Property Management Software: An Ultimate Guide

Quick Summary – Managing different properties at separate locations is a Herculean task. But, if you use a property management system (PMS), managing your real estate can be seamless. Hence, property management software development is the best decision for real estate businesses. Read the blog to know more about PMS. Happy Reading!

James was feeling helpless. Misfortunes were bombing him as several tenants were due on their rent payments. Large repair and maintenance expenses were piling up for weeks. Nightmare!

There was a time when James saved a good fortune and then invested it in buying multiple properties and renting them. As per the IMARC report, the global real estate market is expected to value around USD 7,954 billion by 2028. So, it was a win-win situation for James. But James became a miserable landowner with so much stress. Was James impractical for investing in properties? Well, no! Like James, there are many landlords, hotel managers, and real estate owners, facing the same issues. So, was James able to thrive?

Yes! With the help of a Property Management System (PMS). A savior indeed!

For many years, property management solutions were built on outdated property technologies. Luckily, technological advancements today provide efficient property management software development. It also led to the emergence of PropTech in the real estate industry, making property management much easier and simpler.

So, if you're a PropTech start-up founder or a real estate professional, and still thinking of not using software for property management, you need to think twice. The faster you get a piece of the cake, the less your competition gets. Hence, in this blog we’ll learn the A-Zs about property management software solutions.

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What is Property Management Software?

A property management system (PMS) is an automated software solution to manage properties and keep records replacing pen-paper and manual spreadsheets. PMS is one of the best real estate management software helping you save time and increase cost-effectiveness by enhancing business productivity.

This property management solutions builds a centralized record of every customer-owner activity. Hence, developing software for property management significantly benefits multiple real estate businesses across different industries.

All in all, the PMS software development enables computers or digital devices to support and manage all the necessary activities specific to the real estate industry. Thus, this software can help you with customer feedback, marketing, gathering, and storing client data, billing, information related to check-ins and check-outs, booking processes, and many more.

Moreover, the software for project management is often cloud-based and referred to as cloud-based property management software, however, there are certain local server choices also available.

Types of Property Management Software

There are four major areas, each of which needs its type of software for property management, such as:

1. Residential Property Management System

Online residential property management software helps to navigate family housing and several properties. Hence, PMS software development makes the work more centered and organized. Features of online residential property management software include maintenance management, eWallet app payments, marketing, and space management.

2. Commercial Property Management System

Commercial real estate property management software helps retail site or office building owners manage their properties seamlessly and efficiently. The benefits they can experience with PMS software development, includes, collecting online payments, schedule for rent changes, online reporting, lease data collection, and property maintenance feature.

3. Apartment Property Management System

Apartment property management software simplifies the landlord's job and provides a more secure and structured approach to managing the overall renting process. Developing such property management software helps landowners with proper communication, resident screening, marketing, leasing, collecting rent, and tracking maintenance.

4. Hotel Property Management System

From the start, the hotel business has preferred property management software development for their hotel operations. Hence, efficient hotel property management software helps in data collection, check-in, and check-out, booking rooms, and managing online bill payments.

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Key Features of Property Management Software

Enlisted below are the key features of property management solutions. Moreover, these are also the important features you should consider at the time of real estate software development. They are:

1. Tenant Portal – Tenants can pay rent, submit maintenance requests, and have open communication with landlords

2. Building Maintenance – Task allotment to maintenance workers, submit and track work requests

3. Budget and Forecasts – Create operational budgets, forecast future expense and value, and CPI changes

4. Tenant and Lease – Simplifies the entire leasing process, utility and rent payment collection, and tenant screening

5. Accounting – Manage payable accounts, general ledger, rent payments, and financial report generation

6. Integrated Channel Manager - Distribution is one of the significant ways that small to medium-sized estates can contend with huge hotel brands. Hence, this feature has become imperative to manage any type of property.

Moving on, let’s now go through the advantages of using property management solutions.

Advantages of Property Management Software

The following are the major benefits of using property management software:

• Saves Time - PMS software development helps automate daily processes, like, rent collection, maintenance requests, and lease management, eventually minimizing the overall time you spend on manual processes.

• Enhanced Scalability - Real estate management software development takes place considering different software development trends leading to scalable solutions. Hence, it allows property managers to add or remove units and properties easily, making it more seamless to scale operations.

• Increased Tenant Satisfaction – Developing property management solutions also helps simplify processes like lease renewals, rent payments, and maintenance requests, improving tenant retention rates.

• Better Organization - Using software for property management helps organize all the property-related data, making it more straightforward to manage and access.

Disadvantages of Property Management Software

The following are the limitations that come with property management software:

• Wrong System Selection – To avoid this, you need to first examine your business needs, and your project objective and then choose the type of property management solutions, whether you want to develop a real estate app for mobile or web.

• Training Cost and Time - This factor depends on your staff's determination to learn.

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How to Develop Property Management Solutions?

Here is a step-by-step development process for property management software development.

Step.1: Examine the current market for features you want to integrate in your software for project management.

Step.2: Before directly diving into building property management solutions, you need to understand your target audience.

Step.3: Decide whether you want to develop custom software for your project management or not, then look for features to integrate.

Step.4: Generate a wireframe or prototype for your PMS software development.

Step.5: Designing UI/UX before property management software development.

Step.6: The actual PMS software development stage; here the frontend and backend of your software is developed and deployed.

Step.7: Once your software developers are done with cloud-based property management software (it’s the era of cloud), they test it. After testing, your software for project management is released with ongoing support.

This was all about the basic process for property management software development.

Latest Trends in Property Management Software

When developing software for property management, it’s imperative to follow some significant real estate technology trends, including:

• Cloud-Based PMS - Cloud-based property management software is gaining immense popularity due to its accessibility, scalability, and flexibility, promoting real-time collaboration among your team.

• Advanced Analytics - Modern software for project management integrated with reporting capabilities and advanced analytics enables optimal property performance, and data-driven decisions.

• Utilizing Mobile Apps - Using mobile apps for property management enables both property managers and tenants to easily access the services and information, eventually streamlining processes and improving communication.

• IoT (Internet of Things) Devices - Using Internet of Things (IoT) devices, like thermostats, sensors, and smart locks, allowing landowners or managers to control different building functionalities remotely.

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Cost of Developing Property Management Solutions

There are several expenses connected to property management software development. These expenses include hiring software developers, customization, additional features and functionality, training costs, yearly maintenance fees, initial setup fees, and software licenses. Hence, the average cost of PMS software development for a start-up or SME can range between $5,000-$15,000. For medium-level real estate management software development, you can expect the cost to be around $15,000-$20,000. And lastly, developing property management solutions for a large real estate business can range from $20,000-$250,000. In the end, the expense of your real estate management software development solely depends on your project objective and business needs.

ConclusionDeveloping software for property management helps real estate agents, property managers, and landlords to align and simplify their daily operations. Moreover, there are several types of property management software available for your different business needs and the ideal solution for your business relies on your portfolio type and size. And, by focusing on your PMS software development criteria, like the features, functionalities, and usability. All these can help you examine diverse types of software for project management that you are considering for your business.So, if you have an idea for developing the real estate management software, Radixweb is happy to help. As a reputable software development service provider, Radixweb will help you build efficient online property management software. Development of property management solutions by our experts is integrated with data intelligence and smart algorithms to help you track, analyze, manage, streamline, and automate operations like property management, lease administration, sales, and financial forecasting.Contact us to learn more about project management software development.