Assetsoft - Blog #cloud storage

Top Benefits Of Cloud-Based Property Management System

Sun, 07 Nov 2021 20:06:25 -0500

Property managers have to perform several tasks everyday. Manual repetitive tasks can become tiring. Not only would their job become overwhelming, but the management of daily tasks would become a time-consuming affair.

With a property management software, you can make things easier. For instance, several real estate businesses today are looking to adopt a cloud-based property management software. Cloud-based property management software offers a host of benefits. We have briefly discussed some of them in the given sections:

1. Cost-effective

Cloud-based property management software is cost-efficient. This software does away with physical servers, which are cost-inefficient. The expenses involved in their installation, maintenance, and up-gradation are huge. But cloud-based property management software allows you to get away with all these expenses. It also lets you upgrade or downsize your storage as per your requirements. Also, the financial burden is borne equally by all the users of this software.

2. Offers greater accessibility

Cloud-based property management software allows users to access their data easily, irrespective of the location of the device they are using. With all your data stored in a cloud-based system, you and your clients can access it in real-time. Moreover, because of increased accessibility, there would be no loss of valuable data while migrating from one system to another.

3. Facilitates easier collaboration

Since cloud-based property management software offers increased accessibility to users, a collaboration between two or more individuals becomes easier. Your team and you can access all the relevant information and work together effortlessly. This leads to a reduction in downtime. Also, everyone involved is made aware of all the work that is happening.

4. Offers enhanced security

Cloud-based property management software offers enhanced security to its users. Traditional property management systems leave your data vulnerable to natural disasters, power outages, thefts, and equipment failures. Locally stored data is not immune to accidental corruption.

However, with cloud-based software, you will not have to worry about these from happening. It uses advanced technologies such as firewalls, authentication gateways, etc., to encrypt and protect the data. It also facilitates the secure transmission of this data.

Cloud-based software service providers work with data security experts to take care of the vulnerabilities. Some cloud-based systems adopt additional safety protocols to minimize the likelihood of an information breach. These measures include being notified of unauthorized logins, blocking a device remotely, and so on.

5. Automatic backup and easy recovery of lost data

No data can ever be lost with the cloud-based property management system. This software saves and backs up all your data automatically and reduces downtime too. It also facilitates the easy recovery of lost data. Working with server-based property management software can be tedious because manual backups have to be maintained here.

Maintaining manual backups is time-consuming, prone to errors, and cost-ineffective. In addition, the latest features and bug fixes have to be continuously downloaded and installed if you stick to the server-based property management system. But, with cloud-based systems, all updates are rolled out in an instant.

6. Increased accuracy in data analysis

Accurate data-driven decisions can help a business flourish. Data stored in a cloud-based property management system will allow you to perform thorough data analysis at your convenience. Data analysis, if conducted manually, may turn out to be incorrect. If there is any discrepancy, you will be able to notice it and deal with it effectively.

7. Scalability for saving manual labour

8. Online payments for automatic financial reports

Rent payments can cause trouble not only for tenants but also for landlords. It’s hard for a single human to keep track of all financial expenses. It takes up a lot of time. Making spreadsheets manually for financial payments can cause errors, and you might miss out on an amount.

Residents can efficiently make their rent payments from their phone with a property management application, sitting right at their homes. They don’t have to visit the landlord physically to process the payment. This enables the landlord to sort out and keep track of all payments in no time.

9. Reduced administration work

Inserting data one by one in a spreadsheet manually wastes a lot of time. Not only does it take a lot of time to show you results when done manually, but also it takes a lot of time to go through each data and analyze it. And since it’s getting repetitive, you can easily end up making an error.

With a property management application, your data is updated automatically. You can generate reports the way you like and when you want. You can get a hold of your finances and company easily.

10. More transparent operations

Talking about residents, rental management application renders a degree of transparency. For instance, if you manage all the rentals manually, You provide them a payment receipt as hard proof that they made the payment. Giving out hard evidence to residents helps you establish trust and faith with them.

A cloud-based property management software can help you with all these tasks and much more in no time. It can send out timely reminders, which will prevent delays in payments. It can also generate digital files and accessible tools to establish fluent and clear communication with the tenant. It’s the key to a successful resident-landlord relationship.

Find Out the Right Cloud-based Property Management Solution for You!

Timely solutions lead to better client satisfaction. And cloud-based software is also safer than using any other external storage. Want to know how you can get started using a cloud based property management software that handles all your needs? We can help you find the right real estate property management software. Choose from popular options like Yardi and MRI Software. Automate other tasks with Robotic Process Automation.

Know how we can help. Talk to the Assetsoft team today!

