Property management software is a cloud-based or on premise solution that provides efficient management of properties. Property management software primarily offers financial reporting, online maintenance requests & tracking, online document storage & sharing, accounting capabilities, electronic lease agreements, and integrated banking among other applications. Property management software helps property managers and owners simplify the property management processes by eliminating communication gaps, tracing finances, storing leasing documents and contracts, and facilitating rent collection processes. Various software are developed in order to look after tenant placement, maintenance and repairs, and the ongoing administration of properties. Property management software is gaining in importance and popularity. In addition, core property management software providers are emphasizing on developing software solutions and establishing the appropriate framework to achieve objectives of the property owner. Furthermore, the market is flourishing due to the maximization of income and capital by an investor or developer.
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Rise in infrastructure development across the world is fueling demand for real-time access to property information. Construction or development of multi dwelling units (MDUs) is increasing around the globe, primarily due to the increase in cost of infrastructure. In addition, increase in emphasis of property managers and owners on scalability, cost-efficiency, and time savings is contributing to the expansion of the property management software market. Additionally, property owners and managers are emphasizing on collecting and maintaining property information for enhanced data administration and accessibility with the help of centralized property management software. Similarly, development of apartment buildings is also supplemented by factors such as affordability and buyer type and preferences and macroeconomic factors such as population and employment growth. Lack of awareness about property management software is one of the restraints of the market. Cybersecurity risks such as malware attacks and vulnerabilities in cloud-based solutions are causing an adverse effect on property management software. The property management software market is more opportunistic toward rapid technological and infrastructural developments, especially in countries such as India, Brazil, China, Poland, Mexico, the Philippines, and South Africa.