Real Estate Contract Management Challenges
Conventional Contract Lifecycle Management is expensive and labor-intensive, encompassing the drafting of terms, negotiations with various parties, document management, compliance adherence, deadline tracking, and ongoing communication. Real estate organizations often look for a solution that addresses these issues effectively, yet standard CLM systems rely on antiquated AI technologies and tend to concentrate solely on contractual aspects rather than the wider spectrum of business operations.
Features of CRES Contract Lifecycle Management
CRES Contract Management simplifies the complex process of managing contracts into an effortless procedure. Unlike standard contract management solutions that concentrate solely on contracts, CRES enables you to incorporate Contract Management within your wider business process management. By leveraging AI and automation, the solution offers:
1. Contract Template Creation
AI-assisted drafting of legal contract templates for each contract type, utilizing Microsoft 365 Copilot for consistency and enhanced clause suggestions. This feature allows users to create customized and compliant contract templates with minimal effort and time, as Copilot analyzes the context and purpose of the contract and provides relevant clauses and terms from a library of best practices.
2. Automated Contract Drafting
CRES uses AI created Word templates with placeholder columns, automatically populating them with relevant real estate business data. This feature simplifies and accelerates the contract drafting process, as users can generate contracts based on their specific needs and preferences, without having to manually enter data or modify the template structure. Copilot also ensures that the contracts are compliant with the latest regulations and industry standards, by validating the data and flagging any errors or inconsistencies.
3. Mobile Workflow Management
Enables tracking and managing workflows on mobile devices as well, offering centralized visibility and system alerts. Users can access, review, and approve contracts from anywhere, at any time, using their smartphones or tablets. CRES’ comprehensive cloud-based workflow management tool is also fully mobile compatible, allowing users to sync their data across devices and platforms, and stay updated on the status of their contract lifecycle.
4. Integrated Signature Routing
Integrates with Adobe Sign and DocuSign, ensuring seamless escalation for signatures and timely execution. This feature allows users to send and receive contracts for signing within the CRES platform, without having to switch between different applications. It also provides audit trails and notifications for each signature request, ensuring compliance and transparency.
5. AI-Based Document Data Extraction
When contracts are signed they can be automatically or manually dropped into CRES Dropoff Library, where the system automatically extracts key data from executed contracts using OpenAI’s ChatGPT. The contract is saved in the Contracts library, and then the system then creates a task for a human reviewer to review, approve, and edit the extracted data for validation, ensuring accuracy.
6. Robotic Process Automation
Robotic Process Automation (RPA) is a technology that simulates human actions on a computer, such as clicking, typing, and copying data. CRES utilizes the extracted data from documents, to automate repetitive and complex tasks, such as filling out forms, and updating records in any system, by following predefined logic and criteria.
7. Seamless Integration
CRES interfaces with any property management or CRM systems such as MRI, Yardi, VTS, RealPage, or Salesforce, offering extensive automation of business processes across different platforms.
Benefits for Real Estate Professionals
- Time and Cost Savings: Automation reduces the time spent on drafting and managing contracts, translating into significant cost savings.
- Enhanced Accuracy and Reduced Errors: AI-driven features and automated data entry minimize human errors, ensuring higher accuracy in contract management.
- Improved Compliance and Risk Mitigation: The system ensures that contracts adhere to regulatory standards, reducing compliance risks and safeguarding the organization.
- Streamlined Workflow and Productivity: Centralized tracking, alerts, and mobile accessibility enhance workflow efficiency, allowing real estate professionals to focus on core business activities.
How CRES Contract Management Works
CRES Contract Management is designed to be intuitive and user-friendly:
- Step-by-Step Process: Users can create, review, and execute contracts seamlessly through a guided, step-by-step process.
- Customization Options: The platform offers extensive customization to meet the unique needs of different real estate operations.
- Automation: Routine tasks, such as data entry and signature routing, are automated, ensuring efficiency and accuracy.
Conclusion
CRES Contract Management is more than just a tool; it’s a game-changer for real estate professionals. By simplifying contract management, enhancing accuracy, and improving compliance, it allows professionals to focus on what they do best—driving business growth and creating value.
Don’t let contract management be a burden. Embrace the efficiency and reliability of CRES Contract Management today. Explore our solutions and see how we can help transform your real estate operations. Contact us for a demo or more information, and take the first step towards streamlined contract management.
About Rehan Ahmed
CRES Technology – Manager Business Analysis
As a versatile professional, Rehan leads the business development team for sales and marketing strategies, digital marketing, client relationship management, and contract negotiations.
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