The property management industry is a billion-dollar industry. With such huge amounts of money in the industry, it is only logical that software developers will develop software solutions for the market. Rental property management software development is a billion-dollar industry by itself.
It provides property managers, landholders, and tenants a way to streamline the various processes and store all the data in one place. They have been steadily growing in popularity in recent years with the ever-increasing internet penetration and adoption of new technology by various businesses. But the pandemic gave it a serious push, and the industry is now looking at fantastic prospects.
If you want a slice of this pie and want to create property and lease management software, it would be a wise business decision. But you need to know much more than just the size of the industry to compete here. In this post, we’ll discuss everything you need to know for rental property management software development.
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Market Stats & Size of Property and Lease Management Software
The value of the global property management software market is estimated to be USD 3.04 billion in 2021. That’s a huge market, and what’s interesting is this is expected to continue growing at a CAGR of 5.6% from 2022 to 2030. The demand for web-based solutions in the market is expected to increase at the same rate.
This demand is also for SAAS (software as a service) enabled lease management software because it allows users to access the data anywhere and from any device. This is why most leading software providers in the segment provide cloud-based software solutions. It is in their interest, too, as cloud-based software is faster and provides a much better user experience.
What is Online Rental Property Management Software?
Rental property management software refers to specialized software that assists property managers and landlords to streamline and optimize their work. It gets rid of the tons and tons of paper by making everything available online.
It helps them manage every aspect of property management, including generating invoices, tenant details, accounting, and even listing their properties. They are an excellent way for property managers to communicate with tenants, order background checks on them before the onboarding, and keep track of their complaints and issues.
Some of this software is specially designed for single-family property management companies like Propertyware, while others are much more suitable for larger corporations handling several properties. By streamlining all the processes involved, it helps increase the efficiency of the system.
How does Commercial Property Management Software work?
The features of rental property management software differ from one another, but a general overview of the working of the software would be like this:
1. Property Management
Property managers or landlords have the ability to manage their property, including uploading pictures and details of their properties. Many software uses these details to upload them to various property listing websites automatically. This is a simple property marketing approach that property managers can use.
2. Tenant Management
Rental property management software makes tenant management super easy. It provides property managers with options like generating invoices, management of rent, and tracking maintenance requests.
Since all of this information is stored in one place, tenant management is easy for property owners or landlords. Also, several apps provide communication options for property owners, which is a great way to maintain professional relationships with them.
Scaling your property rental business becomes very easy with apps. How? Now that your property rental business is not paper but online, you get tons of data that can be used to identify bottlenecks and remedy them.
You can streamline each step of the business and ensure it is optimized for profit. Additionally, since managing tenants is so easy with apps, you can take in more of them and expand your business without spending much time on them.
What are the Benefits of Investing in Real Estate Software?
Even if you ignore the fact that custom property and lease management software development is a billion-dollar industry with fantastic future prospects, you can still reap several other benefits by investing in it.
Here are some other reasons why if you are in the real estate business, you must invest in property management software:
Property management software allows you to manage all the contracts and documents in one place easily. You can generate invoices, keep track of payments, do background checks on potential tenants, and do much more with these apps.
With the help of apps and custom property and lease management software, you can streamline all the processes in your business. You can save much of your time and cost by automating repetitive tasks.
One of the biggest advantages of property and lease management software is that it provides invaluable data for your business. By making use of all this data, you can double down on what’s working for the business and identify and remedy the bottlenecks. The data ensures that all your decisions are backed by data and not a shot in the dark.
Tenants are likely to stick around longer if they are satisfied. Through the app, you can manage tenants, communicate better, and track their maintenance requests. Better tenant management would lead to better business. Also, there’s no need to waste time reminding someone of their default payment. You can send one quick reminder through the app.
Key Features of Rental Property Management Mobile App
Depending on the specific requirement of the business, the key features of a rental property management app can vary a lot. But it is advisable to have most of the following features in your app to make it successful:
The app must allow property managers to list their properties on it. Let them add all the information regarding the properties and upload photos of it too.
Rent Collection & Invoice Generation
The app should have a feature allowing property managers to generate automatic invoices to tenants and allow them to pay the same. Many of the top apps in the industry already have it.
Furthermore, you can take it a step ahead and allow the app to auto-generate these invoices on set dates. This feature makes property rental management solutions for landlords much easier.
