April 28, 2016
Paperless Property Management Office: A Space Worth Building
From social media advertising to online rent payment options, property management firms are increasingly embracing the digital era. Yet when it comes to administration, many seem to be stuck on antiquated methods involving paper documents and manual workflows.
Some property managers are reluctant to change age-old habits. But others worry that paperless systems are too costly to implement.
In reality, paper-based processes eat up far more time and money than going digital. The average four-drawer filing cabinet contains between 15,000 and 20,000 pages of paper. It costs $25,000 to fill and racks up $2,000 annually to maintain.
Then there’s the high price of off-site storage. Printing and transporting documents is costly enough, but you also have to consider the energy-intensive expense of air conditioning large paper-storage environments.
Here’s the real kicker: After spending so much money, most companies don’t even make use of what’s in storage. According to Gartner, only about 1% of paper documents sent off-site for archiving is ever accessed again.
The Paperless Approach to Raising ROI
With so much unnecessary spending, not to mention operational slowdown, it’s high time property management companies made the switch to paperless. Keeping electronic records eliminates the need to maintain large vaults for paper storage. And it makes them searchable – faster and more easily than ever before.
Conservative estimates show that digital document management systems can return as much as $20 to $40 for every dollar invested. According to recent findings, enterprises spend more than $54,000 per year on paper alone, not including the cost of printing. Meanwhile, the cost of archiving to the cloud would be less than $800. No matter the size of your organization, that’s a significant cost reduction.
The Smart Storage Solution
Going paperless can significantly improve processing capacity, boost productivity, reduce costs, save storage space and create immediate access to decision-critical data. It also makes information sharing quicker and easier, while minimizing environmental damage.
Most modern businesses already store the bulk of their information digitally. They just need a better way of managing it so they can seamlessly switch to paperless processes.
It’s time to start making some deep paper cuts – the kind that reduce financial gauges and save on spending pain. To learn more about how to streamline processes, improve productivity and get a better ROI, sign up for your free account today or give us a call.