Successful creation and launch of digital solutions is always more than hiring of experienced developers – it is also important to understand what the requirements for your specific product will be. This thesis also applies to the real estate sector.
In particular, according to the independent web resource Grand View Research, the global property management software market size reached USD 3.04 billion in 2021 and is expected to expand with a 5.6% CAGR from 2022 to 2030. This means that modern digital solutions for this industry should maintain their competitiveness not only with affordable pricing but also with advanced functionality. Below we propose to find out what trends in property management software can help you with this.
30 Trends You Shouldn't Miss Out
Let's find out what property management industry trends in 2023 and for what purposes you can implement in your software.
Artificial intelligence (AI) and machine learning (ML). These two overlapping technological concepts can be used for automated data analysis and predictive analytics in property management. Specifically, they can help users of your software to identify non-obvious dependencies and trends, as well as predict the behavior of the consumer market to form relevant offers.
Internet of Things (IoT). Integration of your software with IoT devices can provide your users with remote and centralized monitoring of real estate life support systems.
Mobile-first approach. Adapting your software for mobile devices will expand its capabilities for companies, some of whose employees work remotely or "in the field".
Cloud. Choosing cloud platforms to host your software will ensure proper workload distribution, provide standard-compliant security tools, and open up almost unlimited possibilities for scaling.
Blockchain. Blockchain technologies will help you guarantee your users that all deals performed within your software are transparent and secure. Also, they may be useful in contract management processes.
Virtual Reality (VR) and Augmented Reality (AR). These two technological concepts can help you embed virtual property tours into software and deliver a cutting-edge user experience with the ability to fully immerse in the locations your customers visit.
Intelligent automation. Intelligent automation technologies will ensure the optimization of routine tasks and real estate management workflows for employees of property management companies.
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Chatbots and virtual assistants. With the help of these tools, you can improve the quality of customer service through your software and relieve call centers of property management companies from overload.
Data-driven decision-making. Technologies that belong to this group will expand the existing analytics and reporting capabilities in your software and help companies make more informed decisions.
Robust tenant portals and self-service. These tools will help customers pay rent and complete maintenance requests online.
Integrations with popular property listing platforms and real estate marketplaces. These integrations will provide your users with a more comprehensive view of the current state of the real estate market.
Enhanced document management. The introduction of digital signatures and the automatic creation of documents will simplify the interaction between the parties to deals for the acquisition and lease of real estate.
Advanced financial management. This functionality streamlines the process of tracking income, expenses, and financial reporting.
Enhanced communication tools. Communication tools, such as in-app messaging and notifications, can significantly improve collaboration between property managers and tenants.
Social media integration. Integration with popular social media platforms will automate your users’ marketing campaigns and optimize tenant engagement measures.
Predictive maintenance. Such capabilities can make a huge contribution to proactive property maintenance and cost savings.
Remote monitoring and control. Advanced features for remote monitoring and control will improve your in-app security and access management capabilities.
Sustainable and green property management. Implementation of such functionality will adapt your software solution to the current trends and, in particular, help to introduce eco-friendly practices.
Real-time reporting and dashboards. These tools will provide your users with instant performance visibility of property management processes.
Intelligent vacancy management and marketing. The introduction of such functionality will optimize the process of managing the occupancy of rented real estate.
API integrations. These integrations will ensure seamless connectivity with other property management tools and software to make your users’ workflows synchronized.
Advanced data security. Implementing advanced data security measures, including encryption and multi-factor authentication, will ensure compliance with the most stringent user data privacy standards.
Customization and automation. You can also enrich your property management software with customizable workflows and automation rules to ensure better performance of personnel in real estate companies.
Compliance management. Compliance management features help you make sure your software complies with local regulations.
Geographical Information System (GIS) integration. This integration will provide your property management software with spatial data analysis and mapping capabilities.
Collaboration and team management. You can also implement advanced tools for property management teams to help them to work together more efficiently than ever before.
Advanced data visualization. Implementing features for easier data interpretation and insights will provide your users with a deeper understanding of what is happening with their business at the moment.
Enhanced tenant screening and background check. This functionality can be helpful for real estate companies in tenant selection by excluding from the list those who have a bad credit history or negative reviews from previous landlords.
Remote access and control of property systems. Integration of HVAC and security systems through software interfaces can help your users to take responsibility for managing the life support systems of real estate and provide them with a centralized payment tool for utility bills.
Integration with smart home devices and platforms. Let’s finish our list of property management industry trends with the integration of your property management software with smart home sensors. In particular, such integration will ensure enhanced tenant experience and automation to help the companies that use your software stand out from competitors.
Final Thoughts
We hope that with our list of property management market trends, we helped you figure out what features and technologies will bring the most to your real estate software and ensure its viability for many years to come. If you are looking for a team of developers who will bring your business idea to life, please, contact us. We have vast experience in developing various software solutions for the real estate sector and are confident that we will build an advanced solution for you as well.
FAQ
What are the benefits of implementing artificial intelligence (AI) and machine learning (ML) in property management software?
AI and ML can provide automated data analysis and predictive analytics, helping users identify trends and dependencies in the market. These technologies can also predict consumer behavior, enabling the formation of relevant offers and improving decision-making processes.
How can property management software benefit from cloud platforms?
Choosing cloud platforms to host property management software offers several advantages. It ensures proper workload distribution, provides standard-compliant security tools, and allows for almost unlimited scalability. Cloud hosting also enhances accessibility, enabling remote access and collaboration for companies with employees working in the field or remotely.
What advantages does blockchain technology offer to property management software?
Blockchain technologies can guarantee transparent and secure transactions within property management software. By leveraging blockchain, users can have confidence in the integrity of all deals performed within the software. Additionally, blockchain can be useful in streamlining contract management processes, enhancing security, and reducing the risk of fraud.
