Process Mining in Real Estate

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Process Mining in real estate: innovative approaches

While tenants are struggling with rising housing costs and a shortage of living space, landlords and real estate companies are also facing various challenges. Rising interest rates, tighter financing conditions and an increasing density of regulation are putting the industry under pressure. Internally, real estate companies also have to cope with complicated processes. Managing tenants and owners, as well as building administration, requires the interaction of different departments, systems and partners.
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Process Mining offers promising opportunities for increasing efficiency in the real estate sector. This innovative method, which is at the interface between data science and process management, makes it possible to analyze, visualize and optimize business processes using digital traces in IT systems. This offers real potential for the real estate industry. For example, Process Mining can be used to shorten processing times for rental inquiries, and maintenance and repair processes can be handled more efficiently.

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Process Mining for the real estate industry – new opportunities

Process Mining is based on the analysis of event logs that contain information about process flows. The logs record activities with clear start and end points – they are therefore particularly suitable for standardized processes that can be mapped in a structured way in event logs. For this reason, Process Mining is widely used in logistics, for example. Real estate processes are often highly individualized and less structured than processes in logistics or other industries, which is why the application of Process Mining in real estate has received little attention so far.

Nevertheless – or precisely because of the low degree of standardization – Process Mining offers significant opportunities for real estate companies. Process Mining uncovers process patterns even in less standardized environments, thus tapping into previously untapped optimization potential. Process Mining tools combine data from various data points, such as property management software, CRM systems and accounting, to provide a holistic view of processes. This makes it possible to identify and optimize hidden relationships between processes.

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The potential of Process Mining in real estate

As an industry in which many workflows are handled manually, the real estate industry is particularly affected by inefficiencies. For example, unclear responsibilities, media disruptions and inefficient coordination processes lead to avoidable delays in the rental process. Various departments and contact persons are involved, meaning that information from different systems has to be compiled and communication carefully coordinated. Similar challenges arise in the sales process, where lead qualification, property presentation and contract processing are often not optimally coordinated.
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Process Mining in the real estate sector provides a remedy at various levels. By evaluating different marketing channels and their success rates, the method ensures that customer acquisition and lead generation are optimized. Process Mining also ensures greater efficiency in real estate management: the systematic analysis of maintenance requests, damage reports and service processes streamlines workflows and shortens response times.
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The ability to visualize process flows holistically is particularly valuable. For example, it can be used to analyze how delays in the technical inspection of a property affect the entire rental process. This holistic process analysis in the real estate market creates the basis for fact-based decisions and enables continuous improvement of business processes.

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Our Process Mining tools display for every step in realtime, where outliers currently occur, to correct them before they establish. Improve lead times, costs and quality. Reduce commercial risks through process optimization.

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Process Mining for real estate rentals – an overview of use cases

Even though Process Mining is still in the development stage in the real estate sector, the method is already showing great potential for a variety of use cases.

Property valuation, process improvement and pricing

Process Mining supports the standardization and optimization of evaluation processes. The technology analyzes historical evaluation data and identifies factors that lead to delayed or inaccurate assessments. By systematically collecting and evaluating market data, object characteristics and comparison prices, evaluation processes can be accelerated and made more precise.

Optimization of lease management

In the area of lease management, Process Mining enables a more efficient design of the entire contract cycle. The process brings clarity to various process steps – from contract creation to changes and termination. Delays in contract conclusions or extensions can be identified and systematically reduced.

Real estate portfolio analysis

Process Mining creates transparency regarding the performance of individual properties and property classes. The technology brings together data such as vacancy rates, maintenance costs and rental income. By linking these data points, optimization potential in the portfolio can be identified and investment decisions can be made on a more informed basis.

Customer guidance and marketing

Process Mining in real estate examines the customer journey of potential buyers or tenants as part of the sales process analysis. The technology identifies critical contact points and optimizes lead qualification. By analyzing the customer journey, real estate agents can adapt their marketing strategies based on concrete data and increase the conversion rate.
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Implement Process Mining for real estate rentals – with process.science

Despite the low degree of standardization of workflows in the real estate industry, Process Mining can be used to derive various optimizations. If you want to implement Process Mining in your real estate company, process.science is the right choice for you. Thanks to easy integration, existing systems do not have to be converted. The implementation takes place without interfering with existing ERP systems and has no influence on day-to-day business, making it particularly easy to get started. The software uses the existing data streams from real estate management systems, CRM solutions and other sources for an automated process analysis in real time. Connectors are available for all common database and analytics providers, eliminating the need for additional databases or extracts. Our Process Mining can be implemented both on-premise and in cloud environments – data sovereignty remains fully intact, no information is passed on to us. With process.science, you can gain comprehensive insight into your process efficiency in just a few steps.

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