Real estate software solutions are changing the way the real estate sector operates. Thanks to the efficiency and seamlessness provided by these solutions, realtors, buyers, and sellers are all favoring a more digital approach to property buying and selling over traditional ways. For generations, in order to document financial accounts, write down audit/inspection reports, tenant demands and assignments, property managers had to use paper, graphs, and email. It doesn’t matter what business you are in nowadays, the technology you use will have an impact on its efficiency and profit. Real estate transactions have improved in organizations, thanks to cost-effective and next-gen ready real estate enterprise solutions available on the market.
In order to monitor their properties, buildings, and daily operations, property managers and companies are now using Property management software. Property management software can indeed be confusing and challenging if you are still not experienced with how it can support your business.
According to the stats, the global property management software market size is predicted to reach $2.70 Billion by the year 2030 with the CAGR of 5.73%.
But what is a property management system? For whom is it? What precisely does this software do for your business? Should you make use of it? All these common questions and many more will be answered in this article.
In this blog, we’ll be covering:
- What is a Property Management Software?
- Functions and types of property management software?
- Features of Property management software?
- Benefits of property management system?
- Upcoming trends.
So without any further ado, let’s get started.
Table of Contents
What is Property Management Software?
A PMS “Property Management Software” belongs to a family of real estate software solutions that operates locally to optimize business processes for enhanced performance and transparency on a device or server side. It’s really the adviser-de-camp of land owners, property managers, and companies trying to simplify tasks that would require a huge amount of time and money. For overstressed and overworked property managers, and owners, Property Management Software is a blessing. The roles of such individuals at the office and back office are diverse, extensive, and in several instances, repetitive. Any of these responsibilities usually involve: interacting with tenants or residents, handling lease requests, keeping track of on-time and late payments, handling maintenance requests, and maintaining and reviewing detailed lists of properties. All such activities and responsibilities are time-consuming, but it’s a piece of cake for property management software and other such real estate enterprise solutions.
These types of software solutions are not only intended for one specific category of specialists in the industry. PMS can help your company to achieve a greater degree of accuracy and success, even if you own rental property, commercial property, and have real estate investment.
Who needs a software solution like this though?
A real estate software solution like PMS will help real estate professionals in several different positions. Below are some of them:
Real estate Investment firms and companies – Property management software does not only help landowners, it could also support real estate investment companies with substantial values. REITs and private equity companies can also use this enterprise solution to efficiently leverage investments and handle portfolios, doesn’t matter how massive they are.
Commercial – Managers require software solutions that give them the capabilities to enhance their approach, improve analysis, and optimize the performance of their portfolios. Those who are employed in the sector of commercial real estate require solutions that can help them minimize property maintenance waiting time, collect complicated rental data from a number of individual contracts, or simplify core functions that sometimes take hours to finish.
Retail – Building owners and managers of retail real estate businesses require unique enterprise solutions to improve their strategic thinking and performance analysis. Retail property acquisition, growth, and management require a strong software solution to meet their decisions based on data to pick the correct mix of tenants.
Tenants – While making maintenance requests, getting alerts about building changes, or incoming deliveries, and connecting with managers, tenants could use PMS “Property management software” through the use of a tenant portal.
Property owners and managers – To maximize their duties and operations, property owners of every form of rental can use property management software. All these properties can benefit from this real estate software solution which streamlines or enhances processes, whether they handle short or long-term rentals, student homes, houses, luxury apartments, commercial buildings or trailer parks.
Features of Property Management Software
Property Management Software solutions have many different features and functionalities based on their purpose. Below are some core features of every enterprise solution like PMS should have. So, let’s have a look.
- Accounting – A financial module which will help you to deal with mortgages, transactions, banking information, debts, and plenty more can be incorporated with your property management software. It centralizes all the activities to one location, stored safely and accessible with just few taps.
- Communicating –You can contact tenants directly through text messages and by email using a designed-in communication feature and functionality in your real estate software solution. You can even send messages separately or even in bulk, build groups and save the chat history inside the application.
- Online payments – Integration of payments will help you mitigate the hours spent on billing and bring down the cost incurred on paper records and collect funds safely. You give your users a fast solution by providing an online payment feature, as well as allowing them the opportunity to check their bank statements or collect receipts. With automatic alerts and email updates, the online payment feature rounds up your real estate enterprise solution perfectly.
- Maintenance Management – Property management software solutions enable support and maintenance requests to be handled, service providers and suppliers to be scheduled and tenants and property owners to communicate about scheduled maintenance tasks with great ease.
- Space Management – The space management feature and the functionality role in real estate software solutions simplify the allocation of resources, tracks and reports on the usage of space and materials and allows physical properties to be properly controlled.
- Document Management – All the data about your property, land, tenants, and finances can be saved by your property management software. You can upload, import, and handle documents such as flow statements or lease rolls using a personalized solution.
So far, we’ve discussed the features and the various types of property management software solutions available on the market. But if you are still wondering how a real estate software solution like PMS can help your business, consider reading to stand up from the bottom line. Below are some features of property management software, so have a look at them.
Benefits of Property Management System
Easy maintenance monitoring
Some say the average landlord doesn’t have to think of repairs. It is generally considered worthless, which requires money without providing value. On the other side, it is possibly the one option most strongly affiliated with tenant gratification. Poor maintenance can lead to building impoverishment under the worst scenarios. Hardly any property manager would like to have to contend with that kind of problem.
Thankfully, real estate software solutions like PMS can cure the problem by providing fully prepared access to information with the help of cloud integration services. As quickly as a work order is connected to the network, cloud-based software will automatically alert you to the problem. Most of these services offer the tenants the opportunity to generate tokens as they could if a customer support portal were used. Although most current real estate-oriented enterprise solutions even allow tenants to attach images of problems to their communications, you might not have to manually inspect the problem. With cloud integration services, real estate businesses can ensure that their maintenance and repair workflows are streamlined and efficient, improving tenant satisfaction and increasing operational efficiency.
