To enhance revenue, real estate firms of all sizes were forced to optimize their workflows, reduce expenditures, and shorten their lead conversion cycles. One answer was supplied by technological advancement, which is why the market for property management systems (PMSs) and real estate management software is expanding.
According to a recent Deloitte poll of commercial real estate professionals, 40% have a digital transformation plan in place. If you’re not one of them, it’s time to think about making the leap.
LightClix is no stranger to custom real estate software development as an experienced technology vendor. We provide property management technologies that include all of the features that modern businesses require to be competitive.
Read on to find out why you should create a real estate property management system in 2023, what obstacles you could face, and how to solve them without breaking the bank.
Where are we today in the market for real estate management software?
The real estate business was one of the worst-affected industries during the coronavirus pandemic. Geographic location, property type, and government mitigation efforts all had an impact on the overall amount of impact.
COVID-19, for example, signified the end of the workplace as we know it. Most organizations are quickly adapting to the “new normal” of remote and hybrid work and have changed their commercial space requirements accordingly. During quarantine, industrial complexes and shopping malls were also vacated, and they now confront their own issues.
Dating back to to Deloitte’s 2021 report, the crisis had a detrimental influence on most elements of commercial real estate fundamentals and operations in 2020 (liquidity, lease volume, capitalization rates, investments, and operations).
Meanwhile, demand for rental and housing property increased dramatically throughout the world as a result of the shift to remote work and other causes.
To summarize, while the necessity to digitize real estate management activities was clear before to the pandemic, it became critical in 2020.
Most businesses had to cut costs in order to stay afloat during the crisis, thus they were compelled to satisfy their consumers’ requirements in a more cost-effective manner.
This is when proptech software development enters the picture.
Therefore it’s no surprise that the worldwide real estate management software industry is expanding—expected it’s to reach approximately $630 million by 2027.
What does this signify, and what are real estate firms doing about it? Let’s look at the most prevalent forms of real estate management systems on the market today to find out.
Real estate management software types
Property management is a large industry, hence no proptech software can address every use case. The following are the most frequent kinds of property management systems:
Software for condo management. These technologies are best suited for condominium and HOA property management. All HOA members have access to comprehensive reporting and analytics tools, as well as capabilities for project planning, resident communications, and vendor administration.
Software for managing tenants (also known as apartment management software). This program is used to manage single-family homes, multi-unit complexes, and individual apartments. It assists property managers with basic chores including collecting and maintaining tenant information, collecting rent, and tracking occupancies.
Hotel and hostel administration software. These applications assist hotels and hostels with guest administration, billing, and employee scheduling.
Platforms for industrial property management. These systems include ERP and other features for managing industrial property at the lowest possible cost.
Software for office administration. These systems facilitate the management of office buildings and retail properties. They include staff management and scheduling in addition to basic functionality.
After you’ve decided on the sort of property management software that best matches your demands, you must choose between a ready-made platform and a bespoke property management app.
HubSpot, Zillow Premier Agent, Apptivo, Wise Agent, Contactually, Appfolio, Buildium, and ManageCasa are a few examples of off-the-shelf cloud-based property management software systems. If you’re a small business wishing to experiment with real estate software, solutions like these are a smart option.
Yet, even the greatest online landlord software has limited flexibility, so bespoke property management software development is the way to go if you want a solution personalized to your business.
Let’s go over the benefits of using this technique.
The advantages of developing custom property management software
Ready-made tools aren’t always the ideal solution to your problems. For starters, complex platforms such as AppFolio or Buildium are not inexpensive, but basic solutions may lack some capabilities or be unable to interact with the tools you already use.
Developing a distinct property management system for the real estate sector provides various benefits. Here are some of the most remarkable advantages:
It offers affordability. Although there may be development costs, a tailor-made software solution can serve any number of facilities, resulting in significant reductions in operating expenses as you no longer need to pay monthly subscription fees.
It fits your organization like a glove. Custom software is built to meet your specific requirements, ensuring seamless integration with all your workflow tools.
It adapts to your evolving needs. Off-the-shelf products come with fixed features, many of which may be irrelevant to your business. However, custom software offers flexibility to evolve in line with your needs, ensuring it always serves its intended purpose.
It incorporates localized currencies. Pre-made solutions may not cater to the currencies and localizations you require. On the other hand, custom-built real estate management platforms are tailored to meet your unique specifications.
It is future-proof. Off-the-shelf property management systems may be outdated, making it challenging to integrate them with newer tools. A custom solution is designed with the latest technology, ensuring seamless integration.