All types of industries are going paperless at an increasing rate. From schools to large corporations, there are benefits to ditching the hard copies for a digital solution. Property managers are finding that choosing a paperless multifamily community has many advantages.
Paperless Multifamily = Lower Costs
It may not seem that paper copies are a huge expense. However, then you add in other costs associated with printing, you are looking at a solid debit from your bottom line. Paper, printers, ink cartridges, toner, copiers, and fax machines, are all substantial costs that can be virtually eliminated with a paperless office. According to copierguide.com, even a simple lease on a copier can range from $300-600 per month. You can see how these fees would add up quickly. Consider additional costs such as filing cabinets to hold all your property’s documents and office space.
According to the paperlessproject.com the average businessperson uses more than 10,000 pieces of paper in a year. This means that the cost of paper alone is roughly $1,000 per year per worker. So, if your property management company has 10 employees, you’re looking at $10,000 a year spent solely on paper. So while a digital office may spend more upfront for equipment, there are clear long-term financial advantages.
The argument can be made that going completely digital means extra or upgraded equipment, which can actually be more expensive. This is mostly false. Even if there are upgrades to equipment systems, over time, a paperless office is still cheaper. Additionally, many performance management softwares, like Leonardo247 offer the ability to use the program from almost any device like a laptop, tablet or even smart phone. This makes many upgrades to equipment, unnecessary. Even if there is an initial investment into a digital management system, most companies see a full ROI in less than 18 months.
Paperless Multifamily = Higher Accuracy
Let’s face it; there is a lot of paperwork in multifamily. Legal agreements like leases require stacks of signed paperwork pages. This legal paperwork is the backbone of protecting your community.
We have all heard horror stories about cyber security but in truth, a paperless office can actually make a property’s documents more secure. When recording, copying and storing everything on paper, the risk is high of something being filed incorrectly, lost or damaged. This can result in legal implications for the property. Going digital allows properties to create and distribute electronic documents efficiently. Paperless systems such as Leonardo247 have a secure backup of these documents, and decrease the clutter and shuffling of paper.
**When investigating a paperless management software, you should always ensure the security standards of the system**
Paperless Multifamily = Less Time and Energy
By eliminating paper, a property manager can also increase the efficiency of his or her staff. In a paperless environment, leasing agents are able to conduct business in a mobile environment, sending and receiving documents much quicker. The time it takes to get paper signatures on a lease can be drastically reduced by utilizing electronic signatures instead, improving the overall office workflow. Additionally, digital lease payment collection can drastically change the amount of time spent collecting rent.
Paperless Multifamily = Improved Image and Reputation
A paperless business can project a certain image in the minds of consumers. First of all, the ability to be mobile in day-to-day business improves customer service and exudes a more professional image. Also, by promoting your community as “paperless,” you are essentially saying you are eco-friendly. Current and future residents will associate your property with care and conscientiousness.
Leonardo 247’s performance management software is designed to help property managers make office productivity more efficient and more secure in the digital multifamily environment. Visit our website for more information, questions, or to receive a free demo.