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!

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