The CRE industry, over the last few years, has evolved greatly. There have been many changes in the industry to make it up to date with the requirements of the investors and the renters. But it was not until the covid that the industry finally decided to move on with the technological advancements. Given how other industries or businesses have started implementing AI-based tools for the job, Commercial real estate loan has also taken a big step.
Surprisingly the industry was never the front-runner in adopting new technology. The major reason is the absence of end-to-end automated solutions. After all, the technology companies are seen as too fragmented in the solutions they offer for the CRE industry. In the current post covid world, the trends have evolved greatly. The leaders are now using some form of automation in terms of asset management, property management software, investment management system, or even for documenting the processing solution.
Asset technology continues to evolve and get more sophisticated. The CRE investors have started to use the technology to its maximum potential. The process greatly helps the investors manage locations, new commercial properties, and even the selling process. In the current time, it is no longer a choice for investors to have an underwriting automation tool for keeping up with mundane, repetitive tasks. There is a huge range of options available in the market that one can consider to make the job absolutely easy. The guide here will talk about some of the best solutions you can find in the market. It indeed will be a great help for the CRE professionals.
The best underwriting automation tools
If you are wondering about the CRE software investors use to improve their productivity, then the list here specifies the top 5 options you can consider.
1. ClientLook
It is a well-recognized cloud-based CRM software solution. It incorporates project collaboration, contact management, and corporate social networking all in one solution. Thus, it makes the job absolutely easy.
Features
- One can find the detail of the properties right in one place.
- Help build a personal property universe.
- Easily links properties and contacts.
- Email marketing made easy with email integration.
- Easily manage the track comps and listings.
- Pipeline tracking
- Online marketing
- Updates and activities
Pricing
When planning to make use of the tool, you can start with it by availing its package. The price of the which will be.
- $0 for the new brokers
- $89 per user per month. The amount must be paid annually
- $129 per user per month. The amount is to be paid monthly.
Cons
- The solution requires better filtration on the advanced searches.
- There is no cross-object filtering option.
- The platform does not have reporting capabilities.
2. Docsumo
If you are looking for an automated document processing platform, then your search ends here. It helps the operation team extract the information accurately from any of the documents in the desired layout with no manual setup requirement. The platform offers automated data extraction from a number of CRE documents, such as offering memorandum T12 statements and operating statements. This helps simplify the theory underwriting process. You can now easily classify different document types based on the auto-classification feature and then extract the data with about 98% + accuracy with the platform.
Features
- Easy data extraction from images or PDFs.
- Seamless experience for downloading the data in multiple formats.
- Easy processing of all the documents on real-time basis.
- Easy integration of Webhooks or API.
- Filters available for numbers, dates, and regular expressions
- Auto classification of documents.
- Validation of captured data.
Pricing
- Growth- The package is perfect for businesses or startups that are in need of automatic one or two document types.
- Business- The package is perfect for businesses that are in need to capture specific data points from the documents and then work on the data.
- Enterprise- The package is well suited for the enterprise that is in need of processing multiple types of documents, working on the data, and then implementing custom workflow.
Cons
- There is no proper detailing in the API documentation segment.
- There’s a huge requirement to offer better support for processing handwritten documents.
3. Clik.ai
It is an automated underwriting software that works well for CRE needs. Investors can use the platform to boost the underwriting process and manage the asset management function with great speed.
It offers simple plug-and-play cloud software tools. They can easily assist deal makers in carrying out the valuations and the transaction’s due diligence without any difficulties.
Features
- Easy to move data from documents to the servicing software.
- Availability of efficient documents and keyword search for multiple loan files.
- Better servicing for cost efficiencies.
- Automated underwriting process
- Better due diligence
Pricing
Enquire about it
Cons
- The UI experience here can be a bit cluttered
- No proper availability of customization features
- Takes time to understand navigation through the platform
4. Leverton
The platform has won the award for being one of the best AI-powered data extraction and contracts analytics tools. It is extremely helpful for legal and corporate documents. The platform provides a better solution to automate and digitize the lease abstraction. It brings in a layer of human review and then provides the results directly to the top real estate platforms like MRI VTS etc.
Features
- Availability of document and image extraction.
- Availability of legal AI for better due diligence.
- Revenue assurance available.
- Seamless integration with the best real estate accounting and data forms.
- Regulatory complaints
Pricing
One can make use of the platform easily by making a payment of $59 per month for a single user.
Cons
- There is no proper integration with the accounting software.
- No availability of user-faced customization option.
- No proper options to outreach into other industry sectors.
- No automation and complex contract analysis
5. VisualLease
It is an extremely popular management and accounting platform that offers automated calculations. It helps extract the data points required for producing the journal entries. This way, you will have to spend less time finding accurate calculations.
Features
- Better regulatory compliance
- Availability of lease auditing and accounting
- Better document management
- Great portfolio administration
- Localisation and reporting
- Critical date alarm available
Pricing
Enquire about the price
Cons
- Limited feature functionality like that of project management.
- Proper accuracy in mapping
- The implementation job can sometimes be quite tedious.
How can automation tools help the CRE industry?
A global report stated the majority of industries have already made the digital transformation. About 67% of them are focused on artificial intelligence and automation. Real estate, however, has recently started the inclusion of the same. The developers have started to invest in technology across various verticals. This has resulted in positive results.
The use of technology is seen in all segments of the real estate industry. It helps manage assets and finances and can be extremely beneficial for sales. Using automation tools, one can reduce all the hassle or errors with the human workforce. This new technology upgrade will promise better results without much effort.
Whether it is the sales or the management of assets, AI tools can be extremely beneficial. It has offered the convenience and ease of managing the operations without hiring any additional workforce. With the availability of the options available in the market now, it is extremely easy to choose the one that fits your needs well. But remember, different platforms vary. This means choosing the one that is a perfect fit for your budget needs can be extremely easy. Just be careful to analyze the options before making the decisions. You need to see if the platform will actually work well for your requirements. Once you find the perfect one, you surely will enjoy major benefits from it.
It is now time to bring on the change in the industry for better growth and success. Irrespective of your requirement, the availability of the platforms has made things easy to choose the best one. You can even consider taking professional help to understand the platforms and know which one will work well for your specific needs. This will offer you a great closure and will allow you to ease the process of research. You need to understand the implementation of the tool in the business needs. With this, you will be confident using it right and making the most of the tool.
Conclusion
If you plan to bring technological advancement to your business, you can consider connecting with Private Capital Investors. They have got the best professionals who will help you understand the financing options available in the market. They will provide you with great deals that work well for your requirement and ensure you are happy and satisfied with them. The experts can also guide you in the right direction to invest in the right place. They will offer you insights about the industry and the ways you can make use of a specific platform. So wait not and connect with the experts to get the help you require for better management of your property or for bringing in the technological advancement you have been waiting for a long time.
