Successful real estate professionals understand that real estate is a numbers game that’s reliant on accurate information. Each deal is backed by an in-depth real-estate analysis to identify opportunities, eliminate red flags, and maximize value. It entails crunching numbers, doing the math, and conducting extensive market research for each deal.
While rewarding, real estate research is tedious, lengthy, and expensive for real estate companies and individual investors. The process can be taxing, requiring a significant amount of money and manpower. Given the significant financial implication, it’s essential that you’re sure the juice is worth the squeeze.
Luckily, automation tools are gaining traction in the real estate sector as the industry looks favorable to technological innovations. The shift is apparent from the digital disruption championed by a wave of PropTech companies moving into the space since 2010.
If you’re looking to save time and increase productivity in your CRE analysis, here’s what to look for.
Automated Document Extraction
If you need to evaluate any decision in the real estate business, you likely wade through a mountain of documents to conduct your commercial real estate analysis. The document list is endless, from property deeds, offering memos, purchase and sale agreements, rent rolls, and closing disclosures. Each document plays a critical role in ensuring a smooth sale process and more accurate research.
Unfortunately, manually processing physical documents is tedious and time-consuming. It creates room for errors infusing your otherwise smooth standard operating process with costly inefficiencies. Suffice to say, manually processing documents is slow and super expensive. It’s only fair that you eliminate such inefficiencies.
Luckily, you can automate the data extraction process and stop sifting through each document manually. Automated document processing solutions couple artificial intelligence with an API to extract information from real estate documents.
A document automation system specially crafted for the real estate sector not only saves time but also improves efficiency. For instance, such a tool automatically copies the square footage, unit type, number of bedrooms and bathrooms information, and more from a rent-roll. For sales agreements, it’ll seek out the financial info, the parties involved, dates, and deadlines.
Besides speeding up the process, data extraction gives you a wealth of data to work with. You can use the data to make fast and accurate appraisals, carry out predictive analytics, and make informed decisions. Since data is the new gold in real estate, you can stay ahead of the curve and reinvent your value proposition and identify your ideal target market.
Better yet, the proper document processing tool saves you time and resources while boosting your team’s productivity. The best tools, such as BlueSuit can increase your document processing speed by up to 30X. That frees your staff to focus on revenue generation activities and improving customer experience.
Automation? That brings us to our next important tool to look for:
Using Real Estate APIs with Commercial Real Estate Analysis
APIs, or application programming interfaces, are data transfer technology designed to simplify marketing and save time. These programming interfaces dictate data and information sharing between applications. With an API, you can import data directly from any MLS service provider or another application.
The API defines the processes and laws for retrieving stock information, such as property listing or data from real estate documents. Better yet, the API refines the rules into a single component, allowing for maximum data customization. By coding to the API to integrate with your CMS, you can ensure a predictable and efficient data transfer.
It means you can set up an API and use it to automate your commercial real estate analysis process. An API also allows you to integrate your apps with an MLS provider quickly and efficiently while saving on costs.
The best part of an API is that it uses artificial intelligence to learn and refine your analysis process. The more you run the API, the more it understands your strategy and automatically pulls the data you need for each scenario. That means your analysis becomes more accurate and refined with time to deliver fast, credible results each time.
Industry-Specific Data Tools
To remain relevant in the real estate game and in commercial real estate analysis, you need a fast and innovative solution. It should meet your specific requirements and deliver the data you need. A real estate-specific tool lets you create bulletproof commercial real estate analytics on the fly. You can gather all the data you need to conduct a thorough yet nuanced analysis to identify lucrative opportunities on the market.
Specialized tools account for the different perspectives that players in the real estate sector use to analyze the market. For instance, investors, lenders, property managers, contractors, and brokers approach a property valuation differently.
You can create a checklist of what amounts to a win for each party with the right tool. Typically, commercial real estate analytics fall into six primary categories – property, owner, investment, portfolio, financial, market, and industry analysis. The right software solution reduces conducting these complex analyses to a few clicks of a button.
That saves you time and effort while giving you a huge advantage when generating new business leads. You can group investors into various buyer persona. And group properties according to the mortgage approval rates, pricing range, demand, time on market, and more. Or other relevant categories that you deem relevant to your market and customers.
Cross-referencing these categories helps you identify hidden opportunities that will help you close more deals. Instead of targeting the same properties as everyone else, you can create a custom prospecting system that’s unique to your firm.
A real estate-specific data tool eliminates the tedious, repetitive tasks to bolster your team’s productivity level. With the newly found insights, your team can focus on high-priority work which improves job satisfaction and grows your revenue. By automating the mundane stuff, you can help your team generate quality leads and close more sales.
Time to Start Saving Time
Ready to make your commercial real estate analytics more efficient? Start with the basics and automate the document extraction process with BlueSuit’s Extract API.
BlueSuit is an API that helps brokers and analysts eliminate the error-prone manual data extraction from real estate documents. It speeds up the process by up to 30X to save time while letting you focus on higher priority tasks. With BlueSuit, you can unlock your full potential and skyrocket your productivity!
See BlueSuit in Action.