- Estate management refers to the acquisition, appraisal, marketing, and disposal of property, and sometimes includes the management of property. Estate management comprises a wide category of commercial property such as hotels, offices, and retail development, or it can include residential property.
- Estate management software helps clients to manage real estate property and assets. Estate management software has various integrated modules such as lease management, data management, help desk, and ticketing, accounts, and visitor management.
- Estate management software is used by tenants and property owners to raise tickets for property issues, make payments, and to participate in property discussions.
- Solution providers offer cloud based and application based modules of the software, where customers can access the estate management software on a device and upload the current photos of the property. Estate management software is also used for resident insurance, prospect screening, and is also a reliable platform for tenants.
- Property owners are using advanced software platforms to manage property data and explore new properties, which is expected to help increase the demand for estate management software platforms in the near future.
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Key Drivers of the Estate Management Software Market
- Increasing adoption of online portals by property owners to modernize, automate, and expand their property business is expected to drive the estate management software market
- Increasing demand for cloud technology in estate management software and for Software as a Service (SaaS) platforms is expected to boost the market
- Increasing complexities related to facility and property management drives the demand for outsourced estate management services. This is expected to offer significant opportunities to solution providers to outsource services of estate management software.
Integration of estate management software with existing systems expected to hinder the market
- Integration of estate management software with existing ERP and CRM systems are key factors that restrain the market
- Estate management software are not available in standalone modules, it is integrated with different modules such as leasing, accounting, payment, and contract management. So it can be creates the integration issues with existing enterprises system which would affect performance of the system. This in turn is expected to hamper the estate management software market.
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Impact of COVID 19 on the Global Estate Management Software Market
- In many countries, construction work and new project development has stopped due to increasing impact of COVID-19 on construction and engineering sectors.
- Property owners use estate management software to manage money transactions, for property maintenance, and to manage tenant records without contacting them personally. The ever-increasing threat of COVID-19 is projected to decrease the demand for property and construction software solutions during the forecast period. However, the increasing adoption of more online platforms among users is expected to start new trends of technology in estate management.
North America to Hold Major Share of the Global Estate Management Software Market
- North America holds prominent share of the global estate management software market due to the presence of major players and availability of technical support and expertise in infrastructure.
- The estate management software market in Asia Pacific and Europe is expected to expand at a rapid pace during the forecast period due to increasing investment by major players to provide solutions across these regions and also due to the increasing software adoption and digital transformation of construction industries and property businesses.