Property managers who run efficient paperless management offices consistently out-perform their competition.
My next few posts are going to be a series about why you should run a paperless real estate and property management office. I will be covering the benefits of a paperless office. I will also show you where your opportunities are to have a paperless office. And finally, I will do a few posts on cloud-based real estate and property management software, equipment that can help you go paperless and platforms you can incorporate into your system that will help you ditch the paper!
In this post today, we will be going over some of the benefits of having a paperless real estate and property management office. Here we go!
The cost savings of having a paperless office are recognized in the areas of reduced office supplies and reduced cost of paper storage. When information, correspondence and legal documents are securely generated and stored online, fewer office supplies are used. Savings are realized on paper, envelopes, paper checks, printer ink, toner cartridges, postage, printed stationery and printed forms just to name a few. When documents are stored and protected from loss in case of fire, water damage or theft, you’re also reducing your risk level within your office. When you have fewer papers to store and file, that means you have fewer filing cabinets that take up your office space.
The time savings of paperless office are noticed in the areas of reduced staff hours and reduced manual data entry time and errors. Staff hours previously dedicated to filing, storing, retrieving and delivering paperwork, including trips to the bank, are eliminated. Staff can be reduced, redirected or used to manage a greater number of listings, properties and units.
Accounting is typically built into cloud-based real estate and property management software, so no double entry is required. An accounting software solution lowers the risk of bookkeeping errors and creates a more efficient system for tax preparation.
Increased Cash Flow and Greater Efficiency
Online payment of commissions and rents, remote payment processing and online rental applications serve to maximize cash flow and improve earnings. You’re able to work and access these files remotely, and more easily track and manage the business from wherever you are.
Customized reports can be generated for both management and the owners use. Frequent oversight can help predict where efforts need to be made to improve operations and where to reorient staff and resources.
In my next post, I will be giving you some ideas of where your opportunities to go paperless withing your office might be. Stay tuned!
Some information compiled by and obtained from www.appfolio.com