Over the past decade, property management and leasing have undergone a major digital transformation. Property and lease management software is a specialized tool that helps landlords and property managers manage their rental properties efficiently without any hassle. Developing property and lease management software is a complex process involving various aspects.
The cost to develop property and lease management software varies depending on various aspects, including the size of the development team, the complexity of the software, the length of the development cycle, and the level of customization necessary.
Robust property management software can help businesses make informed decisions, from streamlining operations to improving overall efficiency. The software can handle multiple business processes such as rent collection, maintenance requests, lease agreements, and tenant communication.
Table of Contents
- Benefits of Property Leasing Platform Development
- Factors that affect the cost of making a Property Leasing Platform
- Features of Property Leasing Platform Development
- Types of Property Leasing Platforms
Benefits of Property Leasing Platform Development
- Quick inspection
- Tenant screening
- Enhances visibility
- Calendar scheduling
- Better Reporting
Easy Maintenance Monitoring
Property Leasing Platform can cure the problem by providing fully prepared access to information with the help of cloud integration services. As quickly as a work order is connected to the network, cloud-based software will automatically alert you to the problem. Most of these services offer the renters the opportunity to generate tokens as they could if a customer support portal were used.
Easy payments from tenants and contractors
Allowing a tenant to pay online will remove the need to meet someone in person or keep daily hours, which can save you time spent admitting, processing, or depositing the payment. Tenants might also want to opt for direct debits, which, if payment is due, then subtract money from their bank accounts without inputs. Many would not like the concept of an automatic deduction, but without meeting someone in person, they may still be happy about the chance to make a payment.
Data tracking
Daily data tracking and report generation are essential if you plan to keep track of everything in your house. If you are a single owner of an apartment, complex, or multi-unit house, then you are probably acquainted with how hard it can be to keep track of and gather financial details. In this platform, you will get advanced software, which will send monthly text documents, tables, and diagrams, providing you with the overall picture. In this way, using property management software will give you a handle on what facets of your project need to be altered to increase your return on investment.
Property management
Property management is one of the key features of a real estate-based enterprise solution. This is among the most significant reasons why owners of properties are thinking about developing PMS solutions. They make accounting, monitoring, and communicating processes simpler.
24*7 support & customer loyalty
To provide your client with outstanding help anytime, you can incorporate property management software with chatbots and voice agents. Integrating your real estate software solution with next-gen tech can take your business or company to the next stage. With device alerts and personalized marketing, you will make your clients feel valued and appreciated.
Quick inspection
Property inspection is among the most time-consuming business practices that property managers must face. One after another, property inspections need to be done, all the appropriate details need to be written down, and then they must be written back in the office. Property management software lets you perform property inspections and produce informative reports when out in the area.
Tenant screening
Every landlord conducts a background check on prospective tenants to safeguard honesty. Papers are often easily lost or destroyed, which is why the most secure alternative is to use a real estate software solution like a PMS. The software will have an integrated scanning tool that allows landowners to search for potential records from state registers. Property management software often protects the right to privacy. However, the enterprise solution will ensure that important information is given to complete your background check.
Enhances visibility
Property management software provides unprecedented access to your properties with precise, updated, real-time data directly and immediately through one powerful software. Your full portfolio will give you the information to make smarter decisions to boost your activities, advertising, and finances.
Calendar scheduling
Certainly, one of the best benefits of a good real estate-based enterprise solution is calendar scheduling. Calendars are required to display bookings, property availability, and customer or guest statuses from various channels. It will help you arrange appointments with tenants, build reminders for collecting rent, and plenty more.
Better Reporting
Reports provide meaningful information on how the company pays costs, sales, taxes, payments, and land availability. These reports can be tailored to your organization’s needs by inserting extra columns or sorting by multiple variables.
Factors that affect the cost of making a Property Leasing Platform.
Before knowing about factors affecting the cost of developing a Property Leasing Platform, it is essential to determine the type of software that you want to develop. Once you have a clear idea of the type of software you wish to develop, hiring a property management software development service organization that can offer you maximum ROI is recommended. It is important to consider these factors when setting aside a budget for your rental property management software development.
List of the factors that affect the cost of making a property leasing platform
- UI/UX Design
- Underlying Platform
- Team Size
- Maintenance
- Location of the Software Development Agency
UI/UX design
Developing property management software with a well-defined UI/UX strategy is crucial for its success. A seamless software design enhances user engagement and retention. Multiple testing procedures are necessary to handle the custom client requirements, impacting the property management software development cost accordingly.
