Like other global sectors., the real estate industry is also going digital transition and utilizing multiple next-gen technologies to redefine its basic operations. Robotic Process Automation (RPA) is a technology that automates a process by performing the steps and then transferring that information to a computerized system.
RPA in real estate has, in fact, become a hot trend in the market due to its ability to automate mundane tasks and bring efficiency and profitability to real estate businesses.
Although the concept of RPA has remained in the global market for quite a long time, it’s only recently become an automation tool in real estate. As per a finding by Gartner, more than 80% of the companies have implemented or are planning to implement RPA.
So, what benefits does RPA in real estate offers to your business? And how to implement these AI development services in your organization? Let’s uncover answers to all such questions! But before that, let’s understand the concept of RPA in real estate.
- RPA in real estate is a growing trend benefiting real estate companies of all sizes through its automation capabilities.
- You can easily implement RPA in various key areas, including accounting, customer support, property management, compliance management, asset evaluation, etc.
- There are multiple benefits of deploying RPA in real estate, such as reduced operational costs, better customer services, more business opportunities, etc.
- You must understand your business goals and select a proper use case of RPA in real estate before deploying it in your business.
- Connect with a suitable AI development company to explore the latest market trends to successfully implement RPA services.
- Remember to begin with an MVP and test your RPA-based real estate solution before deploying it on a suitable platform.
Table of Contents
What is RPA in Real Estate?
Robotic Process Automation (RPA) is a technology that helps companies automate business processes. In real estate, RPA can help create and update listings on the MLS, pre-qualify properties for sale or purchase, and make other key decisions in the home search process.
Real estate is an industry with more work to do—and even more work behind closed doors—so it’s no surprise that automation is so valuable. In fact, automated processes are already saving time and money for many agents across North America today!
RPA promotes automation by learning about your business processes and redefining them through its smart algorithms. For instance, you can easily get multiple property listings or automate your email marketing operation by implementing RPA in real estate.
Benefits of RPA in Real Estate
Reduced Operational Cost and Improved Efficiency
RPA can help your company save time and resources by processing large volumes of work faster than any human could hope to do it manually. That means you’ll be able to handle more tasks with less staff or capital investment—and you’ll have more time for other things like marketing and developing new services!
Better Customer Service
It is often seen that real estate businesses are concerned about answering every query of their customers. That may be due to the hectic schedule of the agents or the numerous questions they get from different locations.
For this reason, customer service is important to grow your business and reach a wider audience. Hence, RPA services can be beneficial to you. You can deploy RPA services in your customer support operations to automate your replies and other support processes.
Besides that, you can also integrate NLP-driven chatbots in sync with RPA to fully automate your customer support operations. NLP-driven chatbots analyze the true intent of your customer’s queries and answer them most humanly.
Easy Lead Generation
RPA can also be used as a tool for innovation, allowing businesses to develop new processes that are more efficient in attracting customers or retaining them through online channels such as mobile apps or chatbots that provide information about properties.
There are countless documents and legal processes involved in the real estate business. But, to handle those documents, that too for each of your customers, can be a daunting task. But, thanks to RPA in real estate, document management has become a piece of cake.
Whether you need to generate new legal bonds or you want to manage multiple documents of a specific client, RPA services easily manage everything. You can even sort the records based on the year and streamline the legal formalities without any compliance issues with an RPA-based real estate software solution.
Use Cases of RPA in Real Estate
RPA is a process that allows companies to automate repetitive tasks. It was originally developed for financial services and technology but has since been adapted to other fields, such as healthcare and banking.
RPA can help real estate agents save time and money by automating routine tasks like document preparation or data entry. That frees up agents’ attention so they can focus on providing better service to their clients with more creative approaches to problem-solving or negotiation.
But if you think these are the only use cases of RPA in real estate, then wait, there’s more! Here are a few use cases of RPA for your real estate business.
Accounting and Finance Automation
Manually generating invoices and keeping records of the payments received or transferred to the clients consumes the majority of the time of the agents. Besides that, updating the balance sheets and keeping records without a single error is also a daunting task for real estate agencies. But not anymore!
