Algospring, by leveraging data, automation, and analytics, enables faster, more predictable outcomes on complex real estate projects.
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Real-estate data includes a wealth of information that, if used properly can provide powerful insights around accessibility, profitability, and opportunity to support critical decision-making and that brings competitive advantage to the businesses. Few areas in below where Data is helping the Real-estate Industry today.
In digitalizing and automating real estate evaluation (predicting property prices)
Today the biggest deal-breaker in the real estate industry is of course the price. The current price or the expected price in the future of the property helps in deciding if it will be the right investment or not. With the help of data analytics, models can be created using ML algorithms to evaluate the valuation of any property based on the historical relevant information like age of property, location, and condition and can provide an evaluation in a few seconds for overall consideration.
In optimizing the buyer selection process
AI and Analytics can not only help you find the value of your property, but they can also help you find who are the right people who are likely to be more interested in the property based on their preferences, budget, location, etc. Data that is captured by the buyers can be used to recommend to them the properties that fit their needs the most and similarly, the real-estate companies can get the details of the buyers who are the right fit for their offerings, so they can invest the right amount of time and energy to the actual buyers.
In analyzing and monitoring market trends
Today, to sustain a real-estate business, it is crucial to have the right understanding of every aspect that plays a role in the valuation of the property. With the increasing factors, it is very important to keep an eye on the trends and understand what your competitors are doing. Also, there are so many new data points like Human mobility, Demographics, connectivity, etc. that our impacting the price of real estate. Data Analytics becomes very significant in evaluating and monitoring the market trends and understanding the impact of other factors on the real-estate cost.
ENTERPRISE RESOURCE PLANNING (ERP)
Real estate firms frequently use ERP solutions for the backend operation like Contract management, collect payments, pay subcontractors etc. New construction businesses use ERP software to deal with clients, schedule constructions and pay the bills. Once a company has plenty of rental units or inventory, keeping track of all that by hand becomes nearly impossible. At that point, businesses turn to ERP software to help them out.
The beauty in using such ERP is undoubtedly the ease it brings in managing real estate leases. Lease management should be your top priority on your checklist. When you are not working with integrated systems, you run the risk of losing important information about your leases and accumulating net losses. Rigorous lease management enables you to keep full control over your real estate portfolio. The creation of a contract is done according to an established process, which reduces the risk of errors, compared to human management. All the information contained in a lease can be found in one place: rental conditions, renewal deadlines, rental amounts, monthly forecasts, etc.
Overall reduction in project cost
To secure a new project from the clients, real estate and construction companies must provide an accurate budget estimate and timeline required to complete the project. Based on these two essential factors along with the project design, company’s reputation etc., the clients would offer the bid to the respective company. ERP will manage accurate project expenditure and the timeline required to complete the project. They ensure that the actual cost of the project does not exceed much of the projected cost. In this way, the construction or the real estate companies can efficiently utilise the resources and manpower within the allotted budget and time frame.
Access to Real-Time Information
One of the core capabilities of an ERP system is in maintaining data. The system not only allows for multiple data points but also updates information in real-time which brings every stakeholder in the loop immediately. This saves data redundancy and crucially syncs different parts of the business, aiding in important business decisions.
ROBOTIC PROCESS AUTOMATION (RPA)
Robotic process automation has a significant role to play in the transformation of the real estate industry. The technology will allow real estate companies to automate arduous, manual tasks and allow real estate professionals to spend more time on assignments that add value to the business.
Tenant onboarding process requires quite a few diverse manual and time-consuming tasks. These tasks can sometimes lead to a poor customer experience, ultimately resulting in rejection by the prospective client. Implementing RPA to extract and process standardized information regarding the tenant onboarding process to prevent this from happening. Specifically, they can employ RPA to create a new tenant application. Besides that, agents can also utilize it for the background check and verify income, references, and employment. Based on all this information, RPA can automatically approve or disapprove the applicant, shortening the whole process considerably.
Besides the real estate operations, realtors can also implement RPA in various financial operations. For instance, agents can apply it to automate the extraction of different bank statements. It makes the process easier as it uploads the downloaded documents to a shared drive or financial application for reconciliation. RPA can automate 80% of Accounts Payable (AP) and Accounts Receivable (AR). Manual processing takes time, costs money and, is prone to possible errors.
Robotic Process Automation makes it possible for realtors to easily list the rented or sold-out properties from their business system with ease. In addition, businesses will even be able to update data on multiple sites so that their properties get better visibility.