RPA Real Estate and Property Management Industry Overview
Real estate functions like mortgage applications, credit checks, and background checks are mission critical tasks that take up valuable time. They are repetitive in nature and error prone. By taking these tasks out of the human’s hands and automating them through Robotic Process Automation (RPA) a software bot can do them much faster and error free.
For example, in real estate one typo on a mortgage application can cause major problems from delays in closing to more serious outcomes like credit getting damaged or entire deals falling apart. Automating and optimizing these and other tasks improves critical business processes for forward thinking Real Estate professionals.
RPA offers real estate and property managers optimization for database management. Database management and CRM work are important parts of any organization and in real estate where documentation plays a major role. By instituting RPA and bots to perform the bulk of menial data management work can relieve pressure on the human workforce and also enhance job satisfaction.
Real Estate tasks that can be automated through RPA.
Invoice processing, rental payment processing, property renewal notification and credit applications processing are some tasks that are often performed with a significant amount of manual effort.
Additional ideas for RPA
- Read Credit Applications from emails and import data to a CRM.
- Automate Rental Payment posting and bank reconciliations.
- Cash reporting
- Utility inquiry
- Lease abstract entry
- Contract entry
- Vendor & Tenant compliance
- Tenant credit processing
- Accounts Payable/Account Receivable processing
- Manual report creation
- Month-end close report generation
- File movement
- Data maintenance
- Data analytics
REAL ESTATE RPA USE CASES
The Real Estate business revolves around document-heavy real estate transactions. Dozens of documents could be generated from a single sold property, requiring a significant amount of manual work to process. Given the scale of operations and complexity of these documents, agents spent a great deal of time managing real estate documents, verifying details like financial information, terms of sale, buyer details, etc., costing the organization a significant number of man hours.
Using Optical Character Recognition (OCR) to automate document processing. The Bot captures important information pulled from physical and electronic documents like emails, pdfs. Then allowing RPA Bots to then move the data to various real estate forms and platforms.
Rental Marketing RPA example
A Rental interest email comes in. The RPA Bot reads the email and applies logic based on the content. The Bot then pushes the potential renter into various campaigns depending on that business logic. The Bot can also check inbound emails daily for any responses from the potential renters. If a potential renter responds to the email (clicks on a link) the Bot alerts that particular property that the potential renter is interested in and takes the potential renter out of the campaign. The Bot can also monitor whether the potential renter was contacted and when.