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Computers and TechnologyReal EstateTech

Property Management Software: Benefits, Features and Cost

Starting your own business is hard enough without having to figure out how to build software at the same time. With today’s technology, however, starting software businesses has become much easier in recent years. One such software is property management software which takes the headache out of running your rental business, and it can do wonders for both your efficiency and your bottom line.

The key to success lies in choosing a property management solution that works with you rather than making you adapt to it, and knowing how to build property management software will help you make sure that your chosen platform does exactly that.

Property Management Software
As the process of buying and selling property shifts towards technology, it’s increasingly important for professionals in all areas to keep up with the times. Even if you currently aren’t involved in property management, you still need to know how to build property management software that can be an asset to your clients in the future, whether they hire you or not. 

This guide will help you understand everything from the basic principles of building software to how to use the latest technology to make your app as intuitive and helpful as possible.

What Is Property Management Software (PMS)?

Property management solution is a software that assists in managing rental properties. It typically includes modules for accounting, maintenance, rent collection and inventory management. Property managers use PMS to help keep track of the many facets related to running a property. Property management software (PMS) helps make sense of everything by organizing data and streamlining procedures so they’re easier to carry out. If you also want to get your own PMS app, you can get Real Estate App Development Services.

What Is Property Management Software (PMS)

A wide variety of vendors offer PMs, with some free and others more expensive. The range of features available depends on what type of organization you are, what your size is and how much you want to spend on your software. 

Renting out an apartment or house comes with many duties which include monthly reports on income from rent, expenses from maintenance and repairs, tax filings as well as other paperwork such as preparing leases for new renters. These duties can be hard to stay up-to-date on without proper tools to help organize it all – this is where property management software comes into play!

Different Types Of Property Management Software Systems You Need To Know About

Having the right property management software systems can make managing your properties much easier and less stressful. You’ll be able to focus on more important things. However, there are so many different types of property management software systems out there. Here to know what the differences are between them and which you need for your business. Let’s figure out some most common types of property management software systems to help you choose the best one for your needs.

Residential Property Management For Houses, Apartments, & Multi-unit Buildings

This type of software is designed for residential property management, both houses and apartments. It’s designed to help with everything from managing tenants, rent collection, maintenance requests, and more. Multi-unit buildings are also a specialty. There are many similar programs on the market today that can be tailored to suit your needs.

Condominium Property Management For Office Buildings And Retail Sites

This system caters to the needs of condominium buildings, office buildings and retail sites. It is a full-featured platform that offers an array of tools and features to make your property management life easier. HVAC (heating, ventilation, and air conditioning) systems are one of the most expensive investments for landlords, which is why it’s essential to monitor usage as well as be alerted in advance when maintenance will be needed.

Hotel And Hostel Management Systems

Hotel and Hostel Management Systems are essential for managers of these types of facilities, because they provide everything needed to operate a hotel or hostel including: reservations, payments, room rates and availability, special offers and coupons, packages, documents storage such as contracts or receipts. If your business includes a hotel or hostel with at least one employee then you should definitely consider implementing this type of software.

Homeowners Association (HOA) Management Systems For Condominiums And Property HOA

There are two types of HOA management systems: Board Management Systems, in which the HOA is managed by volunteers from the community; and Professional Management Systems, where staff members manage the HOA. 

A Board Management System might be more affordable because it does not require any outside services for day-to-day operation; however, board members may find that they need to invest time into hiring professionals when it comes to special projects like landscaping or repairs.

Industrial Property Management Software

This type of software is commonly used by warehouses, factories, and distribution centers since they often need to keep track of large amounts of products and machinery. In these types of environments, using asset management software can help reduce costs, increase productivity, improve safety compliance, and make it easier to manage the assets in an entire facility. 

In addition to having tracking abilities for equipment and other assets within a company or industry-specific setting like a warehouse or factory floor, industrial property management systems also provide additional features that can be customized for specific needs. A general system may have more features than one specifically designed for warehousing and manufacturing facilities. 

However, when you are considering your options for such property management systems it’s important to know what features you want so that you can find the one that meets your needs best.

Benefits of Building a Custom Rental Property Management App

A custom rental property management app can make the lives of both landlords and tenants much easier by integrating all of the most important features directly into your phone or computer’s operating system. Here are some benefits of building such an app that you might not have considered before!

Cost-Effective

A custom rental property management app is usually more cost-effective in the long run because it doesn’t require any additional payments, installation fees, subscription fees, or maintenance fees.

Ease of Use

Building your own Rental property management app will save you time and money in the long run because it will be easy for your employees to use. In addition, the interface can be customized to make the program more user-friendly for the end user. This means that you’ll have fewer training days and less employee turnover!