Easy payments from tenants and contractors
For your tenants and yourselves, receiving rental payments electronically makes the entire process simple and seamless. Allowing a tenant to pay online will remove some need to meet someone in person or keep daily hours, which can save your time spent on admitting, processing, or depositing the payment. Tenants might also want to opt for direct debits which if payment is due then without inputs subtract money from their bank accounts. Many would not like the concept of an automatic deduction, but without having to meet someone in person, they may still be happy about the chance to make a payment. This benefit will also allow payment reporting and readily accessible records for both landlords and tenants to help to resolve any conflicts over rent payments.
If you plan on keeping track of everything in your house, daily data tracking and report generation are essential. If you are a single owner who owns an apartment, complex, or multi-unit house, then you are probably acquainted with how hard it could be to maintain track and gathering of financial details. If you are a small company operating a couple of commercial buildings, the scenario would be a little messy. Several real estate software development offer the option of recording financial data automatically that takes all the trial and error out of the assignments. You’ll be sent monthly text documents along with tables and diagrams, which will provide you with the overall picture. In this way, using property management software will enable you to have a handle on what facets of your project need to be altered to increase your return on investment.
Property management is one of the key features of a real estate-based enterprise solution. This is possibly among the most significant reasons why owners of properties are thinking about developing PMS solutions. They make accounting, monitoring, and communicating processes simpler. In the owner’s tab, all the details are available about the properties. While reducing third-party resources, property management software accelerates business processes so that you can achieve greater management uniformity and improve performance.
24*7 support & customer loyalty
To provide your client with outstanding help anytime, you can incorporate property management software with chatbots and voice agents. Your business or company can be taken to the next stage by integrating your real estate software solution with next-gen tech. You will make your clients feel valued and appreciated with device alerts and personalized marketing. Furthermore, multiple languages and currency can be enabled by your software, which will further improve your client relationship.
Property inspection is amongst the most time-consuming business practices that property managers need to face. It needs one after another property inspections, writing all the appropriate details down, and afterward writing it back in the office. You can perform property inspections and produce informative reports when out there in the area with property management software. You could save a great deal of time and just never forget about something by using inspection templates planned accordingly.
To safeguard honesty, every landlord conducts a background check on prospective tenants. Papers are often easily lost or destroyed, which is why the most secure alternative is to use a real estate software solution like a PMS. There will be an integrated scanning tool in the software that allows landowners to search for potential records from state registers. However, it is important to remember that the documents it reviews are those that are readily accessible to the public. As the right to privacy is often protected by property management software. However, the enterprise solution will ensure that important information is given to complete your background check.
Property management software provides unprecedented access to your properties with precise, updated, and real time data, directly and immediately through one powerful software. Through your full portfolio, you will have the information you need to make smarter decisions that will boost your activities, advertising and finances.
Among the best benefits of a good real estate-based enterprise solution is calendar scheduling, certainly. Calendars are required to display booking, property availability and customer or guest status from various channels. It will help you to arrange appointments with tenants, build reminders for collecting rent and plenty more.
Reports will provide you a lot of meaningful information on how the company pays costs, sales, taxes, payment, and availability of lands. By inserting extra columns or sorting by multiple variables, these reports can be tailored to the needs of your organization.
Learn more about the benefits of property management software for real estate businesses.
New upcoming trends in Property Management Software
Technology is a dynamic sector that always keeps changing and moving. New technologies keep coming up every year and change the way we build our software solutions and their capabilities. In this section, we will discuss some of the next-gen technologies that can help us create better and powerful real estate software solutions.
Internet of Things can change how real-estate businesses operate and maintain their portfolios. With the help of hi-tech sensors and other IoT devices, property managers can keep a firm eye on their properties. There are many excellent software development companies that provide scalable and cost-effective IoT development services that can be used to build better software solutions. IoT makes properties safer from damage and illegal activities.
With the help of AI in real estate, the data collected by IoT devices can be used to make business plans, find gaps in the security, provide facial recognition, detailed reports about the foot-traffic, etc. These features make AI development services a worth investment for any real estate business looking to boost up their processes. With the help of AI and ML, business can also add chatbots to their real estate websites that will improve customer experience and service processes. If you want to learn more about how to develop custom chatbots for your real estate business, read more.
Perhaps the most exciting next-gen technology in the real estate market, AR/VR allows property managers and realtors to give their clients a property tour digitally. Potential buyers can use a mobile app or web solution, visit the property in 3-D and even walk around. AR/VR integration in a real estate enterprise solution can be a game changer for any real estate business, providing clients with a more immersive and interactive experience of the property. With investments in real estate virtual tour software development, real estate businesses can better showcase their properties, reduce costs related to physical property tours, and increase sales conversion rates.
The real estate industry is undergoing a massive change by adopting digital transformation services. Firms are moving away from the old ways of doing business and are adopting streamlined digital methods. With the help of property management software (PMS), real estate businesses can manage their portfolios more efficiently and become much more streamlined. PMS provides a suite of services that can help firms monitor and optimize back-office activities and finances and even enhance the security of their properties. Additionally, PMS enhances communication between tenants, owners, and managers, making it easier for all parties to stay informed and connected in real time.
If you are looking to develop a robust and secure PMS solution, then Matellio is the perfect technology partner for you. We offer scalable and cost-effective software development services for the real estate industry that allows us cater to businesses of all sizes. Our next-gen experts are industry veterans who know how to create real estate systems that truly feel futuristic and provide all the benefits we discussed earlier and more.
To learn more about our real estate software solution development services, visit our Property management software development page.