How Automation Can Help REITs Adapt to a Changing Market
The real estate sector has hit the reset button for the digital era. Technologies such as Big Data, AI, Cloud, machine learning, and automation are enabling faster and more informed decision-making, improved control over assets, and more precise information – all at the push of a button. As businesses and customers make the shift to digital, REITs too are breaking out of their technology-shyness to embrace PropTech, especially for backend operations.
The Tech Punch
The Center for Real Estate Technology & Innovation (CRETI) reported that in Q1 and Q2 of 2022, $13.1 billion was invested in PropTech companies, a 5.6% year-over-year increase over 2021. This growth is understandable considering the significant benefits PropTech delivers to REITs:
- Automating processes: Integrated systems help REITs simplify processes by automating tracking and auditing them. This helps REITs access the most advanced accounting systems in the market and ensures that clients’ accounting practices meet the latest compliance requirements.
- Improving communication: Automation enables better communication by allowing REITs to stay connected with their investors through apps and chatbots, keep them updated on the progress of projects, and resolve queries faster.
- Improving accuracy: Automation also supports audit requirements by reducing human error in processes without compromising data integrity.
- Reporting: Integrated platforms swiftly deliver real-time reporting for quick corrective actions.
- Dashboards: Simple and efficient dashboards with deep capability and automated alert management, prioritization, and task assignment offer a unified view of asset performance.
- Data management: REITs can now store documents on external servers and easily access critical data from any location or device. Management of data across complex structures and disparate data sources is also much simpler now.
- Data-driven decisions: PropTech offers a unified platform for REITs for collecting and analyzing data. This allows stakeholders to study market trends and competitor strategies using accurate data.
- Portfolio level advantage: Managers gain wide visibility across entire portfolios and glean vital insights to drive successful strategic operations and improve asset management.
The RRD GO Creative™ Solution
Partner with us to leverage the following benefits of automation:
- Increased efficiency by streamlining your financial reporting
RRD accelerates the collection of raw data as well as segments the data by period, period comparison, entity, deals, NOI, and top and bottom-performing portfolios so you can obtain meaningful information at a glance. We use macros to consolidate, formulate, and standardize data templates from various financial reports and set up a Tableau dashboard that offers you multiple display options for comprehensive, easy-to-understand, and visually arresting reports.
- Reduce month close time using automated, data-backed solutions
Our Expert-in-the-Loop model combines human resources with intelligent automation solutions to ensure rapid and accurate property accounting processing. Gain flexibility, efficiency, and business continuity without compromising quality.
Our unified accounting systems empower you to consolidate data, streamline financial processes, and improve business intelligence. Enabling smarter, data-driven decisions, we can improve your REIT's business productivity and performance as well as uncover opportunities quickly, stay audit-ready, and obtain easy reporting.
For more information on our REIT services, click here.