Property Management Areas Where Technology Can Help

Property management has experienced steady growth over the last decades as a field with promising opportunities for modern businesses. The property management market size in 2023 was estimated at USD 78.31 billion and Globe Newswire predicted it would reach $23.63 billion by 2026.

With North America and Europe leading the global property market, the industry will keep growing despite the political turmoil and economic fluctuations. In the end, there will be more tasks to solve and more property to manage.

How can property management technology help industry specialists perform their tasks more effectively without losing their clients? Check the answer in the article below.

The Growth of Property Management Technology in 2009-2022

What is Property Management Tech?

Property management tech implies the use of modern technologies like AI, VR, green technology, and others to enhance the efficiency and effectiveness of property management processes. Whether it’s an online platform or a mobile app, they help property managers handle tenants, leases, maintenance, accounting, marketing, and communication.

The perfect example of property management technology is PMS.

Property Management System (PMS) is a software that facilitates management tasks like accommodation booking or hotel reservation, payment processing, request handling, and other day-to-day activities. PMS allows property managers or administrators to focus on more high-value tasks instead of routine.

Property management technologies help with:

• Communication with tenants and vendors
• Marketing and lease management
• Rent collection and accounting
• Maintenance and repair management
• Tenant screening and background checks
• Property inspections
• Automation of check-ins and outs

There is a lot of room for developing technology for property management, areas that they can improve, and possibilities they can open.

Top Latest Trends in Property Management System

Let’s take a glance at the most popular trends in property management that have emerged globally.

• Artificial Intelligence. AI technologies in property management cover various aspects. AI chatbots can handle common tenant requests, redirect complaints, contact relevant services, answer typical questions, remind about paying rent or utilities, and help with many other routine tasks of property managers. Predictive AI helps with property maintenance predictions. AI lease abstraction tool summarizes lease agreements and provides key information quickly. Also, AI is a huge help in document management, especially contract data extraction, document classification, and further automated data entry to the company software or CRM.
• Cloud computing. Apps like Propertyware and Skyline help businesses keep their data secure while reducing network maintenance costs. Because in the end, you don’t need to build a separate network and can always access your software through the Internet. Additionally, the developers would offer you free software updates so your tool will never get old-fashioned;
• Business intelligence. This type of software allows you to make a complex analysis and synchronize the data from different software you’re already using. For instance, tools like Power BI and Hostaway can foresee industry trends and generate reports on recent performance;
• Mobile technology. According to the statistics, the most common services fall into the categories of Maintenance & Repairs and Rent & Fee Collection. Using apps like Facilioo and Casavi will allow you to stay in touch with the tenants, collect fees, and manage the tenant’s complaints in time. In addition, most clients prefer using mobile apps due to convenience (in America, 85% own a smartphone). Hence, there is a higher chance of attracting a new client with mobile technology;

Most Common Services in Property Management

• Augmented and virtual reality. This trend allows both commercial and rental property managers to streamline property tours and manage design staging. Apps like Vera and RealAR start the sales process earlier and smooth the communication with other participants like architects, designers, buyers, and investors;
• Green technology. The real estate sector is responsible for 40% of dioxide emissions worldwide. Add the Russian aggression against democracy, and what we see is the need for reshaping the entire energy sector. For instance, adding IoT sensors will allow you to reduce maintenance costs while keeping an eye on the tenant’s consumption of energy. In the end, your ‘green-inspired’ property portfolio will be more attractive to potential clients.

How to Make the Property Management Trends Work for You?

Which are the three reasons for property management companies to add modern software to their daily operations?

• The general revenue of the property management tech market is predicted to grow from $3 billion revenue to $5.5 in the next 8 years. This means that most processes will have been automated by 2030. Be trendy!

The Growth of Property Management Tech in 2022-2030

• Automatization saves costs and time – better results will fewer resources invested;
• The software for rental property management adds quality to the result of your property management processes and makes you a better competitor on the market.

Property Management Areas to Improve with the Use of Technology

Depending on the area you want to improve in your property management operations, the software you’ll need will differ.

