In the past, property owners or a committee of members handled the property matters internally, however, managing properties was an exhausting and time-consuming work. Property management companies take away the load from the members and owners by taking care of end-to-end operations of the property professionally and systematically.

When it comes to property management responsibilities, it includes finding tenants, creating documents, doing background verification on them, property inspection and follow-ups, organizing property maintenance and repairs, logging rent receivables, property management accounting for the tax period, and so on.

Property management is process-centric by nature. Manual processing of data is error-prone and even becomes time-consuming especially in cases such as reimbursing the tenants when they leave the property, updating vacant properties, sending rent payment reminders, and so on. In this blog, we explain how RPA will streamline the workflow processes in property management and real estate business.

Reconciliation Process

Reconciliation is a time-consuming process, as it requires the finance department to find information about the money spent and received to balance the final figures. RPA can automatically reconcile the collection of data obtained from the agent and the bank statement. Expedite the mismatch weeding and send auto-notifications to the agent.

Rent Payment Reminders

Retrieving the tenant data from the database and sending the customized rent payment reminders to the responsible agents is a boring and time-consuming task. RPA will automatically retrieve the report from the portal for pending rent as per pre-defined business rules. Set up an automated mechanism to check the rent payments pending for the upcoming month, flag out records, and send auto-reminders to the respective agents to collect the rent amount.

Update Vacant Properties

When the tenant leaves the house, the agent must update the vacancies and do the posting. RPA bots could retrieve the list of the vacant properties from the business system and update the data in the multiple real estate search websites to gain high visibility.

Onboard New Suppliers

The onboarding process is data-heavy, with various administrative to-dos that take a lot of time but are not particularly complex. RPA would expedite the on-boarding of new suppliers. The bot reads the new supplier list maintained and pre-validated in Excel. It then transfers the data to the supplier management system.

In summary

RPA has successfully brought in operational excellence in property management and real estate companies in these ways. With RPA on their side, property management and real estate companies enjoy the benefits of scaling their business and growing their revenue.

About Laiye

Laiye, founded in 2015 by Ivy League Ph.D. graduates, is committed to being a leading Smart Robot platform with global influence in the era of human-robot collaboration. Our portfolio of high-quality, secure products and services covers RPA+AI Solution, including Laiye UiBot (An RPA product), Wulai (An enterprise chatbot platform), and Xiaolai (A companion robot). Join us on LinkedIn, follow us on Facebook, or visit us at laiye.com/en.