'No Hands Real Estate Management'
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By using “Artificial Intelligence” (AI) and “Robotic Process Automation” (RPA), many processes that previously could not be automated can now be automated. Even, or perhaps especially, periodically recurring processes can therefore be handled without the intervention of human hands. That’s what we call ‘No Hands Real Estate Management’. And because this was one of the goals when Bloxs was set up, we have now become very adept at it and it can be seen in many places within our software.
How this is done and what it achieves is best explained by the five examples below.
1. Billing
The contract details show what is to be charged to the tenant periodically (monthly, quarterly, semi-annually or annually) in rent, as well as, for example, advances for service charges, (temporary) rent reductions and any VAT. Regardless of the number of rental contracts managed within an organization, Bloxs periodically prepares a concept invoice for each contract. If this invoice is the same as in the previous period, Bloxs can also automatically approve the invoice and make all the associated financial entries. Depending on the settings in the individual lease, an invoice is prepared for sending to those tenants who want or need to receive an invoice, also fully automatically. The final step, the actual sending of those invoices to the relevant tenants, can also take place without a human hand.
2. Process bank mutations
Within Bloxs, it has been possible for years to link bank account(s) with the bank, including third-party money accounts, or accounts used as such. Downloading files from the bank and uploading them into the software, was already redundant. All bank mutations can be read automatically and daily within your Bloxs application. Bloxs then checks which credits and debits are recognized, to which invoice they belong, links them to the relevant invoices and ensures that the payments are processed and all the necessary entries are made.
3. Process dunning notices
When the bank mutations have been processed, Bloxs knows which tenants are late in paying. Based on your own criteria, the first, second and last reminder can be automatically prepared in draft form. Approving these reminders, which can also take place without human hands, then leads to a reminder document (the reminder), which is prepared for sending to the tenant(s) in question. The final step is the actual and automated sending of the reminders. Only after all or part of the amount due remains unpaid will an employee be notified that manual action is required, such as calling the tenant or calling in a collection agency.
4. Indexing
Within Bloxs, an unlimited number of indexing methods can be set up and used. In a lease, one of these methods can be selected and the annual indexing moment (the month in which and the day on which indexing is to take place) is defined.
Depending on criteria you have set in your Bloxs environment, indexes are automatically prepared in draft form several months before the actual index date. If the indexation percentage associated with the chosen indexation method is known (for a number of index figures, Bloxs is linked to Statistics Netherlands (CBS)), draft indexations can be approved automatically.
The letters for the tenants are prepared for sending and the leases to be indexed are automatically updated, ensuring that the correct invoices and bookings are made in the future as well. Finally, the sending of the ready indexing letters can be done automatically.
5. Rent bills
Up to now, Bloxs already prepared all rent bills in draft form automatically. But also the processing, approval and sending of the rental invoices, including the settlement of the management fee, can now be fully automated.
This works as follows: if the income and expenses of the new rental invoice fall within a margin set by you compared to the previous rental invoice, Bloxs will no longer prepare the rental invoice for checking, but Bloxs will approve the draft rental invoice immediately.
The rental statement itself, including all associated documents such as the underlying invoices, as well as the invoice for the management fee, are thus automatically prepared for sending. Because the actual sending of these documents can also be automated, there is no longer any need for a human hand in this either.
For the actual payment of the balance of the rental account and the management fee, we will be connected to the process we were already familiar with. Depending on the settings of your Bloxs environment, these are prepared in the payment list, or directly in a payment batch.
No Hands Real Estate Management briefly explained
