Handling commercial real estate rentals often involves managing extensive paper documentation. Accessing crucial information within these documents swiftly and conveniently is essential for industry professionals. To meet this demand, it’s crucial to embrace innovative IT solutions supported by Artificial Intelligence.
Commercial real estate rental, encompassing office areas and retail spaces, stands as a robust and continually expanding sector. In Europe alone, the Facility & Property Management market is estimated at USD 360 billion in 2024, with projections indicating a surge to over USD 430 billion by 2029[1]. Meanwhile, in Poland, as per the Polish Facility Management Board, the market boasts an estimated value of 117 billion PLN, with more than 630,000 individuals employed within this dynamic industry.
[1] Facility Management in Europe Market Size & Share Analysis – Growth Trends & Forecasts (2024 – 2029), Source: https://www.mordorintelligence.com/industry-reports/europe-facility-management-market
Challenges in document management for commercial real estate rental
Companies in the Facility & Property Management sector, typically large international corporations, oversee vast real estate portfolios. Renting out each property results in numerous paper documents including contracts, annexes, correspondences, and audit records.
Transferring information from these documents into internal systems for employee access poses several challenges:
The manual data entry process is laborious and time-consuming
Manual entry introduces a heightened risk of errors, compounded by inconsistent data formatting practices. This inconsistency undermines data reliability and complicates analytical efforts.
Furthermore, the time-consuming nature of manual entry hampers data availability, leading to delays in processes reliant on timely information. Prolonged digitization processes also increase the likelihood of data obsolescence upon entry into the system.
High turnover among employees tasked with data entry
The monotonous and repetitive nature of manual data entry often leads to rapid employee turnover. Consequently, there is a perpetual need to recruit and train new personnel, incurring significant costs and causing workflow disruptions.
Elevated expenses associated with document maintenance and processing
Engaging with vast quantities of documents proves to be both time-consuming and inefficient, resulting in inflated operational costs. Even the initial categorization of documents during digitization demands substantial effort. Moreover, locating documents based on specific criteria, such as real estate floor space and associated fees, presents additional complexities and consumes valuable resources.
Costs arising from delays
Restricted access to document information and prolonged data entry timelines can result in significant financial repercussions due to missed deadlines.
For instance, if a rental payment deadline is entered into the system belatedly and subsequently missed, it incurs interest fees. Given the scale of operations and asset management within Property & Facility Management firms, such delays have the potential to culminate in substantial losses, possibly reaching into the millions.
Introducing iDoc for real estate document management
Efficient management of real estate rentals requires seamless access to comprehensive, accurate data extracted from rental documents. Addressing this challenge, we introduce iDoc, a revolutionary solution for real estate information management.
How iDoc operates
Our solution automates the categorization of documents related to real estate rentals, encompassing contracts, annexes, and more. It then identifies various data types within each document, such as contracting parties, dates, addresses, and contract durations. Subsequently, iDoc effortlessly populates company systems with the recognized data, facilitating efficient real estate management.
Powered by Artificial Intelligence and Machine Learning algorithms, this comprehensive process ensures accuracy and reliability. Additionally, iDoc offers the flexibility to expand its capabilities to accommodate new document categories and diverse data types, tailored to the specific requirements of individual businesses or industries.
Benefits of iDoc in commercial real estate management & rental
Utilizing AI/ML algorithms, iDoc automates data capture and entry from various rental documents into internal systems, offering several benefits:
- Reduction in time and costs associated with manual data entry.
- Improved data reliability, minimizing errors and enhancing process efficiency.
- Enhanced accessibility to necessary documents and data for employees.
- Acceleration and cost reduction in processes requiring manual data analysis and searching.
- Comprehensive support for commercial real estate management tasks.
Interested in optimizing your document management?
Seeking a solution to enhance your documentation management efficiency? Contact us to discuss your needs and explore how iDoc can streamline your operations!
