A customized property management system is designed to streamline the daily tasks and operations of hotels, resorts, rental properties, and similar establishments. It increases operational efficiency by allowing your staff to focus on customer service rather than manual data entry.

The primary purpose of property management software is to centralize essential operations related to property management. It typically includes tools for managing reservations, check-in and check-out, guest communications, billing, room assignments, and more. 

In addition, a PMS often integrates with other systems, such as point-of-sale, revenue management, and maintenance systems, to provide a comprehensive property management solution.

Quick Stats & Facts

  • The US Property Management Market is expected to reach USD 81.52 billion in 2024 and grow at a CAGR of 3.94% to reach USD 98.88 billion by 2029. — Mordor Intelligence
  • There are an estimated 326,000 property management companies in the U.S.
  • The property management software market was worth 2.9 billion in 2020. It is expected to grow at a CAGR of 4.8% until 2028. — Grandview Research
  • 68% of property management companies now use property management software to help streamline their processes. — Gitnux
  • More than 75% of property management companies offer online portals for rent payments. — Gitnux

Benefits of Using Property Management Software

If you continue to burden your staff with paperwork today, keep data in traditional spreadsheets, or make reservations manually, stop it. Implement PMS instead. 

This approach is more productive and less time-consuming. Building property management software offers many benefits that streamline operations, enhance guest experiences, and improve overall management efficiency. 

Let’s take a closer look at the advantages PMS can bring to your business. 

  • Operational efficiency.
  • Centralized data management.
  • Effective maintenance management.
  • Improved customer experience.
  • Financial management and reporting.
  • Customizable to specific needs.
  • Advanced security features for data protection.
  • Integration capabilities.
  • Scalability.
Why do you need to build a property management system?
Why Build a Property Management System? Source: Geniusee.com

At first glance, creating such software may seem expensive. But let’s look into the near future. Developing custom property management software allows for a more tailored, efficient, and scalable approach to managing properties, directly contributing to improved guest satisfaction, operational effectiveness, and business growth. 

As a result, this solution can save your company much money and contribute to faster business growth in the long run.

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Main Types of Property Management Software

Selecting a suitable type of property management software is crucial. This factor directly impacts the efficiency and effectiveness of operations. Different properties have unique management needs, and a software solution that is well-suited for one type may not be effective for another. So, let’s consider the main types of PMS. 

Hotel and Hostel PMS

It is perfect for managing hotels, motels, and resorts. This software focuses on guest reservations, check-ins and check-outs, room service management, and billing.

How hotel management property system dashboard looks like
Hotel property management system dashboard, image source: Padlifter.com

Condominium Property PMS

This type of software is tailored for condominiums and homeowners’ associations. It focuses on fee collection, maintenance requests, community governance, etc.

Commercial Association PMS

Systems of this type are suitable for managing office spaces, retail units, and other commercial properties. It emphasizes lease administration, billing, and maintenance management for commercial tenants.

Residential PMS

PMS is used primarily by landlords and property managers for managing residential rentals, including apartments and houses. Key features include tenant screening, lease tracking, rent collection, maintenance coordination, etc.

Industrial PMS

Software is ideal for managing industrial properties, including warehouses, manufacturing plants, distribution centers, and other facilities. This type of PMS is critical in addressing the unique operational challenges that come with industrial spaces. 

It streamlines the complexities of lease management, often involving intricate agreements and terms specific to industrial tenants. 

Core Features of Modern Property Management System

A modern property management system stands as an indispensable tool in the realm of real estate management. Its essence lies in its ability to provide centralized control over various aspects. This centralized approach enhances operational efficiency and fosters informed decision-making through real-time data analytics and reporting. 

Understanding the core features of a modern PMS is crucial as it empowers property managers to optimize asset performance, ensure tenant satisfaction, and navigate the ever-evolving regulatory landscape efficiently.

Document Management

With this feature in a PMS, all documents are digitized and stored securely in the cloud. A property manager can instantly access a tenant’s lease agreement, review maintenance requests, or retrieve financial records with just a few clicks, regardless of their physical location. 

Document Management Module for PMS System, source: Paperoffice.com

Tenant and Lease Tracking

Imagine a property manager overseeing multiple units with varying lease terms, tenant details, and renewal dates. Traditionally, this would involve a complex mix of spreadsheets and manual record-keeping. 

With a PMS, however, all tenant-related information, from personal details and rental history to payment records and lease agreements, is centralized and easily accessible. 

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Accounting and Financial Management

Accounting and financial management within modern property management systems encompass several key functionalities crucial for the efficient financial oversight of properties.

  • Invoice and billing management.
  • Tax management.
  • Budgeting tools.
  • Bank reconciliation.
  • Rent tracking and management.
  • Expense tracking.
  • Financial reporting.
  • Payment processing.
  • Cash flow management.
  • Vendor payments.

These features collectively enhance the financial management aspect of property management, providing a robust framework for property managers to handle financial tasks efficiently and accurately.

Listing Management

A PMS with listing management enables property managers to craft detailed and appealing property descriptions, upload high-quality images, and manage the essential details of each listing, such as location, price, and amenities. It simplifies updating and synchronizing listings across multiple channels. 

Property listing objects feature

Reporting and Analytics

Let’s say your real estate company manages multiple properties across different locations. Using reporting and analytics features, you can analyze each property’s occupancy rates, rental income trends, maintenance costs, etc. 

This data enables managers to identify which properties are underperforming and why. Additionally, you can track tenant satisfaction and turnover rates, providing crucial information for improving tenant retention strategies. 

Property Marketing

Property marketing helps managers to showcase properties attractively, highlighting unique features and benefits through various digital platforms. Offerings reach a broader, targeted audience. Moreover, strategic marketing efforts can optimize rental rates and maintain high occupancy levels. 

Most useful rental property management system features

Mobile Accessibility

Statistics show a substantial increase in mobile usage, with over 5 billion people globally owning mobile devices and around 92% of internet users accessing the internet via mobile phones. 

This trend means that having a mobile-accessible PMS is not just a convenience but a necessity. It allows real estate professionals to manage properties on the go.

5 Steps to Develop Property Management Software

Developing property management software is a complex and multifaceted endeavor. It requires a deep understanding of the real estate sector. The software must be robust yet user-friendly, secure, and scalable to accommodate varying property sizes and types. 

  1. How to develop a reliable system that meets your requirements and needs?
  2. Analyze the specific needs of your property management company.
  3. Identify essential features tailored to address the unique challenges of property management.
  4. Research and select a software development vendor with experience in real estate or property management software.
  5. Decide between custom software development, modifying off-the-shelf software, or using a platform as a service (PaaS).
  6. Ensure the software can grow with your business.

Your PSM should be scalable, secure, and able to integrate with other tools and platforms commonly used in property management. Be ready to continuously update and improve the software to meet evolving market needs. 

Summing Up

Implementing property management software is essential for companies looking to streamline their real estate operations. Think about how much time and resources are currently spent on manual property management tasks. 

A tailored property management system can automate and simplify these processes. Using this system saves time, reduces human error, provides real-time insight for better decision making, and more.

To get the software you need for your organization, find a trusted partner to develop your PMS that brings both technology and real estate expertise to ensure the software is tailored to meet the specific needs of your business.

If you want to start building your own custom PMS system, contact us and let’s talk about the details!

Andriy Nayda
Andriy Nayda Head of Web & Mobile Department at SmartTek Solutions