Business Process Automation (BPA) has been a secret weapon for various companies in the past decade to which the real estate industry has rapidly adopted in recent years. Our previous blog post explained how automation could improve productivity, employee happiness, and even the bottom line. But what tools should you be looking for exactly?
Here are the best real estate business automation practices you should get started with now:
1. Auto-filling documents
The process of buying or selling real estate comes with considerable paperwork: seller reports, sales agreements, legal contracts – you name it. While generating these documents is crucial, it can be extremely time-consuming and risks human error. Luckily, programs don’t get bored or tired as we do, and they can work 24/7 with 100 percent accuracy every time.
Automated document filling can help speed things up tremendously. This technology can recognize document fields, pull data directly from your CRM database, and populate documents instantly. From names, emails, phone numbers to property details, you no longer need to go back and forth, copying and pasting content from Excel spreadsheets to Word documents.
Auto-filling documents will only fill in fields specified by the admin managers, ensuring that all documents are standardized cross-company and that no information will be left out or redundant.
2. Client-Property AI Matching
Throughout the years, you have probably accumulated a long list of clients or leads in your database. Some leads may have turned cold, or some might be old clients whose lease is about to expire. But what if you had the perfect listing that could ignite a new conversation? Going through old profiles to find suitable listings can be a long and tedious process.
However, the power of AI can help you find suitable client-property matches by analyzing the wealth of existing client data. Using machine learning and fuzzy logic, AI algorithms can generate high-confidence search listings and recommendations that match your client’s criteria. These carefully calculated results can shorten the search process immensely and lead to increased efficiency for all parties. Find the perfect listing you need to spark old connections and increase the chances of closing another deal.
3. Web data capturing
With 97% of home buyers using the internet to search for a home, it makes sense for lead-generating websites to be optimized for lead capturing. You can aggregate all customer web data and behavior into your CRM to make better business decisions by implementing automated data capturing.
For instance, from the very first second a lead enters your website or listing portal to submit an inquiry, all user activity is monitored. Your website can record source type, browsing behavior, viewed properties, and time spent on each listing page. Once this data is fed back to the CRM engine, it is translated into digestible data. The fast speed of automating data capture helps streamline information gathering and equips agents with key information to close deals faster.
4. Marketing automation
Keeping your leads warm requires a lot of effort and is a lengthy process, so how can you limit the leaks in your sales pipeline?
By using marketing automation tools such as drip campaigns, you can utilize software to automate communication activities. Drip campaigns are automated processes that send out content to leads at the right moment to move them along the path to purchase. This strategy ensures that clients receive a constant flow of marketing materials over time and that you continuously remain in touch with them.
You can easily customize, schedule, and trigger sophisticated marketing campaigns across different channels based on user interaction and their attributes. Nurture different audience segments at scale and provide specific messaging for your clients at every step of the customer journey. With automated marketing, you can create sales through long-term repeated exposure with your clients, so you never miss another opportunity.
5. Approval management
Large agencies often have compliance and governance structures where multiple managers have to sign off before moving on to the next step. Traditionally, you would have to hunt down each management member and ask for signatures, causing delays and projects to be slowed down to a snail’s pace.
With automation, all you need to do is click “submit for approval” and let the system do the rest. It provides greater visibility on knowing who has signed and who hasn’t, making the process much more manageable. For example, by identifying bottlenecks that hold up efficiency, you can address this immediately to expedite your activity and improve the customer experience.
Automation can vastly improve the efficiency of operations so agents can focus their time on closing deals. To learn more about automating your real estate workflow, CONTACT US for a free demo of our end-to-end agency management software!