Who Should Use Rental Property Management Software

By Ruchir C.

We all desire a place to return to, no matter where we travel. This is what makes life more enjoyable and heartwarming.

Finding a place to rent is no easy task. But, for most home-seekers, house hunting is still a daunting task. Keyo claims it can solve all of these problems and offers solutions. After logging in, the app will show available apartments for home-seekers. Keyo has already signed up for 4,300 units in 60 buildings throughout Brooklyn, New York.

Home Sweet Home! A home is a place of comfort, convenience, and luxury. Everyone longs for their dream home, but rising property prices force them to rent an apartment or home. Unfortunately, finding a place to rent can be difficult, especially if you're a first-time visitor to the area.

It has been a boon for users ever since various on-demand apps emerged in the middle. Keyo is an example of how on-demand house rental apps have simplified the finding of a home.

People are moving to urban areas, where they can find common ammonites like markets, easy access to local transport, and bank. There are more apartments and residential complexes to fit budgets.

Features of Property Rental App

Smart landlords make managing their property easier by using rent collection apps. The best property apps allow tenants to pay rent online and help you manage the other important aspects of your landlord business. For example, online rent collection apps should have features that allow you to manage your lease, handle maintenance requests, list vacancies, and manage rental applications.

However, not all online rent payment methods are the same. You need to understand what you are getting, whether you're looking to use a free app to collect rent or invest in a paid app.

Let's talk about the essential features of property management applications. But before we get started, let's discuss why tenants should pay rent online.

There are many methods to collect rent online. However, most landlords succeed in using rent collection apps. These property management tools allow tenants to pay their rent online using a credit card, debit card, or ACH payment. Therefore, it seems natural to encourage electronic payments and eliminate the need for rent checks.

Rent collection apps can offer additional benefits for managing rental units. For example, you can set up recurring rent payments, send automated reminders for rent payments, and track payments in real-time.

Rent collection apps speed up the collection process and increase cash flow from rental income. Property apps make it easy for landlords to pay late rent payments quickly. It can take up to seven days from when a renter sends a check-in paper form until the money arrives at your bank. Is it possible for landlords to wait this long?

Online Rent Auto-Pay

This feature allows tenants or users to pay rent online securely. In addition, the house renting app provides an easy way to connect your bank accounts to receive ACH (Automated Clearing House) payments. This feature will make it easier for you to remember to send monthly checks. This feature can be considered a distinct advantage over other house-rental apps.

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In-App Maintenance Requests

The next feature is that users can get on-demand maintenance services such as plumbers, electricians, or any other service provider by using the house rental app. Users don't need to contact other maintenance service providers. It can save you much time.

Bring landlords and tenants together

Renters may be interested in contacting the landlord immediately after finding a suitable option. It is best if they can do this right from your app.

You can also add a private messaging feature to the app. Chat with homeowners and ask for their advice to help you find the perfect apartment.

Realtor.com has integrated email/call features for users who don't wish to switch between apps. For easier access, users can save contacts from listings they have already contacted and add notes about attractive rentals.

Zillow has a similar function that automatically adds contacts to Favorites so that renters can continue their research.

Homes.com calls this "1-click request,” allowing tenants to get information about property availability instantly.

Keep Clientele Updated

HotPads and Trulia provide researchers instant alerts regarding any mental status changes. For example, you don't need to check the listings' pricing manually. Instead, users can choose a price range and select the desired neighborhoods to be notified when new listings are available.

Realtor.com instantly updates users with rental listings in real-time. They can also receive push notifications about new rentals that meet the established criteria.

3D Tours, Keyless Locks, and Agent-Led Videos

When travel restrictions are in effect and most countries are under quarantine, you can use online 3D tours, VR experiences, and smart locks.

Recently, the first company to implement keyless entry locks (Smart Lockbox) allows you to visit a rental apartment from anywhere without meeting the RE agent.

According to the company, digital lockboxes have seen a huge demand during the COVID-19 lockdown. The online property booking app allows users to register and add credit card details. Then, when they arrive at the front door, they can get a temporary code.

