The New York-based real estate company offers rental and leasing services for 150+ residential and commercial properties across the city. Their services include maintaining and marketing vacant units, communicating with customers, lease administration, tenant screening, etc.
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A Custom Property Management Software System Grew in 190+ Rental Units
Country
USA
Industry
Real Estate
Engagement Model
Dedicated Team
Team Size
6 Experts
Project Duration
8 Months
About the Client
Business Challenges
Before working with us, the client had a pretty basic website – it only showed properties without much else. This made it hard for them to do important things like managing all the property data, communicating with tenants, managing repairs, and handling finances. They wanted a comprehensive platform that could do more than just showcase properties – one that could make their job easier, keep tenants happy, and help their business grow.
The Task at Hand
Before COVID-19 hit, the real estate industry, as Roland Suhner, CIO of the firm would say, was pretty old-school. Some parts of property management still relied on talking to customers face-to-face or using paper notes.
With time, it became crucial for our clients to manage properties distributed across different locations from a single touchpoint and communicate with clients. Since a lot of their employees started working from home, notes on paper weren't as useful, and doing things manually made it tough for teams to work together from different places.
So, the client needed a better way to keep track of everything in one spot. One of Roland’s top priorities was an intuitive, customized solution without a steep learning curve that could help his team manage all aspects of the properties, including pricing, booking, payment collection, maintenance, and reporting.
Our main goal was to make sure that the tailored software hits the nail on the head. We needed it to be so spot-on that managing properties becomes way easier for our client. Every feature and detail have to be just right so that tenants are happy, and things run smoothly behind the scenes.
Milit Panchasara
Software Engineer, Radixweb
Project Goals
- Developing a customized software solution that provides end-to-end management capabilities for all aspects of property management.
- Building a scalable and high-performance system capable of handling a large volume of properties, tenants, and transactions.
- Designing an easy-to-use interface that enables both administrators and tenants to easily navigate and utilize the software.
- Implementing automated rent collection functionality with integration to payment gateways.
- Providing customizable tenant portals where tenants can access information and communicate with managers.
Solutions Provided
In terms of streamlining property management, the client team is leading the way and doing things differently. The bespoke software we created for them is a big part of that. Here’s how:
A Complete Dashboard
We developed a centralized dashboard that provides an overview of all properties. It includes key metrics like occupancy rates, rental income, maintenance requests, and upcoming lease renewals.
Tenant Communication Portal
Through the portal, tenants can search and discover listed properties, easily submit maintenance requests, view lease agreements, make rent payments, and communicate with property managers in real time.
Automated Rent Collection
By integrating with payment gateways, the software allows tenants to set up recurring payments. Property managers can also track rent payments and set automatic reminders.
Maintenance Request Tracking
Tenants can submit maintenance requests online and track the status of their requests. Managers are also able to assign tasks, prioritize work orders, and track maintenance expenses.
Financial Reporting and Invoicing
We implemented reporting and invoicing capabilities within the software so that the client can generate detailed financial reports, track income and expenses, and send invoices to tenants automatically.
Customizable Reporting and Analytics
For better decision-making, property managers can generate customized reports and analyze different factors related to occupancy, rental income, maintenance costs, and tenant satisfaction.
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Technologies Used
To develop the custom property management system, we needed a proptech stack that’s suitable to achieve three key goals right from the beginning – the software has to be accessible all the time, it must be a comprehensive platform that eliminates the need for other solutions, and it should always perform at an optimal level. All these were possible with MERN stack. Here’s how:
MongoDB
We used MongoDB, a NoSQL database, to store all types of data related to properties, tenants, leases, maintenance requests, and financial transactions. It’s extremely flexible, which allows us to easily adapt to changes in data structure and adapt to changing requirements.
Express.js
Express.js was our choice for building the back-end server of the software. It can efficiently handle incoming requests from the client-side and provides middleware functions to handle tasks like authentication, routing, and error handling.
React.js
The decision to choose React.js to create the front-end of the property management software was crucial. Its component-based architecture makes it easy to reuse and maintain UI elements, including property listings, tenant portals, and administrative dashboards.
Node.js
Node.js helped us run the back-end server and handle server-side logic, such as data processing and business logic implementation. Since it has an event-driven, non-blocking I/O model, the software can support and handle concurrent requests from customers in real time.
4 FTE
Freed up from Manual Tasks
40+
New Properties Acquired
<10
Seconds Response Time
End Results
The client has been using the software for three years now, and the results speak for themselves. It has become an indispensable tool for their business and continues to deliver tangible benefits and positive business outcomes.
Business Growth
The client expanded their portfolio of properties without significant infrastructure investments. Within a year, they were able to onboard 40+ new properties and increase market share in their target regions.
Performance Boost
By implementing the bespoke software, our client could free up the equivalent of four full-time employees from the manual task of collecting and inputting data.
Property Occupancy Rate
With the software on board, the client could optimize their marketing and tenant acquisition strategies. As a result, they achieved a 17% increase in property occupancy rates within the first six months of launching the software.
Tenant Experience
The software has an average response time of less than 10 seconds when users interact with the system, whether submitting maintenance requests or accessing property information.
Financial Management
As we automated the rent collection process, our client saw a drastic reduction in overdue rent payments. The software also provided real-time insights into financial performance, cost savings, and revenue growth.
Radixweb helped us do our business in a smarter way. It has made our property managers more productive with a more personalized and targeted outreach. The system is incredibly easy to use but does a lot of work. We’re even planning with them to add more features soon.
Josh K. Archer
Management Executive
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