Property Management Software is a great tool specially designed to help landlords and property managers easily handle their rental properties. This tool simplifies tasks and boosts efficiency which makes it easier to manage things like maintenance requests, rent collection, tenant communication, and leases.
According to the records, it has been found that the global property management software market will rise at a rate of 5.6% between 2024 to the year 2030. With the UAE’s diverse workforce provides many new business opportunities. So, it’s the best time to invest in property and lease management software development to stay competitive in this expanding digital market.
But the main concern is the “cost of development”. In this blog, we will cover what factors affect the cost of property management software development and essential features to consider and provide valuable tips on choosing the right development partner.
How Much Does it Cost to Develop Property Management Software?
To give you an idea, the cost to build property management software can range between $40,000 to $250,000. There are many factors affect the overall budget such as the design of the software, the location of the development agency, and the features included. In short, the complexity of the software is the primary factor that affects the cost. For example, complex software with many features will cost more than simple software with basic features and a basic design.
Here, we are going to share an estimate of the cost to build property management software based on different complexity levels. Keep in mind that these are rough estimates, and for an exact cost, it’s best to contact a software development company like eBizneeds which has experience in building property management software development.
- For simple software, it may range between $40,000 to $60,000.
- For picking a Moderately complex, it will cost you between $60,000 to $100,000.
- For choosing a highly complex app, it may range between $100,000 to $250,000.
What Factors Affect the Property Management Software Cost?
If you are planning to develop property management software and are concerned about its cost and the factors affecting the cost of development. Then, we are here to help you! Before starting development, you just need to focus on what type of software you want to create. Once you have a clear idea, it’s a good idea to hire a property management software development company that can give you the best return on investment. Keep all these factors in mind when planning your budget for software development.
Team Size
The size of the team building dedicated property management software has a big effect on the overall cost. When choosing a team size, it’s important to balance cost and quality. For example, hiring freelancers might lower the price but the software’s quality could affect it as they may not have enough professional experience. On the other hand, outsourcing to an experienced company like eBizneeds can help you manage costs while benefiting from their expertise.
Underlying Platform
Picking the right platform for app development also affects the budget. The cost differs for iOS, Android, and cross-platform apps. To save money at first, it’s a good idea to start with one platform and move to a cross-platform app later. After it becomes popular in the market you can consider the other platforms as well.
UI/UX Design
Developing the property management software with a clear UI/UX design plan is key to its success. A smooth design helps keep users engaged and maintain their interest as well. Since custom client needs require several rounds of testing, this can raise the overall development cost of the software. The cost of the UI/UX design can be influenced by factors such as visual elements, typography, color choices, writing content, button placement, branding, UI optimization, and portrait or landscape mode options.
Location of Software Development Agency
The location of the software development company also impacts the overall cost of property software management development. For example, hourly development s in places like Asia are generally lower than in the UK, UAE or the US.
Maintenance
Property Management software plays a crucial role in its growth in the digital world. It’s essential to take steps to make sure the software works smoothly on all platforms and performs well. Maintenance costs cover fixing bugs, adding new technologies and upgrading the software to fulfill the market demands.
Technology Stack
To stand out in the market, it’s essential to have property management software that’s well-designed and supported by strong technology. Using the latest technologies is important to make your software unique from competitors but this can affect the cost and make it higher.
Features
If you want to find out the cost of property management software then it’s important to look closely at the features you want to include. The more features you add, the higher the cost will be. Also, having a clear set of features is key to standing out from the competition and succeeding in the market. So, make sure to choose and prioritize the features carefully to help ensure your app’s success and keep the users engaged.
Key Features to Include In Property Management Software
A property management system is built for a specific work, and its features are customized to fit the requirements of users. Let us help you understand the main functions of specialized property management software.
For User/Broker Panel Feature
User Registration
Users can easily sign up for the software using their official email addresses and phone numbers. They can also use their social media accounts to create an account.
Profile Verification
After registering on the real estate software, users need to verify their identity using a security pin sent to their email or phone. Once their profile is confirmed, they can start using the software and select their profile type such as seller or buyer.
Browse Available Property
This feature lets users browse real estate listings. It provides property details and high-quality images along with a 360-degree view to help users make accu buying decisions.
Filter/search properties/brokers
Users can use the search bar to find properties in a specific area or location or apply multiple filters to customize their search results based on their buying needs.
View Property Details
This feature gives users a clear look at the property including its details, contact, and location information of the broker who listed the property.
Get Help Through Chat
This feature lets users get help with property issues anytime, day or night. They can use the in-app chat to quickly connect with the support team without needing to share their contact information.
Multi-language Support
This feature lets the user use the software in their preferred language easily.
Currency converter
This feature allows users to see the property’s price in their own currency and helps them understand the cost better and make smarter buying decisions.
For Admin Panel
User management
This feature lets the admit handle multiple buyers and brokers and organize their information to make buying and selling properties easier and more efficient.
Handling Property Details
The admin can manage all properties listed in the software. This popular lease management feature lets the admin easily add and remove properties with just a few clicks.
Revenue management
This feature helps the admin keep track of all the money earned from selling property, commissions, ads, deals, and property listing.
Managing Deals and Discounts
The admin can choose to offer discounts, points, loyalty, and special deals for various properties listed in the software.
Conclusion
Nowadays property management software tools become essential. They help connect sellers and buyers and enable them to make smart real estate decisions. We hope our post about the cost of building property management software has given you a clear idea of the expenses and the factors that influence the overall cost.