Push notifications are an excellent way to remind both the property managers and tenants of important, upcoming events like pending maintenance requests, due rent, etc.
You should provide a way for property managers to communicate with tenants and vice versa. This is an excellent way to make your app more useful and improve engagement on it.
Rental property management software for landlords is also helpful for tenants. The tenants raise maintenance requests to their property managers and provide them with a feature to track the progress of the same.
Read more: Top 15 Innovative App Ideas for Real Estate Business
What Tech Stack is Required to Develop Rental Property Management App Development?
Back End – Python, Java.
Database – MySQL, Microsoft SQL.
Payment Gateways – PayPal, Stripe, etc.
How Much Does Developing a Custom Rental Property Management App Cost?
Rental property management software cost depends on various factors like platforms, User Interface & design, location of talent, maintenance, and support, etc. Let’s see how these factors affect the final cost of the product.
If you want to develop an app for both iOS and Android, it will cost you almost double what developing an app for a single platform. This is due to the fact that two different teams would be working on your project.
2. Development Team
The location of the real estate app development team is also a deciding factor in the cost of the app. European and North American developers have an hourly rate of $150-$200, whereas their South Asian counterparts charge $50-$60. So, if budget is an issue for you, you’ll get a much better bargain for your money by hiring Indian developers.
The more customized features you want to add to your app, the more development time it will take. This will substantially increase the cost of developing the app. This is why you need to be very clear about what features and functionality you are looking for in the app.
You must list all the must-have features and all the customization you want. This will help you get a reasonable estimated cost of the project.
4. Design & User Interface
It is only logical to want an interactive and appealing UI for your app. But remember that the better it looks, the higher it will cost you. An appealing design means more effort from the development team, which equals a higher app development cost.
5. Maintenance & Support
Your development team’s work is not done once the app goes live. You’ll need their maintenance and support for bug fixes, updates, and technical support. Consider this when you calculate the cost of your custom rental property management app.
Depending on these factors, the cost of your custom rental property management app can be anywhere from $10,000 to $60,000 or more. To get an accurate estimation of the cost, reach out to the mobile app development team. Discuss with them about the project, and you’ll get an excellent estimation.
Top Rental Property Management Software
There are many different rental property management software programs on the market, so it can be difficult to decide which one is right for you. Here are a few of the top-rated options to consider:
Buildium is one of the most popular rental real estate software. It allows users to control every aspect of rental properties, including leasing accounting and operations. Due to all these services, it is considered an all-in-one app for real estate.
This cloud-based app is excellent for streamlining the entire rent cycle. It also provides easy access to data from both phones and computers. However, administrators do complain about the lack of features on the app for them.
At $52 per month, the property management software pricing by Buildium is costlier than many of its counterparts, but it offers a free 14-day trial which doesn’t even require giving your credit card details.
TurboTenant is another cloud-based rental property management software. It provides tenants with tracking and building maintenance data. It has several unique features, like the automatic filling of Craiglist forms and sending vacancy lists to several sites.
Users also have the option to order criminal background and credit report checks on prospective tenants. Users can also include details of their properties, including pictures, and tenants can contact their landlords for more details. The customer support at Turbo Tenant is also great.
This is the best app for landlords trying to find a tenant for their property, as it also provides easy rent collection and invoice tracking. The only flip side is it does not allow automatic withdrawal of rent.
If you are a single-family property management company looking for rental property management software, Propertyware is the best solution for you. Single-family experts make it, and it has been the leading property management platform for close to two decades.
Users love the software due to its immense customizable options and an open API that allows two-way data exchange. It helps users to automate and optimize their workflows. It allows collaboration between property managers, tenants, and landlords.
It is an easy-to-use software which makes the learning curve very small and software as beginner friendly. However, it is not the right choice for you if you are a large company.
SimplifyEm must be your first choice if you are a small or mid-sized property manager or landlord. Property managers can use the software to get charging fees, handle tenant balances, collect payments, communicate with tenants, and automate income and expense tracking.
It also makes tracking maintenance orders easy for property managers and landlords. Also, you don’t have to worry about tax audits with SimplifyEm as it allows easy generation of tax reports. As it is a web-based solution, you can access it from anywhere. SimplifyEm offers free training and support through phones and emails, making it beginner-friendly.
5. Yardi Breeze
Yardi Breeze is great for managing your property from anywhere and from any device. It is a beginner-friendly property management solution. Property managers or landlords are in charge of marketing, leasing, and managing their property through the platform.
