Although last year had some negative effects on all classes of commercial real estate (CRE), it has provided possibilities for innovative CRE companies to utilize technology to get ahead of the curve.
A national consulting company recently published an outlook for CRE, where it mentions how intelligent automation technology can help CRE companies improve their margins. Companies adding intelligent automation technology for operations, transformation and data automation will position themselves as leaders in the customer experience.
To recover and thrive over the near- and longer-term, the CRE industry should focus on managing costs to improve and streamline operations. This involves an in-depth analysis of business processes and identifying opportunities to improve processes and reduce errors. These can include automating your property tax, insurance and common area maintenance fee processes. Thus, work gets done quicker and more efficiently at reduced costs.
SS&C Chorus software has helped companies reduce their operational costs by 20–40%. Solutions such as loan insurance renewal, financial statements and origination allow you to modernize your operations, letting you focus on the more important aspects of real estate. These solutions allow you to digitally transform your leasing process.
Digital transformation is using digital technology in areas of business to change how you operate and deliver value to customers. CRE companies incorporate digital technology for several reasons such as contract tracing, data security, occupancy records, and tax and leasing documents. No longer do you need to hunt through file cabinets or pass work between associates in manila folders.
SS&C Chorus automates your processes, freeing your teams for higher-value tasks, such as directly engaging with prospective buyers and sellers. This increases your chances of more deal closures, directly adding revenue to your bottom line. Lastly, it lowers the risk of human error, making data more reliable and thus making compliance easier.
The commercial real estate industry receives an inordinate amount of documents every year. Lease or sale applications, commission agreements and financing documents can have their data extracted easily through intelligent automation software. This accelerates your processes, making them more efficient, less labor-intensive and risk mitigated.
SS&C Chorus allows you to review processes and operations, providing more efficient ways to get work completed. SS&C Chorus can read structured and semi-structured data at a 98% accuracy rate, including hand-written documents. Imagine not having to decipher hand-written data on applications. This allows you to cut risks and focus on finding better market opportunities.
Although the past year has caused strain on the commercial real estate industry, its future looks bright for companies that add intelligent automation technology. Now is the time for CRE corporations to use software to improve operations, transform digitally, and improve document automation. From improved operations, digital transformation, and data and document automation, intelligent automation technology can be the change you make to lead your competitors in 2022.
For more on how intelligent automation is making life easier for commercial real estate servicers, watch our webinar, Reimagining Insurance Policy Collection in Commercial Real Estate.
Written by Brian Hesse
Senior Product Manager, SS&C Chorus