marketing, and sales.
Benefits of implementing RPA in Real Estate
Real estate professionals across the globe are embracing RPA technology for its ability to streamline and optimize workflow. With its numerous advantages, RPA is swiftly becoming the preferred method for real estate professionals.
Enhanced Efficiency: With RPA, agents, and landlords can streamline their workflows and make buying or renting a property more accessible. RPA bots help improve accuracy, quality, and work speed, all essential factors when completing real estate transactions.
Improved Accuracy: Automating data entry and management increases accuracy, reduces errors, and improves efficiency. It reduces time spent on non-critical tasks, allowing more time for crucial tasks that lead to overall success.
Enhanced Communication: The use of RPA technology facilitates smooth communication between real estate agents and buyers/sellers. This improved communication can effectively shorten the time it takes to finalize a real estate transaction.
Reduced Time-to-Market: RPA can help real estate agents reduce the time it takes to bring properties to market. It automates tasks previously done manually, such as data collection and training new agents. This can help agents become available sooner and reduce the costs of hiring and training new agents.
Popular Use Cases of RPA in Real Estate
You can use Robotic Process Automation regularly to automate various processes in the real estate industry. Below are some everyday use cases of RPA in real estate:
Tenant onboarding
The tenant onboarding process involves several manual and time-consuming tasks, which could lead to a negative customer experience. This dissatisfaction may cause potential tenants to reject the opportunity and choose to sign a deal with a competing landlord.
Here comes RPA to the rescue! You can program it to extract and process information, enabling them to handle rule-based tasks in the tenant onboarding process.
Portfolio Management
Real estate portfolio optimization involves selling underperforming properties and acquiring those in high demand or with growth potential.
Using RPA, realtors can automatically list sold or rented properties from ERP systems and update data on multiple websites simultaneously, providing high visibility into available properties.
Payment Reminders
Late payments (EMI, Rent) are a repetitive and emotionally taxing part of real estate management. Automating rent payment reminders includes bot verification of incoming payments and email reminders for non-paying tenants.
Client Management
Real estate companies must meet client requirements to keep clients happy. RPA bots can compare thousands of properties in the MLS to find the perfect fit based on client preferences, saving agents time.
KYC Compliance
RPA bots extract customer data from internal ERP sources to validate transactions, autonomously verify customer info, request KYC documentation, and minimize human contact with sensitive data to reduce fraud and compliance issues.
Billings & Invoices
Manual invoice processing is expensive, time-consuming, and error-prone. Hyper-automation, which uses advanced technologies, can achieve 80% no-touch AP automation for non-EDI invoices.
With RPA augmented by machine learning and OCR, businesses can automate most AP and AR sub-processes like data verification, invoicing, and more.
Bottom Line
Real estate businesses always search for ways to improve efficiency, reduce costs, and streamline processes. One effective solution is implementing Robotic Process Automation (RPA) in the industry.
RPA bots can help companies automate repetitive and tedious tasks that typically require much human labor, time, and money.
By doing so, businesses can save valuable resources and increase productivity. If you are dealing in real estate ventures and looking to hire RPA experts from a reliable RPA development agency, Metizsoft is your one-stop destination. Contact us today!
