The property management industry is seeing an increase of online technology that helps people work more efficiently. In fact today, most tasks carried out by Australian property managers can be assisted in some way by technology.
Technology, especially online, is continuously changing and developing to meet the needs of the market, and the rental market now demands more up to date, accurate and real-time information.
What this means is what was once a great piece of software for your business compared to a paper-based filing system, might now be lagging behind in real-time reporting, automation and adaptability. It is therefore important to review your existing software, your requirements and what is currently available on the market, to see if your business could be improved from more up to date technology that has evolved with the market demands.
But what actually are the benefits of being online and using up to date property management software? Here are a few points that will make you realise just how much easier your job can be when you open your mind (and browser) to the current online world.
Reduce costs and access information easily
Many online apps can actually save you money on various business aspects. How much office space is used to store filing? Storing your documents online means no filing cabinets and reduces the amount of office space needed, which could mean less rent for a smaller office space or more space in your existing office to fill with people.
The chance of losing important documents is reduced as everything is stored online rather than in a physical location where someone may move or misplace important papers.
The search capacity for online document storage is far better, with the ability to store the one document in multiple locations or files.
Accessing important documents becomes easy (as long as your software is cloud-based), as you can access your documents wherever you have an internet connection. If you need to work remotely the issue of accessing important documents is eliminated.
If you are yet to move your files online and into 'the cloud' then security may be a concern. A software provider that makes every effort to keep pace with their market and the current state of online business should have taken steps to ensure your important files and private information is safe and secure. To give you an idea what that looks like you can view the PropertyMe security page here.
Automation and communication
How many hours can you say you've spent folding statements and visiting the post office? Some offices with large rent rolls can spend a day a month completing just this one task, and the amount of paper wasted would be huge!
With the use of online systems, automation plays a major role in eliminating time-consuming tasks such as this. Creating templates that can be easily used and set, means that when it comes time to send information, it can all be done using email or text messaging.
Landlords and tenants today, demand more up to date, real-time, accurate information and tools such as owners portals can really help to deliver this while breaking down the wall between property managers and owners, and improving lines of communication, as all the data can be accessed whenever the owner chooses.
One of the benefits of having your property management tools online is that when your company grows, it becomes easy for (most) online technology to grow with you. There is no need to install new software, as updates and improvements are automatic, and usually only requires you to upgrade your subscription for the capacity to store more information. The ability to access online also means that you have the option of growing your team on the ground, and could even take the business model of eliminating physical office space altogether!