Rental business, oftentimes, is more taxing and cumbersome than perceived to be. The business flow and operational process, are both, time-consuming and protracted, making it a highly demanding industry. The rental industry is also one of the industries that require large amounts of paperwork every single day, because of the uncompromising need for documentation, rental agreements and terms and conditions, etc.
Maintaining hard copies of all the property documents is not only a grueling task but an expensive one too. However, the feasibility of the rental property management industry to go paperless is higher than ever as it makes business operations simple and efficient. Over-reliance on paper can put your business on the back foot in the fast-paced world, since going paperless is highly beneficial. Here are a few benefits of going paperless in the rental business.
- Lower Business Costs – Less paper means lower business costs. Research has established that when going paperless the biggest cost saving is achieved by reducing the time spent on searching for or recreating misplaced or lost documents. Research also shows that a paper-based file retrieval system requires an average of 86 working hours per year, per employee. That’s a lot of money spent on just retrieving documents, and the frequency of document retrieval in rental property management is more than in other industries.
- Increase in Efficiency – In continuation of the abovementioned tenet, retrieval of documents is a pivotal part of the rental property management Therefore, physically handling large amounts of paperwork, consistently, will lead to more consumption of time and effort, making your rental business slow and inefficient, which will directly result in losing clients. A paperless retrieval system is fast, simple, and efficient. With a simple search function, you can retrieve a document within no time and more frequently.
- Eco-Friendly – Not only are you lowering the business operation cost and increasing the efficiency of your rental business, but you are also ensuring less consumption of paper and contributing toward an eco-friendly environment. Less paper means more trees, and more trees mean better earth for a brighter tomorrow. By going paperless, you and your business are being responsible stewards of the ecosystem.
- Better Security – Securing all your paperwork can be a difficult task as it requires a lot of procedures such as filing cabinets, theft and damage-proof storage systems, etc. However, the paperless management of your rental business is cloud-based, which ensures the highest level of safety at your fingertips. It is easy to make sure that only you have access to all the documents with a fool-proof security system through biometric systems and other state-of-the-art safety systems.
- Ease of Access & Sharing – Physically maintaining documents to access or share them can restrict your mobility to a large extent. By adopting paperless working you can access all your documents and share them on the go. The cloud-based services offer great flexibility to use and maintain all your documentations from wherever you are. Go paperless and never stop running or overseeing your rental business.
- Increase Storage Space – The need for storage space increases as your business grows since the number of documents upsurges with every added client. It is quite an elaborate and challenging task to increase your physical storage space every time your business grows. With a paperless business strategy, you have oodles cloud and virtual space to store all your business documents for the rest of your rental business
It is quite difficult to transition from the tangible documentation process to a paperless documentation system, especially for the traditional folks who are used to the tangibility of documents. However, for the larger and collective benefit of your rental property management business, it is prudent to make the changeover and catch up with the modern era of business operations.
Want to make your property rental management business paperless but don’t know how? RentCubo can help leverage the paperless business setup with its robust and top-of-the-line Airbnb clone or rental management software. Partner with us and make the most out of your rental management business.