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Property management has experienced steady growth over the last decades as a field with promising opportunities for modern businesses. While 2009 shows that the property management revenue was around $60 billion, 2022 boasts $99 billion in the US.
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
Let’s take a glance at the most popular trends in property management that have emerged globally.
Most Common Services in Property Management
Which are the three reasons for property management companies to add modern software to their daily operations?
The Growth of Property Management Tech in 2022-2030
We’ve got 2 decades of expertise in real estate and SaaS development. Trust your project to Ascendix professionals.
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.
Contact our team to start your custom real estate software development.
As you have already guessed, the first classification separates property management technology into commercial and residential property management tools.
The second classification divides property management software into on-premise and cloud-based solutions.
Top Property Management Software Types
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.
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.
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.
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.
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.
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.
Check out the overview of the proptech consulting and software development projects we delivered to our clients.
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?
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!
Property management software is an umbrella term for tech tools that enhance the quality and save costs of activities traditionally associated with real estate. Used by both commercial and rental property managers, property management tech includes web and mobile applications, API, CRM, and MVP development among others.
The main areas to automate with property management technology are related to daily or repetitive tasks. These are screening and communication processes, maintenance management, marketing activities, and rent collecting.
The latest trends in property management systems are cloud computing, business intelligence, augmented and virtual reality along with mobile and green technologies.
Tania is a fan of technologies and an expert in writing about them. In her content, she shares insights into new trends and proptech solutions in real estate that can help your business thrive while keeping your customers content (pun intended).