Make your real estate business more efficient, responsive, and user-friendly with property management software.
Even just a decade ago, rental property management software was unfamiliar to many in the industry. Today, it has become an essential “magic tool” that speeds up and improves rental property processes. The demand for advanced property management software is driven by the need for improved customer service and the optimization of business processes.
This guide explores the key aspects of rental property management software, including its benefits, essential features, pricing, our custom development approach, and more!
Real Estate Market Overview
Consumer expectations for faster and better support are pushing online property management software adoption.
The market for this software is expected to grow to nearly USD 32.61 billion by 2029, with an annual growth rate of 8.21%.
This growth is driven by increased real estate investment, low interest rates, new regulations, and increasing urbanization, all of which create a need for advanced property management software solutions.
As shown in the graphic above, investing in real estate management software is a crucial step to unlock new business opportunities. This investment enhances efficiency and customer service and positions your business.
What is Rental Property Management Software?
It is an application or platform designed to assist property managers, and landlords organize and managing their rental properties, tenants, owners, financials, and accounts.
Online Property Management Software simplifies a variety of tasks, such as managing tenant communications, financial transactions & rent payments, maintenance requests, and legal compliance, into a user-friendly platform. This ease of use can help you manage your properties more effectively.
Rental property management software can be provided as a web platform or a mobile application based on your business requirements.
Types of Property Management Systems
Managing a hotel, condominium, commercial building, or industrial facility requires a distinct rental property management solution. Let’s explore some of the most common property management systems that can streamline your operations.
Condominium Property Management Systems
This type of property management solution is used to manage condominium properties. Key features focus on handling resident communications, maintenance requests, and financial management, ensuring smooth operations within condo associations.
Hotel and Hostel Property Management Systems
This type of software is designed to manage accommodations in hotels, hostels, and other tourism services. Key features include handling bookings, guest check-ins and check-outs, room assignments, and billing. Such management solutions streamline operations for a smooth guest experience.
Commercial Association Property Management Systems
This type of property management solution is designed for managing commercial property associations. Key features include lease management, tenant billing, and standard area maintenance, which help run office buildings, retail spaces, and other commercial properties efficiently.
Residential Property Management Systems
These systems, designed for residential properties like apartments and single-family homes, include key features such as tenant screening, rent collection, maintenance tracking, and financial reporting. Additional features often include automated lease renewals, online tenant portals, and customizable reporting options. These tools simplify the management of residential units and make everyday operations more efficient.
Industrial Property Management Systems
Focused on managing industrial properties such as warehouses and manufacturing facilities, these systems address specific needs like equipment tracking, lease management, and facility maintenance. Key features often include inventory management, space utilization tracking, and compliance monitoring, ensuring the efficient operation of industrial properties.
Property Co-Owner Management Software
This software is designed to manage properties owned by multiple parties. It features tools for communication, responsibility allocation, and legal compliance, allowing co-owners to efficiently manage their properties without needing a third-party management company. Key features often include shared document storage, task assignment, and collaborative decision-making tools.
Key Features for Developing Rental Properties
Document Management
Such a feature makes working with document management services automatic. You can efficiently store and manage important documents such as lease agreements, maintenance records, and tenant correspondence. All the information will be handled in one place.
Messenger
Through Messenger, property managers, landlords, and tenants can communicate with each other and share files.
Example of how our team realized this feature:
Tenant and Lease Tracking
Another must-have feature that any property management company needs is Tenant and Lease Tracking. It makes tracking tenant information, lease agreements, and important dates easier and ensures smooth operations and timely renewals.
Accounting and Financial Management
Rental Property Finances feature provides excellent financial reporting to maintain a clear overview of your property’s financial health, rental income, etc. Property owners can manage all these aspects: invoice and billing management, tax management, and payment processes.
Example of how our team realized this feature:
Listing Management
Create and manage property listings, handle inquiries, and update availability to attract and engage potential tenants. The Listing Management feature is beneficial for scaling property management companies’ businesses and securing new deals.
Reporting and Analytics
This feature benefits any business with comprehensive reporting. You can create detailed reports and analyze data to make informed decisions and improve property management practices.
Mobile Accessibility
In our property management software development, we strongly emphasize making our products mobile-friendly. Since most internet users use mobile phones, ensuring your Property Management System is necessary.
Pricing and Timelines at RewiSoft
Let’s explore the two most exciting aspects of custom development: Pricing and Timelines.
Price for Custom Development with Basic Feature Set
- Web Development: Starting from $30,000
- Mobile Development: Starting from $30,000
The more accurate estimate will depend on the complexity and specific features required.
We’ll reply within 8 working hours (CET)
Timelines
The launch timeline is influenced by your project’s complexity and goals. After an initial meeting, we will recommend solutions and allocate the appropriate specialists. Typical timelines are:
- Small Projects: 2-6 months
- Medium Projects: 6-12 months
- Complex Projects: 12+ months
Contact us, and we’ll work with you to define the scope and deliver a detailed project plan that meets your needs.
Why Choose RewiSoft as Your Custom Development Partner?
Each business is unique, and custom solutions are the best way to meet your requirements. Here’s why custom development at RewiSoft is worth considering:
- 100% connecting with your Business Needs
Custom development ensures that every aspect of the property management software is designed specifically for your business. This means the system will perfectly align with your unique requirements and workflows, providing a seamless fit.
- Unlimited Feature Implementation
With custom development, you can implement any feature you need for an online property management software. Whether it’s advanced reporting tools, service for rental lease, automated tenant communication, or other specialized functions, we can develop your desired features.
- High-Quality Software
Our team builds software to the highest quality standards, delivering a reliable and robust solution that you can count on for your property management needs.
- Seamless Integration with APIs and Tools
Custom systems can seamlessly integrate with various APIs and tools, such as Stripe or PayPal, for payment processing. This flexibility ensures efficient transactions and streamlined operations.
- Scalable and Expandable
As your business grows, your property management system can grow with it. Custom solutions allow for easy addition of new features and expansion, ensuring the software continues to meet your evolving needs.
- UI/UX-Centric Design
Our custom development focuses on UI/UX design, providing a user experience crafted specifically for your target audience. We ensure the interface is intuitive and user-friendly, enhancing interactions for both staff and tenants.
- Learn more about our mobile development process.
- Discover more about our web development process.
