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The business strategy continues to evolve as new technologies and solutions enter into mainstream strategy, but nothing has made an impact quite like automation.
In commercial real estate lending automation is a broad term for technology that takes over tasks and workflows that can be tedious and redundant so that leaders, their teams, and clients can focus on more complex tasks.
Many industries have adopted automated technology to help future-proof their practices and focus on getting ahead of the curve.
As the new standard in commercial real estate lending, RealAtom is dedicated to pushing the envelope in the CRE space and enabling our clients to close their deals quickly and efficiently without error.
Let’s discuss how automation can help enhance business processes and ultimately revolutionize the CRE space by opening new markets and protecting lenders and their clients from redundancies.
🚦 What Does Automation Mean In Business?
Many businesses are automating everything from invoicing to customer engagement as technology continues to advance, and some of the results are staggering.
🙌 Enhanced Customer Interactions
Chatbots, two-sided platforms, automated message screens, and document-management systems help customers get the answers they need quickly while helping customer success agents filter through the top priority requests.
Since adding customer service automations helps make the customer journey smoother, customer satisfaction can tangibly improve.
👨👩👦👦 Team Collaboration platforms
Monday.com and other team collaboration platforms make the life of small and large businesses across multiple industries easier. Inviting your team members to your deal, tracking the status of the tasks, and transparency of process brings accountability that positively impacts the speed and quality of the deliverables. Management has the insights that allow them to identify the red flags before they happen.
🗂️ Back Office Data Management
Due to advances in workflow and analytics software, much traditional support and administrative roles are becoming more automated.
The software can track invoices that can boost collections, automatically pull and issue reports for analysts, and utilize preset templates to create comprehensive reports to send to management teams.
These advancements help streamline workflows across the board and enable decision-makers to respond to new information quickly.
Cleaner Access To Data
Gone are the days of shuffling through towers of file cabinets and paper files. PDFs and data management systems can keep millions of pages worth of information clearly categorized across a vast cloud database, which can be accessed in seconds or minutes.
Cleaner up-to-date data practices ensure that statistical models and strategies always use relevant, real-time information, which can quickly become a competitive edge.
🌐 Why The CRE Lending Industry Should Embrace Automation
Now that we see how automations can help a variety of business processes, it’s time to dive into how CRE Lending can benefit from implementing automated systems.
✳️ Manage Historical Loan Data To Make Future Decisions
Wouldn’t it be great if you could see what made your past loan closings successful or not? Now you can, with reports that can be generated automatically to see what terms and loan profiles worked in the past, and which loans did not garner interest from lenders and brokers.
📊 Reduce Errors And Increase Efficiency
Traditional loan documents require thousands of pages and man-hours to effectively upload the relevant information. This tedious process is prone to many errors from start to finish. Automating your workflows and loans with systems like the RealAtom platform removes the tedious data transfer process and enable team members to work quickly and efficiently.
📈 Acquisition Analytics
Acquisition analysis for new properties used to require analysts to drive around target properties and conduct an incredible amount of research by hand to determine if a potential asset would be a lucrative acquisition.
Now, thanks to big data and automations, analysts can set predetermined parameters in a program to help identify new deals and run simulations to see if they would be worth pursuing.
🤝 Client Relations
Client relations are paramount because they are ultimately responsible for your revenue. Utilizing client relations management tools that can triage and organize information exchange, answer queries, and provide timely answers can reduce borrowers, buyers, tenants, etc frustrations and allow lenders, brokers, landlords to offer the most relevant assistance.
🛠 Final Thoughts
As you can see, automations are extremely powerful in modern business, especially in CRE and CRE lending.
🌇 As the real estate industry adopts new technology, RealAtom will be there to help guide lenders, brokers, and investors in streamlining their processes so they can close deals quickly and efficiently.
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