How You Can Prevent Data Overload With ERP Software

Fri, 06 Aug 2021 08:00:00 -0500

Data is extremely valuable for the real estate industry. Companies process huge amounts of data to finalize important decisions. In fact, 7 out of 10 businesses think data discovery is very important. But what happens when there is too much data? Your software experiences an information overload which can decrease its data processing efficiency.

Contrary to popular belief, huge amounts of data are not equal to better analysis.

As a property manager, your monetary decisions usually depend on data analysis. Real estate ERP systems can be useful in preventing data overloads in the CRE industry. Read on to know how you can utilize ERP software to prevent information overloads.

How to tell if my software is overloaded?

Software data overload can be detected by analyzing a few metrics. Even though it is capable of handling a lot of data, it won’t function as effectively if there is an information overload.

Efficiency: Does your software work as efficiently as it did initially? Are the performance results unstable? A decrease in software efficiency could be a sign of data overload.

User review: If you cannot detect overload through measurable metrics, ask the software users for insights. Are they finding the software difficult? Do they find too much irrelevant data in the software? This junk data might have occupied the place of valuable information.

Steps to prevent data overload

Data preparation

The first step for data overload prevention is to prepare the data. This helps you identify the problem areas and analyze data based on priority. Some steps to prepare your data are:

Identify data sources

Identifying where your data is coming from is crucial to filter out bad data. This data can be anything from emails and contact information to market analysis and tenant messages. Typically, this data comes from social communication tools, websites, or other data capturing software. If a particular source is constantly sending bad data, you can block it at the source and reduce the amount of data collected.

Eliminate bad data

When using ERP software, the quality of your data matters. According to Garter, organizations lost an average of $15 million in revenue due to poor quality data. Bad data is anything incomplete, inaccurate, irrelevant, or duplicate. Such data occupies more space without providing any value. Remember, for ERP systems, quality matters more than quantity. You can filter out bad data by analyzing all information and rejecting or deleting irrelevant data. Early elimination of bad data can prevent further complications such as lower productivity and increased expenses.

Make data ERP-ready

Data migration is not as simple as copy-pasting information from one place to another. Depending on your original data storage, your data needs modifications to be compatible with the new storage solution. You can opt for step-by-step data migration or move all the data at once.

Automation

Once your data is ready, you can automate your data management through ERP software. Depending on your requirements you can decide on the ERP implementation solution. Certain platforms have pre-made templates for various businesses. Your ERP solution should adapt to the company’s data management requirements. You can either train your in-house team or hire an outsourcing company to migrate data on your new ERP software. For smooth data management, you can take the following steps:

Divide the automation into stages

Automating is easier when done in steps. Start by dividing your data based on priority. If tenant data is more important than anything else, migrate it first. Automation isn’t an instant process. It can stretch from days to months. Planning your automation strategy beforehand can ease the actual process.

Streamline your software

Every company has different goals and requirements. Off-the-shelf software does not have custom features that suit your business. Through RPA tools, you can integrate various features to build custom software for your company. Platforms like UiPath make integrations easier through their various tools.

ERP modules for data management

There are different ERP modules you can utilize to automate real estate processes. By combining all the modules, you can streamline your data management and prevent data overload.

Task manager

A task manager lets you organize your real estate tasks using a single platform. Through this tool, you can view and assign tasks to your employees. You can view all your tasks on the dashboard which makes it easier to plan them. The software keeps track of all the tasks and stores the data in its own backup.

Artificial intelligence

Data management has become easier and more accurate with AI. A PwC report states that artificial intelligence will change the real estate decision-making process. Using artificial intelligence, you can easily reduce the amount of bad data in your storage. The AI will analyze all the information and filter out irrelevant or duplicate data. It will also organize the data so you can access it easily.

Cloud storage

Local storage can hold only a limited amount of data. Moving to the cloud gives you a larger storage space that is also more secure. Moreover, you can remotely access the data through a connectible device. Sharing the data with your employees and clients also becomes easier.

Visual reports

Instead of the bulky analysis reports, AI can display the same through simple visual representations. Using pie charts and line graphs, it can show you all relevant information. This helps in easier understanding, comparison, and storage. These reports can also be conveniently shared with clients. This eliminates unnecessary analysis data, while still keeping the important information.

Prevent data overload through Assetsoft

With efficient data management, you can prevent your software from getting a data overload. At Assetsoft, we provide you with the tools and resources required to build a good data management ERP. Through platforms like Yardi, UiPath, and Procore, we integrate the best features into a single platform suiting your requirements. Our team of experts provides support and information throughout the process. From data migration to AI forecasting--we have all the services you need!

