A property management software or system (PMS) is a software application that is used for the operation and management of commercial and residential properties, including hospitality accommodations. PMS is also used widely in the manufacturing industries.
Why a Property Management Software?
Property management systems make it much easier to coordinate the functions of the front office, sales, planning, guest management, and reporting. They also enhance the efficacy of property owners in the management of front desk operations, promotions, rates, consolidating the status of all hotel properties in one place, along with accurate customer loyalty data.
The Global Property Management Software Market’s revenue share was around $1.56 Billion. It is predicted to reach a landmark of nearly $2.82 Billion by 2030, with a CAGR of about 5.73 % throughout the estimated time frame of 2020-2030.
“North America” significantly dominated the entire market with an overall share of almost 65.58% in 2020 & it is expected that it will continue its sheer domination during the forecasted time period owing to the continuous rise in the number of hotel spaces all across the United States.
The European Union held the 2nd-largest share of the Global Property Management Software Market in 2020 because of the continuous increase in commercial and residential buildings, along with a higher adoption rate of digitalization adoption in this region.
However, the Asia Pacific (APAC) held the fastest rate of growth by registering a CAGR value of around 7.17% from 2020 to 2030. The rising demand for improved data administration, along with the rapidly evolving infrastructure and adequate maintenance of property information, is expediting the overall growth of the market in this region.
Best Property Management Software
My pick for the best property management software available in the market in 2023 are as follows:
Buildium offers the best property management software solution available in the current industry & continues to make substantial investments in the product & customer experience in 2022.
Buildium is regarded as a comprehensive software that allows rental managers to control everything from vacancy management and maintenance cycles to online rent payments. When there are no free versions available, they offer a free two weeks trial. The range of price is entirely based on the number of units that an individual can manage, starting at $50/month for the essential plan. The more units an individual has, the lower will be the cost per unit. However, the total cost will obviously be higher. Buildium also provides a 10% discount for anyone who signs up for annual billing.
Rooftop is a collaborative platform that is created especially for customer support, email management, & project management. It was built by considering three main reasons:
- Inbox Management: Managing emails can be a very stressful task. Rooftop helps an individual to process, classify, and retrieve emails with ease.
- Collaboration: The Rooftop platform was built to make it possible for the teams to collaborate on tasks and emails.
- Task management: To manage all of the tasks & projects adequately in the platform. Here, an individual can build all sorts of workflows & sales pipelines.
Rooftop pricing range starts from $15.00 per user each month. They do not offer a free version; instead, it offers a free trial.
It is a next-generation property management software that is specially designed for commercial, residential, homeowner association, and student housing businesses.
The businesses can be efficiently managed at scale with AppFolio’s fully mobile and intuitive solution that provides instant access to customizable reports &owner statements, complete management and accounting functionalities, online leasing, tenant screening, marketing tools, & online rent collections.
The pricing stats of AppFolio are as follows:
- Residential: $1.40/unit/month
- Commercial: $1.50/unit/month
- Student Housing: $1.40/unit/month
- Community Associations: $0.80/unit/month
These pricing rates are determined based on Online Applications, Bank-Grade Security, Company-Wide Training, Automatic Data Backup, Ongoing Upgrades, Dedicated Support, etc.
Propertyware is regarded as a customizable, powerful, and all-in-one software solution that is specially designed to help the Single Family property management companies to run their respective business in their own way.
Propertyware provides an open API portfolio-level accounting and two-way data exchange along with one of the best solutions in the industry for multi-regional expansion, thus allowing the managers to easily monitor the local operations & see holistic reporting with a single sign-on. Created by single-family experts, Propertyware has consistently been the industry’s leading property management platform for the last two decades in the field of residential rental businesses. PropertyWare’s business starts from $250 per month.
SimplifyEm is a much easier platform to use as compared to the spreadsheets & financial applications. With the help of this platform, an individual can easily avoid vacancies & get paid on time with a tenant, save ample time & money by automated tracking of rental finances.
The price range of SimplifyEm starts at $25 per month. Any number of users across the world can access this platform. Good discounts are available by paying an advance amount.
With the advent of these highly advanced software platforms, the overall growth rate of the Global Property Management Software Market is likely to get boosted during the upcoming years. If you want to know more about the efficacy of the property management software platforms and their variety of applications, you can follow the Strategic Market Research (SMR) website. This article was created with the collaboration of SMR.