Workflow Automation Software: Streamlining CRE Processes

Did you know the average real estate professional spends 10% of their time on repetitive manual tasks like data entry, document organization, and task tracking? 

These inefficiencies cost time and money and leave little room for strategy.

Workflow automation software is a game changer for commercial real estate (CRE) professionals. It can streamline tasks, reduce errors, and increase productivity.

It refers to the process of using technology for automating routine tasks and business processes with no human intervention being required. 

For the CRE industry, where operations are often bogged down by complex workflows, the benefits of automation are massive. Manual data entry, inconsistent task management, and inefficient communication can hold back opportunities for growth and operational efficiency.

According to McKinsey, automation can increase productivity to a huge degree. With workflow automation tools, CRE professionals can manage workflows better, reduce human error, and focus on high value activities like tenant management and property valuation. 

In this article, we will cover:

• Benefits of workflow automation for CRE operations
• What to look for in workflow automation tools
• Why Blooma is the best workflow automation software for you

Let’s dive in!

The Benefits of Workflow Automation in CRE

Before managing workflows with CRE software automation, you must first understand the benefits it poses for your business. 

Source: ServiceNow

Here are the three main benefits to know: 

• Enhance Productivity with Increased Efficiency: A workflow automation tool speeds up tasks by reducing the time taken for manual tasks like data entry and task assignment. Automating repetitive tasks saves time and minimizes manual errors so you get more accuracy. With less time spent on mundane tasks, CRE professionals can focus on high value activities and be more productive.
• Improved Decision-Making: The best workflow automation tools give you faster access to key data and insights. With real-time updates and centralized data management, you can make data driven decisions. Automated workflows also enable better risk management by highlighting issues early and providing tools to address them proactively.
• Boosted Customer Experience: Having a workflow automation platform is key to the customer service workflow. By automating communication and speeding up response times, these tools ensure a seamless customer experience. Clear and consistent communication through customer service workflow automation builds trust and satisfaction which are essential for building strong client relationships in the competitive CRE market.

How Workflow Automation Software Can Streamline CRE Workflows

In commercial real estate, managing complex workflows and ensuring seamless collaboration can be a nightmare. 

Workflow automation software like Blooma provides a practical solution to simplify processes, automate tasks and reduce manual touch. 

Here’s how workflow management software can help with CRE.

Loan Underwriting

Loan underwriting benefits from automation in the following ways: 

• Automated Document Collection and Verification: Automated workflow software collects and verifies required documentation, eliminates tedious work, and reduces the risk of manual errors.
• Credit Analysis and Risk Assessment: Automation speeds up and improves credit analysis. An automated system can identify risks and insights.
• Faster Loan Approval Process: Automation workflows processes data and analysis effortlessly, reducing loan approval time, and maintaining compliance.

Loan Monitoring

Loan monitoring is a critical function for CRE workflows. Here’s where it makes a difference:

• Real-time Portfolio Monitoring and Reporting: Workflow automation gives CRE professionals real-time visibility into loan portfolios to track performance and detect anomalies.
• Automated Alerts for Issues: When automating workflows, you can take note of red flags like missed payments or fluctuating property values so you can intervene timely and reduce manual oversight.
• Risk Management: By automating monitoring tasks, businesses can focus on proactive strategies, minimize risks and optimize portfolio performance.

Other CRE Applications

Apart from the above two areas, other CRE applications where automation can make a huge impact: 

• Property Management: Workflow automation software simplifies property management by automating tasks like rent collection, maintenance requests, and tenant communication. It can reduce manual work, increase tenant satisfaction, and smooth operations.
• Lease Administration: Automation tools manages complex workflows associated with lease agreements, tracking lease expirations, automating renewals and compliance with terms and regulations.
• Asset Management: Automated workflows tracks asset performance, financial reporting and portfolio optimization, helps CRE professionals make data driven decisions and maximize ROI.

Workflow Automation Software: How Can You Streamline Your CRE Processes?

Manual data entry has been a thorn in the side of CRE professionals for ages, resulting in inefficiencies, delays and errors that impact decision making and overall operations. 

Be it for entering financial data, managing tenant information, or tracking property performance, these tedious tasks waste time and resources and increase the risk of human error.

How Blooma Addresses This Challenge

Blooma’s workflow automation software is a centralized platform that eliminates manual data entry and simplifies processes. 

Here’s how:

• Automated Data Capture: Blooma lets users extract and enter data from various documents and sources automatically. Absolutely 0% manual intervention required.
• Error Detection and Correction: AI-powered workflow automation tools detect errors in real-time so data is accurate across all processes.
• Seamless Integration: Blooma can seamlessly integrate with CRM and project management software to create a comprehensive workflow software application that sync data across platforms, leading to a centralized view. 
• Customizable Workflows: The visual workflow builder lets CRE professionals create automated workflows to their specific needs, streamlined and precise.

By automating routine and mundane tasks such as data entry with workflow tools, Blooma lets CRE professionals and project managers like you focus on the evolving business needs and high value activities while being more productive and optimizing business processes.

The Future of CRE with Blooma

Workflow automation is changing the way everything works across multiple industries, not sparing the real estate industry with its revolutionary new applications. 

By automating repetitive tasks, reducing manual errors and data driven decision making, workflow automation capabilities give CRE stakeholders the tools to manage complex workflows and business operations. 

Blooma is a top workflow automation software that streamlines processes like loan underwriting, monitoring, property management and lease administration with its simple interface and AI.

As the CRE industry changes, using technology like Blooma’s workflow automation will be key to operational success. The future of CRE is digital, streamlined and efficient – don’t get left behind.

Are you ready to level up your CRE operations and get with the times on workflow automation? Blooma’s solutions can help you reduce inefficiencies, be more productive and make better decisions. 

Take the next step toward revolutionizing your CRE processes. 

Learn more about why Blooma is best for you on our website, contact us today for a personalized demo, or explore our Intelligence Hub to see how the software can work for you!