Next Matter's Ultimate Guide to Real Estate Automation and Proptech
In the world of real estate, technology is becoming more and more essential for success — especially in evermore volatile markets. As industry leaders look to cut costs and streamline their operations, proptech automation is emerging as a key solution.
This adds to a recent report where 35% of real estate CFOs are expected to decrease spending in the coming year due to market conditions. Their solution to weather these cuts is to use technology as a long-term solution to survive until the market stabilizes while building resilience for the future.
Today, we'll explore the software solutions real estate professionals are using for automation to drive efficiency and success in their businesses.
In this article,
1. What is real estate automation? Is it different from proptech?
Real estate automation refers to the use of technology to automate and streamline various processes within the real estate industry. This can include everything from property management and marketing to transaction processing and customer service. The goal of real estate automation is to increase efficiency, reduce costs, and improve the overall customer experience.
Proptech, on the other hand, is a specific subset of technology that is focused specifically on the real estate industry: property management. Proptech companies develop and offer a wide range of technology solutions for real estate professionals, including software, platforms, and tools for marketing, transactions, property management, and more.
While real estate automation and proptech are closely related, they are not necessarily the same thing. Real estate automation refers to the use of technology to automate processes within the industry, while proptech refers to the technology solutions and companies that serve the real estate industry. However, proptech often plays a significant role in real estate automation, as it provides the tools and platforms necessary to enable automation to take place.
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2. Real estate CRM software
Real estate CRM (customer relationship management) software is a crucial tool for any real estate professional looking to effectively manage their customer relationships and grow their business. This type of software is used to track and manage leads, nurture prospects, and keep track of customer interactions and interactions with potential customers.
CRM software for real estate often includes features such as lead and contact management, property listings, and appointment scheduling, among others. It can also integrate with other tools and systems, such as email marketing and social media to provide a comprehensive view of customer interactions.
One way in which real estate CRM software is being used to drive automation is through the use of automated landlords. These are CRM systems that are combined with workflow management and automation software to streamline processes such as property management, tenant onboarding, and rent collection. By automating these tasks, landlords can save time and effort while still providing excellent service to their tenants.
Example of real estate CRM software
3. Real estate transaction management software
Real estate transaction management software manages the various tasks and documents involved in real estate transactions. This can include everything from creating and managing offers and contracts to organizing closing documents and coordinating with other parties involved in the transaction.
Transaction management software is widely used in the real estate industry, with reports showing that it is the most commonly used software at 86% of all real estate firms. In fact, when Docusign first launched, real estate was the first vertical they focused on, recognizing the substantial need for a tool to streamline and automate complex transaction processes.
This solution saves time and reduces errors by automating tasks such as document creation and tracking, communication with clients and other parties, and scheduling tasks and deadlines. It can also provide a centralized location for all transaction-related documents and information, making it easier for professionals to stay organized and on top of their transactions.
Examples of real estate transaction management software
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4. Real estate marketing software
Real estate marketing software is a tool that helps create and distribute marketing materials to promote properties and services. This can include everything from email campaigns and social media posts to property listings and other promotional materials.
Marketing software for real estate often includes features such as property listing management and analytics to track the effectiveness of marketing campaigns. It can also include tools for creating and designing marketing materials, such as email templates and social media graphics.
By using this software, professionals can save time and effort on marketing tasks while still reaching a wide audience.
Examples of real estate marketing software
5. Real estate analytics software
Real estate analytics software is used to understand and analyze data related to real estate trends. This can include everything from property values and market demand to local economic conditions and consumer behavior.
Analytics software for real estate often includes features such as data visualization, market analysis, and predictive modeling to help professionals understand and anticipate market trends. It can also include tools for tracking and analyzing performance metrics, such as property values and occupancy rates.
Professionals use this tool to make informed decisions about where to invest, what properties to list, and how much to price them. It can also help them identify opportunities for growth and stay ahead of the competition.
Examples of real estate analytics software
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6. Real estate project management software
Real estate project management software helps create plans, organize schedules, and manage real estate projects. This includes everything from new construction and remodeling projects to tenant improvements and maintenance work.
Project management software for real estate often includes features such as task tracking, budget management, and resource allocation to help professionals stay on top of their projects. It can also include tools for communication and collaboration with team members and other stakeholders.
The use of real estate project management software is becoming increasingly important as the real estate industry evolves. With 20% of offices expected to be renovated into something new — like apartments or stores — and an increasing number of buildings needing to be fortified to withstand upcoming climate challenges, real estate professionals need effective tools to manage these complex projects.
Examples of real estate project management software
7. Real estate property management software
Real estate property management software supports professionals as they manage the day-to-day operations of rental properties. This can include everything from managing tenant relationships and tracking rent payments to scheduling maintenance tasks and handling legal issues.
Property management software for real estate often includes features such as tenant and lease management, financial tracking, and maintenance schedules to help professionals stay on top of multiple properties at the same time. It can also include tools for communication and collaboration with team members and other stakeholders.
This tool helps save time and effort on tasks such as tenant communication and rent collection, while still providing excellent service to tenants.
Examples of real estate property management software
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8. Real estate appraisal software
Real estate appraisal software is able to estimate the value of a property. This is typically done by analyzing various factors such as location, size, age, and condition of the property.
Appraisal software for real estate often includes features such as property data analysis, market analysis, and comp analysis to help professionals accurately estimate the value of a property. It can also include tools for creating and organizing reports and other documentation related to the appraisal process.
This tool can also help save time and effort by automating tasks such as data analysis and report generation, while still providing reliable and accurate appraisal estimates.
Examples of real estate appraisal software
9. Real estate mortgage software
Real estate mortgage software calculates and compares mortgage rates and terms, and processes mortgage applications and approvals. This can include everything from calculating monthly payments and interest rates to managing documentation and communication with lenders and clients.
Mortgage software for real estate often includes features such as rate comparison, loan calculation, and application tracking to help professionals find the best mortgage options for their clients. It can also include tools for communication and collaboration with team members and other stakeholders.
Using this software helps streamline and automate mortgage processes. It can help save time and effort on tasks such as rate comparison and loan calculation, while still providing excellent service.
Examples of real estate mortgage software
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10. Real estate tax software
Real estate tax software calculates and manages real estate taxes. This can include everything from property taxes to transfer taxes and other fees associated with real estate transactions.
Tax software for real estate often includes features such as tax calculation, tax payment tracking, and tax document management to help professionals stay on top of their tax obligations. It can also include tools for communication and collaboration with team members and other stakeholders.
It can help them save time and effort on tasks such as tax calculation and payment tracking, while still ensuring compliance with tax laws and regulations.
Examples of real estate tax software
11. How to connect real estate automation tools together with Next Matter
As shown above, there are many different types of real estate automation tools that can help industry leaders streamline and automate various processes. From CRM software for managing customer relationships to mortgage software for processing loan applications, these tools can help professionals save time and effort while still providing excellent service to their customers in a volatile market
However, with so many different tools available and being used on a daily basis, it can be challenging to keep track of them all and ensure that information isn’t lost.
That's where workflow management and automation software like Next Matter comes in.
Next Matter is a platform that allows you to connect all of your real estate automation tools in one place by creating a streamlined workflow that helps you manage all of your tasks and processes in one workspace.
Connecting all of your tools to a single platform can save the time and effort needed to switch between multiple applications and systems.
Whether you're a real estate agent, broker, or property manager, Next Matter can help you connect all of your real estate automation tools and streamline your workflows, making it easier to manage your business and provide excellent service.
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