There a plenty of reports that come with the buying of a home, all of which are vital to various parties. Buyers, sellers, buyers and sellers’ agents, real estate agents, financiers, and banks are among the participants. All of these processes can be improved up with real estate transcribing. They must be processed in a timely and accurate manner. The most efficient option is to use a real estate transcription service to assist you with these reports. This will help to keep everyone involved in the purchasing of your new house informed and on the same page.
What is real estate transcription ?
Buyers may use attorneys to advise them on the viability of various real estate investments. The attorney’s responsibilities include conducting background investigations and physical inspections of the premises. Attorneys can record information such as past owners’ identities, how the properties were utilised, current liens (if any), and other details that will be useful to investors when doing background checks.
When it comes to inspections, the attorney must take notice of the property’s location, condition, and planned upgrades. It can be time-consuming and inconvenient to write down all of the inspection details.
Attorneys might use a pocket recorder to save time by recording information about the properties. Later, an attorney can send the recorder to a transcription service provider to have the information transcribed.Based on the facts gathered, a competent transcribing provider can produce accurate reports for real estate attorneys.
Benefits of real estate transcription
When a new home is registered with a property management company, an initial report on the property’s state is required. It is an inspection of the state of a house or property for sale, value, or just for property management. It is also known as property condition assessment (PCA).
Surveyors, real estate agents, and engineers prepare property condition reports to determine the value of a property, to assess the condition of a property after significant disasters, or to prepare for property transfer.
Property condition reports are created by dictating an audio report for each property and having it transcribed by a transcriptionist. A seller, a potential buyer, a lender, an investor, or an owner are all possible users of a PCA.
Property condition reports may be of use for:
- Negotiating a property’s purchasing price (buyer)
- Strategic or capital planning (an owner)
- Approval of the loan (a lender)
Professional transcription services transcribe digital dictations by surveyors of the condition of the properties. On a daily basis, typing and transcription services are required. In that respect, it’s similar to a back office.
To increase the efficiency and mobility of on-site real estate professionals. When surveyors are finished surveying the site or structures, they normally dictate on-site and email their digital dictations. The recordings are then transcribed and returned to them in MS Word format. As a result, their productivity and mobility have substantially increased.
Real estate transcription provides real estate owners and buyers with accurate, timely, and proofread transcripts of property condition reports.
This will save you time and effort in producing a client-ready property condition report that is error-free, properly structured, and custom-perfected to your branding.
How can you do real estate transcription?
Recorded notes about construction sites and structures, legal recordings of real estate sales, and routine office work are all part of the real estate industry. We can give customised reports for any records you desire, ranging from property registration details to back office paperwork and building site notes.
Drawbacks of Automated Transcription
- While this century has seen great progress, AI technology is still in its early stages, with many obstacles to overcome. It also needs to be made more user-friendly.
- Slowdowns or other technical difficulties can occur with any type of software.
- The software has some limitations, for example, it has trouble transcribing fast-spoken sentences.
- Background noise, especially if the speaker has a quiet voice, might drown out the main material.
- Text software has a restricted vocabulary and may not be able to recognise new idioms, goods, or brand names.
The majority of systems come with out-of-the-box voice recognition systems that are trained in general English and do not include industry-specific, unique phrases that are used in many people’s and enterprises’ everyday lives.
Bias in technology is a topic we discuss. Many of the people that create widely used voice recognition technologies come from largely English-speaking North American organisations. This introduces a significant bias in speech recognition systems, which has a significant impact on the accuracy of automated transcription of speakers with accents and speakers who speak in other languages.
Some folks simply speak quickly. Processing is difficult for a machine. Humans can look over a transcript numerous times to make sure they understand what someone is saying, but machines are still not very good at it.
Low Audio Quality
Low-quality microphones can result in poor sound quality. While walking, people take notes. While conversing, they move around the room.
This is linked to poor audio quality. You will notice a significant decline in transcription accuracy if there is ambient noise, such as automobiles passing by, bangs, booms, beeps, music, or anything else.
Although systems are improving at filtering out noise, there is still a long way to go.
It’s difficult to comprehend until you watch hours and hours of people conversing, but you rapidly learn that people enjoy talking over each other.
Our ears are amazing at interpreting this and focusing on what we need to focus on, but machines aren’t.
All of this decreases the automatic transcription’s accuracy. Your final transcript will lose its professionalism as a result of this. If you’re a company that shares information online, this is critical. Furthermore, using automated transcripts for data processing can result in false positives, posing a considerable risk.
The percentage of mistake a transcript can have per word count is determined by transcription accuracy rates. For example, a 97 percent transcription accuracy means that there is a 3% possibility of errors per 1,000 words, or around 30 errors.
One error for an individual or organization can be damaging
Automatic transcriptions can contain potentially grave (and frequently tragically embarrassing) errors, depending on what you’re doing. One of my favourites was the conversion of egotistical into “eagle’s testicles.”
How to select the right real estate transcription partner?
When comparing transcribing service companies, there are six things to keep in mind. Before you decide to outsource your job, it’s critical to assess how well your transcription service meets each of the following requirements.
- Quality and Accuracy
Before they reach you, it’s critical that your transcriptions are of the greatest possible quality, properly proofread, and error-free. To be sure, request a sample so you can assess the quality before committing to a service.
- Competitive Pricing
Make sure you know what the industry’s typical transcribing rate is and compare pricing from a few different service providers. You can get quotations from suppliers ahead of time, and you should compare at least two or three different providers to get a clear idea of how much it will cost. Make sure you strike a decent balance between quality and price, without sacrificing quality to save money.
- Reliable Sources
While you may not want a high volume of transcription right immediately, make sure the business you hire can scale up if necessary. They should have enough in-house resources to handle bigger volumes as necessary, reducing the risk of poor transcribing quality at the same time.
- Project Management for Large Assignments
Make sure the team you recruit has in-house project management to avoid spending more time managing resources than you want. Instead of dealing with each transcriber on their job, clients should deal with a single point of contact.
- Realistic Expectations
While it’s wonderful to hear that your transcription will be completed fast, be sure the service provider’s estimations are accurate. Estimates that are too good to be true will either be overlooked or result in lower-quality services from several providers. A professional transcribing service will inform its customers about return times and prices based on the elements that influence the transcription process.
- Security and Confidentiality
Finally, it’s critical to safeguard the confidentiality of your transcriptions and recordings at all times. You want to know that your data will be protected with file transfer protocols during the project, as well as for long-term storage. To protect your data, this should include a confidentiality agreement with the provider.