Factors that affect the cost of UI/UX design of the software include:
- Visual elements
- Typography
- Color psychology
- Content writing
- Button placements
- Branding
- UI optimization
- Portrait or landscape mode
Underlying Platform
The choice of platform for app development significantly impacts the budget. The budgetary requirements vary for iOS, Android, and cross-platform apps. To optimize the budget initially, starting with a single platform and switching to a cross-platform app is recommended once it gains traction in the market.
Team Size
The team size for creating dedicated property management software significantly impacts the development budget. When selecting a team size for software development, it is important to consider the trade-offs between cost and quality.
The minimum team requirements to create a property and lease management software:
- 1–2 project managers
- 1–2 business analysts
- 2–3 frontend developers
- 2–3 backend developers
- 1–2 designers
- 1–2 quality assurance analysts
Maintenance
Proper software maintenance is crucial to its overall growth in the digital ecosystem. It is imperative to take significant actions to ensure that the software runs seamlessly on all platforms and offers optimal performance. The maintenance cost includes charges required to ensure the bug-free nature of the software, as well as charges required to offer software upgrades or implement new technologies as per market requirements.
Location of the Software Development Agency
The company’s location for developing the property leasing software also affects the factor pricing. For instance, the hourly rate of development in areas like Asia is comparatively less than in the UAE, UK, or US. Here is the estimated rate of development as per various regions:
Approx. hourly cost by Regions
UAE — $60-$65
US — $95-$100
Western Europe — $80-$90
Australia — $70-$90
Eastern Europe — $50-$55
Asia — $25-$40
The above-mentioned table shows the developers’ approximate hourly rates and how the rate varies between locations.
Features of Property Leasing Platform Development
Property Management Software solutions have many different features and functionalities based on their purpose. Below are some core features that every enterprise solution, like a Property Leasing Platform, should have. So, let’s have a look.
Accounting — A financial module that will help you deal with mortgages, transactions, banking information, debts, and more can be incorporated with your property management software. It centralizes all the activities to one location, stored safely and accessible with just a few Taps.
Communicating –Your real estate software solution has a built-in communication feature and functionality that allows you to contact tenants through text messages and email. You can even send messages separately or in bulk, build groups, and save the chat history inside the application.
Profile verification — Once the real estate agent’s user registers on the software, they must validate their credentials by using a security pin sent to their email id or phone number. Once the user profile is verified, he/she can then start using the software by choosing their profiles- seller, buyer, etc.,
Filter/search properties/brokers — Users can use the search bar to look for properties in a certain area or location or choose multiple filters to sort out results according to their custom buying requirements.
Online Payments — Property management software must include online payment processing. Rent and other fees can be paid online using various payment modes, such as credit cards, debit cards, and e-checks. This function also simplifies the tracking of payments and the generation of financial reports for property managers.
Chat support — This feature allows users to access help 24×7 related to the property. They can use the in-app chat feature to instantly contact the support team without sharing their details.
How much does property leasing platform development cost?
Property leasing platform development costs can range widely based on factors such as the software’s complexity, the number of features needed, and the time it takes to build and roll out the system. The typical price range for building quality property leasing platforms is tens of thousands.
Types of Property Leasing Platforms
Basically, there are three types of property leasing platforms, and selecting the right one for your business is crucial. Here is a breakdown of different property management software categories:
Residential Property Leasing Platform — This type of property leasing platform is primarily designed for residential property managers. Its software facilitates the management of properties like apartment buildings, single-family homes, and condominiums. The platform simplifies the organization of tenant data, rental agreements, contact details, and rental history.
Commercial Property Leasing Platform — Tailored for brokers and real estate owners dealing with commercial properties such as retail spaces, offices, and warehouses, the commercial property leasing platform offers features like tenant screening, lease administration, rent collection, financial reporting, and maintenance tracking.
Industrial Property Leasing Platform — Designed for real estate managers overseeing industrial facilities like warehouses, factories, and distribution centers, the industrial property leasing platform provides supply chain management, equipment management, leasing management, and maintenance tracking features. Such an application can significantly contribute to effective property management in the industrial sector.
Conclusion
Firms are moving away from the old ways of doing business and are adopting streamlined digital methods. With the help of a property leasing platform, real estate businesses can manage their portfolios more efficiently and become much more streamlined. The cost of developing property and lease management software varies depending on the complexity of the software, the features required, and the hourly rate of the development team. However, the benefits of such software, in terms of enhanced efficiency and accuracy in handling properties and leases, can outweigh the price.
Ultimately, property Leasing software may save time and money for everyone involved. Property owners may increase productivity, cut expenses, and improve results with cutting-edge technologies, including cloud computing, rent collecting automation, tenant portals, maintenance management, automated leasing, financial management, and business intelligence.