How to [easily] Automate HOA Documents Acquisition in 2023
AI is currently a hot topic in the real estate industry. Everyone talks about how AI helps you automate processes, save time, and even get a free personal assistant. But no one talks about how automation can mess up your processes, bring chaos into your set-in-stone workflows, and even delay closings.
Both scenarios are possible, but the world of AI is not black and white. There are many tools you can use to safely and effortlessly automate repetitive processes, such as HOA documents acquisition, and spend your valuable time on more important work.
Benefits of Automating HOA Documents Acquisition
Before we get into the details, let’s see why it is a good idea to automate your HOA documents acquisition process.
The documents appear in your library automatically while you are focused on your work. You never forget to follow up with a client because you have automated reminders. It’s a win-win and a huge time-saver.
You can forget about typos or adding the documents to the wrong file. The automated workflow does exactly what you tell it to do when you tell it. All files are organized and all numbers are correct. You have full control.
Improved customer experience
Documents acquisition takes a lot of time. When you shorten this time in the closing process, you get a competitive edge over your competitors. Clients like quick and easy. Don’t we all?
How to Automate HOA Documents Acquisition, stress-free
There are countless ways you can automate your day-to-day manual processes. Here are a couple of easy and safe automation options that will help you get started.
Automated Notifications and Reminders
Automation doesn’t have to be AI taking over your documents acquisition process. It can be as simple as setting automated notifications for your processes. Think of it as cleaning up your brain space. You don’t have to keep in mind all the little details.
Received a reply from an HOA? An automatic reminder is set to respond in 2 hours, 2 days, or any time you choose. A deadline is approaching? You knew about it because a reminder was automatically set when the deal was created in the system. An HOA wanted more information on the Buyer? You have a reminder to call them in your calendar.
A good example is Qualia’s Dynamic Workflows, a tool that helps you “create smart tasks associated with contacts, transaction types, or actions on an order.” It helps you assign tasks to individuals, roles, or groups, and use the power of automation to manage multiple workflows.
Zapier also provides automated reminders as one of its features. It is easy to set and they already got some presets available for setting quick automation.
Intelligent Data Extraction Tools
HOA documents contain critical information about the property, which is hidden in hundreds of pages of legal language. This information needs to be extracted and organized, and you have probably done it manually many, many times.
Using automation can significantly expedite this process. Most data extraction tools use advanced algorithms to scan and extract relevant data points, which might sound complicated but actually is very user-friendly. And it also saves you hours of manual data entry.
Amazon Textract automatically extracts text, handwriting, and data from scanned documents. The tool uses machine learning to expedite the process and extract the information in minutes. You scan the documents and get searchable copies in a couple of minutes.
InspectHOA uses similar technology to extract important information from the HOA documents and summarize it for you. The machine learning algorithms can recognize text and turn it into searchable digital files. On top of that, InspectHOA takes care of your whole HOA documents acquisition process, finds the HOA, chases the documents, pays the fees, and delivers everything to you on time.
Document Management Systems
Automation can easily extend to the post-acquisition phase as well. Document management systems streamline the storage, organization, and retrieval of HOA documents. These systems allow you to categorize and index acquired documents, making them easily accessible whenever you need them. This is maybe the easiest automation to implement, and the impact is huge!
DocuXplorer is a document management system that stores, secures, and protects your documents, and controls accessibility in or out of the office. You can easily track files and give permissions to certain documents to a particular person or group.
An even easier version of this, although not tailored specifically to Title & Escrow, is Google Drive or Microsoft SharePoint. These platforms offer collaboration, sharing, custom access levels, advanced search functionalities, and so on. We use Google products as our internal DMS, and we are pretty happy with it.
Is it worth it?
If you want to play it safe, we get it. Automation means big changes, adjustment of processes, and maybe some mix-ups along the way. No one wants to jeopardize an already working process. This is why we did not suggest any radical changes. All tools above are easy to implement, require minimal technical knowledge and yield great results. Most importantly – they won’t change your processes, they will assist you in optimizing them.
The choice is yours. If you’re not sure, reach out to us and we will explain how we use AI to improve our documents acquisition services.
This is a huge win for us – so THANK YOU for all you do!"