Rental Market Trends 2022

We are approaching the first anniversary of the start of the first lockdown. This is a great time to reflect on trends in the rental market and how COVID has impacted this sector of the UK's residential markets.

2020 saw unprecedented changes in the rental industry. People have moved to remote work, which has resulted in a rise in suburban home ownership. Urban areas have experienced higher home sales growth than suburban areas. Many homebuyers are more willing to commute to work from the suburbs.

Rent prices have dropped sharply in these high-cost cities like New York, San Francisco, and Los Angeles due to rising vacancies. With the eviction moratorium still in effect and a rising trend of rent arrears, landlords have been slow to fill vacant spaces. Still, they are being more selective about whom they let.

Many tenants have been able to catch up with their rent arrears or even stay ahead thanks to additional stimulus measures such as the $600 Stimulus Check-in December and the increased unemployment benefits.

This has meant that the market has remained stable despite increasing financial hardships experienced by many Americans in 2020.

This article examines the trends and data emerging over the past year and their implications for the future rental market.

Increased Rent Arrears

Our team observed clear trends in the rental market throughout 2020 that were consistent with the effects of COVID-19, a government stimulus action, and shifts in renter needs.

These trends included a few key insights, such as an increase in late and missed rent payments due to financial pressures on tenants and landlords.

You can see the impact of COVID most clearly in April and October, where missed rent payments rose month-on-month by 2.3% and 2%, respectively.

This trend is also evident towards the end, with on-time rent payments dropping over 4% between December 2021 and February 2021.

Increased Vacancies

Apart from the rise in late and missed rents, occupancy rates have been steadily declining at the end and beginning of 2021. Landlord Studio data shows that the average occupancy rate dropped 2% between October & February and fell below 95% for the first time in more than two years.

Online Continues to Grow

Due to their excellent service, online estate agents continue to be popular for sellers and homebuyers. Their market share increased by 11% in the first quarter, giving them 7% of the overall market. Its continued growth is due to its flexibility in contact hours, 24-hour customer service, local expert visits, and lower costs.

Homeowners on the Increase

Despite rising property prices, the number of homeowners is up for the first time in 13 years. The government placed accessibility homeownership at the forefront of its priorities following the 2008 financial crash that caused a conflict between property prices and wages. Over 160,000 properties have been purchased since the Help to Buy Equity Loan program was announced. According to reports, first-time buyers made 81% of these. Stamp Duty reductions will save up to PS5,000 for four out of five first-time buyers. Due to rising house prices, existing homeowners are the ones who will be the most benefit from the reductions.

Let’s With Pets

The pandemic has seen a rapid rise in tenants wanting to keep pets due to longer average tenancies and the longer duration of the tenancies. Rightmove reported that tenants' demand for pet-friendly properties was 120% higher in July 2021 than in 2020. The government reported that 71% of landlords were pet-friendly, despite the increasing demand for properties that allow pets.

What could 2022 bring? Tenant demand for pets is expected to continue to rise, and politicians could make it compulsory for landlords that they allow pets. While there are obvious risks, landlords who allow pets to live with them could be able to attract more renters. If tenants are allowed to have pets, there is a greater chance that they will stay on the property longer and treat it as their own. A comprehensive referencing process is essential, and landlords should have the right insurance to reduce the risk.

Preparing for Energy Efficiency Changes

Some landlords are worried about the government's plans for increasing the minimum energy efficiency standard for rental properties. It is illegal for landlords not to let properties that have an Energy Performance Rating (EPC), of F or G, since April 2020. For new tenancies, the minimum standard will rise to C starting in 2025. This standard will also be applied to existing tenancies starting in 2028.

According to government estimates, more than three million rental properties have an EPC rating below D. Many landlords will have to work towards improving their energy efficiency ratings by 2022. Landlords can replace their gas boilers with heat pumps to improve their energy efficiency. The government announced in the Autumn Budget that landlords will now be eligible for grants of PS 5,000 to help pay for heat pumps.