Let’s see which areas you can improve in the property management system and what to focus on while searching for a solution. Sometimes, your solution will include a few software types. – just make sure to choose the right ones.

• Screening. Property management tools allow the user to access property search portals and learn more about the work and life history of a potential tenant;
• Communication. Property management AI chatbots stay in touch with your tenants 24/7 answering common questions and contacting relevant services according to maintenance problems or emergencies. Property managers get involved less and can focus on other tasks.
• Day-to-day tasks. Property management technology includes tools that allow tenants to attach their credit cards and get reminders about the ‘payment’ day. Talking about daily rent, tools like AI chatbots can handle check-ins and outs. Also, complex property management software can organize and store different types of documents.
• Leasing. Real estate is one of the most paper-heavy industries and property managers deal with lease agreements the most. AI lease abstraction tool summarizes lengthy contracts into concise abstracts that provide key information about the terms of the agreement. Tenants also become more aware of their rights and responsibilities, which reduces the risk of conflicts.
• Maintenance management. The software allows you to plan the maintenance/repair sessions and send notifications about future maintenance work to the tenants;
• Security and Access Control. Also, technology for property management is closely related to improving not only the digital experience. Smart locks and access control systems allow property managers to grant access to tenants and vendors remotely using a mobile app with a video intercom. Some property management technologies allow access to surveillance cameras and alarm systems via their apps.
• Energy Efficiency and Sustainability. Property management technology helps optimize energy consumption and improve sustainability through using smart thermostats and energy management systems. This way, tenants and property managers can regulate temperature, lighting, and other systems remotely, reducing energy waste and costs.

Which Property Management Technology to Consider?

As you have already guessed, the first classification separates property management technology into commercial and residential property management tools.

• Commercial property management software alleviates the pain of competition for the businesses that rent. For instance, the software must show the user that they’ve already rented a floor to a beauty salon, so leasing the neighboring room to another beauty salon is impossible. Tools like Yardi and CRESSBlue provide top management of common area maintenance expenses, advanced analytics, and upgraded financial statements. In the end, the CAM costs are fairly shared and the businesses thrive. Learn more about CRE technology here.
• Residential property management technology allows you to track your financial operations, send notifications to your tenants, list the property, and generate analytics reports to prepare for the future. At the same time, screening your tenants, scheduling maintenance and repairs, and collecting rent are all possible with top examples of residential management software like SimplifyEm and Buildium.

The second classification divides property management software into on-premise and cloud-based solutions.

• On-premise software is a built-in desktop version that allows an owner to customize documents, data fields, and other aspects. Tools like RentManager and AppFolio allow the user to keep all data in one place without accessing other applications and portals;
• Cloud-based solutions can be accessed through mobile technology (a trend on the rise, remember?), which is a huge upgrade since tenants can use this software too. A great example of a cloud-based property management tech is OnCite. The app is designed to help in the management of all property types while allowing the user to stay in touch with tenants, schedule reminders and notifications as well as manage the environmental and energy aspects.

Top Property Management Software Types

Top Property Management Software Types

All-in-One Systems

If a never-ending list of logins and passwords sounds like a cause for a panic attack, opt for an all-in-one solution.

These are cloud-based systems with all-encompassing features, most suitable for small- and medium-property enterprises.

An all-in-one platform like Buildium is a single property management tech stack available under one login (yes, you can throw away your list of logins to multiple apps).

At its core, an all-in-one system includes the entire functionality of rent collection, data management, and other tools.

The top perk of using an all-in-one platform? You can customize it!

Depending on your business needs, you can always reach out to a third party to expand the features of your tool wisely.

As a property management solution, an all-in-one option can easily integrate with other tools and systems like the maintenance management tool or an accounting app.

Additionally, training your staff is much easier with an all-in-one stack – in the end, there is only one platform your team should learn to use.

If you don’t mind using a few tools simultaneously or are in search of a specially tailored solution, better focus on the software types below.

