In the real estate industry, RPA stands for Robotic Process Automation. It involves the deployment of software robots to replicate typical human actions and automate a wide range of processes. Here are some key points about RPA in real estate:
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Use Cases: RPA in real estate can be deployed in various key business functions, including property and facility management, accounting, marketing, tax billing and reporting, tenant onboarding, portfolio management, NAV calculation, and AML/KYC compliance.
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Advantages: Incorporating RPA in the real estate business can lead to several advantages, such as improved client-servicing, cost efficiency, streamlined processes, and enhanced performance of many tasks due to the speed and consistency of RPA bots.
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Benefits: RPA can make real estate agencies more efficient by automating tedious or repetitive routines, improving client communication, and ensuring consistent results due to the absence of errors or breaks in work.
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Implementation Guidelines: Best practices for implementing RPA in real estate include selecting appropriate use cases, considering the relative backwardness of the real estate sector as a potential benefit, and leveraging the relatively easy deployment and remarkable automation capabilities of RPA to foster digitalization in the industry.
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Platforms: There are various platforms and solutions available for RPA in real estate, such as Kofax RPA, which is part of the Kofax Intelligent Automation Platform, and other RPA solutions designed to automate processes and improve business outcomes in the real estate industry.
In summary, RPA in real estate offers the potential to automate and streamline various processes, leading to improved efficiency, cost savings, and enhanced client-servicing outcomes. It can be applied to a wide range of functions within the real estate industry, making it a valuable tool for modernizing and optimizing real estate business operations.
