Property Management Software Market Outlook (2023 to 2033)
The property management software market is projected to grow at a CAGR of 13.1% during the forecast period. The global market is forecast to generate revenues of US$ 4.38 Billion in 2023 and is expected to surpass US$ 15 Billion in 2033.
A trend toward the use of the software will grow at an unprecedented rate in property management in the future. The pandemic has catalyzed the growth of startups that provide services related to the management of the real estate. To meet clients' demands and comply with local regulations, property management firms must grow and utilize technology.
Taking virtual tours of the villas, submitting rental applications, and paying rent were all done within moments. The virtual tour and leasing options were a big hit with new tenants. Property management software can help manage many aspects of property management efficiently and effectively, including marketing available properties and maintaining tenant relationships.
In general, property management companies provide a range of services that help landlords, buyers, renters, and sellers with routine chores and other tasks, such as property taxes or leased contracts, allowing them to handle everything from routine chores to specialized duties. It is imperative to use a platform that ensures all listings are accurate and consistent with each other.
Streamline property management processes like rent collection, tenant communication, maintenance, and inspections with software.
Create an easy-to-use customer service portal that allows tenants to pay rent, view electronic leases, and submit maintenance requests.
By reducing human error and increasing the efficiency of the property manager, data can be managed in an accurate and timely manner.
Data storage on a secure platform helps protect important information from hackers and fraud.
Increase transparency for property managers and provide them with real-time information on their properties, making it easier for them to identify potential issues and threats. Data-driven decisions can also be made based on the reports generated.
Software platforms that manage rental properties offer free trials, but usually only for a restricted number of units. In addition to residential and commercial properties, businesses support community associations, student housing, and commercial buildings. Various organizations are developing software solutions geared toward specific property types, including accounting and rent collection software, maintenance requests, online leases, and marketing tools.
Annually, over $99 billion is generated by the property management industry in the United States. Real estate investors, landlords, and property managers are familiar with the importance of property management software due to its significant financial implications. In a new study, it was found that the need for property management services among rental property owners grew by 4.3 percent from 2019 to 2021.
Software for property management is highly sought after in Canada. Property managers and landlords of all sizes are now using software to run their day-to-day operations. Upgrades and migrations are being performed using advanced technologies to minimize cost and time. Furthermore, businesses can eliminate costly software and hardware upgrades and save thousands on infrastructure and licensing expenses. Users can also receive real-time notifications.
With advanced features like artificial intelligence leasing assistants, multi-tenant websites, competitive leads, special tenant screenings, insurance proof tracking, e-payments, an integrated maintenance team, utility management, electronic invoices, and collections of rent.
For instance, Rentec Direct, a top-rated property management software, released an updated Owner Portal for landlords and property managers. Featuring a sleek modern design and enhanced search functionality, the upgraded Rentec Owner Connect portal provides a seamless mobile and desktop experience. All Rentec Direct clients are currently able to use the newly designed software at no extra cost and new clients will be able to use it as soon as it becomes available.
Accounting processes are also simplified by property management software. All financial information available on a centralized platform makes tasks like preparing tax documents, managing payables and receivables, and budgeting overhead costs easier. Managing dozens of properties became more realistic and strategic with the right property management system.
Data Points
Key Statistics
Estimated Base Year Value (2022)
US$ 4 Billion
Expected Market Value (2023)
US$ 4.38 Billion
Anticipated Forecast Value (2033)
US$ 15 Billion
Projected Growth Rate (2023 to 2033)
13.1% CAGR
Property management software is a tool designed to help property managers to manage residential and commercial properties. Additionally, property management software helps maintain a clear digital paper trail for compliance purposes. The demand for property management software increases as it enables property managers, owners, and operators to simplify and automate the tasks associated with running their properties.
This helps to control real estate portfolio to a greater degree in an increasingly competitive and ever-changing market. Such software are widely used by residential property dealer, commercial property dealer, real estate investors and other end-users.
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Increasing Demand for SaaS-based Property Management Software
Cloud-based property management software come with wide range of benefits such as scalability, multiple property management, 24x7 availability and various others. This offers additional benefit over the on-premises deployed software that has many limitations regarding the operation as well as high cost.
Additionally, the predictable recurring costs of a SaaS model make budgeting significantly easier rather than an enormous initial outlay with a smaller annual license, punctuated with periodic professional services, which is expected to drive the market demand for cloud-based property management software.
Increasing Demand for Smart Building Projects
The concept of a smart city is the brightest contemporary trend integrating the ideas of smart mobility, smart economy, smart people, smart government, smart environment, and smart living. Smart buildings are considered to be one of the major elements within a smart city.
Moreover, applying modern ICT technologies tends to ensure the fulfilment of the needs of current and future generations and responding to the challenges associated with innovations, efficiency, and competitiveness of public services and urban structure. As a result, the adoption of digitalization in the smart city project and smart building and properties, increases the demand for the property management software market.
Key players in the property management software market are focusing on new product launches and product enhancements with the technology vendors to offer innovative technological solutions for sustained business growth.
The major players offering Property Management Software solutions include
IBM
JLL
Oracle
SAP
Trimble
RealPage
AppFolio
Yardi
MCS Solutions
ARCHIBUS
FSI
Planon
Accruent
Entrata
iOFFICE
Indus Systems
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global property management software market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with property management software market attractiveness as per segments. The report on property management software market also maps the qualitative impact of various factors on property management software market segments and geographies.
Property Management Software Market Segmentation
By Component:
Solution
Lease Accounting and Real Estate Management
Asset Maintenance Management
Workspace and Relocation Management
Reservation Management
Services
By Vertical:
Construction and Real Estate
Government
Retail
Hospitality
Others
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