A report shows that the global property management market size was 10 billion in 2021, expected to reach 30 billion in 2026. But COVID-19 hit the economy, so every industry faces loss. However, there is a huge possibility of growth in the property market. But it is really tough for real estate agencies to manage all the things at one time. As a result, the demand for property and lease management software development has become high.
Such applications help tackle customers changing real-estate preferences and ensure better customer support. With innovative technology-driven solutions, real estate agencies or property managers can serve the best to their clients. As a result, the real estate industry decided to build property and lease management software.
But when building such an application, you have to determine the cost of property and lease management software development. It is obvious that no one wants to spend extra money. So it is good to get all the information prior to handing over your project to someone. It will help you make a suitable budget to build an app for your business.
Today, in this blog, we will share the cost of building a property management app, its features and advantages and how a management app helps to make money. Let’s look at this blog and get the answer to your question.
An Overview of Property Management Software
Generally, property management applications help automate corporate procedures in the real estate industry and reduce manual labour to a minimum. On the other hand, it also includes billing services, booking reservations, showing the property, checking in or out, automatic listing and marketing.
This application always offers landlords and tenants the possibility of instant communication and virtual 3D property tours. If you have a real estate business, you must search for a software development company with a good portfolio and reputation in the market.
Type of Property Management Software
Today, technology is getting advanced, which is why investing in property management software is essential for any property owner. Property management software efficiently manages multiple real estate assets, storing all data in one centralized, automated, repetitive business task.
However, there are several types of property management software, so you have to choose one as per your business requirements. Below we mentioned a list of types of property management software:
1. Residential Property Management Systems
Generally, residential property managers require a tool that helps them to manage residential software such as apartment buildings, single-family homes and condos. It is a good idea to build residential property management software. This platform simplifies the maintenance of tenant data along with rental agreements, contact information and rental history.
On the other hand, managers can use these tools to notify tenants, screen potential and organize lease renewals. Moreover, it also helps brokers manage their multiple properties over a single platform. But when it comes to building such an application, it is advisable to hire dedicated developers who are well-versed in building a functional app.
2. Commercial Property Management Systems
Commercial property management systems make it easier for brokers and real estate owners to manage commercial property such as retail locations, offices and warehouses. Moreover, this software has amazing features such as tenant screening, lease administration, rent collecting, financial reporting and maintenance tracking to improve the effectiveness and efficiency of managing commercial properties.
Apart from this, it also helps owners and managers to make wise decisions. Plus, this software provides analytical capabilities in order to track market trends, profitability and occupancy rates. In simple terms, the routine task can be automated to save time.
3. Hotel Management System
This software is built specifically for the hospitality sector in order to increase productivity, improve customer satisfaction and streamline operations. No doubt that many services align with reservation administration, inventory management, housekeeping management, financial reporting, and billing easier to do via this software. It is a good idea to build such an application.
This software is able to provide multiple capabilities to manage workers, analyze customer feedback for decision-making, track visitor preferences and many more. On the other hand, it decreases human error, streamlines operations and provides excellent customer experience. However, you have to hire mobile app developers to build such applications.
4. Industrial Property Management Systems
Industry property management systems help to manage industrial facilities such as warehouses, factories, and distribution centres and are created relatively for real estate managers. This software also has great features such as supply chain management, equipment management, leasing management and maintenance tracking.
This software always provides solutions to examine equipment performance, optimize supply chain processes, and monitor inventory levels. Moreover, it helps owners and managers of industrial properties to increase productivity, boost profitability and lower expenses.
Benefits of Building Property and Lease Management Software
Property and lease management software is an investment for the real estate industry as it offers a competitive edge and improves overall profitability. It also has amazing advantages you have to know. Some of the perks are listed below:
- Multiple Property Management
With the help of multiple property management software, property managers can easily manage numerous properties. It helps them to keep an eye on the maintenance requirements, financial health and occupancy rates of all of their properties from one convenient interface.
In simple terms, the amazing features of the software save time and effort by removing the requirements to transition between separate systems. On the other hand, it helps property managers make wise business decisions. It is a good idea to build a property and lease management software.
