The Costs of Manual Processes in CRE
Manual processes in CRE are the business equivalent of substituting wood for cold hard cash in a fireplace.
When we think of manual processes in the workplace, we tend to think of major time sucks like quarterly reporting done in spreadsheets. While these large-scale activities are certainly wasteful and should be automated, the real manual processes damaging your team’s productivity and impacting your bottom line are tedious daily tasks. On the surface, these tasks such as phoning a property manager asking for information on a property or digging through files to find financial historicals are trivial and don’t take much time. But do the math and you’ll quickly find these manual processes are doing serious damage. In fact, ServiceNow reports that workers spend more than one full week per month on administrative tasks.
So, you know that manual processes are killing productivity and costing you and your team time. But what can you do? Automation is a concept that has been used to save businesses time for years. The commercial real estate industry has been notoriously slow at adopting technology and automation practices and the bottom lines of CRE firms are suffering because of it.
Thanks to modern technology, you can get back dozens of hours per month in the form of automation. For example, technology can alert you when there is a prime opportunity to sell or refi a property for maximum ROI without any manual analysis. This allows you and your firm to take advantage of opportunities faster than your competition.
Lobby CRE is a “plug and play” automation solution for your commercial real estate firm. The software allows you to report on, visualize, and analyze your properties in real-time from one single source of truth.
Read the Automation in CRE eBook to learn how your firm can be on it’s way to automated profits.