Companies implementing RPA in real estate witnessed fully automated accounting and financial operations. The smart AI technology facilitated automatic invoice generation and data extraction via OCR and other document reader tools. Furthermore, RPA-based real estate software development can also update the balance sheets without any human errors.
Another excellent use case of RPA in real estate is tenant management. Rent payment reminders, document submission, legal processes, and more; there are countless operations related to tenant onboarding. And all those operations, if not performed on time, can lead to the loss of clients and a poor customer experience.
That’s where RPA in real estate comes into play! With RPA-based real estate solutions, you can easily automate your tenant onboarding processes. The smart RPA solutions utilize rule-based algorithms to extract and process all the information related to the tenants.
For instance, they can create new legal documents, process the tenant’s applications, run various background tests, and approve/disapprove the applications based on primary checks. The payment collection and document verification process can also be automated using smart RPA services.
Managing multiple properties at different locations, along with their rental information, selling price, and other legal formalities, is tedious. Besides that, providing such huge data to multiple customers can also lead to time consumption. But that’s not the case with RPA in real estate!
Smart RPA solutions can easily eliminate the tedious tasks of property management by streamlining the data extraction and analysis process. That means you can easily upload multiple property listings and send relevant data to interested customers without any human involvement.
Additionally, you can also know which properties were sold recently and what all properties are listed newly for rental or selling purposes. In short, RPA in real estate drives automation, better management, and more business opportunities.
Asset Value Management
Asset value management is another key area where RPA can be implemented. Calculating the exact value of any property helps investors decide whether it is worth investing in. In other words, they can know what all properties and future-proof and profitable in the long run.
However, calculating the actual asset value or NAV (net asset value) is a complex process. You need to include many internal and external market factors to calculate the exact value of any property. That’s where RPA services come into play!
RPA in real estate automates the complex NAV calculation process, thereby providing investors with more time and an exact asset value. Right from collecting the data to calculating the NAV of any property, everything can be streamlined via smart RPA algorithms.
You must adhere to various compliances and regulations while selling or buying properties. Any documents submitted by you or your client must adhere to the standard guidelines and rules.
Moreover, anti-money laundering (AML) and know-your-customer (KYC) compliance processes are also critical to avoid costly fines. But how can you comply with all those rules without failing penalties? Well, that’s where RPA in real estate becomes helpful!
With RPA-driven real estate solutions, you can easily check multiple documents and can verify whether some extra-legal formalities are needed or not. The smart RPA solutions can even confirm if the client has done the KYC process or not. That way, you remain to adhere to the complaints about the state you operate in.
Lastly, we have back-office automation as our final use case of RPA in real estate. Apart from the primary operations, many secondary tasks are associated with a real estate business. For instance, customer support, marketing, sales invoice generation, legal formalities, etc., fall under the back office operations.
Handling all those tasks requires skills, resources, and time. That’s why many leading companies today leverage RPA-based solutions to automate these back-office tasks. RPA in real estate offers automated customer support, email marketing, document management, and legal process automation.
All of that streamlines the back-office operations, thereby providing more time for the agents to generate business opportunities. Moreover, your operational cost reduces since you do not need to hire more resources to handle the back-office operations.
How Can You Implement RPA in Real Estate?
Implementing any AI development services in your organization requires careful evaluation of your business processes and a deep understanding of your business goals, market trends, and IT services. For instance, you must know what all processes could be automated using RPA services and how you can measure the result after implementation.
Most companies hire an experienced AUI development company to efficiently handle such complex requirements to implement RPA in their businesses. Partnering with an experienced company helps uncover the latest market trends and simplifies your implementation process.
So, whether you connect with an experienced AI development company or hire an in-house development team, here are a few steps to follow for implementing RPA in real estate.
List Out a Suitable Use Case of RPA in Real Estate
The foremost step of implementing RPA in your business is understanding your business goals and evaluating your business operations.
