Property Management Software: Everything You Need to Know
Posted by Mrudula Anil Karmarkar on April 29th, 2021
The global property management software market size is anticipated to reach USD 2.35 billion by 2027, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. The increasing preference of owners and property managers for scalability is one of the key factors expected to boost the market growth. Also, factors such as rising infrastructure development, coupled with the need to maintain property-related documents for seamless functioning are anticipated to be one of the strongest growth boosters.
The demand for Property Management Software(PMS) has increased in the past few years for hotels and residential suites. Availability of internet bandwidth and virtual storage are a few of the factors influencing the demand in the hotel industry and residential sector. Also, the PMS in the residential suites has grown into a strategic position owing to developments in information and communications technology. Therefore, automation serves a wide array of property management software functions, including lease, notices, vacancy, invoice preparation, and circulars for the residential sector. PMS eliminates repetitive tasks, allows better communication, and standardizes hotel management.
Escalating demand for outsourcing services is another prominent factor positively affecting the growth. In recent years, several market players are focusing on offering technologically advanced PMS solutions such as cloud-based and AR-based solutions, which are quite tough to be managed in-house, as it involves a huge cost for recruiting a technically advanced workforce and spending on their training for the software. To overcome these challenges, numerous organizations outsource these services to property management software service provides. Moreover, an increase in outsourcing activities in Asia counties such as India and the Philippines from the Middle East and Western countries appears to be a significant contribution to regional market growth.
In recent years, PMS solutions have shifted from manual to automatic management solutions. The automatic property management solution has improved the property management software system, thereby decreasing human errors and allowing property managers to allocate work assignments efficiently to avoid interruptions in service. An automatic PMS helps in reducing the time taken in responding to complaints and grievances of tenants or owners. Also, it simplifies the property management procedures by facilitating rent collection processes, tracking finances, reducing communication gaps, and storing and leasing documents and contracts, among others.
Property Management Software Market Report Highlights
Whereas, in traditional ways of property management the data is entered manually using Microsoft Excel, Notepad, or other spreadsheets, which makes the process slow, inefficient, and prone to errors. Also, landlords or property owners either manage their property themselves or hire third-party property managers, which involves more workforce and time investment. Thus, property management software was formed to evade human errors and streamline the work through automation. The easy availability of property management software has automated and simplified the work of owners and property managers. Moreover, PMS solutions and computer record-keeping have significantly augmented the productivity of hospitality industries by updating and centralizing multiple computers and devices records. Also, PMS solutions can be customized as per the requirement of the hospitality industry to further upsurge ease of operations, including automation of bookings, hotel inventory supply management, check-in and check-out, Point of Sale (POS) integration, security and room locks, food and beverage costing, and reporting of Key Performance Indicators (KPI).
Moreover, the advent of cloud technology is one of the key advances in the software industry. Cloud technology has significantly changed the way software applications are operated and provided to end-users. This change has allowed software developers to focus on the technology feature of software while outsourcing the management feature to cloud service companies. SaaS software facilitates multifamily property management enterprises to easily integrate PMS software across the portfolio. SaaS platforms enable property managers to integrate advanced payment solutions with their property management software for easy and continuous transactions.
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The property management software providers are focusing on new product development, which aids in strengthening their market presence. For instance, in April 2020, Yardi Systems Inc. announced new functionality updates for its existing Yardi Breeze property management software amid COVID-19. The new features include online state-based lease documents, credit/ debit card, ACH, or PayNearMe walk-in flexible payment options, and customer relationship management, among others. These abovementioned features will help property managers, vendors, tenants, and owners stay connected on a single platform working remotely due to social distancing measures during the COVID-19 crisis. Some of the prominent players in the property management software market include:
Grand View Research has segmented the global property management software market based on deployment, application:
Property Management Software Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Property Management Software Application Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,734
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