HOA and Property: Why Build Your Own Property Management Software

The global property management market size is expected to grow to USD 22.04 billion by 2023 and the global real estate management software market is expected to reach USD 12.89 Billion by 2025. Huge!

Here, we’re going to open up an HOA and Property sector and software for rental property management and apartment management in this context. Why you need software, how to develop it, and how your pains will be killed. Let’s dig in and find out.

Delve Deeper into Property Management Software

Here’s a simple thesis you have to keep in mind: the larger the entire real estate market becomes, the bigger the place for software. 

With a sharp increase in the rental businesses, landlords are realizing the need for an advanced property management software to keep business running smoothly. Owners can simplify all the difficulties and handle day-to-day tasks with a software product customized to define their needs.

Property management software helps to track back-office operations and provides the necessary management functionality with a focus on business expansion, convenience, and financial oversight. In your business reality it means having a software brings you competitiveness, unlimited freedom, and a forward-looking perspective.

You may have seen this natural progression, when typically you start off with one property and small apartment business and you don’t really need this huge software to manage the house. It’s a step, where you need not more, but the most requested software features, are the following:

• Maintenance management. Allows residents to have functional properties and managers – more reliable work order systems to deal with the number of daily maintenance requests.Residents can place orders online, and supervisors can assign work orders and monitor schedules.
• Building management. Optimizes the building’s operational performance and provides monitoring and control solutions, polling data in real-time from unlimited numbers of disparate systems and networked devices. Security, energy provision, and any other management systems can be configured to interact across a single property or portfolio of buildings and facilities. 
• Accounting. Advanced accounting features help generate rental tracking reports to visualize the financial status of your property and includes a general ledger. Also, it brings info about the payment of any operational expenditures, ensuring compliance with lease terms, etc.
• Tenant portal. Now you can digitally cope with day-to-day tasks 24/7. It’s a step of online convenience for pay rent and other fees. Also, it allows managers to view tenancy details and status of their lease, get rental receipts, and communicate with landlords at any time.

 

If you’re going to grow your portfolio, you probably will start to notice how many property issues here and there occur and that all of them must be fixed in a quick and qualitative way. From here, you get a sense of how much your time is worth.

The thing about software is it saves you a ton of time. We help you out by pointing out some more nice-to-have features for your software that property managers may need, depending on specific owner’s or company’s goals.

• Marketing automation. Helps you manage email, social media, or text campaigns to reach a wide range of potential tenants.
• Software for rental property management. Increases automation of repetitive tasks (rent collection, financial reporting) and processes requests for remote maintenance to manage the real estate portfolio.
• Software for apartment management. Includes basic accounting and tracking functionality for tenants and leases with additional online listing management tools.
• Accounting property management software. Helps landlords track rental payments operating and inventory costs, and makes forecasts and budgets to gain an overview of the financial situation and maximize profits.

Trends that Pave the Way

Starting with the core indispensable functionality, is a great head start. But if you want to expand your property portfolio successfully, you know when you get bigger, the thrive of your business is in extensions. Here are some insights into what your software may be lacking.

IoT: Forecast Analytics

The Internet of Things (IoT) can provide efficient operation and maintenance, but it’s the analyst that brings the greatest business benefits. The ability to use large amounts of data and get business information can be a turning point in the game.

Advanced analytical technology allows you to detect patterns and trends, which then allows you to make more reasonable decisions about the further development of the business. Uncertainty makes companies look for the best-in-class innovations that offer predictive analysis, stimulating demand for long-term portfolio planning, risk reduction, and strategic planning optimization.

Artificial Intelligence and Machine Learning

Property management can introduce artificial intelligence in many areas: from engine recommendations and the Intelligence Value Argument (IVA) to data analysis and improved safety. Do you want to predict water network wear and tear and reduce maintenance costs using large amounts of data and predictive analysis? If you want to detect patterns in your workflow, you need artificial intelligence.

Machine learning is widespread used, and continues to get raised, nothing new here because this trend continues to pay the way! But with such technologies, you spend less time manually collecting data and more time moving towards optimization goals.

Localized Energy Sources

Energy sources that are renewable, help to reduce the cost of utility services, so it’s efficient and environmentally sustainable. Aiming to reduce waste of CO2 emissions will encourage owners to invest in equipping buildings with solar panels and other renewable energy sources. This may bring the industry closer to the manufacturer, rather than to the consumer.

Blockchain

Cybersecurity issues invite best new solutions. Blockchain-backed smart contracts can effectively deal with mistakes in public records, illegal actions,  will-related problems, forgeries and transfer of property rights. 

 

So, how to build your own software here and now? A completely reliable vendor is someone who you really need. 

Choosing a property management software development company, that operates professionally, is an important step if you want to go with the best solution from the beginning. A vendor must align your vision and goals with the technological realities, that’s where the next big win will be.

NIX Expertise: Houses Management Platform 

The reasons as to why to build your property management software are abound. You may need more profitability in your goals or you want to boost your business immediately instead of just keeping the building occupied and standing.

The NIX team created a property management platform, with both web and mobile apps, that is designed to handle all aspects of running a successful property business. The main idea is to easily configure the multi-modules platform, that is an all-in-one solution, for definite property management needs in different domain segments: rental, flats, condominiums.

 

Technologically, it takes a little time and effort to customize a platform for particularly your property management needs. An administrator of the property can choose a specific set of features, add or remove certain modules, depending on property needs. 

The platform also provides users with a mobile app that has an easily understandable interface. Our application is tailored to the users needs and solving their issues, namely brings the following features:

• an opportunity to digitally communicate with other residents (e.g. children, leisure time, activities);
• voting, discussions inside a property community;
• integration with Google or other calendars where all the property events are;
• automated interaction between a manager and residents
• notifications to a manager, if something in the property went wrong. 
• a system of planning the residents’ expenses;
• possibility of electronic docs signature 
• management of parking spaces (e.g. to book a permanent or guest seat)

Modules of the platform can be interconnected with other external services and as they are working separately, but interlinked, it ensures the necessary security: storage of data on residents, their payments, personal information, etc. 

The NIX team also has implemented such PMS solutions for different clients:

• Maintenance management system. Here we used technology for managers to automate leasing and resident retention processes and to provide efficiency for tenants in tracking their requests. There are also other features like attaching photos of invoices and receipts to digital expenses.
• Rental property management and accounting system. With our accounting solution, any transactions like rent payments and other fees take less than 3 seconds.
• Property management security system. We developed a tight-secured system to manage cameras and other means of security.
• Heating ventilation air conditioning system. Implemented a system designed to control the temperature inside the building and optimize expenses.

If you want to figure out more of our expertise, please contact us. Whatever your motives, we are ready to create a product that really addresses your current needs and will be easily expanded and adapted in the future.