Assetsoft - Blog #data security

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!

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!