While revenues derived from your real estate portfolio are considered “passive income”, managing rental property is anything but a passive activity. As your business grows, the administrative issues can often become overwhelming. Even with the assistance of a great property management company like Onerent, there are a number of advantages of cloud-based property management software, including:
Ready Access/Instant Updates
With a cloud-based platform, you can access key information about your holdings from anywhere you have access to the internet. Additionally, all notes you make, changes you institute, or other adjustments are synchronized automatically across your entire array of access devices. This frees you from having to tell your pad what your phone knows and updating the information on your desktop as well.
Tenants can log in to inform you of maintenance needs immediately. Rent payment reminders can be triggered automatically if a tenant misses a due date. Vendors can be informed of maintenance needs automatically and your property manager can be updated (as well as update you) at the touch of a few buttons. Text, eMail and phone call capability is built right in and can be triggered from wherever you happen to be (even from a beach on Ibiza).
More Efficient Data Organization
Rather than a myriad of spreadsheets, Word docs and notes, cloud-based property management software allows you to place pertinent data in the appropriate file right away, rather than waiting until you get back to the office. This eliminates the potential for forgotten updates of critical information. It also removes the need to search a variety of files on various devices to locate a key piece of data.
Easy Software Updates
Cloud-based software can be updated at the source. This means you’re freed of performing updates as new versions of the software, or new modules emerge. With cloud-based property management software, you’re always running the latest version, so compatibility issues as new technologies emerge are a thing of the past.
Intelligent Data Analysis
The best cloud-based software has the ability to analyze data, rather than simply storing it. This means you can instantly get financial projections based upon your occupancy rates, average turnover times and expenses. (Again, from wherever you happen to be.) Faster decision-making support gives you an edge when considering adding new properties to your portfolio.
In sum, ease of use, convenience, and added efficiency are among the primary advantages of cloud-based property management software. With that said, before you settle on a provider, read lots of reviews, talk to a number of vendors and always get product demos before you buy. Make sure training and product support are included in the purchase price as well. Finally, the best software in the world is of little benefit if its interface is inscrutable. Make sure it’s logical, intuitive and above all, flexible.
Related: What to Look for in Property Management Software
Onerent is a rental leasing and management service for the modern owner and renter, managing over 1,000 properties across the San Francisco Bay Area, and Greater Seattle. Onerent offers free real estate education and resources on the Build with Onerent Blog. Find answers to all your legal maintenance finance and leasing questions as well as real estate news that affecting the housing market.
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