All-In-One Guide to Create a Property Management System | Eastern Peak

What is a property management system?

So what is a PMS system? In short, a property management system is an automated process of record keeping that replaces manual spreadsheets. Its purpose is to save time and costs by enhancing business’ efficiency. Such software creates a centralized record of all client-owner activities. The diverse uses of property management system benefit a large variety of real estate enterprises across several industries.

  • DoorLoop,
  • Renroom,
  • Landlord Studio,
  • Rentmoji,
  • Rent Manager,
  • TenantCloud, and
  • Hemlane.

6 advantages of a property management system

The given market is still young but already prominent and ambitious. For years now, business owners have been switching to digitalization of their management processes. The possibility of creating your own management software is just a more advanced step towards the ideal managerial system.

Multiple property management

Wherever you have multiple properties to worry about, it becomes a hassle and a headache. Fortunately, now you can put all those estates under one management system via one app. Such a system will keep all the essential information, from accounts to notifications and updates.

Data security

The digitalization of management processes is a guarantee to higher data security. First of all, no more paper documentation. That alone reduces the chances of human error, lost documents, and confusion. Not only can you find any report in a few clicks, you will also ensure a high-level of protection for your clients and business-sensitive data.

Automation

Automation is one of the most efficient advantages of having a PMS. After all, that’s the reason the system was created in the first place. Businesses can achieve much better results in their industry by automating repetitive, mundane tasks that machines can do better than humans.

24/7 customer support

Most businesses can’t afford or choose not to have people work 24/7 only to answer customers’ requests and questions. Property management apps, on the other hand, can be available for any client interaction 24/7 any day of the week. For example, you can build software chatbots or other forms of virtual assistants that can handle more common, simple queries and tasks from clients.

Customer appeal

By the way, proper software for property management can do more than just support. It can also personalize your marketing strategies, have notification features, calendar synchronization, and much more. You should consider strategies to appeal to international clientele as well, that is if you go beyond your local market.

Scalability

A PMS will always have the potential and space for growth. The industry and tech market is constantly evolving. If everything goes well, a business eventually scales up and expands with time. Fortunately, a good property management system in the hospitality industry can grow along with the business.

Types of property management systems

Most field leaders in the hospitality industry use real estate property management software for organizing key processes, saving time, and offering tenants better serving conditions.

Residential property management system

Residential real estate fields have to navigate multiple properties and family housing. Hence, PMS software can help keep such work organized and centered. For the most part, such features include

  • space management;
  • marketing;
  • e-payments; and
  • maintenance management.

Commercial property management system

This software will help office buildings and/or retail site owners manage their properties in an efficient and productive way. These are the main PMS benefits for commercial property owners:

  • property maintenance feature;
  • lease data collection;
  • online reporting;
  • schedule for rent changes (increase, terms, etc); and
  • collecting payment via online payment systems.

Apartment property management software

For the most part, such software can simplify the job of being a landlord and create a more organized and secure way of managing the renting process. Landlords expect to tackle such functions as

  • collecting rent,
  • maintenance tracking,
  • managing accounting needs,
  • leasing,
  • marketing,
  • resident screening, and
  • communications.

Hotel property management software

Of course, hotels are on this list. In fact, the hotel business is probably the most devoted user of PMS in their management operations. A good property management system for hotels will help in the following ways:

  • manage online payments and bills;
  • book rooms;
  • track and distribute available spaces;
  • check-in and check-out; and
  • collect data.

Property management system features

Now, we’ve already covered what crucial solutions an online property management system can deliver, let’s see how it happens. Overall, there is no traditional route each rental property app should take. However, there are certain fundamental features to expect from any PMS. These are the features we’d recommend considering.

Features of property management software for landlords

Property listing

This feature is essential when you’re dealing with multiple properties. It helps centralize the account, manage properties, provide updates on availability, etc.

Owner dashboard

Such a feature helps navigate and manage all rental activities and control the business by observing, tracking, and customizing property details when needed.

Automated process

Things that don’t require your personal attention can easily be done by a PMS. Hence, all the check-ins and check-outs, vacancy listings, payments, auto-responses, reminders, etc. are a part of this feature.

Multi calendar

Multi-calendars should display reservations from different channels and show each property’s room status. Consequently, you have all your essential information in one place, leaving little room for confusion, overbooking, or other errors.

Reporting

This feature will send you updates, statistics, progress, fees, etc. Such a feature can be customized to perfection so you can enjoy flawless analytics on each of your enterprises.

Features of a property management system for tenants

Tenant portal

Such a feature will allow clients’ independence in dealing with all mundane tasks like checking the status of a lease, making payments and security deposits, submitting requests, viewing notifications on rent changes, etc.

In-app messenger

Tenants will appreciate an easy to use messenger to communicate. This will give them direct access to the owner’s contacts, thus creating a fast, convenient, and available communication channel. Such a feature may also store your chat history, receipts, etc.

Payment solutions

Users should be able to pay for rent via app. Such a feature will save time for users by eliminating banks from the equation. Thus, users have a simple, secure, and fast way to pay for the services.

Four-stages of a property management application development

Anyone can create perfect managing software by following the fundamental stages of such development. These are four main steps on how to create a property management app.

Discovery phase

To learn how property management system works one must start from the beginning. Hence, it takes research and exploration to build a solid foundation for your future creation. Begin with setting the right goals of your property management app. Set your mind on all must-have requirements while reducing unwanted features.

Choose the software provider

Decide how you want to go with the development process. The options are many — freelancers, in-house teams, or development agencies. The cost and quality of such productions will vary, though. With the right software provider, you can be certain of high-quality work throughout all development stages, starting with market research. Plus, most products will also require post-launch support.

Wireframing + UI/UX design

The next step is drafting your first software prototype. Here, you get to draft user flows, main processes, design concepts, and a visual representation. Step by step, you make the skeleton for your future product.

Testing & launch

Testing is an obvious final step before releasing a product. Screen for malfunctions and other errors. Finalize the optimization stages so the app fits for any gadget or browser. Lastly, your marketing work should go hand-in-hand with the launching process to maximize the results.

Wrapping up

The development of customized software for property management companies is no longer such a novelty on the market. In fact, such a simple addition to your property management system can bring your business to the top in your industry. It will help you organize the process, show appreciation to your clients, and get things done at an unseemly pace.

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Eastern Peak is a custom software development company which possesses deep expertise in working with startups and building intuitive mobile apps from ground up.

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Eastern Peak

Eastern Peak

Eastern Peak is a custom software development company which possesses deep expertise in working with startups and building intuitive mobile apps from ground up.