Saturday, December 4, 2021
HomeReal EstateTop 5 Tips to Improve your Real Estate Document Processing

Top 5 Tips to Improve your Real Estate Document Processing

Strict and complex regulatory measures, constantly changing policies and market dynamics pose challenges for players in the real estate industry. Realtors are compelled to adopt a flexible document processing framework that adjusts according to such changing requirements. However, given the scores of legal elements – sales, leases, contracts, etc. involved in property documentation; a mechanism to ensure accurate data processing standards is what realtors desperately desire.

What are the top 5 tips to improve real estate document processing?

Deploying the best real estate document processing can prevent lots of hassles. Establishing a process improvement structure is a step-by-step procedure, and to enable you to understand that easily, here are the important and easy-to-adopt real estate document processing tips.

1. Have a metric-based processing

Real state documents like title deeds are replete with complex technical terminologies, and when the details go into respective fields in the database, there shouldn’t be any mismatch. Use a pre-decided set of KPIs to measure the success of your document processing activity. Consider enlisted questions to devise KPIs:

  • How many title deeds were correctly processed in a specific time period?
  • What is the month-to-month, year-to-year accuracy improvement?
  • of errors committed for each field (% accuracy of data capture)
  • Which are the fields with the lowest and greatest accuracy?
  • Operator/document-wise accuracy performance

The above list is just to give you an idea as to how you need to create a document processing evaluation framework. Based on your context, prepare your own list with all possible KPIs.

2. Implement quality control

No process is a perfect process and however you may try, you’ll always find that there is some scope for improvement. Real estate transactions involve dealing with various documents, each of which has its own significance and relevance at different stages. As you move along the document processing lifecycle, note down the issues that you face. Then brainstorm with relevant stakeholders on how you can address and overcome those issues.

Accuracy is not always the sole concern. You may encounter an unexpected operational problem too. For instance, the absence of technology may hamper the processing speed, or inadequately trained data professionals may not understand real estate terminologies.

To deal with issues that slow down the process is to deploy quality control tools such as lean management. Lean mechanisms are a proven way of streamlining document processing. Facilitating continual development, lean iteratively improves the process, helping you identify even the minutest loophole in the process.

3. Automate and improve

Intelligent Document Processing (IDP) involves making use of diverse data capture technologies like intelligent character recognition (ICR). Given the strong need to optimize the operational time of back-office processes, IDP has become a need for realtors now. Digital transformation at important junctions in the process can help you enhance the accuracy of data entry for capturing meaningful data.

Automated data capture helps:

  • Optical character recognition (OCR) speedy and accurate processing of critical documents like title deeds
  • Computer vision allows you to capture text from intricate images
  • Rules-based ETL streamlines data integration efforts
  • Artificial Intelligence (AI) enabled bots to facilitate rapid identification, sorting, and grouping of documents based on the similarity of content.

In order to drive a successful automation implementation journey, first identify opportunities where significant cost savings are possible through automation. Second, drive pilot implementations to understand the feasibility of hybrid (semi-automated) or complete implementations.

4. Streamline audits

Getting your process verified against industry standards from external experts is essential to assess its efficiency. While you strive to meet accuracy and quality parameters, it becomes equally essential to meet regulatory compliances. Audits are the means of ensuring this, and to prevent unexpected or deliberate data leakage and misuse. Depending on the law of the land/or industry-specific standards, audit checklists will have:

  • How the data intake happens (scanning, manual data entry)
  • What data entry mechanisms are followed
  • Are quality control procedures followed or not, if yes then how
  • How data is archived

Audits help you understand, as a real estate company, how to put in place procedures that are consistent with standard document processing practices. Checking process efficiency at regular intervals also helps in monitoring how electronic document and records management systems are performing. Since digital archiving is prone to security issues, a data storage audit helps regulatory authorities understand how your organization controls data retrieval, version control, and record ownership.

5. Outsource for optimization

As a realtor, you need not always have all the requisite resources available with you to streamline the operational processes. Given the budget and time constraints, the option of building a team of in-house experts may not be feasible for you. But this nowhere means that you cannot improve your processes along the lines discussed in the aforementioned sections.

Outsourcing allows you to avail of desired services at a much lower cost as compared to having your own in-house team. Collaborating with experts allows you easily fill the resource gap, as professionals handling different activities become available as a part of a single package.

Advantages of outsourcing real estate document processing:

  • The ready availability of professionals who well understand the nitty-gritty of property transfers.
  • Strong document information verification and validation workflows that ensure data intactness.
  • Easy access to technology such as intelligent data capture and record management applications.
  • Professionals are trained in technology use and understand their context-specific applications.

Conclusion 

Understanding improvement measures and adopting them cannot help you achieve your process reengineering goals if you are not creating pipelines to ensure their sustainable application. Process improvements, therefore, can succeed only if you are creating a culture to maintain and follow good practices on a regular basis.

As a real estate owner, broker, or agency, when encountered with doubts over how to apply and implement document processing improvements, you can engage with real estate document management specialists. Having a talented resource pool of human experts and advanced technology, and strong expertise in process improvement, they are the best fit for your requirements.

Chirag Shivalkerhttps://www.hitechbpo.com
Chirag Shivalker heads the digital content for Hitech BPO, an India based firm recognized for the leadership and ability to execute innovative approaches to data management. Hitech BPO delivers data solutions for all the aspects of enterprise data management; right from data collection to processing, reporting environments, and integrated analytics solutions.

Most Popular