The popularity of the platform is due to features like easy rent collection and easy to learn platform, and it is backed by its robust accounting system, which comes from over 40 years of experience in the field. Excellent support and unlimited chat features are the cherries on top for over 7000 businesses that use the platform.
Challenges to watch out while Building Custom Rental Property Management App
When building a custom rental property management application, there are several challenges that you must look out for. Some of these are:
Rental management software uses a large amount of data like tenant information, lease agreement, property agreement, and transaction history, among other information. Your application must provide an efficient way to manage all this data.
Since all these data are sensitive in nature, you have to go above and beyond to ensure all of it is secure. When your users trust you with their sensitive data, it is your job to ensure that trust is not misplaced.
As the app grows, it will have to handle large data with new users. Your custom rental property management application must be able to handle all that data. To ensure your app is scalable, you have to design the framework and architecture in such a way that it is able to withstand such a large amount of data.
Maintenance & Support
Building a custom rental property management application is not a one-time affair. It will require constant maintenance and support.it is wise to have a dedicated team in place to take care of maintenance and support.
How to Monetize the Rental Property Management Software?
The most widely used method of revenue generation for rental property management software is the subscription model. Users pay you monthly or annually; if they require more storage space, they can upgrade to a higher subscription level.
You can also make money off your rental property management software in other ways besides this. Additional options to monetize your app include add-ons, integration, add-on fees, and advertising.
You must first authorize a financial transaction using your app in order to collect commission fees. You can enable display adverts on your app or collaborate with a company to advertise their services if you choose to use the advertising strategy. To ensure that your users will be interested in the partner company, you must ensure that it is relevant to them.
The subscription model is the most popular form of monetization for rental property management software, but you can also opt for other models, depending on your business plan.
Future of Rental Property Management Mobile App
The future of property management mobile apps looks secure. This is evident from the data, which shows that the industry is likely to grow at a CAGR of 5.6%. But the real estate market trends should also be taken into consideration if you are looking to future-proof your app.
With the increased adoption of online services, more and more property managers are expected to shift to software solutions. Automation will be an essential aspect as all businesses are now looking to automate repetitive tasks. Integration with other ecosystem partners will also be an important aspect, as property managers will get easy property marketing and other services without any extra effort from their side.
However, if you are looking to future-proof your rental property management mobile app, you have to integrate it with emerging technologies. Technologies like AI, IoT, and Machine Learning will help you harness the power of data and will allow users to grow their businesses.
Read more: How to Develop a Real Estate App: Cost Estimation and Key Features
How can Arka Softwares help you Develop Rental Property Management Software?
At Arka Softwares, we have over 12 years of experience providing web and app-based solutions to various business problems. During this time, we have served more than 650 clients. Our team has the right expertise to develop custom property management software from scratch.
Whether you are looking for an MVP, a platform-specific app, or an app for both iOS and Android, we can help you develop it. With our expertise in developing rental management software and your insights, we can make an app that will not only compete but also excel against established players in the industry.
Developing custom solutions for real estate is lucrative as it is a billion-dollar industry with great growth prospects. They provide a way to streamline various processes, including rent payment, tenant background checks, accounting, etc.
This is why more and more property holders or landlords are embracing residential apartment management software. With the right partner like Arka Softwares, you can develop a Rental Property Management App to help you in a thriving business.
FAQs Related to Rental Property Management Software
- Why Should a Property Manager Consider Joining Property Rental Management Software?
A rental property management platform streamlines the various processes involved in the business, identifies the bottlenecks, and removes them to provide an overall improved efficiency.
- Do You Have to Develop Separate Apps for Ios and Android?
The answer to that question depends on your target audience and business plans. You can go with either or both platforms, depending on that. But do remember two platforms generally mean double the cost of app development.
- How Long Will It Take to Develop a Rental Property Management App?
The timeline will largely depend on the features, functionalities, and size of your development team. Depending on these, developing your app can take anywhere from a couple of months to six months.
- Can a Rental Property Management App Handle Multiple Properties?
Yes, most rental property management apps are designed to handle multiple properties. Only some are designed to cater to single-family property management.
- Are Rental Property Management Apps Free?
Most rental property management apps are not free. You’ll have to give a monthly payment to assess them, and depending on the app, it can be anything from $30-$70.