How Using Old Facility Management Software Costs You Big

Operating a self-storage facility is a busy job. Property managers juggle rentals, marketing, customer interactions, and property maintenance daily. Many owners rely on various technology systems to simplify these tasks and automate their business.

However, relying on outdated property management software (PMS), also known as facility management software (FMS), can harm your business. We'll explain why upgrading from obsolete or legacy systems to modern self-storage technology solutions is crucial.

What is a Legacy System?

A legacy system is an outdated technology or software application. While these systems might still perform their original functions, they usually no longer meet your business's current and future needs. This can limit growth and reduce your competitive edge. An outdated PMS lacks the helpful features and sophistication of modern systems, and could pose a security risk to tenant data and your business.

These old systems often need more expensive maintenance and repair support and don't integrate easily with newer technologies. All of this can put a business at a disadvantage by limiting productivity. So why are self-storage owners still using them?

Why Do Facility Owners Still Use Old Systems?

Self-storage facility owners often use outdated property management systems for several reasons:

• Familiarity: Employees are more familiar with these systems and they fear change.
• It Seems More Convenient: They think if it's not broken, they don't need to fix it.
• Sunk Costs: They've invested money in the existing system in the past.
• Price Concerns: They worry about the cost of a new system.
• IT Fears: Worries about needing more resources or expertise to implement new systems.
  
  

Problems with Outdated Property Management Software

Property management software plays a crucial role in the operations of a self storage facility. It connects various tenant-facing tools like your website, payment system, tenant communications, and access control systems. A breakdown with the PMS can put your entire operational ecosystem at risk. 

Legacy property management systems are like old cars: they might still run, but they won't get you where you need to be efficiently or stylishly. They're not innovating, not adapting to new trends in the self-storage industry, and definitely not investing in the development of new tools that help you attract and convert more tenants. While you might think you're paying for basic functionality, you're missing out on leading tools that actively help you grow your business and optimize your operations.

Here are some of the common signs that your legacy system is holding you back:

• Compatibility Problems: Older systems are clunky and don't integrate well with modern technologies.
• High Maintenance Costs: It can be expensive and hard to find specialized support for outdated software.
• Frustrating User Experience: Older interfaces that perform poorly can frustrate customers, and employees who spend time making fixes can lose productivity.
• Insufficient Support: Vendors may no longer support the software, complicating issue resolution.
• Competitive Disadvantage: Relying on outdated technology can limit business innovation and growth.
• Absence of Modern Payment Systems: Older systems may not support modern payment options.
• Lack of (or costly) Integrations: When evaluating your current PMS or searching for a new one, there are two questions you should ask — Are the APIs complete, or do they only offer partial coverage? Do you or other vendors have to pay to use them?

Facility owners must also consider the impact of using outdated software when attracting tech-savvy tenants. For example, Mordor Intelligence reported that as the millennial population becomes the largest group using self-storage, they want to interact with operators using technology, specifically smartphones, apps, or responsive mobile websites. 

Online booking and payment, self-service kiosks, and automated access are new trends in response to the technological development in the younger sector, in fact, they expect it. These features provide new opportunities for self-storage owners who want to capitalize on this growing age group.

Reasons to Upgrade Your Property Management Software

While your current property management system might seem dependable, it could actually be holding your business back from reaching its potential. The demands customers in a fast-paced, digital world are too much for older systems to handle. Their limited features can hinder your ability to attract new tenants, streamline operations, and increase your profits.

A modern Property Management Software solution goes beyond managing existing customers. It actively draws in new tenants, simplifies day-to-day tasks, and boosts your facility's profitability. Imagine a website that makes renting a unit completely effortless, or a property management system that automates the time-consuming tasks that eat up most of your time...

While you may think switching to a new platform is costly or disruptive, it's crucial to consider that the expenses associated with maintaining a system could outweigh those of an upgrade. A new platform's ability to generate just one additional rental per month could easily offset the costs of moving to a new system.

Ready to break free from the limitations of your outdated system? Here's how a modern, purpose-built self-storage platform can transform your business:

• Enhanced Functionality: Modern property management software offers automation and streamlined processes, freeing your staff for more valuable tasks.
• Centralized Control: New software consolidates various functions, providing a unified control system.
• Greater Scalability: Modern self-storage solutions are customizable and scalable, supporting business growth.
• Better User Experience: Intuitive interfaces enhance productivity, reduce training time, and help retain customers.
• Increased Efficiency: Automation and faster performance improve overall operational efficiency.
• Compliance: Modern systems help ensure adherence to regulatory standards, reducing legal risks.
• Own Your Data: Leverage your data to maximize the customer experience, optimize operations, and drive business decisions.
• Open APIs: Seamless integration with your website, access controls, accounting software, or other systems.
• Cloud Based System: Avoid being vulnerable to equipment failures and power outages.
  
  

Tasks You Can Automate With a PMS

Imagine if you had one solution to do the jobs that take up most of your time and energy. A fully integrated PMS allows you to do it all, including:

• Billing and Accounting
• Security
• Rentals and Move-ins
• Marketing and Lead Conversion
• Management of multiple locations
• Customer communications
• Facility and Unit Access
• Upselling and Add-ons

Focus on the Future with an All-in-One Solution

You don't need to be stuck with an old management system or take the Frankenstein approach of piecing together products to run your business. With a leading end-to-end technology platform, you’ll have a complete ecosystem comprising the Industry’s most intuitive property management software, websites and digital marketing services, comprehensive data and reporting, and more to automate and simplify your business all from one source.

Benefits of using a comprehensive all-in-one platform like Tenant Inc. include:

• Automated Operations: You can easily automate and streamline daily tasks to include, rate changes, tenant communications, delinquencies and payments, revenue management, and more.
• Remote Management: Manage all your facilities in a single platform from anywhere in the world.
• Touchless Rentals: Complete rentals and move-ins online from start to finish, including ID verification, to meet the demand of today’s customers.
• Compliance Support: Ensure your business meets all regulatory self-storage standards in every state.
• Appearance: Websites that are not only user friendly and offer a low friction rental process, but they have a sleek and modern design to attract and convert more tenants.
• Seamless Integration: Effortlessly connect your preferred systems, like smart locks and access controls, call centers, and more with open APIs
• Cloud-Based Access: Reduce IT needs and operate from multiple devices, while avoiding on premise equipment going offline and power failures.
• Data and Business Intelligence: A secured data warehouse instance, alongside a suite of pre-defined Power BI dashboards, allowing independent operators to fully own their data and harness its power to drive strategic decision-making, operational efficiency, and customer satisfaction.

Don't get left behind using outdated technology. Upgrade with ease to the Industry Leading ALL-IN-ONE technology solution that gives your self-storage facility an advantage and helps you maximize revenue. 

READY TO SEE WHY STORAGE OPERATORS ACROSS THE NATION ARE MAKING THE SWITCH TO THE INDUSTRY’S MOST INTUITIVE ALL-IN-ONE SOLUTION?

Check out this Case Study with Ryan Lorenzini of Claremont Properties, as he discusses his previous property management system and why it was time to make a change: