5 steps to developing a custom property management system

This post originally appeared on 5 steps to developing a custom property management system

The global property management market has grown considerably over the last decade. This is especially true for industries like real estate and hospitality. Analysts are sure it will reach $12.9 billion by 2025. As of 2020, the United States alone is represented by more than 270,000 businesses in this field. What is more interesting, the companies started noticing that tech-savvy solutions lead to increasing demand from consumers — and then bring increased revenue.

In this article, we’ll find out how to build real estate management software that helps you simplify all processes, attract more customers, and hook the new ones along with those you already have.

What is a Property Management System?

Property Management System (PMS) is a software (client-server configured) application to manage operations in real estate, hospitality, logistics, and manufacturing industries. It replaces a lot of time-consuming and inefficient spreadsheets and paper processes related to booking reservations, guest checking-in/out, KPI reporting, accommodation rates, billing, etc. Powered by web and cloud technologies, modern custom property management software solutions surpass the software-as-a-service (SaaS) model far beyond the common front desk.
Normally, developers build a property management system for operators, property managers, owners, or landlords. Since their first usage in the 1980s, such platforms have become a “must-have” feature to most hotels and commercial, residential rental companies.

Types of Property Management Systems (PMS)

Basically, the types of PMS are related to property types. So, depending on the property, you own or manage, consider property management software development, respectively. Below we’ll have a look at the five most popular types.

Residential PMS
This residential PMS will fit all your needs if you own houses, duplexes (triplexes), or apartment buildings. This way, you can keep all your tenants under control, no matter how many of them choose short-term rent. With the help of the PMS, you will be able to:
-Sign rental agreements online,.
-Organize tenants database,.
-Track multiple occupancy leases at a time,.
-Receive payments via different methods (credit cards, PayPal, Bitcoin, etc.),.
-Schedule maintenance and inspections.

HOA and Condo PMS

Managing one condominium could be rather tricky, but what if you have a dozen condos? Well, you can make property management software for condominiums, townhouses, and co-ops, and, thus, automate a lot of tasks. For example:
-Create daily/weekly/monthly reports,
-Manage accounting,
-Schedule and receive payments,
-Organize maintenance.

Commercial PMS
If you aim at customers who operate in retail, finance, insurance, or IT, you will need commercial property management system development. Most office skyscrapers and shopping mall owners already have such platforms; however, hundreds of their colleagues still don’t. The last ones are trying to rely on CRMs, underestimating the benefits of custom solutions which allow:
-Organize data from numerous renters,
-Schedule payments and rent increases,
-Receive payments online,
-Manage property maintenance,
-Create custom reports.

Hotel PMS
With the help of appropriate PMS, hoteliers manage to not only save their time and nerves but also save budget and significantly increase revenue. The reason for this can be easily found in the points below:
-Tracking rooms status,
-Checking guests in/out,
-Searchable client database,
-Assigning apartments,
-Managing bills.

Industrial PMS
Industrial PMS is designed for owners of warehouses, logistics facilities, and industrial properties. Their main goal is to:
-Track database updates,
-Manage facility maintenance,
-Calculate space,
-Schedule and receive payments.

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