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Competition
The image below by Venture Scanner, shows the different sectors in real estate software
solutions and how many companies are in each of those sectors. Surprisingly, out of the entire
real estate software industry; property management shows as having some of the fewest
competitors in the sector, while reporting some of the highest earnings. This is good news for
new, or emerging companies in the property management software business because the market
share is big enough for an emerging company to earn their fair share of the delectable pie.
The US and Canada lead the American market for property management software, due to the
presence of many property management software vendors and customers. Vendors in the market
typically provide integrated solutions like asset management, expense management, lease
management, and collaboration management.
The property management software market in EMEA is expected to be worth USD 570.9 million
by 2021, driven by increased digital marketing, Internet penetration, and property management
process automation. Germany and the UK are the leading revenue contributors to the market in
EMEA, with many organizations opting for digital property management software solutions to
collaborate with customers and market their properties. Property management software aids
enterprises to collect, analyze, and manage the data generated from social media.
“APAC is expected to grow at a CAGR of close to 7% over the forecast period, the quickest
of all the regional segments. The high market potential in emerging economies such as India
and China is expected to drive this impressive growth,” says Ishmeet Kaur, a lead analyst at
Technavio for enterprise application research.
The demand for property management software will rise in these countries due to a high demand
for property management process automation, increased Internet penetration, and competitive
customer responsiveness. Vendors are also micro-targeting customers and adopting personalized
marketing solutions to establish a strong market foothold.
Landlords and their profits are more protected during an economic downturn or recession.
During a correction period, property values decrease increasing the chances of people moving
out of their homes or stop paying their mortgages. The recourse for foreclosure is much longer
than that of an eviction of a rental property. Therefore, property managers can keep their yields
safe by replacing non-performing tenants quickly with credit worthy applicants.
Threats:
When the residential vacancy rate is high, industry demand falls, and vice versa. Since home
prices and consumer income levels influence residential rental vacancy rates, consumers tend to
rent rather than buy homes when they have less disposable income or when the price of
homeownership is high. Rental vacancy rates are expected to increase in 2019, posing a potential
threat to the industry.
As corporate profit falls, businesses tighten spending habits, discouraging them from expanding
or causing them to close branches. This trend, in turn, reduces demand for the leasing of
commercial space, a key market for the Property Management industry. Corporate profit is
expected to rise in 2019, representing an opportunity for the industry.
Real estate investors (such as homeowners who rent out more than one property) also benefit
from a property management solution. Because the solution automates many tasks, they don’t
have to rely on spreadsheets or paper to manage their properties.
Quick fact: According to a survey by the RRD, 85% of property managers currently use
property management software. The remaining managers who don’t use it manage less than 50
properties.
In the past, property management software was typically deployed on-premise (on the
company’s servers and computers). The proliferation of new technologies, however, have seen
vendors migrate to cloud-based deployment.
Properties that can be handled by property management software include:
3. Homeowners’ Association (HOA): intended for condominiums and townhouses that have a
homeowners’ association
Buildings are becoming more and more connected to the Internet of Things, making cybersecurity
is a growing concern. As real estate takes on this extra virtual layer, the protection of its digital
property becomes as critical as its physical one; in many cases, the two are linked.
It is vital for property management software to take the necessary steps in ensuring their network
is secured as the industry moves further into technology-based applications, mostly using cloud
storage for sensitive information and API payment systems.
Property management must take on “experience management” and community building to adapt to
the changing nature of life and work. Building Engine’s Scott Sidman led a session on this concept
and the necessity of a shift in approach to management.
Building Engines provides software that helps property managers set service delivery priorities, alert
and notify tenants, vendors, and staff, and track performance against goals. Their software was
designed “from the ground up,” first gleaning insight from industry thought leaders and customer
feedback, then building a unified platform with their needs in mind. This people-oriented approach is
one reason Sidman believes property managers need to view their duties more holistically moving
forward.
Lastly, at a recent event hosted by CRE Tech (Commercial Real Estate Technology) at the Real
Estate Board of New York (REBNY) in Manhattan a distinguished panel of industry experts
addressed the more general idea that technology can help improve the overall operations and
efficiency of property management. The panel discussed smart buildings, technology adoption by
tenants and property managers, data transparency and sustainability, among other pertinent topics.
The overall theme is that technology is — and will continue — shaping property management’s
advancement. Embracing these trends will help tenants and industry insiders alike move more
seamlessly, and harmoniously, into the future of real estate.
Key Competitors
Entrata:
Entrata’s open API and superior selection of third-party integrations offer management
companies the freedom to choose the technology and software that best fit their needs.
2. Build sales-magnet website with ProspectPortal - Entrata’s ProspectPortal tool makes the
process of building a website for a listing take just a few minutes. The resulting pages are
responsively designed, so they’ll look great on any platform or device. They’re easy to
update in real-time, and countless templates are available to give them a customized
appearance.
3. Powerful Entrata Core - For property managers, the most valuable product in Encarta’s
suite may be Entrata Core. It’s the portal through which all interactions with applicants and
residents takes place. It allows you to create and share leasing agreements and other
documents quickly. Lessees can sign them online, so you can save time by cutting down on
in-person meetings. It also hosts a database of all your tenants’ information and billing
history for you to review at a glance.
