An emerging technology that was once shrouded in mystery and regarded with a certain level of skepticism and distrust, the cloud has since become a widely accepted part of our lives, both personal as well as professional. Yet, there are still some business leaders in the property management industry who are not yet on board with cloud technology, mainly due to some lingering myths and misconceptions. We’d like to take a few minutes to set the record straight below.

Myth #1: Cloud software is difficult to access.

Because cloud technology isn’t something tangible, many people mistakenly view it as hard to access. In reality, the “cloud” is simply a virtual location where data is stored. Simply put, if you have access to the internet, you have access to the cloud. Furthermore, since the cloud is not a physical thing, you can access the data stored there from anywhere at any time, allowing for maximum productivity and easier collaboration – especially for busy property managers.

Myth #2: My old-school property management software is just as good.

With constant updates and advancements in technology, legacy software is quickly becoming obsolete. In fact, in most cases, it already is. Those that choose to cling to antiquated systems leave themselves vulnerable to things like cyber-attacks, increased maintenance costs, decreased speed and more. From a business perspective, this can easily lead to a dwindling market presence as your competitors adopt cloud property management software that is fast, safe and cost-effective.

Myth #3: Cloud data storage compromises security.

Legacy software that stores data physically is not only vulnerable to viruses and theft, but also physical disasters as well. Conversely, cloud property management software encrypts data and stores it virtually, where it can be further protected by advanced firewalls and authentication gateways. Plus, with the cloud, the risk of physical damage is also eliminated. Everything is also safely backed up, reducing the chance of downtime.

Myth #4: Cloud property management software is expensive.

While this may have been true when the technology first emerged, cloud software has actually become more cost-effective than legacy property management software. This is especially true when you factor in the cost of ongoing maintenance, including hardware, storage, backup, security, energy and other IT management expenses. Conversely, while there is typically an upfront investment for cloud software, its virtual nature can actually save your business a significant amount of money in the long run.

Myth #5: Cloud software is only for smaller property management companies.

This last myth was likely perpetuated by legacy software vendors in the hopes that their larger customers wouldn’t jump ship and switch to cloud alternatives. The truth is, cloud property management software is designed to easily scale alongside a growing business. Better yet – this can be done much more quickly and at a lower cost to boot. Unlike physical software, cloud solutions are not limited in terms of hardware or storage space, making them a much more efficient option.

Change can be difficult, and sticking with what you’re used to and comfortable with is human nature. It’s clear, however, that cloud property management software is far superior to legacy platforms. Want to experience the power of cloud technology for yourself? Click here to book a free, customized product demo today!