Real estate transactions involve a large number of participants, each with their own needs, timetables and documents; this flood of paper includes plans, specifications, loan proposals, lease agreements, appraisal & environmental reports and more. Every specialist consumes and creates a large number of documents during the course of their own activity related to the successful completion of the transaction. In addition, various regulations and business practices require that these documents be retained for a number of years after the transaction is complete.
This mountain of paper leads to a costly and inefficient due diligence process that consumes more time and resources than is necessary. The burden of verifying consistency among the various specialists is often overwhelming and may lead to erroneous assumptions in the underlying decision making process.
RIMS provides the answer. Automated processes, detailed reporting, integrated messaging systems and document management will help you win the paper chase.
Automated Processes – these features include streamlined requests, fully web-based interactions with your vendor community, intelligent assignment routing, vendor selection assistance and more. Many of the traditional manual tasks have been automated based on your business roles and process design to help you become more efficient.
Detailed Reporting – from active projects to project histories, you can find what you need through RIMS reports; look for trends, opportunities to streamline processes, forecast for budgeting or pricing services and loans.
Integrated Messaging – keep participants informed during your process; reduce status calls and follow-ups. Participants at all levels are informed of key events when they occur, including those events that cause projects to miss scheduled target dates, such as information conflicts or vendor information needs.
Document Management – document collection and distribution is a thing of the past. Vendor documents are securely uploaded and can be distributed instantly to those relying on this information to complete credit and underwriting decisions. Technical reviews are likewise distributed the instant they are uploaded, keeping everyone up-to-date and on schedule.