Residential Property Management Software

Most of these tools cover more than one unit at the same time, making a standard residential property management tool perfect for multifamily complexes.

The software streamlines the property management process and might be a combination of a few features or a stand-alone with a single purpose.

For instance, you may choose a tool that allows you to collect the rent payments and screen the applicants or opt for a tool that performs only one of the features.

• Rent collectors. This software automates your rent collection (even parking fees) and often comes with a tenant portal. The latter functions like a personal hub where tenants can access the accommodation data, make payments, manage their profile, and leave feedback to a property manager;
• Screening tools. If you’re undecided about the potential tenant, screen them by requesting a background check;
• Vacancy listing tools. Don’t let the money slip through your fingers! An empty unit is always back to square one and here comes listing and promotion again. The good news is that most vacancy listing tools are automated: once your unit is free, the tool will post it on the listings portals you’ve ticked.

Commercial Property Management Tools

These tools come in an all-in-one stack or separate products. In comparison to rental property management software, this software type is more complex due to larger income streams and longer leases. Yes, some tools will have a lease calculator while others will include a ‘legal encyclopedia’ to help you deal with the zoning laws. Let’s check the software to invest in as a commercial property manager.

• Accounting tools. Opt for ones with easy-to-grasp lease calculators to alleviate the pain of managing multiple lease payments, reports, and deposits. You’ll want to do your math right, since commercial property management is an economy-driven field with recessions highly impacting your real estate value;
• Communication tools. Save the headache of calling the tenants yourself. Instead, reach out to them online with a few taps on the phone screen or set up a maintenance reminder;
• Data management tools. Did you know that companies lose $3 trillion annually because of bad data management? Fortunately, you can deal with the hitch by installing a CRM system. Why is CRM the top data management tool? First of all, companies like Salesforce allow you to customize the CRM according to your needs. Second, once your business grows, you can add functionality under the new direction. Third, a CRM system organizes your customer’s data efficiently and keeps the history of their struggles and successes. When a crisis strikes, you can easily access the customer’s data, check their story, reports and statistics to suggest an effective solution in a matter of seconds;
• Marketing tools. These are tools that will never leave your unit empty and will start selling your property from the moment your last tenant closes the door behind them. Most property marketing tools include lease templates yet save you time and money. Also, some marketing tools come with report generation, bringing your sales analytics to the next level.

Homeowners Property Management Software

If a midnight message from your tenant about a leaking roof has never been a part of your plan, you might want to check out property management tools for homeowners. Platforms like TurboTenant were created especially for DIY landlords who want to save money and enjoy independence in their home management operations. You can screen tenants, plan maintenance sessions, and even sign your lease documents through the platform. Suitable for both residential and commercial industry players, a homeowner property management tech is an effective solution if you’re a landlord and a real estate manager in one person.

Smart House Property Management Software

Let’s say, you’ve installed a solar PV system to maximize cost efficiency and reduce CO2 emissions. With smart house management tools, you can easily monitor whether the solar system meets the electricity load requirements to prevent failure. Meanwhile, most smart house management tools come with a mobile version. Next time you forget to turn off the lights in your office, you can easily solve the problem with a few taps on your phone screen.

IDX Software

Internet Data Exchange (IDX) is an irreplaceable part of the property promotion process that joined property management trends back in 2000s. IDX attracts prospective clients by displaying the most recent listings from multiple listing systems (MLS) on your website. Ever had a mishap when another agent stole a client under your nose because adding listings to your website manually took too much time? If that was the case, IDX tools like IDX Broker can help you keep your offers fresh to attract more clients.

Think of Internet Data Exchange as a plugin that draws property listings from the MLS and displays them on your site. The best part? The process is automated, meaning you don’t have to press a button each time you want the database to refresh. You no longer have to hang around your computer screen at midnight. Instead, go get some beauty sleep and let IDX take care of the matters.

Top 5 Property Management Tech Companies

  AppFolio

AppFolio was ranked #1 in Fortune’s list of Fastest-Growing Companies in 2020 and has gained a few valuable acquisitions, expanding its services. Their first product, AppFolio Property Manager is cloud-based property management software designed to help property managers with their routine tasks and automate some of them.

