How Property Management Offices are Using Automation to Save Time and Money
0 min read
How do you handle more work in the middle of a labor shortage without burning out your team?
By automating repetitive, manual tasks wherever you can - our smart bots have been helping companies save millions in industries like healthcare, legal, and financial services. Now we’re doing the same for real estate.
From tenant application verification to maintenance tracking, property management companies and professionals are finding endless ways to automate repetitive tasks. They are improving efficiency and making day-to-day tasks smoother and more accurate. What customer-facing and revenue-generating work will your team be able to focus on when a tireless bot handles the tedious everyday tasks? How much cost savings can you recognize?
What can our smart bots do? A bot is a bit of custom programming that operates your software just like a human, clicking on links, filling out forms, importing data, sending emails, and even reading documents - but with absolute precision. Bots never sleep, never take time off, and never forget to do something because they’re overwhelmed with work..
5 game-changing smart bot use cases for property management companies and professionals
Rather than getting bogged down with running background checks, verifying employment status, checking credit scores, and verifying insurance status, property managers should be able to focus on vetting the more human qualities of a tenant applicant. A custom smart bot can be built to filter through a set of applicants based on pre-defined criteria and then perform various verifications on the remaining applications. At the click of a button, a property manager can automatically narrow their applicant pool down to a handful of promising candidates.
2. Accounts Payable and Invoicing
Financial management and accounting are vital business operations to any organization - but the tasks are tedious, error-prone, and pull property managers away from revenue-generating work. By creating rules to automatically seek approval from the right people for each invoice that needs to be paid, a bot can be integrated into existing workflows within accounting and property management systems. It can even read the invoice details and, after identifying the correct GL account to charge, it can pay the invoice via ACH, wire, or any other online payment method.
There is inherently a lot of documentation involved upon the signature of a new lease. Enable property managers to focus on the face-to-face aspect of welcoming a new tenant; a smart bot can automatically generate all the necessary paperwork, set up the tenant in any in-house or external property management system(s), and initiate recurring bills. And when a tenant is ready to move out, a bot can be used to make all the necessary changes across various systems and documents to ensure a smooth transition.
When managing a high volume of properties, a critical function is staying on top of tenants’ maintenance requests and inspection schedules. Rather than allowing these requests to sit unread in an inbox for weeks or get lost in the shuffle, a custom smart bot can be built to monitor all channels for incoming requests and update internal systems to assign work and initiate work orders. It can even manage invoices and charge tenants for applicable work.
Every day a vacant property sits unlisted is a wasted opportunity. A bot can be employed to run daily checks for any vacant properties and automatically post them to the listing website or across multiple channels. It can pull data from internal systems, MLS, and historical listings to generate a unique listing.
We can automate any workflow across any property management application
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January 9, 2024