Real Estate and Property Management companies process high amounts of data and information. Because of this they make excellent candidates for digital transformation. Whether it is evaluating investments, managing properties, or dealing with tenants, lessors can digitally transform their businesses to be as efficient as possible. In this article we will cover challenges for the real estate space, real estate digital transformation, and what it means to be a digital real estate company.
Specific Challenges to Real Estate & Property Management Companies
Keeping and finding tenants plus tenant communications are some challenges we hear from our clients in this space. Property management and maintenance also is frequently mentioned. Payment issues and collections are typically labor intensive and time consuming. They also directly affect the bottom line and cashflow. Finding staff with the right skills and retaining them is also a challenge for many real estate and property management firms.
Additional Challenges to Real Estate & Property Management Companies
Frequently, our clients in this sector want to take advantage of Business Intelligence or BI tools for better decision making but do not know where to start. Lessors we are in contact with also share concerns that are common across all the vertical markets we address. Some of those challenges include automating back offices for efficiencies, profitability, cost reduction, and improving ROI. Finally like many other sectors small businesses and midsized firms struggle to compete versus large ones. Digital transformation for real estate can help level the field, …as can becoming a digital real estate company.
Digital Transformation in Real Estate
Digital transformation for real estate can take many forms. There is the opportunity to automate many routine, mundane and rules based tasks in real estate and property management. Digital transformation can help tenant interactions, property management and the financial aspect of property investment, ownership, and management to be streamlined.
What exactly comprises digital transformation in real estate? We find that three common technologies address all the needs of the sector when it comes to digital transformation.
RPA (robotic process automation) is a valuable tool and is behind software bots that can perform routine, rules based, and mundane tasks. Typically, there are many of these in real estate firms. If they occur in high volume, they make great candidates for real estate digital transformation.
Cognitive AI is another tool commonly deployed for digital transformation in the real estate space. Conversational AI processes and translates human spoken or written word communication with software applications. It is used in chat bots, web tools, and also to gather information for human workers when they work hand in hand with the AI to perform better, faster, and more efficiently.
Cognitive AI is one more tool we find in digital transformation for real estate. Cognitive AI often takes the form of OCR or optical character recognition tools and allows for the digital processing of documents and forms. Cognitive AI learns over time and gets better at tasks. Documents are the lifeblood of today’s information age companies … and real estate companies have plenty of them.
Current Status of Digital Transformation in the Real Estate Segment
As of now only the largest companies have started their real estate digital transformation journey. Many companies in this space are midsized business, small businesses, and family businesses. At Valenta we can help these SMBs keep up with large enterprises and be a digital real estate company. We offer managed services for RPA and can provide an outside SME (subject matter expert). Digitalization of the back office provides lots of potential for real estate digital transformation. We can also provide software integrations with applications like QuickBooks, Zero, MRI and AppFolio which we have experience with. Digital transformation in real estate can help with keeping and finding tenants plus tenant communications and relationship management. Payment issues and collections can benefit from AI and automation. The optimization of staff can not be under appreciated. Staff benefiting from digital transformation in real estate will be more productive, more fulfilled, and easier to retain.
The Digital Real Estate Company
Becoming a digital real estate company equates to making sure that what can be automated is, … and what can be digitized is transformed. Many tasks can be completely offloaded with digital transformation. RPA, Conversational AI, or Cognitive AI can assist many tasks and workflows. Workers in a digital real estate company will be doing work that only a human can do. They will also be assisted by AI and automation wherever possible. A digital real estate company will be lean and efficient. It will be more profitable and better able to compete locally and globally. All real estate companies should leverage all digital tools at their disposal … If they do not their competitors will. At Valenta we are here to help with digital transformation for real estate. In particular, we want to help small and midsized firms and companies compete against larger entities already using this technology.
Valenta is actively supporting clients in the real estate space. At Valenta we are 100% focused on SMB clients. We help our clients address challenges with growth, process, profits, execution, innovation, strategy, AI and automation, staffing, and digital marketing. We are able to address all of these common pain points and areas for improvement with our core services of Process Consulting, Digital Transformation, Staff Augmentation and Learning Platforms.
We bring global experience to digital transformation and have access to rich AI and digital transformation talent pools offshore. We have a team of local managing partners in cities across North America, Europe, and Australia. We also have partners in Latin America, the Caribbean, and Africa. Our local managing partners work with regional partners who are expert in digital transformation, plus technical resources offshore. Please feel free to contact one of our local Managing Partners to discuss if digital transformation can help automate your real estate and property management business.