As the name suggests, real estate automation software is software that automates real estate processes that range from property management to advertising, bookkeeping, property inspections, etc.
The latest (2020) statistics show that the real estate software industry is currently worth $10.45 billion yearly and is projected to reach $21 billion by 2026.
The real estate industry has accepted technological disruption welcoming automation of every single task capable of being automated. What’s more, no one has been left behind. All stakeholders in the real estate industry are benefiting from this automation, (from property owners and real estate agents to tenants, property buyers, property managers, and property maintenance personnel).
To understand real estate automation in-depth, it’s important to explore where the software is applied.
Automating Real Estate Processes
Real estate agents fill and submit real estate documents on a daily basis, they also coordinate showings, meetings with developers, open houses, create operation budgets, maintain client databases, send reminders to clients, etc.
These tasks have been handled manually for decades. Real estate automation software automates such repetitive tasks, freeing real estate agent’s time and resources to other more important tasks.
With good software, all repetitive tasks can be handled remotely with a few clicks. Almost every single repetitive task handled by real estate agents can be automated. The same applies to property owners and other stakeholders like tenants.
The best real estate automation programs out there help property owners track occupancy, maintenance, payments, etc., remotely. Tenants can also get maintenance schedules, pay rent and receive updates via the software.
Marketing is a significant part of real estate. New and existing properties must be marketed constantly. The process is tedious if done manually. The best real estate automation software can collect leads, save that information, segment leads, and create targeted marketing ads that increase conversion.
Instead of calling everyone, the software can do everything automatically and let you know which leads are most likely to buy what property. What’s more, the ads are highly personalized, with automatic reminders sent across the most suitable channels. The software can also automatically maintain and increase interest on the property while freeing up time and resources at the same time.
The best applications can do more i.e., distribute leads automatically to the best suited real estate agent, automate agent notifications, capture all interactions with prospective buyers, and more!
Real Estate Finance & Accounting Automation
Property owners, real estate agents, tenants, among other stakeholders, all have financial tasks. Property owners must handle rent, pay for maintenance, pay their staff, and handle tax matters. Real estate agents need to budget for showings, open houses, commissions, facilitate property purchases/sales, etc.
Tenants also need to deposit, pay rent, utilities, etc. Good real estate automation applications automate all these finance and accounting processes. In fact, there’s no need for any paperwork to record transactions and payments. Everything is fully automated as well as notification on transactions.
While real estate automation software is more than what is discussed above, the information captures the essence of the software. The main purpose of real estate automation programs is to make real estate processes easier and better for all stakeholders (from property owners and real estate agents to tenants, property managers, vendors, etc.).
Automation of real estate tasks done across the industry not only frees time for stakeholders but increases transparency, privacy, accountability, and satisfaction for end customers.
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