Not Just 1 But Here are 5 Reasons to Invest in Property Management Software
It is next to impossible to run a real estate rental business without property management software. If you own a range of properties like apartments, rental housing, commercial property, storage facilities or any other property, this blog is for you. It is also for the property managers, looking for a rent manager app or software. So, we met with our app consultant to discuss the reason why any property business would need management software. Turns out, there are not just 1 but 5 reasons.
Check them out here!
Whether you’re a landlord managing all the activities of your different properties or a property manager doing this on the different owners’ behalf, we don’t need to tell you how difficult your job is.
You know it pretty well and that’s probably why you landed on this article. Well, look no more. We are here to tell you how to make it simpler.
Are you trying to manage tenant payments, maintenance and repairs, employee records all by yourself? You have bitten off more than you can chew. There is no need to use the old school methods when you can use the right technology. You need an enterprise application development, customized from scratch, just for you.
Apart from the regular property maintenance tasks, the software can also manage reporting on revenue generation, operational costs, cash flow and budgeting.
The property management system has made tasks simpler and if you’re not using it, they will stay difficult. It is cost-effective and saves time as well. It also helps to run things in a better manner and keeps the residents happier and safer.
In this blog, we will give you the reasons why you need to invest in property management software development. Before that, let’s see some important statistics relevant to your business.
Some Statistics on Property Management Market
- The global property management market size was USD 14.47 billion in 2018.
- This is projected to increase to USD 22.04 billion by 2023 at an annual growth rate of 8.8%.
- In 2018, the property management software market was valued at USD 13,801.7 million.
- This is expected to grow significantly at an annual growth rate of 7.6% from 2019 to 2028.
- As reported by Goldman Sachs, Virtual Reality and Augmented Reality will become a USD 80 billion market by 2025. Out of this, 42.6 billion will be specifically for real estate.
There are a lot of reasons to invest in online property management software, we have tried to take all these reasons and distributed them under 5 titles. Let’s see them one by one.
5 Reasons your Rental Property Business needs to Invest in Property Management Software Development
#1. Marketing your property
Suppose you have empty properties in different areas or cities and can’t get any tenants to rent. What would happen then? You would lose out on money. A software like this one increases scalability and manages to market properties of all sizes.
It is not like there is a shortage of tenants, but there might be a lack of marketing. It can become a cumbersome task if you have to advertise your properties in different real estate websites, magazines, and newspapers.
Real estate management software is useful for this purpose. You don’t have to fill out the detail and description of your properties for every website. The software will help to create searchable rental listings for it.
Such property management software for landlords also helps to do Craigslist postings and advertise on Zillow and Trulia.
Using AR and VR can accelerate the sales process as people won’t have to travel to the properties and commercial buildings in order to see them. They can do the primary screening sitting at their homes. Using the latest technology, you can impress your future tenants.
This technology makes it convenient for the customers, brokers and landlords to showcase different properties.
#2. Tenant and visitor information
It is a mundane and laborious task to maintain a record of all the details of all the tenants. Whether they are current tenants or someone who is interested in renting one of your properties.
Using rental property management software will make this task hassle-free. You can keep information like name, contact information, unit number, and lease documents. The digital copies of all the documents can be easily accessible.
Not just storing this information is important but screening genuine tenants is a must. In fact, real estate management software can perform this task as well. You don’t need to spend hours or days on background checks and documentation.
Real estate management tools also perform visitor management. You can get real-time information about the visits to the property whether they are guests of the tenants or any delivery personnel. This also increases security.
#3 Maintenance and repairs
Unexpected property damages are a nightmare you don’t want to have. But, the sad truth is that they keep on popping up. Whether it’s a broken tile or a leaking pipe, something or the other is always there.
Keeping a track of these is even more nightmarish. But not with the facility maintenance management system. A simple landlord software will take care of this.
The tenants can apply for maintenance requests when they face a problem and this can be managed within a rental property app. You receive these requests on the landlord property management app.
Thereafter, you can easily assign contractual workers for the maintenance and repair work. You can also track the work done and the progress made without having to visit the property. This is similar to the site auditing app that we made for a client.
Unexpected repair work can be managed without any unexpected problems if you use property management software.
#4 Employee management
Owning different properties like residential buildings, commercial medicals, mobile home parks, and storage facilities means more work. You cannot manage the workload by yourself and will need assistance. The best way is to hire employees for every task from security guards to the housekeeping staff. The property management software for landlords and real estate property managers helps in the hiring process as well.
After hiring, you can also monitor the work hours and attendance using the employee tracker system integrated as a part of the real estate management tool. In fact, we have created an employee attendance app with features of QR code and pin code for attendance tracking.
This can also help to keep a record of employee work and salary slips. Managing salaries, approving leaves, early and late coming permits will take lesser time than usual.
Rental property business is dependant on tenant’s rent. Let’s see how this software helps in this aspect as well.
#5 Track of accounts
Probably, the main purpose of property management software is this. It is important that the tenants pay rent and maintenance at proper and regular intervals. If you can’t remember when the rent is due then it can be a trouble.
The rental application or rent tracker app can easily be used to set reminders for every personal rental. You won’t have to worry about missing a payment. Similarly, you can set reminders for paying the regular and contractual staff.
Along with this, you can also manage all the new lease agreements and old lease renewals and their payments with the best landlord property apps.
You have now seen the reasons for how property management software development can help you with so many different processes and tasks while managing rental properties.
Building the best rental app or property management software
We hope that the intent of this article to tell the reasons why your property rental business needs property management software development has been clear.
Maintaining even a single house is a big deal, managing multiple properties is a gigantic one. For such important tasks, you will need a software or an app that runs flawlessly and is easy to use.
We are a mobile app and web development company based in Canada with an experience of developing performance-driven software and apps in various categories. We have developed Android, iOS and web-based apps that run seamlessly on these platforms.
If you have any questions or doubts regarding real estate management software solutions, feel free to convey to us. You may also avail the benefit of a 30-min free and confidential consultation with our technical expert and share your expectations and requirements.
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This page was last edited on August 21st, 2020, at 12:19 PM.