Property Surveys

5 Reasons Why Real Estate Auditing on Spreadsheets is Holding Your Business Back

October 6, 2022

There are many benefits to using digital property surveys when conducting real estate auditing. However, many businesses still rely on paper or spreadsheets for auditing. Today, we will cover five benefits of digital surveying and why the traditional method of real estate auditing holds your business back.

1. Real Estate Auditing on Spreadsheets Can Be Time-consuming and Prone to Human Error

Performing an audit on real estate spreadsheets can take much time and be error-prone. Data entry mistakes and incorrect calculations often result from human error. These issues can be mitigated by automating the auditing process. Software programs are more accurate thanks to a standrisded checklist ensuring the accuracy of data.

Digital checklist
Digital checklist

2. Digital Property Surveys Can Automate the Auditing Process

The process of auditing is becoming increasingly automated with the use of digital property surveys. Using digital surveys can help businesses make better decisions by reducing errors and creating detailed reports. Digitized surveys can streamline businesses' auditing processes and improve their accuracy and efficiency.

One of the useful features are including photos during the survey, adding digital signatures, and having a quick overview of the costs. In this way, property inspection reports are automatically generated and can be shared within minutes of completion.

Adding photos during the property survey audit

3. Digital Surveys Are More Accurate and Efficient than Spreadsheets

The reason why digital surveys are more accurate is that they can be programmed to create specific questions related to the audit. Additionally, participants can complete them more quickly than with a paper survey, which is another advantage. As a result, auditors are able to gather more data in a shorter amount of time.

For example, by using such tools, you can have a digital view of each floor or area of the facility so that corrective action can be taken if necessary. It is particularly useful for locating difficult-to-find equipment.

4. Flexible Digital Surveys Can Save You Time and Money

Digital surveys can be created and conducted quickly with the right tools, saving you both time and money. A digital survey checklist can also be easily customized to meet your specific requirements, making them an excellent tool for auditing real estate. Mobile devices can be used to complete these surveys, and the questions can be customized according to your preference.

During inspections, building owners, tenants, contractors, and other stakeholders can be notified immediately of necessary corrective actions through the app, which includes photos and detailed notes that clarify the situation. What's more, the subsequent audit report is automatically updated with these details. Time is money!

Digital signature after the property survey is completed
Digital signature after the property survey is completed

5. Digital Surveys Are the Future of Real Estate Inspections and Audits.

Digital surveys are becoming more and more common in the real estate industry. They offer a number of advantages over traditional paper-based surveys, including accuracy, speed, and cost-effectiveness.

Digital surveys are especially well-suited for property inspections and audits. They allow managers and inspectors to quickly and easily capture all the relevant data, and they can be easily shared with clients and other stakeholders.

Mobile property survey checklist
Mobile property survey checklist

How to Streamline Property Surveys with Digital Solutions?

The use of digital surveys is rapidly growing, and there is no doubt that they are the future of real estate inspections and audits.

Take advantage of Singu FM and its Property Survey module to handle move-in and move-out surveys, periodic quality reviews, structural and engineering inspections, and other audits and inspections. With this cost-effective audit and reporting software, you will be able to provide consistent data over time within a solid framework that minimizes inconsistencies.

Get a free demo of Singu FM and digitize property surveys today!

Written by:
Kacper Troć
PropTech Expert

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