Are you still using spreadsheets to manage your properties?
Is it slowing down your property management software?
Are your servers crashing time and time again? If yes, then it is an indication that you need to upgrade it to cloud-based property management software.
Here are some benefits why you need cloud-based property management software:
1. Cloud property management software allows you to work from anywhere
You’re constantly on the go as a property manager. From customer meetings to inspections to maintenance organizations, your software needs to be accessible from anywhere to reduce downtime and help you find the information you need when you want it.
With cloud property management software, your data is stored virtually in a secure network of servers which can be accessed as long as you have an internet connection. This allows you to log in from anywhere in the world, at any time. You are no longer limited to a single computer, database, location or time zone.
Improved transparency also means easier collaboration. Using the mobile app of the company, you could be on-site performing an inspection and your team member could be in the office writing the inspection report for the same property. This not only enhances productivity, but it also keeps everyone in the loop.
2. You can automate repetitive tasks with Cloud-based management software
If there are many tasks that are repetitive and time-consuming then you can automate them with the help of cloud-based property management software. It includes:
Reconciliation
Traditionally, you’d have to download a file from your bank to update your accounts and type each payment manually into your code or table. This may take hours each week, depending on how often you do this and how many properties you control.
Cloud property management software automates many processes for you. Just import your bank file and it will allocate it to different parts of your portfolio automatically. All you have to do is approve with a single click the matched transactions or change the allocation as appropriate.
In fact, if your cloud property management system has bank feeds, you can instantly import your trust account transactions directly from your bank overnight, saving you even more time!
Data backups and software updates
If you are using server-based property management software, it is likely that you will spend a few hours each month to back up your data and update your software. This is all done automatically with cloud property management software. So you can say goodbye to downtime and IT expenses related to data recovery and technology upgrades. It’s hours of lost productivity that you get back every month!
Processing and paying bills
Some cloud property management software systems make it a breeze to process and pay bills.
Planning inspections
When planning your inspection day, you often need to manually determine which properties are due for inspection and then calculate the distance and travel time between properties to determine the most efficient route. You must then manually identify the relevant tenants and prepare notices for inspection. Many cloud software management systems will automate this process to save you time.
Communications
By automating your communications, you can save time with cloud property management software. In order to ensure reliability and product continuity, you can set up message templates and triggers based on specific behavior and tasks. For example, customized messages are automatically generated with attached statements once you have disbursed your owners and suppliers. Until sending them off, you can set these to fire automatically or have them ready for preview in your outbox.
3. Some cloud property management software helps you stay compliant
As a property manager, monitoring is tricky. There are many moving parts–you have to comply with regulations, keep track of monitoring activities for your owners, and ensure that any financial operation and contact for audit purposes is tracked and documented.
If you use server-based property management software or spreadsheets, enforcement activities are likely to be manually monitored and stored in large volumes of data each month. This often results in missed assignments or small data entry mistakes that escalate into larger ones that take plenty of time and money to rectify the coming audit time.
4. You can reduce add-ons with cloud property management software
If you use server-based property management software, you are likely to use a number of add-on programs to inspect, track maintenance, send messages, and manage listings. These are multiple subscriptions that you pay for each month, in addition to what you already pay for your server-based property management software.
The team will recall multiple logins, not to mention, and continuously move from program to program to perform regular property management tasks. Meanwhile, to prevent unauthorized access to your portfolio, you need to keep track of various subscription billing cycles and ensure that your team follows best security practices.
You will through add-ons with everything you need to handle your assets using cloud property management technology. Look for a system with comprehensive trust accounting, integrated inspections, and maintenance, inbound and outbound messages, multiple security layers and flexibility to integrate with other programs. That way, every month you can save hundreds (or thousands) of dollars while increasing your efficiency.
5. You can streamline your communications with cloud property management software
Communication is one of the property management’s cornerstones. You track leads every day, coordinate repairs, chase rent arrears, etc., etc. Sometimes it feels like an endless cycle of calls, SMS, letters, and emails that come from a variety of different directions. In addition, your team members have internal noise… that’s where cloud property management software comes in! Through putting together most of these platforms into one forum, it can help you streamline your communications. Send and receive custom emails and SMS directly back to your portfolio, trigger automated notifications based on specific tasks and behavior.
6. Cloud property management software can help you scale your business
If you use server-based software, your growth is often limited as your space is limited. You need to maintain and upgrade your servers to scale up your business, which is expensive and inefficient as your entire team needs to log out of the system.
In comparison, storage is digital and uncapped with cloud property management technology. This allows you to upgrade or downgrade your storage or subscription as required. It’s much more cost-effective because you just pay for what you need.
Furthermore, there is a lot of automation in cloud property management technology that can simplify your workload and improve your performance. Alternatively, you should focus on maintaining friendships and growing your rent roll.
All in all…
Here are six reasons why you need cloud property management software:
1. It allows you to work from anywhere
2. You can automate repetitive tasks
3. It helps you stay compliant
4. You can reduce add-ons
5. You can streamline your communications
6. It helps you scale your business
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