With an average individual’s income at an all-time high, real estate like residential, commercial or even agricultural lands is a booming business across the globe. Equipped with technology at their fingertips, investors and stakeholders are witnessing the ease and speed of digital transactions. However, documents play a central role in every transaction when holding, purchasing or selling a property. Documents like the sale deed, extracts, mutation register extract, the general power of attorney, no objection certificates (NOC), allotment letter and sale agreement are integral to these processes.
A delay in the real estate documentation process is often caused by various challenges like manual paperwork, approvals, revisions, corrections and signatures required from multiple parties, leading to slower business processes. These may have a direct impact on the cost and time spent on the documentation. On the other hand, the involvement of various stakeholders causes multiple versions and changes in a document, thereby compromising the accuracy.
Real estate giants across the globe are adopting document management systems that will simplify and help automate this paperwork with minimum time and cost. Yet, with the complexities and unique requirements of every system, the automation process itself couldn’t solve the entire problem. In such situations, custom development and integrations play a pivotal role.
Let’s take a look at one example of how it can change the game.
GS Lab in action: How we used Salesforce to reduce TAT for a real estate leader
Our customer is a real estate giant who owns, manages and develops commercial, residential and mixed-use properties for marquee customers. Documentation played a key role, and hence the customer was looking for a framework where contracts needed to be accurate and executed within short timelines. They are already using multiple systems to address different business needs, including Salesforce to manage leads, opportunities and properties related data. Documents were managed in Microsoft SharePoint with Appian as a BPM tool.
During a transaction, multiple parties were involved in executing the contract for negotiation, internal approval and final agreement signing across various departments. The continual corrections and additions to the contracts created multiple confusing versions with everyone preferring to sign the contracts or store in their own way. This resulted in a tardy, long-drawn process, impacting the speed and efficiency of the contract execution.
The customer approached GS Lab for a quick and seamless solution to overcome this challenge — we needed to implement a highly customized solution on top of Salesforce.
Retaining Salesforce at the center to track the lead progression, we added tools to improve the contract execution speed. Firstly, we integrated Conga with Salesforce to simplify the document creation process. Secondly, we built an easy-to-use interface in Salesforce where different departments could pick specific standard options for legal aspects of the contract. Since Appian was actively used as a BPM tool, we integrated contract management with it, rewiring the process so that the respective signing authorities received the relevant document for approval.
We then added DocuSign, which pulled the internally approved contracts with the appropriate information. Combining Microsoft SharePoint with Salesforce helped maintain various versions of different documents and their final copies.
The developed ecosystem helped our customers reduce the turnaround time (TAT) for contract signing remarkably. The critical information was accessible from a single location, thereby improving accuracy. Read the complete case study here.
Salesforce — The automation tool for your business
Salesforce can automate and improve efficiency in any industry, but organizations can achieve high-end automation while retrenching costs with the right integrations and customizations. All you need is the right product engineering partner who understands the correct mix of technologies and engineering disciplines with in-depth industry domain knowledge.
GS Lab is well-equipped to be your Salesforce Partner. Our experts can guide your team to understand what is best suited for your organization’s aspirations and IT goals. Read more about how we have helped other clients maximize Salesforce in their organizations: https://www.gslab.com/partners/salesforce
Reach out to us at firstname.lastname@example.org to learn more about how we can help you optimize Salesforce for value creation.
Co author/Contributor of the blog : Shruti Vishnupurikar | Senior Marketing Executive
Animesh Patel | Associate Director Engineering | Enterprise Technologies (Salesforce & MuleSoft) | GS Lab
Animesh Patel serves as Associate Director Engineering at GS Lab and heads GS Lab’s Vadodara development center. He leads engineering and delivery of Enterprise Application Development and Enterprise Integrations related projects using platforms like Salesforce & MuleSoft. He has 14+ years of experience in builds scalable software products & solutions in many different domains like, IAM (Identity & Access Management), GRC (Governance, Risk & Compliance), Security, Virtualization, Fitness tracking and CC & UC (Contact Center & Unified Communications) related products. Over the years, he helped building engineering teams in various domains and technologies and successfully delivered multiple customer projects.