Scalable

You can save time and money with your rental property management app by streamlining the process and enabling your team to work more efficiently. It’s also easier for you to comply with data protection laws by gathering all the necessary information in one place. A custom rental property management app will also ensure your team is using the most up-to-date processes, which means you’ll be able to make better decisions as an organization.

Data Security

Data Security is the first benefit and one of the most important reasons to build your own app. With cloud-based security, you won’t have to worry about data breaches or hacking. Also, by building your own app, you’ll be able to keep costs down since there are no fees for building an app in house. 

Automated Tasks

Automated tasks are the backbone of any successful business. By automating repetitive, time-consuming tasks you free yourself up to focus on the more important aspects of your business. 

Some Common Features Rental Property Management Apps

When you’re looking to find an app that will streamline your rental property management tasks, there are some common features that should be at the top of your list. This will ensure you get the most out of your investment and help you take control of your management tasks.

Task Management

One of the most important components of any property management app is task management. It’s a place where you can keep track of all your tasks, with due dates and deadlines. There should be space for you to write in your tasks, and a way to categorize them so they are easy to find when you need to complete them. Also, there should be a calendar that syncs with the app so that you can see what needs to be done on any given day.

Automated Tasks

One of the best features to look for in a rental property management app is an automated system that will automatically remind you to do certain things. For example, some apps have notification systems that prompt you when it’s time to send rent checks or remind you when leases are expiring. This is a great way to make sure deadlines are met and that your tenants are being taken care of.

Automatic Deposits

Automatic Deposits are a great feature to look for in rental property management apps because they can save you time and money. You can set up automatic deposits for your tenants to ensure that rent payments go through on the due date every month. This is also a great way to make sure you don’t forget about any maintenance tasks, like fixing an air conditioner or finding new renters.

 Online Reporting Section

Online reporting should be a key feature of rental property management apps. This section could include the ability to generate reports on rental income, expenses, and other information. These reports can be generated at any time by simply inputting the appropriate data into the system and this information can then be exported or printed out as desired.

Easy Online Payroll System

An easy online payroll system is a must for any business, but it’s especially important for companies with remote workers. Working from home means the employee will be handling their own taxes and deductions. You’ll need to set up an account with a payroll service to take care of this process. The employee can still file their own taxes, but they’ll need your help with determining their gross wages and other costs associated with running the company.

Multiple Tenant Screening Options

One of the best features of a rental property management app is the ability to screen tenants for your property. This way, you can avoid having to meet with each potential tenant in person and instead weed them out on your computer screen. You’ll also be able to see their credit score, criminal record and more information before deciding whether they’re worthy of renting from you.

Multi-Calendar

Multi-calendar is a feature that shows the status of all properties on one screen. A rental property management app should have this feature to make it easy for you to see what’s going on at all times, without having to switch from one place to another.

Analytics And Reports

One of the best features of rental property management apps is that they allow you to track analytics and reports on how your properties are doing. This includes how much money you’re making, what type of renters you’re attracting, and which areas in your market have the most demand. You can also use these apps to customize your marketing strategy for each of your properties.

Health And Safety Regulations

Health and safety is paramount when it comes to running a business, and this is especially true for residential rentals. The last thing you want is for your renters to be in danger because of something that could have been prevented with some basic safety measures. For example, a smoke alarm will go off if there’s a fire on the premises. If this happens in the middle of the night, it could wake up or scare your renters so much that they’re too afraid to stay in their home.

Keyless Experience

Offering a keyless entry option can make life much easier for the tenants of your rental property. Whether they have lost their keys or just don’t want to carry them around with them. The Keyless entry is an easy and convenient way to let them in and out of the building. 

Integration with Various Rental and Listing Platforms

A good rental property management app should integrate with various rental and listing platforms. This allows the property manager to manage all aspects of their rental business in one place. Many property managers use Zillow, Trulia, Craigslist, or other listing sites to post properties on their own; this is a waste of time when they could be posting on those sites through the app.

Development Cost of Property Management Applications

Here is the bifurcation of the development cost of a property management application:

Stage Cost
Discovery Phase ~ $8,400
Wireframing ~ $8,000
UI/UX Design $7,000 ~ $10,000
Front-End and Back-End Development $30,000 to $45,000
Post-Launch Support $50/hour
Total Cost $53,400 to $71,400
Conclusion

As you can see, it takes a lot to build property management software. This blog post has covered all the basics and we hope it’s been helpful! If you want to build property management software, get Real Estate Software Development Services in the UK that understands your needs and has the experience to get your app completed on time. If you have any questions or need assistance, please feel free to contact us and one of our experts will be happy to help.

 

Marie Weaver

Tech Consultant at well-established IT company specializing in enterprise web application development, mobile app development services, android app development services,iOS App Development Services, IoT, Cloud and Big Data services.

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