Everything changed after COVID-19, including how we live and work. Many professional businesses had to incorporate new tools and technology into their processes to continue delivering high-quality customer care despite the numerous interruptions they experienced.
Property management technology that had been around for a while grew increasingly popular and became an essential aspect of how firms functioned in the industry. In addition to embracing technology that has been present for a long time, it has resulted in fundamental breakthroughs.
Many businesses prioritized developing new features and solutions to help their customers maintain their company’s operations. Stress from the pandemic has triggered an increase in remote property management, accompanied by a rise in company shares that provide property management software.
Factors Influencing the Demand for Property Management Software
Property managers aim to boost their customer base by utilizing a unified technological platform to utilize the benefits of property management software fully. The following are some of the induces that have contributed to the growth of this software:
Cloud Business
The software offers online document storage and sharing, electronic leasing agreements, financial reporting, online maintenance requests and monitoring, accounting capabilities, and integrated banking. PMS systems have transitioned from manual to automated management solutions in recent years.
The autonomous property management solution has enhanced the property management software system, reducing human mistakes and allowing property managers to properly organize work assignments to minimize service interruptions.
An automated PMS aids in reducing the time required to react to tenant or owner concerns and grievances. This development has allowed software creators to focus on the technological aspect of software while outsourcing the management features to cloud service businesses.
UnitConnect’s SaaS software helps multiple property management firms incorporate PMS software across their portfolio. Property managers can integrate a tenant portal with their property management software to facilitate easy and ongoing transactions with the platform.
Streamline Property Operations
A property management tool can streamline operations by enhancing rent collection processes, managing finances, decreasing communication gaps, and preserving lease paperwork and contracts.
Typically, data is input manually into Microsoft Excel, Notepad, or other spreadsheets in traditional property management methods, making the process sluggish, wasteful, and prone to mistakes. Besides this, landlords either manage their estates themselves or hire third-party property managers, requiring greater time and labor commitment.
Consequently, property management software was developed to eliminate human mistakes and expedite labor through automation. The widespread availability of PMS has automated and streamlined the jobs of owners and estate managers.
A Solution for Automation
The property management solution keeps track of and manages the commercial property resources and residential properties’ activities. Property managers may use the solutions to automate duties like vacancy notifications, customer engagement, marketing, payment-related procedures on the tenant portal, revenue management, lease administration, and more.
Integration of modern technologies such as virtual reality, artificial intelligence, the internet of things, machine learning, and others is also expected to enhance the market’s growth.
A Forecast of Property Management Software
The market is predicted to increase at a CAGR of 5.6 percent between 2022 and 2030, with a worldwide value of $3.04 billion in 2021. The property management software industry is expected to grow rapidly due to increased demand for web-based services SaaS from property management software providers.
Over the projection period, the commercial category is expected to develop steadily. The demand for software is growing to keep unoccupied space rented, manage and execute efficient operations, centralize information, and make educated decisions based on real-time data.
The demand for tools and platforms to address shifting commercial real estate demands and the growing need for improved consumer handling and support drives market expansion. By adopting a single technological platform, property managers and real estate brokers are focused on harnessing the benefits of the software to grow their customer base.
The use of a SaaS-based PMS has greatly simplified property management tasks. The epidemic presented a chance for property managers to adopt and deploy new automation solutions. The UnitConnect software provides a single platform for viewing all of the properties and the ability to supervise other property-related processes such as maintenance jobs and tenant needs.
