Real Estate: How to Upgrade Property Management by RPA?
As an important part of community service, property management plays an important role in ensuring employment, improving people’s daily life and promoting residents’ consumption.
In the increasingly fierce competition in the real estate market, the importance of property management is gradually emerging, and its advantages and disadvantages have even begun to become the primary conditions for the owners to choose a house. Especially in the past two years, with the uncertainty of the real estate market, the increase of regulation and control policies have also prompted developers to think about the future of real estate, and property management has also moved from behind the scenes to the front of the stage.
Property management is one kind of service, which is process centered in essence. Customer satisfaction and process optimization are the key to the success or failure of property management.
Property management process usually involves a large number of data processing, including various file management, document management, procurement and inventory management, procedure management, accounting processing and so on. Although there are many management systems or software, they still rely on the manual operation. Manual operation often requires property companies to pay higher labor costs, and manual data processing is also prone to low efficiency, high error rate. Unable to effectively understand the asset status in real time, historical customer data cannot be effectively utilized, and performance feedback will lag behind.
Tedious backstage operation process, resulting in low productivity, customer satisfaction rate is difficult to improve, and ultimately leads to the lack of market competitiveness.
With the progress of technology and the development of the times, property management is transforming and upgrading from labor-intensive to technology-intensive and service innovative modern property service industry.
Nowadays, RPA, a process automation technology aimed at optimizing process and freeing hands, can help property enterprises to achieve upgrading.
With RPA, property management companies can realize process automation and shorten turnover time, improve the efficiency of managing key business processes (such as financial reporting), save costs and release human resource.
RPA can assist property managers manage different processes:
1 - Refund money to owner.
If the owner needs to repay the overpayment, the accounts receivable (AR) team will be notified. RPA can help AR team verify and adjust the amount of owner account, automatically send the request to AP team, and AP team will pay owners.
2 - Bank account statement of shared general ledger reconciliation. Generally, downloading bank statements from different banks and comparing them with the general ledger will be a very tedious process. RPA simplified this process by uploading downloaded bank statements to a shared drive or financial application for reconciliation.
3 - Coupon management.
RPA helps create coupons for new owners. The settlement team requires the billing team to generate coupons. RPA helps create and process new requests, it is also useful for the replacement and reimbursement process.
4 - Inform property manager that the general ledger doesn’t match.
RPA can compare the GL code in the template with the budget. If there is a mismatch, that is, if the GL code exists in the template but not in the budget, you can instruct RPA to highlight it as an exception in the excel worksheet and upload it to the shared drive.
5 - Update bank account information.
If the bank account number or the name of the account holder is mistakenly entered in the proprietary tool of the property management company, RPA will correct it by comparing the name and account number with the bank statement and sending it to the general ledger.
6 – Correct payment transfer.
When posting to a wrong account, the bank team will inform the accounts receivable (AR) team. RPA will verify all the posting in the owner’s ledger account. After posting, the bank will be notified of journal entering and transferring.
RPA has successfully brought excellent operating achievement to property management companies through these ways.
With the support of RPA, property companies can optimize the original business process, improve customers’ satisfaction, and expand business scale to achieve the growth of corporate profits.