- Efficient Data Storage
Another great advantage of PMP software is that it provides a consolidated area to keep all properties’ data, including lease details, financial data, maintenance schedules and tenant information. Additionally, property managers can access and evaluate data instantly.
Moreover, it provides data analysis and visualization capabilities that can help property managers to spot patterns and trends that are challenging to spot manually.
- Automated Tasks
Another great advantage of PMS software is that it can easily perform daily tasks such as lease renewals, rent collection and maintenance requests. Moreover, it automatically notifies tenants of upcoming maintenance appointments, rent due dates, and lease renewals, enhancing communication and lightening the workload of property managers.
In simple terms, by automating these procedures, you are eligible to save time, ensure nothing gets missed and reduce mistakes.
Scalability is a great advantage of property and lease management software. Generally, this software is built to expand with a property management company. We all know scalability is required because if a property manager’s business expands, they are eligible to handle more properties. A PMS that cannot grow with their business may become outdated.
- Data Protection
No doubt that each business is concerned about data safety. Property management software has great security features that provide a safe place to keep private information about tenants, properties and financial records. So it is good to build a property and lease management software.
However, building an app on your own is not an easier task. In such a scenario, you must contact an Android app development company that will help you in every possible way.
- Enhanced Security
Enhanced security is a great advantage of building PMS. No doubt that when businesses keep data in papers, there are chances of loss and other issues. However, PMS enhances security, so there are no chances of mistakes and other issues. Therefore, building property and lease management software for your business is beneficial.
- Cost Reduction
Cost reduction is another great advantage of PMS. This software automates many time-consuming and repetitive tasks, including property management, giving you more time to concentrate on other essential facets of your business. Additionally, this software provides capabilities for thorough financial management, providing you with complete control over the finance.
But you need to find a leading software development company with a good reputation and portfolio. A leading agency also ensures you get the best solutions within your budget.
- User-Friendly Interface
PMS has a user-friendly interface that makes it amazing for those who don’t have technical knowledge. Using this software, it is easier to manage the property. On the other hand, you can modify your software to meet your particular needs, like arranging financial data or prioritizing maintenance requests.
Features of Property Management Software
It is obvious that the property management system is built to make the management task easier and more convenient. Moreover, the software features are tailored to meet the requirements of that purpose. So, when deciding to build property and lease management software, you must include the required features. For your help, we mentioned some features a property management software must have.
1. User Registration or App Login
It is necessary to include this feature in your software. Once the application or software is downloaded, let users sign up or get registered using email Id, phone number and social media credentials.
2. Profile Verification
Profile verification is another important feature an app must have. Once the user or broker is registered in the application, the admin will validate the profile using a security code. Consider hiring mobile app developers who will help you include this feature in your application.
3. Browse Property
This feature helps users to start their search for the desired property. So when deciding to build a property and lease management software, you must include this feature. To make the development task easier and more convenient, you can contact a lease management software development company that helps you in many different ways.
4. Filter and Search Properties
This feature allows users to access different filters in order to sort properties based on type, location, budget, space area and more. Using this feature, they can easily search for their dream properties.
In order to include this feature in your software, you need to search for a leading name committed to providing property and lease management software development services as per your business requirements.
5. List View and Map View
In order to extend the user experience, it is good to include a list view and map view of the listed properties. This is why you have to include this feature in your application. In order to include this feature, you need to search for a leading mobile app development company committed to providing ultimate solutions to you.
6. Property Detail View
Make sure that the application includes a property detail view feature. It helps users to go through the complete details and directly get in touch with agents. So while deciding to build a property and lease management software, you need to ensure that the software is equipped with this feature.
7. In-App Chat/Call
In order to make sure seamless communication between sellers or buyers and agencies, you have to include in-app calling or chatting features. With the help of this feature, users are eligible to get a solution to their query without sharing their contact details.
8. Currency Converter
This feature allows users to convert property prices per their country’s currency and understand how much it costs to buy a property. But building software on your own is not easy, so it is advisable to search for a leading mobile app development company that will give you the best solutions.