In your case, for instance, multiple processes, including property management, customer management, email marketing, listing, documentation, etc., happen in your real estate business. Hence, you need to analyze key areas that can be automated using RPA services.
Those key areas could be the ones having simple but mundane processes or your business’s most challenging and complex operations. In short, you must finalize one or two use cases of RPA in real estate for your business.
You need to know how RPA can benefit your organization and what resources would be needed to accomplish that task. Furthermore, ensure that you have sufficient knowledge and tools to measure the results of implementing RPA in real estate.
Connect with Experts to Explore the Latest Market Trends
Once you have identified the key area where RPA can be implemented, it is time to connect with the experts. An AI development expert can help you uncover the latest market trends and even help you maximize the output of your RPA implementation.
You can easily know exactly how RPA services will automate your business processes and what additional requirements would be needed to implement RPA in real estate. Furthermore, an expert would also help you identify the latest trends that will enhance your RPA implementation process.
Hence, while choosing an AI development company, always ask them whether they offer market analysis and expert consultation services or not. All in all, always go for the company that provides these kinds of services, or else you may not be able to reap the maximum benefits of RPA.
Create an MVP Before Beginning RPA-based Real Estate Software Development
MVP stands for a minimum viable product and is one of the best approaches to begin your enterprise software development/app development project. That’s because MVP is a functional prototype that offers you a holistic view of your solution.
You can know how certain functionalities would act in your RPA solution and your digital solution’s user experience. In short, navigation, user interface, and features could be accessed with an MVP, reducing the chances of product re-development.
Hence, always begin your RPA software development with an MVP. Decide the appropriate features and designs during the consultation call and check their feasibility by creating multiple prototypes and an MVP before the final development begins.
Pay Heed to Other Nex-Gen Technologies
Apart from RPA, there are many other next-gen technologies that, when implemented, can offer you fantastic results. For example, NLP can be used with RPA to simplify and enhance your customer support operations. Machine learning services can also be used in synch with RPA to magnify the revenues of your real estate business.
Hence, integrate such amazing technologies into your real estate solution to gain maximum benefits. Consult with your development partner to know the best next-gen technologies that can be used in sync with the RPA services.
Develop, Test, and Deploy Your RPA-based Real Estate Solution
Finally, develop, test, and deploy your RPA-based real estate software solution. Make sure you follow the agile development methodology for your real estate software development. That’s because, through the agile method, you can easily get real-time updates about your product after every development stage.
Moreover, you can easily make changes to the product without affecting your previous development cycle. That eliminates the time and cost wastage and also reduces your testing time. Once the RPA solution is developed, you must test it using manual or automated testing services.
Testing will ensure that no bug is left in your RPA-based real estate solution that might cause trouble in the future. Lastly, deploy your solution on any suitable cloud platform to ensure transparency, agility, and security.
RPA is a good way to reduce costs and human error, but it can be difficult to implement. The first step is understanding how you’re currently handling tasks and identifying where they may be duplicative or inefficient. Once you know what needs improvement, the next step is determining which tools will help improve your processes.
While RPA has been around for some time now, it’s still not as widely used in real estate as in other industries, such as banking or insurance companies, because it requires IT expertise that most agents don’t have yet (or even want). However, if you’re looking for ways to improve efficiency without hiring new staff members, consider outsourcing your project to an experienced enterprise solutions company.
That’s where Matellio comes in!
With a decade-long experience in software engineering and AI development, Matellio can be your one-stop solution for implementing RPA in real estate. We can seamlessly design, develop, and deploy your custom RPA-based real estate solution while enhancing your business capabilities.
You get a wide range of professional AI development services, including (but not limited to) expert consultation, market research, competitor analysis, UI/UX, testing, app/software development, tech integration, and more. Besides, we also offer a free, no-obligation quote to help you get an exact idea of your development cost and time.
So, why wait for tomorrow when you can make your real estate business smart and efficient today? Fill out our consultation form to book a free expert consultation call.
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