How to deal with Real estate document challenges intelligently?

How to deal with Real estate document challenges intelligently?

Rashmi Soni

How document processing can help your real estate business?

Effective document processing allows real estate companies to save money and time while also improving customer engagement, providing them a competitive advantage.

Structured document processing systems, efficient workflows, and technology-driven procedures give real estate enterprises a competitive advantage in terms of operational efficiencies and client engagement.

What are the most significant problems in the processing of real estate documents?

Because of the transactional intricacies and formalities, real estate document processing is very procedure-intensive. Traditional approaches to real estate document management waste time and money for businesses.

In any real estate company, 20% of the time is consumed in managing paperwork to ensure that every detail is accounted for and traceable. Unlike digital documents, managing physical documents has a fair amount of challenges.

Obstacles in the processing of real estate documents

  • Time and labor-intensive

Repetition and replication are more likely as a result of human dependence and non-standardization.

  • Prone to errors

The huge volume of transactions and the human interface have a negative impact on the accuracy of updates.

  • Accident-prone

Accidental fires, water leaks, and floods can all lead to the destruction of paper records.

  • Added expenses

Inefficiencies in the process due to unnecessary expenditures on labor, infrastructure, and other operations.

  • Less secure

Maintaining data confidentiality and detecting unauthorized changes/additions is difficult.

  • Low customer satisfaction

Customers endure long wait times, little virtual assistance, and trouble accessing records and information.

How can you improve the efficiency of your real estate paperwork processing?

It's a no-brainer that incorporating efficiency into the way you process your property papers is vital. It is also commonly known that it has a direct impact on your bottom line. Let's look at how you can accomplish this today.

We'll take a page from our own book, having spent years consulting and working with clients to assist them to improve their operational efficiencies. We'll also draw on the lessons learned from other prominent real estate firms that have altered their businesses by improving document processing efficiencies.

Steps to take to improve the efficiency of real estate document processing:

Assess the existing scenario.

  • Understanding and documenting your present title and deed management practices is the first step. Figure out what works and what doesn't. All time-consuming, obsolete, repetitive, and resource-intensive procedures, as well as high-cost centers, error zones, and process bottlenecks, should be identified.

  •  Evaluate your present workflow, techniques, and any red flags that need to be addressed.

  • To get the full picture, communicate with stakeholders who are actually participating in the processes.

Set some goals. Determine your key performance indicators (KPIs).

  • Fix your goal on what you want to achieve so that you have a sense of where you are.

  • Make a list of objectives. 

  • It's critical to track and measure performance in order to determine whether you're on the right track. 

  • Determine the critical KPIs you want to track.

  • Work with your real estate company to determine key performance indicators (KPIs) that are crucial to the success of your business. It might be the proportion of property owner name errors, the number of iterations in mortgage paperwork recorded, or the volume of property sales deeds handled hourly.

Make a plan for implementation.

  • Once KPIs are established, create a success plan to help you reach your objectives.

  • Recognize your advantages and determine the areas that need to be improved in order for you to achieve your goal.
  • Optimise operations.
  • Reducing expenses.
  • Rearrange your property document processing.
  • Improve efficiency.
  • Expanding operational agility.

All these actions will speed up and simplify the processing of sale and title deeds, purchase agreements, title clearing certificates, loan and mortgage paperwork, and other similar documents.

Wherever feasible, automate.

Automation is your ticket to higher productivity and a more motivated workforce and you must now look for automation opportunities.

Choose whatever tasks you wish to automate. What level of automation is required to achieve better results? There is no "one-size-fits-all" approach to using automation.

Algorithms read and extract data from unstructured real estate papers in the form of words, paragraphs, or complete pages. Machine Learning algorithms or AI-backed processes can be used to simplify the processing of complex property papers such as closing disclosures, home inspection reports, revisions, or riders.

Measure, monitor, and improve

By redesigning your present practice and replacing it with a lean and agile one, you've reached a significant milestone. You must not only keep track of your KPIs and ensure that you stay on track, but you must also strive for continuous improvement and build effective systems for receiving feedback on present and future performance since increasing efficiency is a continuous process.

About Author

Rashmi Soni

Rashmi Soni is the head of business process management division within Triyock BPO, an integrated data and digital solutions firm. Over the past 10 years, She developed and successfully managed an extensive portfolio of more than 30+ different solutions in the fields of  Data Collection, Automation Services, Data Annotation, research and analysis, and image intelligence. Her primary areas of focus are operational efficiency, operational excellence and AI & automation.

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