Property Management Software Development for Real Estate
We all have heard that humans have three basic needs: food, clothes and shelter. Hence, home is a luxury and a must for every human. However, with the increasing rate of real estate, not everyone can buy a house, and there are several other reasons some people prefer renting a house instead of buying. Renting is now worldwide, and according to the survey, 90% of the world’s population rent a flat, room, or any other shelter.
The rental industry is growing drastically; maybe due to population increases or other factors, people are forced to rent shelters for themselves. Let me give you a few stats so it will be easy for you to understand how renting is growing.
As of 2017, single-family rental homes and townhomes account for 35% from the 2016’s 2016; within one year, the renting population increases by 5%. Many experts think that the increase in the percentage is due to the younger generation, but that is not true. According to a report, the number of renters older than 55 years has increased by 28% between 2009 to 2015.
The point is that the renting industry is growing, and many real estate companies have found it hard to manage property and tenant data using the traditional method. Many of them are looking for a reliable way to do all this.
However, in recent years, not only has the renting industry evolved, but technology has also reached its pinnacle, and property owners are building customized property management software. Don’t worry if you’ve never heard about the term because, in this write-up, we’ll know everything about property management software, its benefits, features, and development.
What is a property management software?
This property management software is a customized software that helps property managers and other real estate professionals manage their rental apartments, houses, or buildings. This software keeps all sorts of functions on a single dashboard, from rent collections and maintenance reports to financial reports; the owner can manage everything in a single place. Property management software saves much time with much fewer human errors.
Along with this, there are several benefits that property management software offers to owners; some of them are listed below.
- Streamlined Operations: The greatest benefit of property management software is that it enables owners to manage their properties more efficiently. With this software, owners can automate repeating tasks, like collecting rent, sending up requests for maintenance, or contacting the tenant. This lightens the administrative burdens and saves a lot of time, and owners or managers can invest in other tasks which matter more.
- Improved Tenant Experience: This is for any property owner or renter experience. Property management software effectively enhances the experience and helps both renters and owners build good relationships. With the property management software, renters can easily pay rent, add requests for maintenance, or communicate with management about their queries. All these things increase tenant satisfaction and lead to a sense of community within properties, which results in higher retention rates.
- Better Financial Management: Effective management of finances in real estate is crucial. Property management software contains an all-rounded source of financial tools that enable the manager to monitor inflow as well as outflow funds, offer managerial reports regarding finances, and predict future revenue from properties. This shall amount to greater access to financial information, empowering property managers to make prudent decisions to ensure profitability from properties.
- Improved Communications: Communication between property managers and tenants is essential for effective property management. Property management software also includes features like messaging systems and email notifications so the renters will receive timely information on their maintenance, lease renewals, and other necessary activities. These features increase the transparency and enhance the landlord-tenant relationship.
- Data-Driven Decision-Making: We all have to agree on one thing: that we are in the digital era where data is the game-changer. Property management software includes features like Reporting and analytics, which help owners assess the renter’s behaviours, market trends, and property performance. This information lets a property manager make decisions based on actual, up-to-date information that optimizes operations and increases profitability.
Important Features for Property Management Software
So, with the above features, you might also want to build property management software for your real estate empire. If so, then your property management software should have a few must-have features.
- Tenant and Lease Tracking: A robust tenant and lease tracking feature allows property owners to manage tenant information, respective lease agreements and renewal dates more effectively and without any human error. This feature also sends reminders for lease expirations, and renters can easily renew these agreements.
- Online Payment Processing: Online payment processing is an integral part of contemporary property management. Property management software allows tenants to pay their rent online, making the whole process more convenient and ensuring timely payments. Also, renters and owners can have detailed payment histories in the software.
- Maintenance Management: Keeping your property maintained is none other than the owners’ responsibility. With reliable property management software, renters can easily submit requests for repair and maintenance, and owners can track and manage maintenance orders. With the maintenance management feature, owners and renters can also see the assigned tasks, set priority levels, and monitor the status of maintenance requests.
- Communication Tools: Communication is the most important thing in building trust and loyalty between renters and owners. Your property management software should have communication features so the renter and owner can chat in real time.
- Mobile Access: According to a report today, there are more mobile phones than humans. Hence, it is a must for you to make your property management software compatible with mobile so one can access it from anywhere on their mobile phone. Also, with a mobile app, property managers can respond to tenant requests, track maintenance, and manage finances anywhere.
- Document Management: When it comes to renting, there is much paperwork, and managing these papers is really hectic. However, dedicated property management software enables owners to upload, categorize, and store essential documents such as leasing agreements, maintenance records, and communication with the tenant in electronic form. This makes managing documents less messy compared to storing them on files.
Best Practices in Building Property Management Software
Now you know the features which your property management software should have. However, before you start property software management, you’ll require strategic planning and ensuring that your software will address the needs of real estate professionals. Here are some best practices to consider in this developing process:
- Understand User Needs: Before starting with developing the property management software, research the specific needs of your target audience. Engage the property managers, landlords, and tenants to determine points of pain and features that would resolve them. This user-centric approach will guide the development process and help you to build the final product that is pragmatic and useful.
- Focus on UX: Having multiple and astounding features means nothing if your software is not user-friendly. Make sure your software has intuitive and user-centric designs, and all the features must be accessed easily.
- Scalability: With time, your real estate business will grow, and you will have to make sure that your property management software is scalable. With time, you’ll need to add new features and renters, so your software must be scalable in the long run.
- Security: Property management software holds sensitive data, and you are responsible for securing it. Make sure your software uses the latest security encryption and is safe from data breaches and ransomware attacks to safeguard user information and user trust.
- Beta Testing: The best way to test your software is beta testing. Once you have developed your software, launch it for a few users and gather feedback to enhance it before launching it worldwide. With beta testing, you can easily detect bugs and user-friendliness issues in your software.
- Ongoing Support and Updates: Once your property management software is launched for users, continue to support users with ongoing maintenance, updates, and customer service. Also, user feedback should be regularly gathered to identify areas for improvement and new feature requests.
The Future of Property Management Software
Property management software has a bright future, and there is no doubt that it is here to stay for the long run. The emerging trend of artificial intelligence, machine learning, and the Internet of Things will soon take property management software to the next level and might become the primary way for managing properties.
Ftechiz has been now a renowned name for building tailored software for over a decade. Starting in 2014, Ftechiz has built over 500 solutions for different industries. Our built projects have been recognized worldwide by users.
We understand our client’s needs and help them with the complete software development life cycle, from deciding on features to using the latest methodology to make their software reliable and scalable.
Conclusion
Modern property management requires modern property management software. This software not only helps property owners but also helps renters in many ways; they can request maintenance, pay rent, access their agreements and renew them in one tap. We hope after reading the complete blog, you know why property management software is a must nowadays and how it will help property owners. Following the best practices and partnering with a reliable property management software development company can surely help owners succeed in the evolving industry. With the appropriate and right software, a proper property manager can manage renters’ documents, requests and feedback in a much better way. This will add value to his or her respective properties and enhance the renter’s experience.
