Property Management Software for Individuals and Businesses: Brief Notes
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I'm sincerely impressed with how the Saudi Arabian company Neom built its smart facilities and cities. Did you know that their smart city looks like one substantial connected home where you can find anything: houses, roads, schools, stores, and other civil infrastructure? Just imagine what scale of power and technology it requires to work smoothly. I admit it's pretty arduous to evaluate without understanding connectivity principles and their role in current smart facilities. Consequently, each city starts with one property, right?
This article aims to illustrate how far humanity is regarding IoT capabilities usage. Let's make property management procedures and software our starting point for this journey. Scroll down to explore what digital products for these purposes will be demanded in 2023, which role they play for residents' convenience and safety, and where you can find suitable property management software.
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Property Management Software as is: General Overview
Usually, when I'm going on vacation to another city or country, I regret that I have no robot or a system capable of feeding the dog and watering the plants. Probably you felt the same. We have many routine duties in a house that would be awesome to delegate or cover with intelligent tools. Here is what the property management software is about. It is a composition of IoT technology, smart devices from one or different vendors, and an IoT device management platform capable of ensuring centralized and real-time management of literally everything that surrounds you at home.
The popularity of this approach among individuals and businesses is growing. Recently, I discovered that even my iPhone has a Home app allowing me to connect smart devices and run them in the way I want. Following the Grand View Research report, the global property management software market size in 2021 was about $3.04 billion. And it promises to reach more at a CAGR of 5.6% from 2022 to 2030.
What reasons are driving this boom?
First of all, it's convenient since you don't need to think about the turned-on iron staying far from the facility. You can turn it off after receiving a relevant notification in your app (management point).
This approach is secure. Data is collected in a cloud, and any vendor you're cooperating with will guarantee complete information safety and compliance with core data protection acts.
Property management helps optimize resources and focus on first-priority tasks by eliminating the routine residents are used to.
Choosing this way, you shouldn't worry about software maintenance or keeping an eye on your stuff inside the house, office, or another facility. The system will do it for you.
Moreover, robust property management software can also be a guardian of your safety in health and life matters. Just remember how retailers backed the love of buyers to brick-and-mortar stores. They implemented intelligent ventilation and air purification systems to ensure safety.
And last but not least: "property management software" is a synonym for "sustainability." It helps users reduce their energy consumption and manage natural resources properly. Consequently, this approach works to support your wallet and provide a green and healthy future.
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Property Management Software Can Be Different
Tools ensuring proper property management can differ based on the users who apply them and their particular purposes.
First, we can see software products directly oriented toward individuals, such as the Apple option I mentioned above. People want to make their lives easier, and property management with virtual products can ensure it.
The second category speaks to various businesses. Now we're living in the era of workation, but thousands of offices worldwide are still active. Companies should take care of them and their employees there. So, IoT property management is the most reasonable way to cover facility, asset, and talent management.
The last group of users is construction companies that need property management software to increase the value of their facilities. Smart homes are now much more expensive than ordinary ones. It's because of the convenience businesses strive to provide to end users. So, for construction companies, IoT-based property management is about empowering the brand and driving revenue.
Depending on the purpose, property management software products can be focused on:
Overall convenience & optimization (automatic control of temperature, air humidity, etc.)
Increase in sales (let's take apps for property agents that allow them to show facilities online owing to AR/VR technology and sell or rent them over the air)
Safety (B2B and B2C segments offer various security systems and tools that predict disasters such as earthquakes, tsunamis, etc.)
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Top 3 Ways to Get Property Management Software
The functionality and variety of property management software look impressive. So most potential users are wondering where to find the relevant product to cover particular needs.
You have at least three ways to satisfy your demand.
Buy ready-to-use systems
The market is full of products offered by reputable vendors, such as Buildium, Condo Control, ResMan, etc. This option is reasonable for individuals since there is no need to cover nonlinear needs and spend more resources to ensure convenience.
Design the property management software from scratch
This way is the most challenging and suitable for businesses looking for a way to turn the new product into one more revenue stream. They should be ready to perform a profound discovery, spend significant investment on a time-consuming development process, and take care of hosting and product maintenance.
Create software with low code platforms
This way is gaining popularity because it lets businesses focus on business logic instead of development from scratch. Managers can use customizable templates to tailor them to particular business needs. The main issue here is the vendor lock-in obstacle. In other words, you're free to do everything until you pay for the subscription. But there are some exceptions. For example, XME.fast code platform can allow users to apply and configure a source code during and after the subscription period. This developer-friendly environment ensures a shallow learning curve and the ability to deploy 100% custom and flexible property management software 2x faster than you could manage to do when developing from scratch.
So, if you're looking for a way to get highly scalable and robust software for these purposes, look no further. Contact our sales team to discover what development scenario will support your business's prosperity.
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