Property management is often a pain in the neck — you have to deal with late rent payments, maintain the property, keep it clean and looking good, comply with laws and regulations, and manage a team. Handling such a load of tasks daily on your own can lead to burnout or a decrease in management efficiency.
That’s why property managers are looking for ways to automate and optimize their work. At this point, digital tools come in handy — creating property management software for real estate agents means you will no longer have to deal with maintenance requests or handle payment processing manually. These platforms offer multiple features for documentation management, payroll oversight, and team monitoring.
Take a closer look at what property management database software is and what the features of a high-quality platform are.
Table of contents
Must-Have Property Management Software Features
What Is Property Management Software?
Property management platforms are local-server or cloud-based suites that are customized to tailor to the needs of hospitality business owners. By allowing team members to access records and other relevant data from any device, these systems have significantly improved the speed and efficiency of daily operations.
The most common applications of property management tools are the following:
- Booking tracking;
- Catering management;
- Communication management;
- Property maintenance;
- Safety assurance;
- Promotion and marketing activities;
- Documentation and financial management;
- Team performance tracking.
Teams create a software for residential property management to oversee multiple facilities at once. The range of properties the software can cater to is tremendous — from hotels and restaurants to schools, hospitals, and public offices.
Although there are off-the-shelf property management tools, developing custom ones is just as common since a tailored platform gives business owners more flexibility, security, and better correlates with the company’s needs.
Read also: What is a crm in real estate
Differences Between Residential and Commercial Property Management Software
Although all types of property management have things in common, there are noticeable differences between handling a residential and a commercial holding. Naturally, these two subsets of property management will require a software product with slightly different features.
To understand where the need for separate tools for commercial and residential property management stems from, let’s examine the differences within the fields:
|Residential property management||Commercial property management|
|Standard, easily renewable leases||Complex lease agreements, with multiple extension options|
|Tenants only have to pay for utilities and rent||Tenants have to pay property taxes, maintenance, and insurance fees|
|A property manager doesn’t have to be available on a daily basis||Full-time on-site availability is often required.|
|A higher number of safety and security responsibilities since the building is used 24/7||A lower number of responsibilities since a tenant is only using the building during the daytime.|
|The process is regulated by the RTA (Residential Tenancies Act), Housing Improvements Regulation, residential Tenancies Regulations, and the Building Code.||The process is regulated by the Property Act, enforced in 2007.|
When choosing software, you can go for niche tools. There are plenty of teams that build a residential property management software, as well as commercial property management solutions. There are many hybrid tools that combine the features needed for both activities — the latter ones are slightly more expensive.
Must-Have Property Management Software Features
When it comes to choosing a platform for property management automation, a business owner needs to ensure he’s not paying for various redundant features. On the other hand, you wouldn’t want to miss out on tools that can increase management efficiency and redefine the way you handle day-to-day operations.
To make an informed buying decision, take a look at a list of must-have features a top-tier property management platform should offer teams:
1. Cloud-based access
Property management software needs to be highly accessible — every team member should be able to take a look at the database outside of the office. That’s why opting for stationary tools will set your business back in terms of progress and will make it harder for the team to connect with tenants and keep tabs on their satisfaction.
A cloud-based tool, on the other hand, doesn’t require on-premise server power, reduces downtime within the team, and increases every employee’s professional efficiency — work anywhere, anytime.
2. Mobile accessibility
With over 3 billion smartphones in the world, doing business via a mobile device model is common among teams. By choosing a mobile-friendly property management platform, you make it easier for employees to prepare for client meetings, process customer queries and complaints, and stay in touch with peers even outside of the workplace. Make sure a developer knows how to make a software for rental property management with an app for both Android and iOS smartphones.
3. Tools for accounting automation
Processing payments manually is highly inefficient. For one thing, it is a time-consuming process that doesn’t allow the team to focus on other activities — looking for tenants, processing leads, or maintaining a connection with the regulars. Also, the odds of losing concentration and making a mistake when processing multiple payments at once are extremely high.
Automation allows the team to redirect their efforts at the tasks that require human empathy and attention, such as handling a communication channel, while the technology takes care of what it’s impeccable at — math and calculations.
4. Inspections management
Keeping tabs on the state of the business properties is an essential part of property management. A software tool should facilitate and increase the efficiency of the workflow. For instance, it should send automatic reminders when it’s time to inspect a property. A manager should create software for property management that allows logging inspection dates and outcomes into a database, accessible for the entire team.
Top-tier property management tools are capable of calculating the shortest route from the office to the site, generating visually rich entry-exit reports, and keeping track of your daily inspection schedule.
5. Legal compliance handling tools
For property managers, following the regulations down to a tee is crucial. A property management platform has to offer documentation templates that help business owners keep a paper trail, send alerts for upcoming deadlines such as property tax payment or when documents are due, and check for discrepancies in the company’s trust account.
Developing a Property Management System: Time and Cost
If you want to build a property management system from scratch, you might be wondering how much money and time completing the project requires. Let’s take a look at the time and the cost needed to create a commercial property management software.
|Booking monitoring||80 hours||$4000|
|Communication management||120 hours||$6000|
|Report builder||80 hours||$4000|
|Staff management||120 hours||$6000|
|Handling tenants’ data||100 hours||$5000|
|Invoice issuing||100 hours||$5000|
|Notification system||30 hours||$1500|
|Financial management||120 hours||$6000|
Above is an average range of features a property management system typically has. The average cost of the solution is around $35,000. Naturally, you can either narrow down or expand the spectrum of features in which case the cost and time to develop a real estate management system will fluctuate.
A property management system is a way to increase the efficiency of communication with tenants, asset scouting, inspections, and legal compliance. These digital platforms have all the features needed to manage properties on the go, promote collaboration within the team, and reduce operating costs of running a real estate firm.
Developing a custom property management system helps ensure the tool will fit your needs 100%. To enlist a professional team to develop a real estate property management software, reach out to Exceed Team. Our technicians have developed custom tools for SMEs, large-scale businesses, and public offices.
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