According to various sources, the US needs about 4.6 million new apartments to cater to the rising demand for rental spaces, and keep costs in check, as the real estate sector still rebounds from the post-economic recession era. And if the US real estate market rebounds, the global market is expected to follow the same trend, with technology like software for rental property management giving the needed boost. It offers many businesses welcome news in a world that is seeing unexpected trade fluctuations.
But technology is still considered a double-edged sword, putting real estate incumbents in a tricky position to balance transparency and productivity. Quite a few stereotypes for real estate software have surfaced in the recent past, along with data discrepancies that fuel the success of technology implementation. However, stereotypes hinge on behavioural tendencies that tend to overstate or oversimplify facts. Let’s look at critical stereotypes of software for rental property management, and why the air around most of them must be cleared.
Real Estate & Technology Don’t Go Hand-In-Hand
Real estate is that ubiquitous sector that the whole world uses, experiences and interacts on a consistent basis. And that helps spread the word about the nature of its administrators or promoters. While the scene is slowly changing, thanks to the latter that is making the shift by adopting the best real estate management software, realty is almost antonymous with technology, two opposing poles if you will.
How could large teams working with multiple vendors, customers, regulators and more be able to use technology to streamline operations across this wide gamut? This mindset or stereotype is being broken away bit by bit, thanks to software for rental property management which is becoming fundamentally strong and operationally versatile; creating multi-functional or role-based modules, and using cutting-edge technology features to offer results across the length and breadth of a real estate business. Software for property management is now complementing the evolution of the property market.
It’s Another Tally-Like Support Application
Tally has quietly revolutionised the way the business world functions, and it holds its own. But it has its limitations. Let’s dig a little deeper. In a recent Forbes story by senior executives at Bain Capital Ventures, they break down the evolution of the best real estate management software. The first phase of real estate software technology was largely facilitative, helping incumbents with benefits that enhanced their business. Hence it was the ‘complimentary phase’. The next phase, which we are just currently out of, was the ‘challenger’ phase, covering innovative technology-services that challenged incumbents at their own game.
Across the two phases covering more than 20 years, real estate owners or property managers must have been marketed a myriad ‘prop-tech’ solutions that were single use-case tools. When software for rental property management came along, realtors would have had enough of being sold technology, and hence has become another stereotype. Its benefits, however, are helping it grow out into space it will call its own.
Affordable Versions Don’t Serve Niche Needs
Every real estate business is set up differently from any other, and with each of them serving different demographics in different regions, the game has only got tougher. But software for rental property management by various providers offer stock solutions for their market, and it seems that the possibilities of implementing them in business are bleak. Move to the other side of the solutions spectrum, and real estate software vendors that do provide tailored solutions have premium pricing at a price point that would make one think twice about embarking on their digital transformation journey.
However, this is another stereotype that isn’t always true. If the world has to meet and surpass the housing demand over the next ten years, and with an increasingly discerning population, it has to know that even default software for property management is quite adequate to handle a typical real estate’s operational requirements. From renting to tenant management to marketing, the software modules can be tweaked to fine-tune requirements central to companies operating model.
The Software Is Controlled Only By Landlords Or Property Managers
This is another common stereotype that grips not just the real estate software industry, but many others. It goes along the lines of keeping control by those in authority, and others informed on a need-to-know basis. In the world that is pushing for greater transparency and democratic measures, it goes against this principle listed. While there are some advantages of allowing the software for rental property management to be managed by a few, owing to the structure of particular infrastructure businesses, the exaggeration of this trait is to be felled today. The software is built with multiple access points and levels of participation, that at a granular level, owners can go to the extent of assigning degrees of control or access.
Another Tool From the Tech Hype Cycle
Everyone says technology or software is eating the world, and this is just a convenient time when software for property management happened to come onto the scene, and marketers are glorifying its use. Sure, the industry is talking about technology disrupting industries, but in the brick-and-mortar context of real estate where there are many ‘physical’ aspects like documents, tenders or contracts, it is really tough to gather these disparate data sources, digitise them and feed them into a central system for recommendations and efficiencies to be realised.
But software for rental property management is defying the odds, and helping digitise the industry, use data analytics and artificial intelligence to share contextual recommendations, and is a burgeoning sector today. This is both concerning enterprises and startups caterings to unique needs across the multitrillion-dollar global industry.
It’s always recommended to skip the stereotypes and get to know the real picture because it is the reality that always supersedes the hype. Unfortunately, when conversations around you tend to further the clichéd narratives that aren’t always true concerning software for rental property management, it delays the market demoing and implementing it. Needless to say, when you eventually decide to opt for software for rental property management and see the results for yourself, the stereotypes would automatically debunk themselves one by one. You would eventually realise that your journey of business acceleration could have begun well in advance.