Property Management SaaS

6 minutes read

Property management SaaS is software that directs its services towards property managers and landlords interested in renting out their properties. Online SaaS (Software as a Service), is a cloud-based software that focuses on delivering services through subscriptions, or on demand. These software are extensively used today, especially by major companies. With time, technology has taken a toll on individuals’ day-to-day lives, ranging from smaller activities to important ones. The effect it had on the real estate industry is no exception, with the introduction of new property management SaaS solutions that facilitate buying and rental processes. On the other hand, PropTech, or Property Technology, is the industry in which IT is used to facilitate real estate processes. Having SaaS incorporated in the PropTech industry is a powerful combination that results in a technologically-driven method to ensure an easy and safe rental process. Real estate services provided by PropTech software are based on subscriptions to these services. These services benefit users and retain them, as well as provide a method of reassurance to their commitment to these services. 

Property management SaaS solutions aim at facilitating relationships and communications between property managers and their tenants. In the past few years, many companies introduced property management SaaS solutions into their services, which today have become an indistinguishable way to manage and rent properties online to potential consumers. RAY Labs is one of the companies that took such a step. The company was established in 2017, and introduced RAY; a cloud-based property management SaaS solution that’s innovating in the PropTech industry. RAY specializes as a property management SaaS platform with differentiable features that create a unique experience for both property managers and tenants. 

In order to understand SaaS, PropTech, and property management SaaS solutions, understanding their history is essential.

History of SaaS     

SaaS developed over 6 stages. The 1960s witnessed an accelerated progression of computer hardware technology, and while computing was not an easy activity for many, CTSS, or Compatible Time-Sharing System, was developed and introduced, enabling many people to use the computer system at the same time. Then, within the following 20-30 years, computer hardware technology became more efficient due to the portability and reduction in prices. This resulted in businesses developing new rules and licenses to purchase these computers for personal use, along with the installation of software. In 1994, the world witnessed the introduction of “dot com”, which resulted in revolutionary changes, such as the introduction of online transactions, online marketplaces, and online cloud computing. With the introduction of cloud services, ASP, or Application Service Provider, was introduced. This service provider is one where the vendor has to complete the login and environment manually. In 1999, SaaS was officially launched, as a developed and extended form of the ASP model. At the time, people were skeptical about using SaaS in businesses, however, today, the SaaS model has witnessed exponential growth, utilized by some of the most important companies and brands in the world. 

History of PropTech and Property Management SaaS Solutions

On the other hand, PropTech’s history is a briefer one, due to its recent introduction. With the increased usage of the internet, people became more invested in using it, aiming to find ways to apply it to almost every field of work, and the real estate industry is no exception. PropTech companies first started in the early years of 2000, focusing on property listings. With time, PropTech startups decided to expand the services they provide, taking initiative to introduce further features than the basic property listing and searching. Some of these features include the organization of essential data from rental documents, facilitated paying methods for rent by integrating accounting systems, offering subscriptions for property managers, and facilitating their communication channels with their tenants. Companies with their main focus on PropTech resulted in the introduction of new software; property management SaaS solutions. This software tackles and aims to achieve all the goals PropTech companies set. These software lead to some of the most revolutionary changes in our modern times. 

History of Real Estate and the Emergence of Property Management SaaS Solutions

Real estate has been an ever-existing industry, starting in the 19th century. The Neolithic revolution, which happened in 10,000 B.C., resulted in the change of lifestyle of men, going from one focused on hunting and roaming the Earth, to one focusing on settling in properties and maintaining agriculture. Thousands of years later, drastic changes were made in the economy, affecting the way transactions take place, as well as mortgage processes. This led to the emergence of the real estate industry. This industry has proven to be one with high adaptability, due to the many economic, political, technological, and demographic changes that happened over the past 200 years. Ranging from monetary policy changes to change in rental years, to sudden emergence of pandemics, the real estate industry has been one that was able to fight through and survive. The introduction of property management SaaS solutions introduced a new realm to this industry, introducing facilitated ways to complete real estate processes. With the rise of the Covid-19 pandemic, the internet has witnessed more users, hoping to find solutions to their problems in different fields, including real estate. People started resorting to property management SaaS platforms, where property managers list their properties and complete all the necessary property operations through the software. Comprehensive property management SaaS platforms, such as RAY for example, usually include all of these important capabilities and features. These features are usually user-friendly and facilitate processes for property managers.

