Cloudtech ERPTrends 1 - Real Estate (Property Management)Landlords and tenants in the age of cloud

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Trends 1 – Real Estate (Property Management) Landlords and tenants in the age of cloud

Landlord and tenant relationships have been around for centuries, but new technologies are changing the game. Cloud-based property management software provides numerous benefits to property owners and managers. Here are some of them.

Faster rent collection. Software packages usually include reminders, remote access and tools to enforce late fees. They also provide tenants with the ability to sign up for automated payments. They no longer have to “remember” to pay.

Data back-ups and other security features. Inadequate security patches and dysfunctional client support systems are common among conventional property management applications. But what happens if their hard-drive or in-house server malfunctions? IIf the platform is cloud-based, however, they will be immune to these dangers. On the cloud is an integrated data backup system in the architecture.

24/7 Access to Information. Do you still keep your data in spreadsheets in your local computer, or on dusty folders? What if you are not in your office and a tenant calls to ask how much he owes? You will need time to physically go back to your office, rummage through your files and hope that you wrote the correct computation down.

A cloud-based property management software, on the other hand, enables you to access your files from anywhere at any time. So long as you have an internet connection, you can pull up your documents to check information about the property.

Fewer administrative chores. Manually inputting data into spreadsheets is tedious and time consuming. It is also prone to error. Moreover, if you want to analyze information on all your transactions, much less gather historical trends or make forecasts , you will not be able to do it right away.

Meanwhile, in a cloud system, data is automatically updated to the server. Detailed reports are generated in real-time, assuring property owners and managers that they have all the information needed to make a financial decision at any given point. Tenants may also be granted access to information about the property, and enjoy a platform on which to communicate with the property managers.

Finally, transparent operations. Transparency is key to doing good business and fostering mutual trust. Cloud-based property management systems allow property managers to provide receipts and records to their tenants. They can also make reminders or communicate about other issues related to the property. This gives the tenants a full and clear picture of their status and their relationship to the property managers with no ambiguity whatsoever, and with room to discuss questions or points that need clarification.