How to solve real estate challenges with RPA technology
Published: 2020-09-02 12:01:19

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Being a part of digital transformation, robotic process automation (RPA) software enables companies to streamline workflows and relieve employees from performing manual routine activities. Since RPA solutions help organizations address various business issues, it has gained high popularity recently. 

The worldwide RPA market is anticipated to reach nearly $11.6 billion by 2026, growing from $1.609 billion in 2019, with the CAGR of 32.58% over the indicated period ([Market Insight Reports 2020](https://www.marketwatch.com/press-release/robotic-process-automation-rpa-market-2020-size-share-trends-and-forecast-to-2025-2020-07-07)).

[Analysts at Deloitte Global Survey](https://www2.deloitte.com/bg/en/pages/technology/articles/deloitte-global-rpa-survey-2018.html#) revealed that RPA technology brings plenty of benefits, allowing to improve compliance (92%), increase data accuracy (90%), boost staff productivity (86%), and lower costs (59%). Business owners report they received a payback at less than a year, with an average 20% of full-time equivalent (FTE) capacity provided by RPA software bots. 

Real estate is one of those sectors that can take competitive advantage of RPA integration. In this article, we will describe the main use cases of robotic process automation in real estate. Learn how you can resolve your industry-specific challenges with RPA.

**What is robotic process automation?**

Robotic process automation is software that accelerates mundane, repetitive, and rule-based operations within an organization. Connected with end-user software such as ERP solutions, CRM applications, Microsoft Excel, internet pages, etc., RPA technology replaces people in various tasks, for example, data validation, price comparison, data search or entry. 

With instructions being written into the code, RPA programs automatically replicate human activities interacting with software systems. To meet your business-specific needs, you can configure an RPA tool to support the required processes. It is worth noting that even a non-technical person is able to prepare algorithms for an RPA software bot. 

RPA is applicable across all sectors that have manual workflows. Find out how the use of [RPA helps manufacturing](https://smartym.pro/blog/top-5-rpa-use-cases-in-manufacturing-industry/) and [logistics industries automate multiple tasks and boost efficiency](https://smartym.pro/blog/top-5-rpa-use-cases-in-logistics/).

**The key benefits of RPA solutions for real estate** 

To see RPA advantages for real estate in practice, let’s consider the following example. An employee in a real estate company, let’s name her Laura, has to fill out a spreadsheet every month. She has to open an invoice for each given record and enter the information in rows, save the invoice, then open another, save it, repeating this process until hundreds of rows are completed. 

Once this is done, Laura makes sure that all invoices are accurate and sends them to customers. Although this task is not so difficult, it takes a lot of time, often requiring more than a couple of days (15-20 hours) per month. 

And now imagine how many repetitive and routine activities your agents face every day. Integrating an RPA solution, you can carry out such operations much faster, reducing the time from hours to minutes. Furthermore, specialists will be able to devote themselves to more important and creative tasks, which will increase their job satisfaction.

With robotic process automation tools, you can receive the following advantages: 

- lower costs
- generate higher revenue
- boost staff productivity 
- improve job satisfaction
- increase data quality
- remove human errors 
- enhance customer service


In real estate, robotic process automation tools are applicable in different spheres, from accounting and data analysis to customer service. Since RPA technology provides no risks associated with human errors, it offers a higher level of quality. Let’s see how your real estate company can benefit from using RPA software solutions. 

**The main use cases of RPA solutions in real estate**

1) RPA software solutions in accounting

Robotic process automation solutions are used in back-office operations, for example, accounting. This department has many routine, rule-based, and repetitive tasks such as tracking numerous invoices, documents, online payments, cash transactions, credits, records, and renewals. 

RPA software bots can do it much faster without getting tired. Specialists often have to create heavy reports where 80% of work is copying and pasting. Although this is rather simple, it consumes a lot of time. Data comparison and validation are those activities that are also streamlined with the help of RPA technology. 

What’s more, you can employ an RPA program to extract information from various sources that can include CRM applications, ERP systems, files, reports, online archives, etc., and then structure, format, and share this data. Robotic process automation tools can calculate prices, discounts, commissions, as well as verify transactions. 

2) RPA technology for CDD and KYC 

Customer due diligence (CDD) and know your customer (KYC) are essential tasks for real estate companies that you can streamline with RPA solutions. Verifying client data and identity, you prevent fraud, money laundering, and other risks. This information can include user contacts, payment data, credit scores and histories, etc. 

What’s more, you need to regularly update this data while maintaining high accuracy and meeting security standards. Employing RPA technology, you will automate this manual and time-consuming process from hours to seconds. 

3) RPA software for data search and vetting

Every real estate company has to work with various documents such as deeds, forms, reports, contracts, requests, etc. Employees need to review all of them and verify that information is correct and accurate. 

Data-based operations involve search, validation as well as comparison with other information if necessary. With an RPA solution, you can not only automate these processes but also prevent any errors and discrepancies. 

4) RPA solutions for human resource management

Robotic process automation solutions can help real estate companies to improve human resource management (HRM). Here you can integrate RPA software bots to process payroll, validate applicant information, onboard new employees, and streamline recruitment.  

To improve onboarding, you can use RPA technology to: 

- verify candidate data 
- minimize human errors
- increase data accuracy
- fill out and review new hire forms
- transmit the collected information into the organization’s database
- automatically send notifications to new employees

Medium-sized and large real estate companies often have a lot of work associated with interviewing and segmenting applicants, verifying their information, creating reports. As specialists have to manually input, copy, and past data, the number of errors increases. 

Operations with data generally take at least 40 minutes per one employee, involving the time to review data and correct discrepancies. With an RPA solution, you can reduce this time to 2-4 minutes. This way, you improve the speed by up to 10 times. 
 
You can also use RPA software bots for processing thousands of payroll changes per month. This task may consume 60 hours and more depending on the number of requests and changes in salaries. By leveraging RPA technology, you will be able to lower the processing time by 85% and labor costs by 60%. 

5) RPA technology in customer service 

RPA software solutions can help you improve customer service and boost staff productivity. Here you can streamline a variety of tasks such as:

*Reviewing incoming requests* — an RPA software bot will send them to the required customer service representative or department.

*Updating client information* — when customer data is changed in one file or system, an RPA bot will automatically update it across all real estate company’s systems.

*Sending notifications* — an RPA program can remind customers about appointments, inform them about potential properties and new opportunities in real estate, etc.

*Scheduling appointments* — an RPA bot will send submitted service requests—received via emails, chatbots, phone calls, etc.—to a calendar, mobile or web application, CRM system, accounting platform, or other software systems.  


Robotic process automation solutions won't necessarily lower headcount but they enable real estate companies to reduce labor costs. The key objective of RPA technology is to optimize the load on agents, allowing them to focus on more value-added tasks like business strategy development, decision-making, risk and portfolio management.


**Wrapping it up**

RPA solutions can speed up a wide range of tasks in the real estate industry, including data entry, information validation, customer identity verification, invoice management, payment tracking, request processing, appointment scheduling, and a lot more. 

Remember that you can streamline any activities besides those that are described above if they are manual, rule-based, repetitive, and/or prone to errors. With RPA technology, you will relieve employees from performing them. 

As a result, you will not only increase the overall efficiency but will also reduce costs. A great advantage of RPA software bots is that they are not so expensive to create as, say, a native mobile application. 

If you have questions about RPA use cases or want to receive a consultation, you are welcome to contact [our custom software development company](https://smartym.pro/). We will get back to you within 1 working day and help resolve your issues.