Property management systems have evolved over time. Twenty years ago, it was spreadsheets, papers, and filing cabinets. Ten years ago, it was downloaded software. Today, they’re evolving yet again into cloud-based systems.
If you’re still using on-site property management systems—or worse, paper and filing cabinets—here’s what you need to know about cloud-based property management systems.
Most property managers use software to manage their rental properties. This software is designed to simplify communication, accounting, maintenance and reporting by combining them into one, easy-to-use interface.
Cloud-based property management systems are stored in the cloud and don’t require any servers or hardware. Simply log in from any device, and get full access to your property management software from anywhere with an internet connection.
The Changing Property Management Landscape
The adoption of new technologies has been on the upward trend in the real estate property management industry, but the COVID-19 outbreak put it in high gear. In a survey of over 500 property managers, over 30% stated that manual processes were one of the biggest inhibitors of their company’s growth.
Businesses are looking for better ways to accomplish tasks to reduce time and labour costs. Many have found cloud-based property management systems to be the answer.
Useful Cloud Software Features
There’s a reason why so many property managers are trading in spreadsheets for cloud-based property management systems. They simplify the entire process. Here are some of the benefits associated with cloud-based property management systems.
Streamlined Communication
Communication is the key to efficient property management. The easier you make it for people to communicate, the more efficiently you can manage properties.
Cloud-based systems can be accessed by anyone—if they have the proper logins—and offer user friendly dashboards and separate logins to the tenant portal and owner portal, so everyone can have access to the features they need most.
Property managers can easily accept a maintenance request, track work orders and send information to all residents in real time from a single dashboard. This simplification can help you focus on customer service and perform administrative duties like rent collection much faster.
Mobile Accessibility
In the era of COVID-19, mobile accessibility has become an essential feature of cloud-based property management systems. Without on-site servers, you and your employees can use cloud based software from anywhere with an internet connection. Take payments, manage maintenance repairs, and communicate with residents all from the comfort and safety of your home.
Residents can also access the tenant portal from anywhere, allowing them to make rent payments, request maintenance, or even make online proxy votes (for managed communities) while still social distancing.
Cost Savings
Times are tough, and everyone wants to save money. It might seem like integrating a new property management system would be counterintuitive to that goal, but cloud software can save you money in the long run.
Since everything is managed on the cloud, you won’t need specialized computers or on-site servers. Plus, with less maintenance and more automated processes, you can manage your properties with less help. The hardware and labor savings associated with cloud-based property management systems will more than make up for implementation costs.
Upgrade to a Cloud Based Property Management System
Upgrading to a cloud based property management system helps you facilitate communication, streamline administrative tasks and save money during these tough times. ICC Property Management has relied on cloud technology for years, delivering unmatched customer-focused property management services to clients throughout North America.
If you’re ready to take the next step, contact the experts at ICC Property Management on property management services.
Learn More:
- How to Improve Condominium Security with Cloud Software
- How Cloud Property Management Software Is Transforming the Industry
- The Best Online Property Management Software
- The Most Popular Cloud Software in Real Estate
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