Carbon Monoxide Detector Rule Changes

The government announced in November that it would be expanding the regulations regarding carbon monoxide detectors for rental properties. The current rules require landlords to install carbon monoxide detectors in all rooms that contain a solid fuel-burning appliance, such as a wood-burning stove or coal fire. The new rules require landlords to install carbon monoxide detectors on all properties with fixed appliances, such as gas boilers and fires.

When new appliances like gas boilers or fires enter a home, carbon monoxide detectors must be installed. Landlords will need to test the detectors on the first day of each tenancy. In 2022, the extended rules will likely be implemented. We will keep you informed.

Opting for Longer Stays

Many travelers, whether business travelers, digital nomads, or families, prefer longer stays. Airbnb has seen an increase in the average nightly stay to more than 4 nights by 2021, with bookings lasting 28 days or more capturing a larger share of the overall market share. VRBO has seen a 68% increase in stays between 21-30 days, with families staying longer at vacation rentals. 59% say they are more likely to take a 2-week vacation, while 30% prefer a sabbatical.

Evolve, a vacation rental company, also found that older travelers (those over 40) are more likely to drive longer trips and are nearly four times more likely to book fewer than one week. Conversely, they also reported that younger travelers (below 40) are more inclined to take longer than two-week trips. As a result, these traveler groups will continue to be prioritized for vacations and leisure trips and stay longer.

Contactless Technology

Smart locks and contactless check-in technology were quickly adopted due to the restrictions imposed by the pandemic. As a result, smart technology, which allows guests to check in via the internet over a human-facilitated experience, is now as much a part of guest expectations as Wi-Fi access. In 2022, hosts will adopt more keyless entry technology and complementary technology, such as digital welcome books, guidebooks, and real-time communications, allowing guests to enjoy the benefits of face-to-face contact without interacting with humans.

Hosts can also benefit from protection technologies such as Minute, NoiseAware, and Party Squasher, which help property managers to ensure that guests comply with short-term rental regulations.

Cost of Building a Rental Property Software

The average monthly cost of property management software focused on single-family apartments in apartment buildings is between $100 and $250. Property management software that includes commercial or industrial locations will cost at least 150 monthly. Although the average monthly cost per unit is $1.30, this does not include additional support or installation costs.

The average cost to build a property rental app is $17,500. The total cost of developing mobile apps for real estate can range from $15,000 to $20,000. An app that only has a few features, also known as an MVP (minimum viable product), will cost less than one that offers all the functionality.

The global property management market was $13.18 million in 2020. It is projected to grow to $28.21 trillion by 2028, at a CAGR of 9.3%. The global impact of COVID-19 has still wrought havoc on the economy and is staggering.

When estimating, then considering, and evaluating all the features mentioned above to create a property manager app, the average cost of creating an MVP solution will range "between" $17,000 and $20,000. It may take between 4 and 6 weeks to develop.

Suppose you're looking to build a fully-fledged mobile application that implements all these advanced features and technologies. In that case, the average cost will range between $25,000 and $35,000. It can also go over $50,000, depending on the complexity of your app.

Instead of trusting these estimates, book a consultation with experts to discuss your project details and receive a free estimate for your app project.

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The low-effort, high profitability early stages of short-term rentals are being lost as the market matures and moves towards securitization. Institutional investors are removing most private buyers, and property prices are rising fast. Individual investors who want to invest in the vacation rental industry by purchasing property or rental arbitrage will have to fight harder than ever. Cities are taking notice of the number of vacation rental properties in their areas and are creating regulations and taxes to address this issue. Hosts are also being challenged by changing demographics and travel options. Hosts will need to be able to accommodate digital nomads, families, and other long-term guests. They will need to provide work spaces, daily living amenities, and a home-like atmosphere.

Modern-day real estate management apps have a fast track to becoming a standard in the industry. They provide a platform for property owners and tenants to interact and facilitate communication. Hiring a real estate mobile app development company is a smart choice. Many new technologies can improve the management of properties and allow them to generate leads. These experts can assist you in developing custom property management solutions that meet your business needs and ensure your success. However, advanced integrations and features will take more time to implement and require a new development process.

If you have an idea for a product you would like to market, you can reach us by submitting a query or contacting us.

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