Cost to Build Property and Lease Management Software
Once you decide to build property and lease management software, you must search to know the exact cost you have to pay. A report shows that the cost to build property management software is between $30,000 to $120,000. Moreover, several factors impact the overall development budget, such as the software development agency’s location, underlying tech stack, software’s UI/UX design and features, etc.
The cost of building a property and leasing management software depends on several factors. When you decide to build a simple software, you must pay a small price. For an idea, we mentioned a list of costs to build a property management software on the basis of type:
|Property and Lease Management Software Type||Cost to Build a Property and Lease Management Software||Time Duration|
|Simple||$20,000 to $50,000||3-6 Months|
|Moderately Complex||$50,000 to $90,000||6-8 Months|
|Highly Complex||$90,000 to $140,000||1 Years|
However, it is just an idea, not a reality. In order to know the actual cost of building a property and lease management software, you need to contact a mobile app development company that will provide all the cost details based on different models.
Factors that Affect the Cost to Build a Property and Lease Management Software
As we mentioned, the cost to build a property and lease management software depends on several factors. In this section, we will discuss those factors briefly that can affect the overall cost.
1. UI/UX Design
UI/UX design is essential for the success of a project. A well-designed software enhances user engagement and retention. However, you have to pay more to get professional-looking designs for your project.
2. Team Size
No doubt that team size for building property management software impacts your budget. While choosing a team size for software development, you must consider the trade-offs between cost and quality. For instance, you can hire freelancers who charge less than in-house teams. However, they don’t have professional experience.
Searching for a leading mobile app development company that takes fewer charges and provides the best solutions per your requirements is advisable. It may be costly compared to hiring freelancers, but you don’t have to compromise on quality while searching for a leading name.
3. Location of the Software Development Company
The location of the software development company always affects the cost of building a property and lease management software. For instance, the hourly rate of development in Asia is less compared to the UK or US. Below we mentioned a list of costs to build property management software based on different locations.
|Region||Hourly Rate of Software Development|
|UAE||$80-$90 Per Hour|
|US||$70-$90 Per Hour|
|Europe||$60-$65 Per Hour|
|Africa||$50-$100 Per Hour|
|Australia||$40-$80 Per Hour|
|India||$20-$35 Per Hour|
Maintenance of software is important to ensure the growth of the business. However, you have to pay a higher amount for maintenance. The maintenance cost includes charges necessary to ensure the software’s bug-free nature and charges needed to offer software upgrades or implement new technologies as per market needs.
5. Tech Stack
Tech Stack is always required to build property and lease management software. However, there are lots of technologies to build softwares. Each tech stack has a different cost, so you need to communicate with a reliable mobile app development company ready to work within your budget.
These factors may affect the overall cost of building a property and lease management software. This is why it is necessary to research and contact a leading company to get all the information on the development cost. It will help you determine how much you have to spend on app development services.
The Final Verdict
The demand for property and lease management software in real estate agencies is high as it helps property owners and managers make managing tasks easier. But when building such an application, you need to know the overall cost you have to pay.
However, the cost depends on several factors, such as complexity, features, tech stack, etc. In order to get an idea of the cost of building a property and lease management software, look at the table mentioned earlier and points.
1. How much does property management software cost?
Property management software costs depend on several factors, such as complexity, tech stack, framework, features and many more. However, a normal software cost can be $30,000-$50,000, which may be increased or decreased depending on several factors.
2. How long does it take to build property management software?
The time to build property management software varies on different factors like complexity. Complex software can take 9 to 12 months. On the other hand, simple PMS software can be built in 3-6 months.
3. Benefits of Property Management Software for Business
There are many benefits of property management software for businesses that manage properties, including:
- Increased Efficiency
- Improved Communication
- Better Record Keeping
- Enhanced Tenant Experience
4. How Does Property Management Software Help to Make Money?
Rent collecting, lease administration, maintenance planning, and tenant screening are all processes that can be streamlined using property management software. By automating these processes, property managers can spend less time and money on routine administrative work and more time on activities that add value to the property, including seeking new renters or making improvements.