Are You a Property Manager? Here Are Some Features to Consider When Choosing Your Property Management SaaS Solution:

As a property manager, it is important for you to look for certain features in the property management SaaS platform you’re purchasing. Some essential features to look out for include:

  1. Online payment
    Renters usually try to find the easiest methods to complete payments and transactions, so having an online payments feature offers them a convenient payment method. A subscription-based software will ease the process by having tenants include their credit card information, where monthly dues will be automatically withdrawn from their accounts.
  2. Accounting system integration capabilities
    Every property manager has an accounting system they use. By choosing a property management SaaS solution with integration capabilities, the property manager can integrate his accounting system with the chosen software, and can easily manage his/her accounts, with automatic transactions.
  3. Property inspections
    As a property manager, it is important to ensure that the rented space provides the best living conditions, which is why it is essential for property managers to inspect the space for tenant move-ins or move-outs. Such a feature strengthens the tenant’s trust and reliability in the manager.
  4. Maintenance management
    It goes without saying that having maintenance services is essential to ensure that your tenants have a problem-free stay at their rented space. With a maintenance management feature, property managers can rest assured that any complications that happen during their tenants’ stay can be easily reported and solved with the click of a button.
  5. Communication channels between the property manager and the tenant
    Sometimes it could be hard to maintain a healthy relationship between the property manager and the tenant, however, providing a communication channel for them ensures an interactive and responsive relationship.
  6. Subscription management
    Subscription services, such as parking, gym, cleaning, etc., add a lot of value to tenants’ living experience. Providing tenants and property managers the ability to purchase and manage such services online could facilitate their day-to-day and monthly activities.
  7. Lease management
    This is a core feature that facilitates the leasing process. Online lease management digitalizes rental applications, issuing contracts, signatures, and the scheduling of dues and payments.
  8. Market listing
    An all-in-one platform would be most efficient if it included property listings on its website or application. That gives property managers a higher chance of having their property discovered by potential tenants. 
  9. News and announcement communications
    A property management SaaS solution that maintains a relationship with its users is a successful one. A property manager needs to be able to use the property management SaaS platform to easily communicate news and announcements to different groups of tenants as needed. 

Why is RAY the Way to Go?

RAY is a property management SaaS platform that provides more than 18 features, including all of the above-mentioned features. RAY values integrity and aims at delivering exceptional customer care, which is why it ensures an easy, secure, and facilitated property management process. This differentiates it from other property management SaaS solutions. Other features RAY offers include:

  1. Viewing and booking requests
    This feature enables users to schedule and manage property viewings, receive property booking requests, as well as assign and communicate with stakeholders.
  2. Move-in/Move-out inspection
    This essential feature enables users to schedule move-in and move-out dates and inspections, as well as assign inspectors to scheduled dates.
  3. Property dashboard
    This feature gives property managers a general overview by showing key revenue and property metrics, KPIs, and info about new and ending leases.
  4. Visitor admission
    This feature differentiates RAY from other property management SaaS platforms. The feature enables registering and admitting visitors, notifying hosts of visits, and collecting visitors’ information. Through this feature, RAY tries to offer a safe community and experience for users, resulting in a trusting relationship.
  5. Delivery management
    This feature enables users to track last-mile deliveries, control and monitor deliveries, and manage delivery handlers. 
  6. Space booking
    This services management feature enables property managers to list bookable spaces and amenities, define booking types, and manage bookings.
  7. Restaurants and shops
    This feature allows any restaurant, cafe, or shop located within the property or compound to sell their services or products through RAY. Tenants can order food or shop through the app, and admins can manage these shops and restaurants using RAY’s CMS.  
  8. On-demand custom services
    This offers various custom services, allows tenants to request offered services, and enables admins to assign and manage service requests.
  9. Various systems integration
    RAY can be integrated with various external systems, which turns it into an all-on-one platform. Systems that RAY can be integrated with include payment gateways, accounting systems, and door access systems. 

With all the listed features, it goes without saying that RAY is an “all-on-one” platform that property managers should integrate into their work. RAY is quickly becoming the leading property management SaaS solution in the MENA region. With RAY’s company being based on ethics, customer care, trust, and respect, it is a company that should be targeted by many, guaranteeing a life-long relationship with the company full of opportunities, constant improvements, and constant adaptability to the ever-changing world.

RAY Labs, the company behind RAY, was established with ethics, customer care, trust, and respect, among its values, guaranteeing a life-long relationship with its clients. RAY is constantly improving and evolving in order to fulfill the ever-changing needs of property managers, which is why it has become the new number one choice for property managers worldwide. 

Learn more about RAY on GETRAY.COM