Property management systems have undergone a drastic evolution over the years. Gone are the days of paper-based traditional systems. Technology has stirred incredible developments amongst property management system designers as they commit to scaling up efficient systems for property owners and managers. For a long time now, the hospitality industry, governments, the manufacturing sector, and real estate investors have taken the lead in using property management systems to increase the ease of managing properties for themselves and their clients.
What Is A Property Management System (PMS)?
A property management system (PMS) is a software application that runs locally on a computer or virtual servers to automate business processes for improved efficiency and accountability. It’s the aide-de-camp of property owners and property managers, simplifying operations that otherwise take a lot of time and resources.
Two Main Types Property Management Systems
Property management systems are installed locally on computers or accessed via a cloud service.
Locally Installed Property Management System (LIPMS)
Locally installed property management systems run on software applications installed on a computer. They’ve been around for a while, and many businesses are still stuck in this mode. Before the birth of cloud computing, property management systems running on locally installed software applications were the most common. Although this was a big step from the paper-based system, it required someone to have the application on a machine and keep updating it from time to time. Companies incurred high costs to have custom-made systems, which often came with high maintenance costs.
Acquisition And Use Of Locally Installed Property Management Systems (LIPMS)
Earlier, companies purchased the LIPMS application in a disc and the seller issued a key (often embedded on the disc drive or a leaflet in the software casing covered with latex) to activate the application upon installation. Later, LIPMS developers began selling the applications online, and clients were able to download, install, and activate the application with the help of a key for online authentication. Although such LIPMS applications were received well, some challenges began surfacing as there was no flexibility and automation was not 100% realizable.
Cloud Based Property Management System
Cloud computing has taken the world by storm and property management is also taking a different turn. System designers are pushing their applications to the cloud because it’s the future of property management. Cloud-based applications are penetrating all industries as people seek more control over their properties. Stakeholders in the service industry are turning to reputed cloud based PMS companies like Console that specialize in real estate to shape the progress of property management systems.
Acquisition And Use Of Cloud Based Property Management System (CBPMS)
Cloud-based property management systems come with more flexibility. They place more control in the hands of the users. You get a cloud-based property management system by signing up for a subscription package, and the provider grants you access rights to manage your property. The process is easy, and you can get started in a few clicks. Most service providers will take you through a step-by-step process until you familiarize yourself with the system. You can always request assistance from their support wing.
Who Can Use A Cloud Based Property Management System?
Finding out whether a cloud-based property management system is suitable for you is one of the most fundamental questions to answer. Every property sector has unique needs. Cloud-based property management systems serve different purposes. Once you identify your area, you can search for a PMS that suits your needs. Real estate systems are the most common, and they can allow you to manage simple and complex properties to gain maximum returns from the lucrative real estate investment sector.
Benefits Of Cloud Based Property Management System
You now know the essence of a cloud-based property management system. It’s time to examine the key advantages of integrating a CBPMS into your business operations.
. Accessibility
Cloud-based property management systems allow you to access your data anywhere and anytime. The extensive global internet infrastructure ensures that you have that convenience for you and your team. Such seamless mobility allows you to monitor your properties, monitor teams, access information, and promptly update files. You only need your login credentials to perform all these tasks.
. Affordability
The cost of a cloud-based property management system is reasonable. You get different prices from different PMS service providers. You can always find a subscription package within your budget. A cloud service will save you on administration costs that you may have to incur to maintain an in-house team for each of the functions that the system performs. The costs of outsourcing system security and storage service are affordable as compared to maintaining the same services on-location.
. Modularity
Cloud PMS are modular. You can always expand with the growth of your business. Service providers allow you to start with a smaller package for your immediate needs, with room to upgrade with the growth in your property portfolio. This scalability also comes with additional features and new services. You can always get extended services with the expansion of your properties.
. Extended Integrations
Using a remote-based property management system allows you to access powerful software applications that you can’t get when using a locally installed application. Companies offering cloud PMS are looking into ways to make more integrations with other applications on the web to bring related applications to you conveniently.
. Integrated Accounting System
Accounting is not for everyone. It can overwhelm you when you are trying to balance your books. A cloud-based property management system comes with an integrated accounting module to make financial management easy. You only need a few clicks to get things done. Managing your taxes becomes easier. You can maintain a log of all transactions, track your expenses and payments from clients, and generate digital reports that may otherwise take you a lot of time to prepare.
. Reliable Backups & Recovery
Losing data is one of those dreadful things that you don’t want to imagine. Cloud systems today are so efficient that they allow you to automate backups for recovery. Some systems can allow you to store your backups on other virtual locations. Even if you lose your device, you can always get your business on track with a new device.
. Automation
You can send reminders to your clients promptly. Set it up within the cloud system and let it do the rest for you. You can send them reminders on upcoming payments and pending bills, or update notices. You can also set reminders on property inspection and renovation months in advance. Producing reports is even easier as you can generate payment reports, pending payments reports, expense reports, profits and losses statements, and comprehensive reports for any period. You also export the reports for offline use. The greatest strength of automation, in addition to convenience, is the elimination of human error.
. Data Security
Cloud systems protect your data from equipment failures, losses from a power outage, theft, fire outbreaks, and natural disasters. Although everything digital is not immune to attacks, cloud-based software service providers work closely with data security experts and have team members to monitor and seal loopholes and address vulnerabilities. They deploy the latest encryption technologies to protect your data and keep it secure during transmission.
. Centralized Data Management
Cloud property management systems allow you to access all your data from a central point – inside your dashboard. It’s easier for you and your teammates to work on a tidy system, more so when they’re working with sensitive documents like contract agreements. Good organization also helps you keep pace with standard operating procedures (SOPs) and other legal requirements. Organized files make it easy to cater to your client’s needs as you can trace everything easily. Working with a centralized information center minimizes the chance of misplacing your files.
. Transparency And Accountability
There is no hidden communication when engaging with your clients. Everything is transparent because you can share the information and get feedback from them quickly. You can automate responses for common inquiries and set others manually. They can send you their concerns without fear of data breaches, and you can always personalize your support based on their individual needs.
. System Support And Regular Updates
Cloud based PMS service companies provide timely support. If you face any issue with the system, you only need to generate a complaint ticket and the team will be right there with you. Even if you find it difficult to use some functionality, the team will walk you through so that you can use every feature. Since the application is on the cloud, you benefit from regular system updates that improve the system’s functionality and fix any bugs.
Final Thoughts
Going for a cloud-based property management system can help you streamline your business operations. It grants you management access anywhere, anytime, and is affordable and scalable to fit your growing business needs. You can benefit from third-party integrations and use the accounting system for financial management and generating reports. The service allows you to automate backups for data recovery and some other functions. Data security is also robust, and you can manage your documents from a central point. You can deal with your clients with transparency. You can enjoy the benefits of regular system support, improved features, and system stability from development updates.