For more information about data management, reach out to Assetsoft!

Your Guide To Going Paperless in Real Estate

Wed, 28 Jul 2021 11:30:00 -0500

Every year, offices use thousands of tons of paper. From documents and files to invoices and receipts, we waste a lot of it. According to Record Nations, 45% of paper printed in offices ends up in the trash can by the end of the day. Apart from the obvious environmental impact, relying on paper can also mean lower business efficiency.

The CRE industry also heavily depends on documents such as lease agreements and applications. As property managers, you can reduce this environmental impact by leveraging technology. If shifting to online documentation looks difficult, follow our guide on how you can start with paperless technology.

Why go paperless?

Going paperless is better for the people, the planet, and also for your clientele. A study by Cone Communications states that 88% of consumers would be more loyal to companies that support environmental issues. Here are some more reasons to go paperless:

Improved Data Security

Storing documents digitally reduces the risk of your data getting damaged, lost, or stolen. Online storage allows only authorized access while also having a backup in the worst-case scenario. Unlike physical copies, your data will also not get damaged due to environmental factors like fire and humidity.

Reduced Costs

According to Corp Magazine, businesses in America spent $8 billion every year on paper. It costs them $20 to file a document while reproducing a document can cost up to $220. As digital data storage eliminates the risk of loss, companies find this solution cost-effective. Digital document reproductions are also easier and usually don’t cost much.

Organized Data

If your employees spend 30-40% of their time looking for a file from the cabinet, their productivity will be low. For employees to work efficiently, it is essential to organize their files and data. Online data storage allows you to browse through hundreds of files in a single minute. Through various options and filters, you can search a particular document without opening each of them. This not only makes it faster but also keeps the other documents undisturbed.

Reduced Environmental Impact

According to The Chicago Tribune, the real estate industry uses 2.2 billion papers every year for mortgage documents alone. This heavy usage of paper kills hundreds of trees and forests. By going paperless, you can support a greener, better earth by reducing your carbon footprint.

What can you digitalize?

Technology has enabled us to automate almost every aspect of property management. The tools you can use range from simple online forms to full-fledged property management software. You can start your paperless property management journey by automating these processes:

Applications

Rent Payments

Nowadays, most people prefer digital transactions. They are safe, secure, and easy. By allowing your tenants to pay online, you eliminate the time-consuming process of cashing checks and also the risks involved with it.

Task Management

Manage your inspection schedules, property tours, and maintenance requests by using online task managers. They display all your tasks on a dashboard and let you go through pending and completed activities. You can also schedule a task for a particular day or assign it to one of your team members. Tracking the progress of your team is also easier through task managers.

Get Started Here

Going paperless takes time and involves a lot of steps. By starting with some basic actions, you can soon eliminate paper from your business and go completely digital. Using RPA tools like UiPath, you can integrate these features into your property management software.

Scan Your Documents

Scanning apps let you convert leasing, mortgage, or any other documents into PDF files. You can send these files digitally to your tenants or store them online. It also lets you make as many copies of the documents as needed. This cuts down storage costs and also makes it easier for your tenants to manage the documents.

Use Cloud Storage

Cloud storage is more secure than local storage. It also lets you access data remotely and allows you to scale your storage accordingly. By backing up your data on cloud storage, you can never lose your valuable data.

Communicate Through Digital Platforms

Instead of using letters or even emails, you can use online portals to communicate with your tenants and clients. These portals are specifically designed for property managers. Through platforms like Tenant Connect by MRI Software, tenants can submit maintenance requests, get updates and also make payments.

Reduce Printing

Even if you generate many invoices and receipts every day, not all of them need to be printed. For example, many tenants might not require a copy of the receipt. Use options like digital invoices and e-receipts and reduce the number of pages you print every day.

Set Up Multiple Payment Options

If you want to ensure online payments, setting up multiple options is essential. This lets all your tenants pay online using their preferred method. Some of the popular online payment options are debit cards, credit cards, bank transfers, and e-wallets.

Use e-Signatures

Collecting wet signatures is a tedious process, especially if you manage multiple tenants. Electronic signatures are legal and convenient. By accepting e-signatures on lease and other documents, you save time, money, and paper.

Make Optimum Use Of Property Management Software

Property management software has already transformed the real estate industry. Through multiple features, we can optimize the software to help you go paperless. At Assetsoft, we integrate various tools to build software suiting your requirements. We can help you leverage the best features through platforms like Yardi, MRI, Procore, and UiPath. Want to start with the above features? Our experts can build a strategy and implement the right technology for your paperless journey. From online payments to tenant portals--talk to us for everything related to property management!