What is RPA in the Real Estate and Property Management Industries?
RPA in the Retail industry provides operational cost savings and improved accuracy in many ways. In addition, RPA can facilitate the automation of time-consuming processes which ultimately frees up staff to focus on the most important aspects of customer service.
RPA Use Cases in Real Estate and Property Management
The following are three of the top applications of RPA in Real Estate and Property Management:
- Lease Renewal
- One of the most critical factors in any real estate business is conducting lease renewals on a timely basis. Not only can RPA notify teams of upcoming renewals, but it can also automate much of the renewal rate process by pulling in market data, competitor analysis, and create the renewal documents needed without any human touch.
- Tenant Onboarding
- Tenant onboarding has a high impact on the likelihood of tenant renewal. For this reason, RPA can be used manage the process in the fraction of the time as a more manual process. RPA can be used to conduct criminal background checks, verify income and employment, and provide automated approval or disapproval of applicants.
RPA Benefits in Real Estate and Property Management
- Improved cash flow
- Because RPA streamlines processes, many of the time consuming tasks such as late payment monitoring and reminders can cut our nearly all of the manual work which has traditionally been involved. This promotes timelier cash flow and reduces the issues associated with delinquency.
- Reduced tenant turnover
- We’ve all heard the term, “the customer is king (or queen).” While the current market may be a landlord’s market, there will come a point in time where we will see a shift. Those companies which are improving systems which impact the tenant experience will be the winners when the market shifts.
- Improved Property Management retention
- Our property managers play a key role in our businesses – the industry has high turnover rates due to the stressful nature of the job. RPA can offload much of the manual work of property managers, leading to more productive and happier employees.