Property management companies looking to stay ahead in the competitive real estate rental market need to implement operational cost-cutting strategies. Rental property management software can streamline the administrative burden of managing your portfolio.
Why Use Cloud Rental Property Management Software
Legacy property management programs are fast becoming obsolete. Over the past few years, cloud computing has been steadily penetrating all industries, including real estate. Today, hundreds of realtors are moving from using legacy applications to cloud applications for efficiency and cost benefits.
Robust cloud programs connect long-distance property managers and owners with their community. Moreover, the applications have multiple built-in management tools that can boost efficiencies.
Below are the top benefits of using cloud rental property management software:
1. Lower Operational Costs
One of the biggest benefits of using cloud software is cost efficiency. When using legacy systems, your data is typically stored in a large, physical server that could cost thousands of dollars to install. You would also have to pay regular maintenance and upgrade fees. These multiple fees can quickly add up and cut down your profits significantly, especially when you factor in energy bills and licensing fees.
Using rental property management software will significantly lower your operational costs since you do not have to install or maintain the software infrastructure. Moreover, you do not have to buy expensive servers since all the data is stored securely in the cloud. As a result, your agency could save thousands of dollars in hardware and labor costs.
With cloud software, you pay exactly for what you use. You can upgrade or downgrade your storage over time as needed.
2. Easier Collaboration
Your team or employees can access cloud rental property management software from anywhere they are, provided they have an internet connected device. Teams can access work-related files from different locations, work on the same master file, track changes made on a file, and so on. The real-time collaboration is critical especially for large property management companies that operate across multiple cities, geographical regions, or time zones.
Using cloud software increases the efficiency of your employees. For example, field employees can upload photos on the cloud app for the office team to review in real-time. This helps to keep everyone on the loop regarding the status of a project, reduces decision-making time, and enables the company to finish complex projects on time and within budget.
3. Robust Security
Security is at the core of cloud infrastructure. Cloud real estate management solutions are built and hosted on secure networks with redundant infrastructure that ensure nearly 100% uptime. With legacy software solutions, hardware upgrades can leave your data vulnerable to viruses, physical disasters, and power outages. Moreover, security patches are few and are released far between.
With cloud solutions, your data is stored in the cloud in encrypted form. This significantly reduces the chances of the data being accessed by unauthorized third parties. Moreover, the data is stored virtually behind multiple layers of security including, robust firewalls, physical security measures, authentication gateways, among others. The security layers are frequently updated at no extra cost to you. Patches are released and regularly applied to ensure there are no vulnerabilities in the infrastructure or cloud property software that could be exploited by malicious third parties.
Multiple security protocols are also implemented in cloud systems to reduce the risk of data breach. For example, there is the ability to block a device or log out an account remotely. You can also set the software to send real-time alerts about attempted or failed logins on your account.
4. Easy Scalability
It is easy to scale your operations when using a cloud property management system since the storage is virtual and uncapped. As your operations expand and the need for storage increases, you can upgrade your cloud usage to meet your needs. In case you scale down operations, you can downgrade your usage. This flexible scalability ensures that you only pay for what you use.
Most cloud solutions have automation tools that make it easy to handle accounting and communicate with suppliers, clients, and tenants. The tools can help you to save a significant amount of time that would have been spent doing monotonous tasks. You will have more free time, which you can dedicate to growing your business instead. Moreover, you will have better control of your business and increase service levels, while ensuring employees have better control and more time for quality property management.
5. Simple Backup and Recovery
Legacy systems can take hours to backup or retrieve data. With cloud property management software, your data is automatically synced to the cloud. Therefore, it is easy to restore the data to previous iterations or recover lost data. You can configure your software to automatically backup the data to your preferred cloud hosting service provider.
It is also easy to access all your property management data should your systems be compromised. Unexpected outages, malicious employee, and other factors can lead to system crashes or hardware malfunctions. With legacy systems, such problems would mean possible corruption and possible loss of data. With cloud rental property management software, all you would need is to repair the systems or use uncompromised systems to access your data, which would be intact despite the system hardware problems.
6. Increase Happiness Levels
Property management software does a great job at improving the internal process. However, it can also play a vital role in increasing your tenants’ happiness levels. Depending on the software you are using, you can give residents more options on how to make payments, get tenants statements, and make maintenance requests. Some programs also allow you to text or email individuals or the whole community depending on their preferred method. The programs will allow you to cater to a large portion of your community without increasing your costs substantially.
The above are six main benefits of using cloud rental property management software. Have you made the switch yet to a cloud solution? Sign up now and try our demo software.
Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.