In the 90s, property managers relied on floppy disks to store and transfer data. Fast forward 20 years and floppy disks have become obsolete for so long that most teenagers don’t even know what they are.
In a similar fashion, legacy property software is becoming obsolete. With the invention and rapid adoption of cloud computing, thousands of real estate businesses have switched to cloud property management software.
Why? Because there are a plethora of cost and efficiency benefits!
Without further ado, here are the top six benefits of cloud property management software:
1. Reduced costs
Cost efficiency is arguably one of the biggest benefits of cloud property management software. Traditionally, your data would be stored in large, physical servers that not only cost thousands of dollars but also require an IT team to install, maintain and upgrade. These costs can quickly add up, especially when you factor in licensing fees and energy bills.
On the other hand, cloud property software mitigates all of these costs as there’s no need for your own infrastructure. Your data is stored securely in the cloud, saving you thousands in hardware and labour costs alone.
Additionally, the cloud allows you to upgrade or downsize your storage as needed. This means you only pay for what you need, allowing you to be a lot more flexible and cost efficient.
2. Greater accessibility
When your data is stored in “the cloud”, it’s stored in a secure network of servers that can be accessed as long as you have an internet connection. This means that you’re no longer restricted to a single computer, server, location or timezone. Just imagine being able to perform end of month at an open home!
Additionally, your clients will be able to access their data in real-time, whenever and wherever they want. They’ll absolutely love you for it!
3. Easier collaboration
With greater accessibility comes easier collaboration. Not only can your team access all work-related files from anywhere and on any device, but they can also easily work off the same master document.
This means your team member could be on-site uploading inspection photos via the software’s mobile app and you could be in the office viewing them and attaching them to reports as they’re uploaded. This not only reduces downtime but also ensures that everyone is kept in the loop.
4. Increased security
Another benefit of cloud property management software is increased security. With traditional property software, security updates are few and far between, leaving your data vulnerable to theft, power outages, physical disasters and viruses. In fact, this real estate agency had their server-based data held to ransom.
Conversely, when your data is stored in the cloud, it is encrypted and stored virtually behind multiple layers of security such as authentication gateways, physical security measures and sophisticated firewalls. You can rest assured that these security layers are frequently audited and updated to keep up with the latest security advances.
In addition, some cloud property systems implement additional security protocols to minimise the risk of a data breach. These might include notification of unknown logins and the ability to remotely log an account out or block a device.
5. Simple backup and recovery
Gone are the days of manual backups that take hours on end. With cloud property software, your data automatically syncs to the cloud, making it easy to recover and restore previous iterations.
Moreover, if your device is ever compromised, you will still be able to access all your data, as long as you have a working internet connection. This minimises downtime and ensures your business stays up and running.
The cloud makes growing and scaling your business a breeze as storage is virtual and uncapped. Think of it as renting a room “in the cloud”; whenever you need more storage, simply rent another room!
Additionally, cloud software systems like PropertyMe come with a lot of automation around property accounting and communication with tenants, clients and suppliers. This allows you to save time and narrow your focus on growing your property management business instead.
Kelly Higgins of MPM Property said that “the ability to make administration procedures of property management much more efficient through the automation available with PropertyMe, has allowed our team to increase service levels, while providing staff with a greater sense of control and time for pro-active, quality property management.”
Hopefully this post on the Top 6 Benefits of Cloud Property Management Software has helped you better understand the advantages of cloud software over traditional software.
If you’re looking to upgrade your software, PropertyMe is game-changing cloud software that you can access from anywhere, anytime. Book a demo today and see the benefits of cloud property management software for yourself.
Alternatively, you might also be interested in the 5 Most common Misconceptions about Cloud Property Management Software and How Much Could Your Business Save with Cloud Computing?.
Did we miss any cloud property management software benefits? Please let us know in the comments below.