There are a lot of operations in the real estate industry that are recurring and repeating. Yet, they are significant enough to be addressed to maintain proper and quality business operations. Therefore, to eliminate the frustration and the wastage of time because of these recurring operations, developers have got a way out of it. Building Property Management software for landlords and businesses has been proven to be a masterstroke.
These functions include rent tracking, rent collection, management issues, maintenance complaints, etc. Landlords or property owners can get real-time and quick updates on these issues, which is convenient for both owners and tenants. However, you need to remember that this model is more beneficial if the deal is of long-term accommodation.
According to research by Grand View Research, The global Property Management Software Market is expected to reach a value of USD 4.47 billion by 2030, growing at a CAGR of 7.7% from 2023 to 2030.
With that being said, let us dive deeper into the details and demographics of this software.
Who Uses Property Management Software?
Property Management software, often known as landlord tools, is becoming popular worldwide. Gradually, people are noticing the advantage of automation and the efficiency it offers in operations. Thus, it is used in different sectors:
- Hospitality Establishments: Businesses like hotels, recreational properties, resorts, or travel or tourism, where hospitality plays a key role, are one of the biggest clients of PMS.
- Residential and Private Houses: People who rent their property out to tenants in exchange for some monthly rent use PMS to maintain a proper and regular conversation with the tenant.
- Commercial Real Estate: Some properties are exclusively built for businesses or offices. These properties need to be world-class and equipped with advanced tech and facilities. Therefore, PMS helps in reporting issues or maintaining the property to a certain quality.
Along with maintenance, it becomes easier for tenants and owners to get timely updates about rent collection or rent payments.
Different Types of Property Management Software
Everyone has their own needs. It is better to provide alternatives or options to the people rather than fitting them into a certain type. Considering this fact, there are a lot of types of PMS that are specially developed with respect to different needs and requirements. The following list is equipped with all different types of PMS:
- Software-as-a-Service: SaaS, also known as Software-as-a-Service, is best suited for start-ups or small businesses that can afford to have their software for a limited budget. With SaaS, anyone can get their software to manage their property.
- Custom PMS Development: As you might understand by the name, custom PMS can help you get a custom-tailored program that will cater to your needs and will be specifically built for you. However, custom PMS development might be a bit expensive for most of you.
- Condominium Property Management for Commercial Sites: If you are the owner of a commercial property, handling a lot of offices, studios, etc. can become overwhelming for you. This PMS assigns a property manager that streamlines the administrative tasks that include:
- Rent collection;
- Maintenance planning;
- Communication with residents;
- Online coverage;
- Real-time occupancy tracking;
- Lease contract management.
- Residential Property Management: Several owners like you are renting out the residential property to tenants. Just like commercial places, residential properties also require a proper management system. You can also integrate a feature that allows you to find people seeking apartments for rent.
- Tenancy Management Software: The tenancy management software is responsible for performing various significant tenant operations with ease. With tenant management software, operations like tenancy contracts, including renewals, expirations, and rent adjustments. With this software, the communication between the tenant and owner becomes easier.
- Industrial PMS: When speaking of spaces like warehouses or stores, going for an industrial property management system will be the best option for you. The industrial PMS is responsible for providing features like equipment tracking, inventory management, preventive maintenance scheduling, and more.
- HOA Management Systems and Private HOA: If you own condominiums, townhouses, single-home developments, and co-ops, going for HOA management systems and private HOA is the best option for you. With this software, property managers like you are able to perform amenity bookings, communication with residents, accounting automation, and electronic payments.
- Hotel Management Systems: As the name clearly justifies, the Hotel Management Systems facilitate hotel owners or ventures to seamlessly perform all the recurring management tasks. Also known as HMS, they can single-handedly perform daily operations, such as room reservations, housekeeping time-table, check-in and check-out process of guests, and even marketing on various booking platforms and channels. With its effective and advanced programming, managing a hotel has never been easier.
This pie chart shows the distribution of PMS clients among residential and commercial properties.
Benefits of Using PMS Software
As of now, you must have an idea of how beneficial PMS can be for smooth property management. However, if you want to know more about the benefits, refer to the list below:
- Data Security: Some of you might be tense regarding the data protection policies offered by these platforms. Well, worry not, as the makers of reputable software understand the significance of online privacy. Thus, they use advanced security tech in their products.
- Scalability: With higher efficiency and effectiveness, the PMS helps property owners scale their business to a larger extent and helps them grow.
- Automation: Automation is the key attraction towards this software. It results in better efficiency, time-effectiveness, and zero chance of human errors.
Finally, we can conclude that using a PMS can be highly beneficial for any property holder or tenant. It does not matter if you lend your property out for residents, businesses, or industries, there are always some PMS developed especially to cater to you.