Revolutionizing legacy Real Estate workflow with Automation and AI
Background:
A well-funded startup brand in the Real Estate industry, is launching its revolutionary digital platform for the US-based residential market for automating complex and manual workflow of purchasing or renting properties. The digital platform allows fast and seamless communication amongst applicants, owners, agents, attorneys, property management companies and building’s Board of Directors.
Challenges:
The real estate application process in the US is characterized by outdated systems
and complex workflows involving multiple stakeholders. This creates a cumbersome experience for applicants, as the process of assembling a board package often requires over a month of back-and-forth communication. Applicants must fill out numerous forms, many of which include repetitive fields and require multiple signatures—sometimes 50 or more—on documents that can exceed 100 pages.
The real estate company recognized the need for change and partnered with Neutrino to develop a modern, user-friendly platform to streamline and digitize the application process. This platform contrasts sharply with the inefficient systems currently in place, aiming to reduce the time and frustration associated with real estate transactions.
Value Delivered
The corporate website, along with individual apartment sites, has been successfully completed. The backend system manages key functionalities such as pricing, availability, and more. Looking ahead, the infrastructure allows for replicating these websites effortlessly, enabling rapid scalability across different locations and future projects, significantly reducing time and cost in launching new apartment sites.
Speed to Market
The digitization of the legacy process will help expedite the board application process for rental and purchase transactions from ~ 30+ days wait time to now less than 4–5 days.
Increased Accuracy and Reliability
Enhanced automation and improved validation help achieve quality data capture with reduced errors and efficient processing.
Improved Workflow and Decision Making
With more than 7+ deal parties onboarded on the platform, applicants and owners or landlords can expect efficient workflow across multiple deal parties involved in a time-sensitive deal, with faster decision for their transactions.
Solution:
Digital Platform: Neutrino team brings significant experience working with the real estate industry and is delighted to partner with the company. The challenges for real estate are many and transforming this space with unique experiences has been one of our expertise. Our team worked closely with client stakeholders to understand the potential opportunities within the challenges the client faced. with extensive market and user research, our strategy and design team conceptualized a product platform with customized user experience (UX) for applicant’s and owner’s journey. We designed low and high fidelity wireframes to review various concepts and user paths and finalized product designs using Figma.
We also worked closely with the founder to finalize the product roadmap; including epics and user stories for the MVP launch. All the user stories along with acceptance criteria were managed using JIRA, a collaborative platform for managing requirements and the entire life cycle of the product development.
We collaborated closely with stakeholders to develop business processes, agile workflows, and process applications, driving a comprehensive digital transformation.
Technology:
Website: PHP (based CMS) and MySQL (multisite approach) Application development: Laravel Framework
Third Party Integration: Stripe for payment processing, PandaDoc for e-Signatures The platform is finally hosted on Heroku with optimum level of data security and necessary infrastructure configurations.
Impact:
Neutrino’s UX and Product Development team delivered a revolutionary digital platform that will surely disrupt the way real estate industry does the rental and purchase transactions; with focus on modern and usable UI, integrating key 3rd-party platforms and bringing all the deal parties together on a platform that is fast, secure and efficient.
About Neutrino Advisory
Neutrino Advisory is a leading Digital Strategy, Advisory, and Marketing Technology company dedicated to helping businesses navigate the digital landscape and achieve lasting success. For more information, visit www.neutrinoadvisory.com or write to us on hello@neutrinoadvisory.com