RPA in Real Estate – Why Work with Flobotics?
RPA in Real Estate – Why Work with Flobotics?
Property management is process-centric by nature. Manual processing of data can lead to errors and even become time-consuming, especially in cases such as reimbursing the tenants when they leave the property. So, the answer is yes, property management companies can automate the processes with RPA and reduce the turnaround time, improve the efficiency of managing critical business processes such as financial reporting, and importantly, save costs on hiring people.
The whole real estate industry can’t become fully automated, but some processes can and have to be automated. It is estimated that even 50% of RPA opportunities are missed.
- Tenant onboarding (RPA bots extract and enter data and run the necessary checks)
- Bank and account reconciliation
- Payment reminders (or even automating standardized communication, such as contract renewals or rent increases)
- NAV calculations
- Portfolio management (letting bots list properties, following their statuses and values, and then updating them on all your sites)
- Maintenance management (RPA enables automatic maintenance scheduling and requesting and utilities reporting)
- AP/AR (bots can verify data, run forecasts, or pull payment details from invoices and upload them into your system)
- AML/KYC compliance (RPA algorithms scan customer information for potential regulation breaches or extract this info needed for other compliance assurance duties)
Cutting operational costs due to time savings and productivity boosts; RPA allows to scale up the portfolio without scaling up recruitment; Bots handle arduous tasks and stay sharp at all times; Bots free the employees from manual tasks, so they can focus on customer outreach, negotiations, and high-impact projects; By delivering services faster, better and with fewer errors real estate firm gets more satisfied customers.