Be it from the onset of sudden and serious new challenges, or the gradual ineffectiveness of legacy technology due to emergent tech, disruption is everywhere. In the real estate industry, like so many others, automation is bringing big changes fast. Here’s a look at how technology like robotic process automation (RPA) is reshaping how work happens in real estate and property management.
In real estate, processes like mortgage applications, credit checks, and background checks are core business functions that also eat up a considerable amount of time. They also carry huge risks for clerical errors. One of the primary benefits of RPA is that the software bots can work faster than humans and deliver error-free results. This means RPA bots can not only improve the speed at which work gets done, but also the quality at which it is completed. And while every industry has its own reasons for quality control, in real estate, this isn’t just some small bonus. A typo on a mortgage application can range from a minor inconvenience with delays in closing to absolute disasters, where credit gets damaged or entire deals fall apart. Optimizing these kinds of everyday tasks means improving critical business processes for the real estate industry.
In addition to improving transactional tasks, RPA also offers real estate agents and property managers optimization for database management. Database management and CRM work are important parts of any sales-driven organization, and particularly so in industries like real estate where documentation plays a key role. But they are also time-intensive, drawing significant resources to constantly manage. By applying RPA, bots perform the bulk of the menial data management work, relieving pressure on the human workforce. This, in turn, allows you to apply your time and resources where they matter most: interacting with clients and building relationships.
Looking beyond applications and database management, the industry is also seeing other processes primed for optimization with RPA.
This list is not exhaustive—at the rate, we’re seeing disruption these days, no list could be!—but it includes many other areas where automation is improving real estate and property management.
- AML/KYC (compliance)
- Vendor setup
- Client setup
- Property setup
- Supplier management
- Portfolio management
- Listings management
- Maintenance scheduling
- Rent management
- Work orders
While these are some of the common processes RPA is optimizing, the opportunities are virtually limitless. Any business process that is data intensive, rules-based, and repetitive in nature can benefit from automation. Whether you’re an independent agent or property manager, part of a real estate agency, or running an agency, automation can be a transformative tool for business operations.
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