In the property management industry, we need to have an accurate record of everything. With so many moving parts, it is incredibly important to be able to refer back to lease agreements, vendor contracts, payment records, repair requests, and so much more. It is survival for any property manager for them to have the ability to be highly organized and able to multitask.
What if you went paperless? This does not mean doing away with paper copies all together, but it does mean embracing innovative technologies to make your performance even better and cut down on waste. An average office worker can use up to 10,000 pieces of paper every year while almost three quarters of that ends up in the trash. At the same time, companies spend more than $100 billion annually on printed forms that are outdated in three months’ time. What’s worse is that more than 70% of businesses would fail within three weeks if their paper records were destroyed by fire or flood. It may be a good idea to begin transitioning to a paperless system for a multitude of reasons, but here are three reasons we have found to be quite enticing.
1. Easy Access. Implementing a digital document management system can greatly increase the ease of all parties being able to access paperwork. It is all in one place and there are no mismatched copies. This is incredibly helpful when there is a disagreement in a lease or a gap in communication. It is also appealing for your tenants to have security and lessen their own responsibility for maintaining the documents.
2. Improved security. While digital files also can be corrupted or destroyed, the software on the market has great capabilities to secure information and provide for back-ups. There is a lot of confidential information on these documents, making it a high risk. Going paperless with a qualified company can help mitigate these security concerns and protect it from physical damage, like fires.
3. Save money. Save money and improve your services with going paperless. Investing in a practical software that will give you a better return on your investment is always a priority, but it also gives you a great opportunity to start saving money by cutting costs on paper and ink will be tremendous.
At MGR, we are always looking for ways to improve our services and to be innovative. Check out the variety of online offerings we have like online payments and lease listings!