Managing Properties via the Cloud
For years now, we’ve been promoting the power of the cloud in property management. That was before the Covid pandemic sped up the adoption of cloud computing in the property management sector.
Today, it’s hard to imagine a property management company passing on the incredible service and business value accessible via the cloud infrastructure.
Stats from the State of the Cloud reports (there are many now) reveal that usage has grown rapidly and further investment in cloud technology (e.g., AWS Cloud infrastructure) is expected.
Some software providers such as ManageCasa™ acted quickly to establish a clear advantage in digital service delivery. Being a next generation, cloud based software provider, we stay ahead of the curve for our clients but still have an emphasis on service and technical excellence.
The Advantage for Property Management Companies
Given the needs for efficiency, security, data access, accounting automation, and many new tenant services, cloud infrastructure is vital. It’s impossible for any new property management startup to ignore because the cloud is what helps startups capture clients who are fleeing outdated property management companies. Service through the cloud is expected, and it’s big differentiator for property management firms.
Landlords are looking for providers with strong, extensible service capabilities who can maximize their ROI.
In this post, we’d like to clarify some of the business advantages and why you should commit to the power which cloud services can provide for your property management firm. This cannot convey or describe all the computing challenges that cloud computing and storage actually resolves. Let’s focus on the business benefits.
Covid Accelerated Cloud Adoption Ahead of Schedule
The pandemic is a big reason why so much business computing has gone to the cloud. The high work and resource intensive local hosted solutions couldn’t be serviced at all, let alone cost effectively. Even now in the post pandemic period, skilled labor is precious and most administrators and technicians can’t keep the old systems running.
SMBs dodged a bullet by investing in cloud solutions before the pandemic. Flexera’s State of the Cloud report showed SMBs are spending less on the cloud however, because they’re using fewer services. They buy what they need when they need it.
Large enterprises are seeing significant infrastructure and service costs.
Small Business Accessing Enterprise Level Services
Small businesses report concerns related to migration, security, cloud spend and governance. Having a provider that can help with these challenges (in your software solution) can help a great deal. Since many small property management firms/startups don’t have to commitment to legacy software, they can jump right into the modern era.
They’re enjoying more software resources, scaling up, workload ease, and happier property owners and tenants. And digital services is where everyone is headed. Property management companies who adopt a user friendly, affordable, and extensible platform build strengths in many dimensions.
What is the Property Management Cloud?
There is no property management cloud. ManageCasa for instance uses Amazon’s computing cloud to leverage the numerous advantages its cloud service offers. AWS is the biggest provider with the most preferred system for businesses.
As we talk about here, the conversation is beginning to move beyond “when will we get on the cloud?” to “how can we grow ROI and generate more revenue from cloud services?” The amazing power and range of the cloud mean innovative rental business entrepreneurs can actually realize their fanciful dreams. And the rental industry is big business now.
Security, Cost Efficiency, and New Business
Old definitions of what the cloud is, its technology and benefits further confused the real value. For instance, originally, people and experts believed outsourcing data storage and computing to the cloud would leave them with some security weaknesses.
Then they discovered more about how cloud hardware infrastructure and data encryption, and intrusion detection, makes the cloud much more secure than a local hard drive.
Business people discovered that hackers had a better chance of getting customer’s data on weakly protected company hard drives than via a sophisticated, encrypted, hardware-level security fortress. Myths were dispelled. And that’s just one of the reasons businesses are clamoring onto the cloud now.
In fact, the new hyped terms such as proptech, fintech, and realtech mean nothing without the power of the cloud. What’s happening today, is property managers are starting to look into the digital business potential of the cloud and the new proptech solutions. See this post for what is Proptech.
7 Key Benefits of Cloud Platforms
Let’s take a quick roll call of the features and benefits of the cloud, and move onto the bigger payoff in new business opportunities. How does cloud property management software really bring home practical business value?
- reduced operating/IT costs – outsourcing computing, storage, security, and administration is much less costly than doing them in-house. For some property management firms, the savings is substantial.
- mobility and accessibility of data – cloud lets your property management team access and update files from anywhere, anytime, via any device.
- data security – the cloud security infrastructure helps you fend off threats such as fire, theft, power failure, equipment malfunctions.
- more powerful software solutions – when you use a cloud enabled property management solution, you can access software, networks, speed, and system features not available on old local area network systems (which many property managers still use)
- instant software updates – the system takes care of updates to operating systems and other software, so you’re not caught with “technology downtime”
- backup and recovery – helps you quickly recover from hardware or network failures, so that your data and software are backed up and ready for recovery.
- scalability – as your property management business grows with new services and more doors, the cloud lets you handle the extra storage, bandwidth, and computing demands, and opens up new apps/services.
New Business Models for Property Management Companies
Think of the cloud as a hub for service connectivity — connecting virtual services that can help you grow your service to landlords. These upgrades are a key part of property management company’s value proposition. Without using new financial, security, operational, and marketing services, many traditional property management companies, not on the cloud, are unable to compete.
How Can Companies Measure the Benefits?
Integrating New Profitable Services
The cloud creates a virtual connection between property management software and additional services that benefit landlords and tenants. For instance, this year, ManageCasa integrated its software platform with Stripe, also a cloud based online payment solution. Stripe handles payments from renters which are posted automatically to the accounting ledger.
Easy, online rental payment is a major benefit cited by renters, and as property management companies grow, it’s very important to automate the rent payment process. Stripe makes paying rent much easier and more reliable for all parties.
Rent payment automation is a great feature, but in future, the cloud offers integration of other new services including tenant screening, smart home services, marketing, artificial intelligence customer service, energy conservation, security and iOT device integration, and more.
Tenants want many new digital technology as an amenity benefits, and the cloud is how much of that will be delivered in future. Why? Mostly, cost, systems, and value for tenants. And with the development of 5G, more powerful apps will become available.
The business future is open-ended with the cloud, which is why you need to make steps to adopt a simplified property management solution that leverages the power of the cloud.
Is now the right time to upgrade your property management software? ManageCasa is the modern, cloud enabled software, with ease of use, simplicity to learn, and power of an enterprise class platform. Book a demo today and experience the benefits of cloud property management software for yourself.