Real Estate is one of the biggest sectors involving high amounts of money and also document processing in compliance with laws and rules. In this sector the role of RPA becomes very important given the time consuming process of buying and selling lands, buildings, shop establishments and others.
The tenant onboarding process is time-consuming involving more staff time. RPA bots can be programmed to extract and process information to handle rule-based tasks in the tenant admission process. Robotic Process Automation (RPA) can be deployed for the following tasks in case of tenant on boarding:
Creating a new tenant application
Criminal background checks
Verifications of income, employment, and references
Approval or disapproval of the applicant
Use Case Services Offered
Portfolio management is the process of managing Real Estate assets to preserve and increase value. This can be achieved by managing various assets or acquiring or selling individual components of the portfolio to increase or reduce certain portfolio assets.
RPA enables realtors to list the sold-out/rented properties from the business system and update the data in the multiple websites to offer high visibility of the properties to ease portfolio management.
RPA bots can validate existing customer data on transactions, extracting customer data from various internal sources. Customer info can be verified autonomously or transferred to an employee for review.
RPA can automatically send emails with alerts to frontline staff requesting necessary KYC documentation.
RPA also minimizes human contact with sensitive data that reduces the probability of fraud and compliance issues. This allows a detailed audit in case any issue arises.
Late payments are a common, repetitive and mentally taxing part of Real Estate and Housing Services management. Automating rent payment reminders includes setting up a bot for checking incoming payments for payee information and sending reminders to non-paying tenants.
Bank & Account Reconciliation
RPA can automate the extraction of bank statements from different banks’ documents along with reconciliation and comparison of these bank statements with the general ledger.
RPA simplifies this process by uploading downloaded bank statements to a shared drive or financial application for reconciliation.
The Net Asset Value (NAV) is one of the best metrics to use when assessing the value of a Real Estate Investment Trust (REIT). Real Estate investors should understand NAV because it drives current and future investor returns. For example, an increase in NAV correlates with an increase in cash distributed to investors from the underlying asset.
Real Estate investors can automate some of the NAV calculation steps by using RPA solutions. NAV calculation consists of manual and labour-intensive steps such as collecting, validating, and processing market data and applying this to the funds to calculate a complete and accurate NAV.
For example, Maitland, an investment and fund administration company, automated the NAV processes for 500 of the 700 funds with an RPA solution.
Manual processing of invoices is expensive, time-consuming, and error-prone. Thanks to hyper automation, the addition of advanced technologies to RPA ~80% no-touch AP automation is possible for invoices submitted outside of the company’s Electronic Data Interchange (EDI).
With the addition of machine learning and document extraction technologies such as Optical Character Recognition (OCR) to the RPA, businesses can automate most of the tasks in AP and AR processes.
Thanks to Robotic Process Automation (RPA) technology, 70-80% of rules-based processes can be automated, and realtors can focus on more important tasks such as closing the deal.