The Impact of RPA in the Real Estate sector with Use Cases
Automating tasks and cost-cutting at the same time is one of the main concerns for any enterprise. Robotic Process Automation (RPA) works best when an organization requires structured data to automate existing tasks. From improving productivity to accelerating time and generating revenue, businesses are leveraging RPA and Intelligent Automation technologies’ benefits to the fullest. Real estate businesses involve multiple data processing tasks, including management of documents, inventory, accounting, among others. These time consuming and data-heavy rules-based processes in real estate reduce the productivity of employees and the business. Deploying RPA and Intelligent Automation technologies to the real estate company allows automating manual and arduous tasks, which enable staff to focus on other important functions, that add more value to their company.
Challenges in the Real Estate Industry
Just like all other traditional industries, real estate organizations also face challenges. One of the major challenges faced by real estate businesses is they find it hard to boost the efficiency of back-office processes. Activities such as invoice processing, data extraction, and document management can take a lot of time and effort.
The above-mentioned tasks are undoubtedly very important for most real estate businesses, but you can’t deny that they will consume a significant amount of employee time and labor.
Real estate businesses are constantly on the lookout for ways to improve the efficiency of the above-mentioned processes. Real estate companies also want to improve the turnaround time for such activities along with reducing the cost.
One of the simplest ways through which real estate businesses can achieve this is to adopt Robotic Process Automation or RPA. RPA will enable companies to automate repetitive and tedious tasks, which takes lots of human capital and time very easily.
Benefits offered by RPA for Real Estate Businesses
As mentioned earlier, real estate business will be able to enjoy a number of benefits by adopting RPA. For starters, adopting RPA technology will improve the efficiency of several processes, as they can be done a lot faster within a digital environment.
The improved turnaround time on different business processes and automation of tedious tasks, which is due to the working of RPA bots will result in cost savings. Accuracy on data entry and several other tasks will increase when using RPA bots, as there will be zero distractions or mistakes.
Perhaps, the most important benefit of adopting RPA is the time saved for staff and employees who had to spend lots of time working on time-consuming tasks. This means that you can move employees into other areas of your business that need more focus.
Use Cases of RPA In Real Estate
Some of the most common processes that Robotic Process Automation will be able to automate for real estate businesses are discussed here.
1. Tenant Onboarding
The problematic initial experience of a prospective client can result in rejection. If that’s the case, the prospect may sign a deal with another landlord. The process of tenant onboarding consists of several time-consuming and manual tasks that may result in a bad experience for customers.
Real estate businesses can program RPA bots for extracting and processing information for handling rule-based processes that are involved in the process of tenet admission. Common use cases of RPA on the process of tenant onboarding are as follows.
- Creating a new application for the tenant
- Criminal background checks
- Employment, income, and reference verification
- Approval or disapproval of the tenant
2. Payment Reminders
Most real estate businesses would agree that late payments are a repetitive, emotionally taxing, and repetitive aspect of real estate management. The good news is that you can avoid the tension by automating rent payment reminders with the help of RPA bots.
Businesses that are planning to automate rent payment reminders should consider setting up an RPA bot to check incoming payments and to send reminders to tenants who have not made the payment.
3. Portfolio Management
Portfolio management can be described as the process or technique of real estate asset management for increasing and preserving the value of the property. Real estate businesses will be able to achieve this by managing different assets or selling or acquiring individual portfolio components.
Robotic Process Automation makes it possible for realtors to easily list the rented or sold-out properties from their business system with ease. In addition, businesses will even be able to update data on multiple sites so that their properties get better visibility.
It is true that RPA can offer a number of benefits to real estate businesses, but there are several challenges involved when adopting new technologies like Robotic Process Automation, Intelligent Automation or Hyperautomation into the real estate industry. However, if you start small by automating a few low-priority business tasks and then gradually move to the big ones, your business will be able to see incremental improvements. As a result, there will be less resistance during the wider adoption of RPA for your real estate company.
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