For property managers, staying ahead of the competition is vital in maintaining property investments. Outdated systems can not only cause a lot of frustration, but they can also damage portfolio success. Cloud based property management software can solve a lot of common property management issues.
Property management software are systems that allow property managers, letting agents and landlords streamline their workload with tailored solutions. They help automate daily processes, improve communications and speed up routine tasks. For any property manager looking to grow and strengthen their existing processes, it’s a necessity.
The ‘Cloud’, on the other hand, refers to a virtual space that holds information and files. The amount that you can store digitally is far superior to older storage methods. Cloud based property management software can transform the way you work and provide you with a range of perks.
Cloud based property management software is a wise investment as it will save you more money compared to more traditional management methods. For non-cloud-based systems, information is stored on several servers. Not only does it cost more to store data in multiple places, but the servers will also require local maintenance from an IT team. Contrastingly, cloud property management software keeps everything you need in just one, reliable spot. If IT support need to make an update or address an issue, this can be done remotely thanks to the cloud connection.
Another advantage is that cloud property software allows for smooth downsizing or upscaling. This means that property managers will only have to pay for the space they need, with the flexibility to change at any time.
Being able to respond quickly to sudden changes can make all the difference to fluctuating leases. Managers will need to swiftly send payment requests and notices to their tenants. Similarly, tenants will need a way to easily contact managers about their payments and any property repairs required.
Cloud based property management software opens the door to efficient two-way communications. It makes messaging an effortless process between property owners and occupants alike. Most property management systems allow both types of users to log in and make straightforward amendments to profiles. Property management teams can also have multiple users on the system, making it even easier to collaborate.
Very practically, cloud-based software allows accounts to access the full system (including base platforms such as Sage 50) from anywhere in the world. Users can also log on from any PC or laptop to access their information.
This can be particularly useful for property sector workers on the go. It ensures that owners and employees that travel frequently remain in the loop of ongoing updates, as well as being able to act promptly if needed. Likewise, the remote properties of cloud technology make it easier to work from home.
Some types of cloud property management software will even come with its own app to provide mobile access on the go. This can be incredibly handy for property owners with busy schedules.
Confidentiality breaches can have disastrous consequences for property management companies. Legal issues can arise, financial penalties may be awarded, and teams can get flooded with complaint calls.
It’s essential that any new technology you adopt must offer protection from malicious programs. A big advantage of cloud based property management software is that it comes with a wide host of security features. Sophisticated firewalls and data encryption are standard security protocols for this type of software; which keeps files safe online.
Cloud based property management software can help shave off time from everyday office tasks. Within these add-ons, you typically get automation features for invoicing and arrears chases. This can save a significant amount of time as users will be able to produce pre-filled documents in a few clicks.
A common frustration amongst property managers is the need to send out multiple versions of the same email or letter. Cloud based property management software allows you to create custom contact lists to address this issue. Cloud property software users can generate correspondence in bulk to a carefully selected list of individuals.
Time can also be saved by having all the tools and information you need in one spot. Rather than needing to load-up several different systems and swap constantly between files, you just need to navigate to the right tab on the property management software.
If you would like to learn more about property management software, head over to our blog Property Management Software Explained.