One of the hardest parts of managing rental properties is the sheer volume of information that needs to be kept track of. This includes but is not limited to the following: rent roll, tenant lease terms, utility bill amounts, rental licences, key/door/internet passwords, tenant contact information, repair requests and general maintenance logs, just to name a few. To make things worse, as you acquire more properties and manage additional units, the number of tenants to keep track of multiplies as well! Keeping the huge pile of data up to date is one of the biggest challenges most property managers face. Thankfully, due to various available apps and programs, any real estate investor or property manager should be able to find a solution that fits. With that said, one of the most important criteria to consider is to ensure that the selected solution is “cloud based”
According to dictionary.com, cloud based refers to when: “digital data is stored, managed, and processed on a network of remote servers hosted on the Internet, rather than on local servers or personal computers.” There are two key reasons to ensure that your tools are cloud-based: 1) It ensures that all critical information your real estate business needs to keep track of is always backed up 2) It allows you to not only access that information from almost any device, but it also makes it easy to share that information with employees, contractors, or anyone who might need access.
Have you ever been creating a document or editing a piece of media when all of a sudden, poof, the computer crashes, and (if you didn’t save) all your hard work is lost? Imagine how catastrophic this could be if it happened to data about your entire real estate portfolio. Unless your tracking tools are cloud-based, this is a risk you are unnecessarily exposing yourself to.
The most useful factor about cloud-based tools for property management is the extreme portability. This portability will allow the owner/manager to access the data, and perform work from anywhere with access to the internet, and on virtually any modern device. Talk about living the laptop lifestyle! In addition, most cloud-based solutions will allow “sharing” or multiple users to be logged on and working in real-time. This ability makes outsourcing much easier, and allows you to easily organize where to find all the information necessary to keep your business on track.
In conclusion, by making sure all your property management tools are cloud-based, not only do you get more protection against losing critical data, but you also get an increased ability to share and access those tools/information. This should make ensuring your tools are up-to-date, and cloud-based a no-brainer for any new investor, or for seasoned property managers who might need to upgrade the tools they are currently using.