Years ago, the paper filing system was the most commonly used method for property management. People’s offices were lined with filing cabinets. But that was yesteryear. You can now manage your property online using web-based or cloud-based software. And you should. Let’s explore why commercial property management is best suited for the cloud.
What distinguishes cloud-based apps from web-based apps is how they are built and where they store their data. Cloud-based apps are stored on servers in different places, so data storage can expand as needed and be viewed from anywhere in the world. Web apps, on the other hand, are hosted on specific servers, which gives you more control over how they work. Ultimately, the choice a business makes depends on what it needs from its software solutions.
When it comes to property management software, it’s important to understand that there are two main types: cloud-based property management software and desktop-based property management software. Let’s see the key difference between them and the best commercial property management software for you.
What is Property Management Software?
Property management software is a software tool that helps property managers manage both residential and commercial properties for landlords.
It includes trust accounting, integrations with other software solutions, maintenance, assessment, contact management, contracts, and other reporting tools, allowing it to perform all the essential tasks of property management in one connected place. These connections and integrations reduce manual work, which saves you time and money, and it also makes your daily property management chores easier. Even more importantly, reducing manual work, removes the opportunity for errors which can lead to lost income for the company.
A solidly built, well-reviewed, robust system designed for your commercial real estate results in less stress, helps you get more done, and lets you focus on what really counts, like following up with leads, increasing your rent roll, and giving your tenants better service. There are even KPIs in some systems that help find growth possibilities.
For compliance reasons, property management software also helps keep a clear digital paper record.
Types of Property Management Software
There are two types of property management software: installed software and cloud software.
If you use installed or server-based property management software, you must install it on your computer. Your data is kept on onsite computers that are usually set up, maintained, and upgraded by an IT team. Additionally, this means you can only access your files when you are at work, or use another system to access them remotely.
Some of the many advantages of cloud property management software over server-based software are lower costs, automatic backups and updates, higher efficiency and security, easier access, and the ability to grow. This is why cloud-based property management software is now the preferred choice for many commercial property managers and real estate companies.
One of the best aspects of it is that you can work from anywhere in the world with internet access. It provides you the ability to easily access your data when you are off-site meeting with tenants or lenders, or conducting other business. At the same time, should an emergency arise outside of business hours, you can still access information quickly.
Cloud-based Property Management Software
Cloud-based software is a key component of the growing technology that helps businesses thrive. This system can be scaled, which helps a property management company grow. This approach is beneficial for those who have multiple commercial properties or have many tenants. Cloud-based software does not need the internet to download or upload data, but you do need to have the internet to access and save work to the cloud.
Besides the ease of access for users, cloud-based property management software provides data security through a third party. This software has a lot of storage capacity that can hold audio, video, documents, or images. Using cloud-based software can lower your overall maintenance costs for the properties you manage. Due to its flexibility, cloud-based software is able to keep up with the changes that happen in the technology world.
Web-based Property Management Software
Web-based software must be connected to the internet to function. The way that web-based software works is simple. The software is downloaded and stored on a device. It can be run on any platform as long as it has an appropriate web browser. Web-based property management software can be customized and doesn’t have to follow regulations through another party for it to upload data. This also makes it so that the software is always updated when it is being used instead of having to do the updates manually through an app store. If you have constant access to Wi-Fi, then web-based software would meet your needs.
Unlike cloud-based software, some web-based software may not be able to handle business growth. Since this software doesn’t go through an app store, it means that there aren’t any advertisements because it isn’t an app store listing.
Which One Is Best for You?
Choosing between web-based and cloud-based software depends on the unique needs of your business. If you are looking to grow the number of properties you rent to commercial tenants, it may be easier to choose cloud-based software. Constant upgrades for web-based software could result in higher long-term costs. Cloud-based software can handle an increase in customers without requiring upgrades each time. You only have to pay to subscribe to the service. Some businesses also use a combination of web- and cloud-based software.
Property management can be difficult and time-consuming if you have multiple buildings and tenants. STRATAFOLIO helps you manage your properties with ease. Some of the features include bulk invoicing, lease rate escalations, and more. Schedule a 1:1 demo with STRATAFOLIO to improve your property management. prove your property management.
