Do you know the global real estate business is increasing dramatically after the Covid-19 pandemic? It is definitely a profitable time for real estate business owners, agents as well as investors.
As the real estate market is soaring, people are investing in real estate properties more than before. At the same time, real estate investors have become smarter and demand sophisticated solutions for property management. Thus, their demand has given rise to property management software development.
Today, many real estate agencies and businesses are buying property management software to satisfy clients and increase revenue simultaneously. If you, too, want to develop robust property management software, an overview of software management software like Buildium will help you move ahead with your own real estate software development.
You need to get your basics clear about the popular software Buildium. So, here’s our attempt to help you understand how property management software like Buildium works and which features do wonders for it.
Stay glued to know everything you need to know about Buildium. Let’s begin!
What is Buildium? An overview.
Buildium is a leading American property management software company having headquarters in Boston. It was co-founded in 2004 by Michael Monteiro and Dimitris Georgakopolous with an aim to provide cloud-based real estate software for property management.
This property management software allows the real estate owners to manage their property portfolios, resolve maintenance issues, handle payments and handle leasing, account, and other operations. All in all, Buildium is a seamless software that empowers real estate businesses to operate with utmost efficiency and ease.
Let’s see how Buildium helps in managing the real estate properties-
The residents can make payments online, and real estate professionals can check the outstanding balances in the software.
Residents can submit maintenance requests on the app, and you can assign a team member to look after their requests.
The accounting platform of Buildium handles day-to-day interactions as well as legal and financial requirements.
Real estate businesses can list vacancies of rental sites, accept applications and do a complete background check, all in just 10 minutes.
Which features you shouldn’t miss while developing software like Buildium?
Here are the must-have basic features required to develop property management software like Buildium of your own-
Features of Accounting
- Property accounting
- Accepting online payments
- Report on business and property expenses
- Files 1099s online through the software
Features of business operations
- Resident side to Manage maintenance requests
- Owner portal to provide access to financial reporting to owners
- Document storage to store documents in the cloud
- Maintenance of request tracking
- Analytics and actionable insights
Features of leasing
- Rental listings
- Rental applications
- Tenant screening
- Showings coordinator
- eSignatures and cloud document storage
Here are the simple steps to develop software like Buildium-
Defining your goal
First and foremost, you need to think about the perfect solution to develop your Buildium-like software. You have to be clear about the features, business model, and functionality of the software to begin with.
Analyzing the market
You can do market research and analyze the competition. It can help you understand how other similar software performs, research their problems, and bring innovative solutions to your software. This will help you gain a competitive edge.
Deciding your MVP
MVP stands for a minimum viable product, which is the version of a software or app with all the must-have features. This step focuses on designing an MVP with basic features and attractive design, which can be released to the testing group.
Design and development
Now comes the design and development part which takes the most time. In this step, the designers work their charm to give the software a beautiful look, and the development team focuses on developing the front-end and back-end for custom property management software.
Are you worried about hiring the right developers with the right experience in building software solutions? Here’s a handbook to select a development company for startups that might help you.
Testing and launch
Before the release, the software goes for quality testing. This step is crucial as it helps in avoiding errors and flaws in the software. After the testing is done, the software is all set to launch.
What about the cost of Buildium-like software development?
Many entrepreneurs and business owners worry about the cost to develop commercial property management software. However, there’s nothing to worry about. There are several factors that affect the overall cost and these factors again differ from one project to another.
You can have a look at the factors that affect the variation in cost here. Depending on these factors, on average, the cost to develop a Buildium-like rental property management software would be between $15,000- $50,000. On top of that, if you hire mobile app developers from Asian countries, you would be able to save a lot.
If you are looking for professional developers from Asia to give shape to your idea, you can hire mobile app developers from our renowned mobile app development company. We are an Asian-based company having expertise in successful software development.
It’s time to wrap it up
It’s time to streamline your real estate business with property management software because the audience demands it more than ever. If you have been thinking about developing software like Buildium, it’s time to stop thinking and start taking action.
It’s time to plan your business model and discuss your project with professionals and reliable developers to help you with smooth software development. Moreover, you can rely on our software development team to build software that generates great results.