Like any other data-intensive industry, Real Estate sector can avail of the benefits offered by automation tools
In today’s digital world, one cannot overstate the role of automation in any industry. From streamlining and optimizing rote tasks to minimizing error, automation has helped us in wide gamut of activities. Even in real estate industry which functions on vast troves of data and data related processes like management of documents, inventory, key processes like procurement, accounting and more; automation is helping this sector become more efficient.
Real estate business is a time-expensive venture. Automation allows real estate agents to allocate their time and skills to activities that require greater human intervention, instead of worrying about monotonous tasks. And automation is not limited to just marketing activities in real estate. For instance, agents can leverage automation tools to run their social media campaigns and schedule updates across all of their social media channels. Automation will enable agents to maintain a consistent presence on social media while increasing their online visibility and reaching audiences where they’re most active.
Real estate agents market a property by first evaluating the asset and then curate a list of potential buyers in their network whom they believe will be right for the deal. Automation can help in asset management research, including monitoring property valuations, updating information without manual input, making accurate price estimations for properties, and evaluating the expected return on investments into assets.
While as stated earlier, real estate is a data intensive industry, specific automated tools can help process and document legal papers, licenses, agreements, subcontractor agreements, assessment papers, sales deeds in a confidential manner. The best part of such a feature is that these files can be accessed by agents or customers, from any time and anywhere.
Automation can also enable hassle free monetary transactions as processing payments digitally increases transaction security and speed. Even automated chatbots can help residents pay rent, extend lease and report issues with the property 24/7, which can be communicated to the concerned people and solved quickly and efficiently. Real estate firms can also opt for automating rent payment reminders where tenants can receive updates to check incoming payments and reminders can be sent to non-paying tenants.
Technologies like RPA (robotic process automation) and hyperautomation can also prove resourceful in real estate business. E.g., When assessing the value of a real estate investment trust (REIT), one of the metrics used is net asset value or NAV. It is defined as the total value of an asset, minus any outstanding debt and the cost of any fixed or planned capital expenses. Hence, the process involves manual and labor-intensive steps such as collecting, validating, and processing market data and applying this to the funds to calculate a complete and accurate NAV. Fortunately, calculating NAV can be automated using RPA software.
RPA tools can also schedule and track inspections and appraisal requests in advance, via app and online templates, checklists, generate professional reports and more. Meanwhile, hyperautomation can simplify the property and legal documentation in banks to instantly sanction the loans. It has also made Accounts Payable (AP) and Accounts Receivable (AR) automation possible via RPA tools.
Automation in CRM can also help agents get in front of their target audience and generate more leads. Basically, CRM tools can sync with real estate search platforms and agency social media profiles to gather leads across channels. Then, activity tracking tools monitor and sync potential client activity. This information will allow agents to adjust their outreach strategy for those potential clients and prioritize for personalized outreach using lead magnet (e.g., drip-email campaigns) and others. Automation tools can also enable creating an advert for social media channels using the details of a new property and analyzing those ads’ success.