Yardi Voyager:
Established in 1982 and with over 30 offices and 5,000 employees worldwide, Yardi is a cloud-
based property management and accounting platform that helps effectively manage your real estate
portfolio more efficiently and competitively.
Yardi designs, develops, and supports real estate investment management and property
management software. Yardi offers a full suite of business solutions for the real estate market,
including multifamily, single family, affordable, public, senior and military housing as well as
office, industrial, and retail market segments.
Yardi is recognized for the quality of its products, innovation, responsiveness, and customer focus.
1. Comprehensive functionality. Yardi covers every aspect of property management and ties
all departments together, making it easier to communicate with all departments and tenants
and be hands on the job 24/7. Most platforms would usually have a few options missing, but
Yardi is typically cited for doing a great job covering every possible scenario.
2. Efficient monitoring of tenant rent payments. Yardi Voyager gives you the advantage of
having a reliable and efficient rent payment monitoring system. It also provides a handful of
ready-made forms that you can customize to suit your preferences. These include templates
for tenant ledgers, statements of account, among others. In case one of your tenant request
for her outstanding balance or when you need to tally all rental receivables, you can readily
generate and share such documents.
3. Excellent tracking of insurance policy. Yardi allows the automatic monitoring of insurance
policy details for all your business stakeholders and real estate assets. The system also
provides automated updating of ticker lists, which enables system administrators to be given
timely notices on pending deadlines of policy renewal.
RealPage:
RealPage is a leading global provider of software and data analytics to the real estate industry,
helping clients improve operating performance and increase capital returns.
Its well-regarded software addresses the needs of industry verticals: conventional, enterprise,
institutional, affordable HUD, student living, military housing, tax credit, senior living, single
family, vacation rentals
Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves nearly
12,500 clients worldwide from offices in North America, Europe and Asia.
ResMan:
The company was founded in 2000, with headquarters at Plano, Texas. As one of the fastest
growing property management solution in the multifamily industry, ResMan provides easy-to-
use automation tools that improve operational effectiveness and productivity for conventional
and affordable housing properties. By recruiting some of the brightest minds in the industry,
ResMan is able to deliver intuitive software and industry-leading customer experiences.
Built on a single platform, ResMan provides a highly intuitive solution to meet both
operational and accounting needs for the multifamily owner/operator. It’s core platform,
Essentials, includes the modules necessary for a property to get up and running.
Its ResMan+ Innovation Network with its free and open API gives you the freedom to work
with the vendors you prefer. This allows its customers to create personalized best-in-class
solutions to meet their unique needs. Its Premier-Gold partners are seamlessly integrated into
workflows to create a better experience for its customers.
Why choose ResMan?
2. Phenomenal support - Each and every person you work with from sales to implementation,
to ongoing support are knowledgeable, extremely helpful, and friendly. You can tell each one
of them cares about your experience.
3. Outstanding document management - ResMan effectively dispenses with the need for
filing cabinets that take up space in your office. All your records—from resident records,
vendor records to unit records—are kept safe and secure inside of ResMan’s software online.
BlockPark:
BlockPark is building innovative property management software using Blockchain technology.
A decentralized computer system that has many benefits over a conventional centralized
network. Most notably, blockchain ensures a trust network giving owners full transparency of
their portfolios.
BlockPark software is built using separate components and modules which can be interchanged
into different platforms, and management systems allowing to integrate new technology faster,
ensuring ultimate performance. With a definitive emphasis on technology, BlockPark aims to
develop data systems that will use machine learning AI to develop key property performance
applications to help owners and tenants alike maximize their potential and fulfil their specific
needs.
Using digital assets called BLOK tokens within the BlockPark SAAS network. All BLOK
tokens will be security tokens that have a hybrid functionality being a dividend bearing
security, and a medium of exchange within a defined market. By using a fixed supply of tokens
within the BlockPark ecosystem of properties, those tokens can increase in value based on the
growth of the company as we add more properties and subscribers to the system.
1. Trust -
Decentralization (Bringing blockchain to real estate)
Transparency for Property Owners, Managers, and Tenants
Security
Verification of payments
Verification of financials (Rent roll, P&L, Accounting)
Automation (Accounting, reports, taxes, exc.)
2. Creating A New Revenue Stream - Security tokens may add additional revenue by
implementing a medium of exchange within a controlled ecosystem. This revenue can be used
to…
Potentially keep rents attainable for tenants. With the use of security tokens, the total
yield can potentially keep property owners independent from market volatility and
instead tied to the company’s growth potential itself.
Build housing in areas where the cost to build is higher than the cost to live. Shall the
value of the tokens go up, the additional income generated can be added to the yield to
make projects more viable.
As a SaaS provider, BlockPark’s API’s will give our clients the best technology available and
aims to be the leading provider in property management software by 2025. Using Blockchain
technology and digital assets called, BLOK tokens; BlockPark will lead the property
management software industry through a machine learning automated trust network and the
implementation of its own currency that benefits all owners and tenants who use our property
management software.