Business Tips
January 27, 2022

Data Centralization - The Key to Property Management

For companies in the property management industry, having easy access to information is crucial to making informed decisions. This makes data centralization key for the success of any company in this industry, whether you’re managing properties internally or through a property management firm, staying organized by keeping all of your data in one easy to access place is essential. 

Centralizing your data is key to being an effective property manager, and also important to keep your tenants and clients happy, so let’s take a look at how you can do it right! 

What is data centralization?

Data centralization refers to managing all of your data in one place. This can be accomplished with cloud storage, physical hard drives, or other devices. In other words, centralized data means that the whole organization works from the same blueprint, avoiding discrepancies that easily arise from disparate data and different tools.

 

5 Benefits of Data Centralization

The benefits of centralizing data can be endless, but we have been able to condense the list down to our top 5 reasons...

1. Your data is safer

When you have data centralization, it allows you to keep information in one location, which keeps your information safer from any data breaches. 

One of the most important things for property managers is protecting tenants’ information. If all their data is stored in one secure location, then that makes keeping the data safe that much easier. All you need to do is make sure that your database software has proper security protocols in place, and that way your entire database stays safe at all times.


2. Clients get better service

When your data is centralized, you’re able to take a more proactive approach with clients. There’s less running around for you—and less stress for your clients! Data can be accessed by all employees at any time, so if one property manager is out on vacation, someone else can still help handle requests. 

This equates to better service for both parties. 

Centralized data also helps ensure that maintenance workers and office staff members always have access to accurate client records and details. Records are kept in tip-top shape and will never go missing because they were on loan somewhere else.

3. Helps to increase efficiency and revenue

Data centralization enables property managers to capture data easily, rapidly and accurately. Not only can they store it in one place, but they can also use it to gain insight into what’s working well for them, and what needs improving.

By benchmarking their performance against other properties in their portfolio, or even similar rental businesses in different geographic areas, property managers can adjust operations accordingly to boost efficiencies and capitalize on cost savings where appropriate.


4. Makes transitional periods easier

Every company will go through periods of transition, whether it is moving office spaces, employee turnover, or changing operating systems. If you ever decide to move to a new property management software, you’ll thank yourself for organizing your current data—because you’ll be able to migrate much easier than those who haven’t already formalized their information. 

This saves both time and money while giving your future self peace of mind that you won’t have to go through another long training session with your old platform just to get up to speed on the new software. It also makes training new employees easier and faster as well, as it is much simpler to have all your data in one place rather than having to run around to find it. 


5. Collaboration and accuracy

If you have several people working on your properties and need everyone to have access, centralizing data makes it much easier for them to keep everything up-to-date without having multiple copies of files spread around.

Another advantage of using some type of centralized storage option is that it allows everyone to work on things at any time. With some property management software programs, workers can log in remotely and update documents anytime they want. This allows more people to work simultaneously on different projects anywhere in the world, instead of only being able to do so during certain work hours or by physically being in the office.


Why Property Managers Should Care About data centralization

Data centralization allows for many problems of inefficiency within property management companies to be solved. Some companies are more efficient than others, but even a slight improvement can make a huge difference. 

Although it’s hard to calculate exact ROI for not having to contact a handful of different people all day long about issues that pertain directly to them, it is safe to say the time saving would be invaluable to a property manager. 

In the end, it is undeniable that making your business as efficient as possible is a key to success. If you outsource your technology needs with a company that provides one software for all your needs, you’ll find yourself saving time and money without making any sacrifices in terms of service quality. It makes sense from both an ethical and practical standpoint! 

When you centralize data with property management software, everyone is on the same page. You'll have up-to-date information available at your fingertips, improving collaboration among team members working on various projects at once.

You will also save money by not purchasing multiple software programs because most contain features you don’t use or need, so there’s no reason to spend extra money on extras that are unnecessary for your needs.

How can VendorPM help property managers centralize their data

If you are a property manager looking for ways to optimize your business, VendorPM can help. Our software provides full integration between your property management software and all of your vendors so that your data is always up-to-date. 

This allows you to centralize your property management tasks all in one place, allowing for more organization and ease of operation. That means less time spent sending emails, calling contractors, or searching multiple websites. 

This is just one of the many benefits of using VendorPM, if you are interested in learning more, visit us at vendorpm.com!

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