If there is one thing this year has taught us so far it is to ensure we can diversify the way we operate. This is especially pertinent to the real estate industry. Overnight, agencies were forced to reconsider the way they do business. With immediate shut down of open homes, inspections and auctions, the sale, purchase and property management of old went out the window.
From where we stand, the industry flourished. What we saw was a fast and efficient adaptation to a new way of doing business. Agencies across the country quickly reinvented themselves as online businesses. Property Managers became experts in virtual property management. Inspections were being held via video conferencing. Property Managers kept in contact with their owners and tenants through online communications – probably in a way better than ever. Communication thrived.
So what made this all possible? Technology. Specifically, cloud-based technology.
The Advantages of Cloud-Based Technology
The way we would have made it through the pandemic would have been very different had we not has access to cloud-based technology. The fact that technology allowed agents to continue to operate pretty much saved the industry. It kept agencies from going under. Landlords were kept up-to-date regarding their properties and the rent continued to flow in.
The same can be said about cloud-based accounting software. With workplaces shut down, the only way to access files and financial data was through the cloud. Imagine if you did not have access to these files for a period of u to 6 weeks again? Businesses just would not survive.
Never before would we have guessed that a pandemic like COVID-19 would send the world into a mass shut-down. Yet, it has bought it to our attention that such an event can, and no doubt will, happen again.
The best thing we can do is to be prepared.
Many clients have come to us in the past few months and made the decision to switch to cloud-based trust accounting software. It gives a sense of confidence and security that they can access their files when and however often they need. They are free from their physical server.
We sing the praises of cloud-based technology on a regular basis – in fact, just earlier this month. Facing the possibility of another pandemic-induced shutdown, it has never been more important to consider making the switch.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 23 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.