Why Property Management Software is a Must For Your Rental Property Business

Want to streamline the owner-tenant-property manager communication? Are you looking for simpler accounting and task management functionalities? A simple solution to all your day-to-day worries is property management software. Dive into this blog to know more about how an online property management solution will help your business to expand, types of property management software, and features for a successful enterprise solution.

Gone are the days when you as a property manager or a real estate company had to use paper-based forms, emails, spreadsheets to record accounting transactions, tenant requests and tasks. With the advent of mobile apps and cloud technology, property management software is acing the charts by automating accounting, document storage, cash flow, and other data-intensive aspects.

Rise of infrastructure development across the world is driving the adoption of property management software. The property management market is gaining attraction as property management solutions. It helps to manage and maintain property-related operations efficiently and cost-effectively. Being a property management company, there is no need for a third-party manager or handling properties all by yourself, as it requires high time and manpower investment. 

According to the raging market trends, property management market is projected to reach USD 22.04billion by 2023. It is said to grow at a CAGR of 8.8% among the major regions like North America, Europe, Asia Pacifica, Middle East, and Africa, Latin America. 

After looking at these property management statistics, one thing which is clearly observed is the revenue generation and steady growth of the property management business. But to reach this pace, you will need a technologically advanced solution in terms of property management software that can give your business good leverage online.

Moving ahead, let’s go through the types of rental property management software, to get some more clarity on which type of software is best for your property management business.

Types of Property Management Software

This kind of real estate management software solution primarily works on using inherent computer capacity and resources. Such property management solutions have to be backed up by enterprise mobility app development company like us. It requires upgrading hardware, application deployment, backing up of data, and technical support care which requires an experienced team.

  • Cloud property management software

This software management is known as the best accounting software for rental property management. A user has to directly log in to a program from your web browser, tablet or mobile devices. All the data is secured on the cloud, so one can access data from anywhere, as long as they have an internet connection. 

If you ask us, being in the enterprise mobility app solutions, in the comparison of both the software integrations, the benefits of the cloud property management software is much more than server-based. It includes reduced costs, automatic backups, and upgrades, increases efficiency and security, greater accessibility. Server-based software is dependent on the computer which is present on-site, which means, one has to be present in the office to work along with the assigned task.

Let’s move on to the reasons that clearly states the opportunities for your business to ace the online property management world. 

5 Reasons Your Property Rental Business Should Invest in Property Management Software  

property management software

#1 Track and record accounting transactions

More than just managing properties, property management software is designed to make your lives easier. For property management, property accounting is straightforward and unavoidable. You always need to disburse the owners and suppliers, send out statements and maintain the accounts. 

With such online property management software, accounting features can easily be automated. Being in land ownership or property manager’s profession, you can dramatically reduce manual data entry and simplify the workload. You can work productively and smartly with such software integration.   

#2 Increased security and accessibility

Another major reason is accessibility. You and your team members can access the servers from anywhere as long as you have an internet connection. Your clients can access real-time data, whenever and wherever they want. No one is restricted to a single server, location, or time zone. 

With cloud management property software, there are no security issues. When the data is stored, it is encrypted and stored virtually behind multiple layers of security. There are authentication gateways, physical security measures, and sophisticated firewalls to protect your vulnerable data.

#3 Document storage and customizable KPIs

There are a lot of documents which are to be taken care off for years. Through property management software, you can store all your documents in the server-based or cloud-based property management software. 

The customizable KPIs are designed to supply statistical data that can be used to analyze trends or indicate problem areas. This makes your property-related decisions quite easy and gives a clear forecast for the upcoming business opportunities.

#4 Real-time view of financial information

A cloud property management software can store every valuable information in the cloud. The cloud service allows users to check the real-time financial situation. With customized property management software, you, as a rental property owner, can simplify workflows, reduce manual data entry and mitigate the risk of human error.

Such property management software development for your company will not trigger messages to the clients. The clients will be free to access so that they can see a real-time view of property and financial data. This way, you’ll spend less time looking for information and more time forecasting relationships.

#5 Reminders for due arrears 

If you are planning for a property management software for your clients, then make sure that your system has an in-built calendar to specify the arrear reminders. The server automatically picks up an invoice from the selected account and sends a reminder for the arrears which are overdue, thus avoids constant follow-ups from the clients.

Major Benefits of Property Management Solution

  • Listing of properties (itinerary management)
  • Organize and manage information. (properties, tenants, rent fees, contact info, documents)
  • Track of tenants payments. (detailed summary of advance payments or balance of past payments)
  • Go paperless by attaching or taking photos of existing files/images
  • Reminders for outstanding payments

After studying these reasons and benefits, if you have made up your mind to invest in the web and mobile-based property management software, you can go through these features that suggested by our web and mobile app consultant. 

Features To Include in Property Management App (Web & Mobile-based)

  1. Property listing: The first feature integration has to be a well-curated property list with search and price filters. It should also show current tenants and all tenants bifurcation for the clients to make the navigation user-friendly. 
  1. Instant financial report: Easily share financial data and related documents/photos with your accountant by instant report generation on the rental income and expenses for any individual property. 
  1. Sharing extensions: A user can easily send payment receipts, rent invoices, the expense to tenants or the accountant via email, messages, through the mobile app. 
  1. Calendar and easy calculator: With the help of calendar, a user can set his reminder frequency for the due arrears, and an in-app calculator for basic calculations.
  1. Track of appliances: In the real estate app, the user can also manage information and related documents on the property appliances like furnaces, smoke, co detectors. He can also schedule and track appliance safety checks and maintenance.

Want to Discuss Your Rental App or Property Management Software Requirements?

Being in the web and mobile apps development world since 2010, we have contributed over 3500 apps in the app stores. We have a dedicated team of developers, which has hands-on experience in developing customized enterprise mobile app solutions, helping your enterprise to serve communication objectives from both employees and customers’ viewpoint. Our team mainly focuses on your enterprise needs and delivers mobility solution that gives a seamless performance to your employees and customers.

One such enterprise solutions made by us is NetQuote which is an online quotation tool application developed by our iOS team. The app is a complete package of real-time quote generation, cost management, and tax table management. 

property management software

Image Credit: NetQuote

In any case, if you have any questions or doubts regarding real estate management software solutions, feel free to discuss with us. You may also avail the benefit of a 30-min free and confidential consultation with our technical expert and share your expectations and requirements. Just fill our contact us form, we will get back to you shortly.

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This page was last edited on April 24th, 2020, at 3:17.

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