It offers a range of features and modules, including rent collection and invoicing, tenant screening, lease tracking, and communication, online rent payments, utility billing, handling maintenance requests, and schedule inspections. Also, there is functionality for marketing and analytics. Since AppFolio is cloud-based, users can access their accounts from any device, including smartphones with AppFolio native mobile apps. AppFolio is a complex software so users can use support, training, and tutorials.

  Buildium

Buildium is a web-based property management software.

Buildium’s Interface | Buildium

Buildium’s key features include:

• Tenant screening
• Rental management
• Property accounting
• Automated rent reminders and online payments
• Automated tax filing for property managers

Buildium has features for optimizing marketing and business operations as well as various integrations with other services like HappyCo and Tenant Turner.

   DoorLoop

DoorLoop is another progressive cloud-based platform that offers solutions and products for various aspects of property management.

DoopLoop’s Interface | DoorLoop

DoorLoop offers:

• Rent collection, counting, bank sync, and financial reports.
• Tenant screening and management.
• Rent application management and eSingning.
• Handling maintenance requests and vendor invoices.
• Products for communication, support, and security, including mobile apps and CRMs.

DoorLoop has software for commercial and residential properties, community associations, and affordable housing.

   Entrata

Entrata is a cloud-based property management software that provides solutions for multifamily, single-family, and commercial properties as well as affordable and military housing.

Entrata covers the following aspects:

• Property management including facility and revenue management.
• Marketing.
• Leasing with fraud detection, reputation advisor, and resident verification features.
• Accounting and budgeting.
• Utilities and sustainable energy.
• Taxes and sales tax audit

Entrata’s Interface | Entrata

Entrata offers complex and somehow complicated solutions, do their website contains many guides, webinars, and other educational materials. If you still have questions, you can contact an expert from the website directly.

   YardiBreeze

YardiBreeze is a cloud-based property management software created by Yardi Systems suitable for companies of any size. YardiBreeze offers a separate set of functions for different forms of property: residential and commercial properties, affordable and manufactured housing, self-storage, and associations.

Key features of YardiBreeze:

• Property Management: lease expirations and renewals tracking, activity calendar for the daily, weekly, and monthly tasks.
• Maintenance: property managers can organize maintenance requests, track the progress and history, assign tasks to vendors and link the problem with invoices, automatically charge tenants for work done; residents can submit online maintenance requests, and add photos, videos, and supporting documents.
• Rent Collection: tenants can view balances, pay rent online, set up autopay, and use both debit and credit cards.
• CAM Recovery: property managers can create flexible common area maintenance schedules and assign tenants accordingly, create custom expense pools, manage gross leases, etc.
• Accounting: financial statement generation, budget tracking, etc.

How Can Ascendix Help with Property Management Software Development?

We, Ascendix, are a team of innovators dedicated to helping both startups and mature companies find end-to-end property solutions in real estate software development. What differentiates us from other proptech companies? Ascendix is both a services and software company, which means we’re equipped with better expertise and wisdom when it comes to opening the doors of the commercial real estate sector for you.

What 16+ years of proptech development taught us is that leveraging cutting-edge technology is a must for businesses that want to grow wealth. That’s why we offer you top tech solutions in SaaS, MVP, API, web and mobile application development.

Why entrust Ascendix with finding the top-tailored solution for your business?

• We’ve developed complex proptech solutions for JLL, Hanna CRE, and other top industry leaders;
• We are long-time players in the real estate game – 2 decades of impeccable software development experience;
• We’re a Texas-based company with 5 offices in different countries, a feature that optimizes your costs;
• We’ve got years of experience in SaaS development;
• We are both service providers and product developers. Currently, we’ve got 17 Ascendix products to enhance your selling, leasing, and managing practices.

Our specialists know how to bring value to the table when the subject is your company’s property management tech stack. Contact us and let’s find an innovative solution for your business together!