Unremitting growth in population throughout the globe along with increasing disposable incomes, is creating enormous demand of rental/leased, or non-rental property. More than 40 million families in the U.S. have become renters in the last decade. This growth in demand for rental properties is stimulating the demand for Real Estate Management Solutions and Services.
However, in terms of technology the real estate industry is lagging behind with a huge gap and several inefficiencies.
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Majorly, Real Estate Management Solution comprises of property management features (property posting, property management, document management, data security, and control and authorization) along with client relationship management (lead management, campaign management, account management, reporting, and overall deal management).
Real Estate Management Solution Market: Drivers & Challenges
The real estate investment market currently is potentially huge, being estimated at approximately seven trillion USD. But, in terms of technologies and innovation, the real estate industry has lagged behind in comparison to other industries.
In order to reduce the cost involved, increase returns, and better manage real estate properties, the property managers and owners are moving towards Real Estate Management Solution which aids in easier management of property.
This need is driving the market for Real Estate Management Solutions market. Also, factors like need for data security, real-time access of data, scalability with evolving business needs, and reduction in time involved, are pushing the demand for efficient property management solution/ Real Estate Management Solution.
One of the few challenges being faced by real estate companies in the Real Estate Management Solution market is with educating/introducing the usage of these solutions to their staff. Extensive training is required to train the employees for using these Real Estate Management Solutions.
The Real Estate Management Solutions have experienced considerable adoption across the industry, amongst large property management agencies, property owners, and property managers including small traditional property managers. But, in the present scenario, adoption of advanced technologies such as machine learning and AI which gives an upbeat approach to real estate management, is trending in the industry, expected to push the Real Estate Management Solution market.
North America is expected to lead the Real Estate Management Solution market in terms of market share, majorly driven by the incessantly surging rental property demands in the U.S. Growth of Real Estate Management Solution market in North America is also expected to be fuelled by higher adoption of Business Intelligence (BI) software, as well as implementation of Artificial Intelligence (AI) in automating the property management tasks.
Real Estate Management Solution Market: Competitive Landscape
In May 2016, RealPage Inc., on-demand software and software-enabled services provider to real estate industry, acquired AssetEye Inc. which is a data aggregation, reporting, and collaboration platform for organizations with multiple real estate assets.
This acquisition aimed RealPage Inc. to enhance its SaaS offerings to serve commercial, hospitality, multifamily, single family, senior living, and student housing sectors.
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Few of the major players in Real Estate Management Solution market include Buildium, AppFolio, Inc., MRI Software, Building Engines, Yardi Systems, Inc., Cozy, MAINTENANCE CONNECTION, IBM, Sage Group plc, RealPage, Inc., Entrata, Inc., Planon Corporation, Accruent, SS&C Technologies Holdings, Inc., Quick Base, Rentec Direct, Axxerion, and others.
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