Whether you are a real estate agent, brokerage or development firm document capture can alleviate inefficiencies in your document heavy processes while allowing you to create business intelligence out of valuable customer information.
BENEFITS OF LEVERAGING DOCUMENT CAPTURE IN THE REAL ESTATE SECTOR
Document capture system has helped real estate companies in transparent transactions and better auditing. All the bills and supporting agreement documents and application forms are stored in one place. There is no chance of human error and hence, due to the absence of manual works, time-saving is at its best. It makes all the dealings and processing efficient and reduces the expenditure in the manual storage of documents, recruiting human resources to process them and creating separate space for storing them.
More and more real estate companies are giving priority to digitize all the paperwork involved in their organization while dealing with properties. Efficient capture, processing, and management of all the papers through document capture technology are becoming popular and implemented in large scale. It is becoming easy to access any document from any place with the storage of captured documents in the cloud system. With advanced technology, companies do not have to keep manual track of loan installments to be paid, rent and lease amount to be obtained, payment installments for construction works. Everything is computerized and timely reminders come up automatically.
USE CASES FOR DOCUMENT CAPTURE IN THE REAL ESTATE SECTOR
Contracts contain lots of information that can be transferred to client accounts in brokerage CRM systems using document capture.
With the recent regulations of FASB, property and equipment leases now need to be featured as a part of the balance sheet. Document capture allows for the relevant parts of the lease agreement to be extracted and transferred to the relevant software where the balance sheet is then generated.
Real estate agents garner valuable information about their clients when they meet and discuss their needs for the first time. The information stuck in those paper forms can be extracted and turned into business intelligence using document capture.
Whenever you are buying or selling a high-budget product, it involves a lot of documents, forms, and bills. This count of documents and forms increases in multifold when it comes to the real estate sector. Starting from buying a land, constructing the building, and selling it out, there are so many documents and forms that need to be created, processed and maintained for future reference. In this world of digitisation, using the document capture technology is the best option any real estate companies. It takes away the headache of maintaining so many documents and forms like the bill of sale, bill of lease and rent, loan processing forms, mortgage applications, agreement forms, terms of sale and usage, deeds and likewise.
Real estate is a paper-intensive sector. There are so many different types of documents, forms, and bills involved in different real estate dealings that processing and managing them manually lead to mistakes and consume so much time. They also take up a lot of space especially for companies who deal with hundreds of real estate properties at a time. Every stage involves multiple documents and forms such as transfer of ownership, loan agreement, mortgage applications, constructional agreements, legal documents from the local government bodies, bill of sale, rent agreement, lease agreement and the list can be endless.
We utilised CaptureFast Mobile Capture Application to digitise Personal Pension Application forms. We were able to eliminate time lost during the messengering of documents, speeding up the process by 40% and we were able to complete enrolment process immediately while the agent was serving the customer.
We used CaptureFast cloud platform to extract information from health invoices and insurance policy application documents. Automating these processes allowed us to reduce personnel by 50% and increase data processing speed by 70%.
We utilised CaptureFast mobile capture application in order to create a digital archive of protocols and contracts. We were able to digitally archive 200K documents in one year.