Property management has different requirements depending on the type of property.
Residential, industrial and commercial properties all have their own processes for managing day-to-day tasks. Several parties may be involved, such as tenants, contractors, property owners and managers.
Communication is much more efficient within a specialized solution as opposed to using spreadsheets and email.
2017 Property Management Trends
Modern property management solutions have added features to bring the information that matters most to everyone who needs access.
Younger generations more likely to rent
As young adults seek homes in 2017 and beyond, they’re most likely to turn toward rental properties. This means property owners can expect a wave of first-time renters.
Property management software has adapted in a few ways to help these new renters. Many solutions are built in the cloud for tenants, property managers and owners to view necessary information through their own portals.
This is often referred to as self-service. Each party can help themselves to any requests when all the information is easily accessed and delivered through one organized platform. A renter could have direct access for paying rent, while a property manager could easily send lease agreements for renewal. The same solution can be delivered through a mobile app for access to this information while on-the-go.
Better maintenance practices
Maintenance practices are changing in many organizations, such as corporate offices, homeowners’ associations and multifamily complexes.
For example, tenants can be connected directly to the maintenance team through a phone app. Property managers often must receive and delegate tasks for maintenance teams, which is inefficient and confusing. When this process is carried out through a property management solution, the property manager can monitor tasks by reviewing communication between the two parties. Pictures can be attached in many cases to get everyone on the same page.
Also, much more forethought can go into scheduling maintenance before an issue occurs. Document storage and shared calendars centralize necessary information for these tasks.
Need for property management services
As owners accumulate larger portfolios, there’s a greater need for services to handle them all. Property management solutions can be used by agencies for property management portfolios on a large scale.
These solutions also help owners determine when to buy additional property and in which geographical regions through financial analysis. These types of features are limited to only the largest of property portfolios, and they have predictive qualities for ensuring a return on investment (ROI).
3 Vendors to Watch
The following vendors are poised to deliver on these trends in 2017.
Location: Heteren, Gelderland, The Netherlands
What’s unique: Axxerion has both a property management solution and a computerized maintenance management solution (CMMS) so users can focus on property tasks such as capital improvement projects, contracts, permits and financial information. A highly unique feature of Axxerion is its Google-like search and map viewing interfaces for space and area management. The solution is a best fit for industrial and commercial properties, but it also has service request features for tenants.
Location: Goleta, California
What’s unique: AppFolio is a leader in cloud-based property management for small to mid-sized businesses with a suite of features for accounting, marketing, leasing and management functionalities. Property managers have all the tools necessary to make the most out of their portfolios, no matter the size. AppFolio’s leadership team has a strong background in data migration and integration with existing solutions. In addition to property management, AppFolio also provides solutions for rental syndication and lead tracking, as well as legal practice management.
3. Property Meld
Location: Albuquerque, New Mexico
What’s unique: Property Meld is a very user-friendly and application-focused solution that’s unique for its self-service maintenance features. Tenants are empowered to request services at their convenience, and property managers are relieved of tracking many cumbersome details. Tenants can leave satisfaction reviews on each maintenance task through its app, which can create a positive online presence as tenants report through the solution.