ID: MRFR/ICT/7081-HCR | February 2021 | Region: Global | 141 pages
Property Management Market Snapshot:
Property management is a software application tool that helps property managers, property owners, real estate accountants, and other stakeholders to manage rental properties efficiently. These properties include commercial as well as residential spaces that the property manager manages on behalf of its owner. This software helps in streamlining day to day tasks of property managers, thereby reducing the overall time and cost invested in managing the real estate business. For decades, property managers/agents, owners, and accountants have used emails for communication and papers and open-source spreadsheets to record financial transactions, inspection notes, and tenant requests. However, with the introduction of comprehensive property management tools, a number of property managers and other stakeholders have shifted toward the software solutions to streamline their real estate business operations. Therefore, the property management market is driven by the growing need among end users to efficiently manage the real estate business. Further, the introduction of the cloud-based deployment model is expected to boost the adoption of property management solutions.
Property management software has several features including property accounting, contract administration, document management, monitoring of occupancy & vacancy, and analytics among others. The property accounting feature of the software helps end-users to track budget, rent, and other payments. The contract administration and document management feature of the software helps in monitoring and managing the leasing contract of tenants. The monitoring of occupancy and vacancy feature of the tool provides insights about the occupancy and vacancy of the property facilitated by the collection of real-time data through IoT sensors. The analytics feature of the software provides data on customer lifecycle, value of monthly rent by state or province, and predictive trend on tenant’s payments. There are two types of property management software available in the market: server-based or on-premise solution and web-based or cloud-based solution. The server-based property management solution can be installed on the system of the end-user. The data is stored on the on-site server and therefore a dedicated IT team is required to implement, maintain, and upgrade the same. On the other hand, a web-based or cloud-based property management solution does not require the end-user to install the software on the computer. End users simply can log in from any system and use the tool. In this case, the entire data is managed by the third-party providers which frees the user from additional IT expenses.
A survey conducted by Buildium (a property management solution provider) in 2018, stated various challenges faced by property managers. The top challenges listed in the survey were related to property maintenance, accounting & bookkeeping, managing tenant’s documents, and managing the property portfolio. To overcome these challenges, property managers are significantly investing in property management solutions. The survey also stated that, as of 2018, nearly 77% (of those surveyed) were using property management software for managing their businesses. End users who have deployed property management software have witnessed a significant increase in their revenue. The software has also helped them to effectively organize tasks, track their finance, and simplify the rent collection process.
The property management market comprises several players who offer various types of solutions. For instance, IBM offers property management solutions equipped with advanced analytics technology. The company’s Watson analytics integrated with the property management solution provides data related to lease and its maturity date, monthly rent and past due amounts, predictive trend of business paying late, and common area of maintenance of the property among others.
The Property Management Market is expected to expand at 7.3% CAGR during the forecast period to reach USD 21.4 Billion by 2025.
Property Management Market Regional Analysis:
Geographically, the global property management market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America leads the market in terms of market share in the property management market. Some of the factors that are responsible for the growth of the market include increasing housing development in the region as well growing investment by real-estate agents in various advanced technologies
Europe has occupied the second position in the market. Europe has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe. According to the MRFR analysis, the UK is expected to gain the highest market share, followed by Germany and France.
Property Management Market Companies Covered:
The Key Players of the Global Property Management Market are Skyline Property Management, Re-Leased Software Company Ltd, Rosmiman Software Corporation, MRI Software LLC, Buildium, Yardi Systems, Inc., AppFolio, Inc., IBM, Oracle, SAP, Trimble Inc., RealPage, Inc., Accruent, Spacewell, and Chetu Inc.
Property Management Market Key Developments:
Key questions addressed by the report
|Market Size||USD 21.4 Billion (2025)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Deployment, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Skyline Property Management, Re-Leased Software Company Ltd, Rosmiman Software Corporation, MRI Software LLC, Buildium, Yardi Systems, Inc., AppFolio, Inc., IBM, Oracle, SAP, Trimble Inc., RealPage, Inc., Accruent, Spacewell, and Chetu Inc.|
|Key Market Opportunities||The integration of BIM solutions with property management solutions is expected to enahcne the property life cycle, and thus, makes it easier for market players to ensure energy efficiency and productivity.|
|Key Market Drivers||The property management market is driven by the growing need among end users to efficiently manage the real estate business.|
Frequently Asked Questions (FAQ) :
The global property management market is anticipated to account for a substantial revenue generation of USD 21.4 billion by 2025, expanding at a considerable CAGR of 7.3% over the review period (2019-2025).
The integration of BIM solutions with property management solutions is expected to enahcne the property life cycle, and thus, makes it easier for market players to ensure energy efficiency and productivity.
The global property management market segmentation is conducted based on component deployment, application, end-user, and region.
The regional analysis of the global property management market is conducted in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (comprising Latin America and the Middle East and Africa).
The report anticipates the fastest growth in the Asia Pacific, and matured growth in North America and Europe. Furthermore, the rest of the world region is expected to witness a gradual market growth over the review period.
property manager manage rental properties efficiently, These properties include commercial as well as residential spaces
commercial and residential
Property management software helps in streamlining day to day tasks of property managers, thereby reducing the overall time and cost invested in managing the real estate business
Property management is a software application tool that helps property managers, property owners, real estate accountants, and other stakeholders to manage rental properties efficiently