The real estate property management market consists of software and services used for managing various day-to-day operations of residential and commercial properties. The software streamlines tasks such as tenant and lease tracking, accounting, strategizing and executing marketing plans, document storage, facilities management, and conducting analytic reports. Adoption of property management software optimizes operations, enhances tenant/owner experiences, and boosts revenue. It automates repetitive manual tasks and provides easy access to property and tenant information anytime, anywhere.
The Global Real Estate Property Management Market is estimated to be valued at US$ 22.56 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the real estate property management market are Accruent, AppFolio, Inc., Apartment Management Consultants, LLC, BH Management Services, Cushman & Wakefield, Entrata, Inc., Greystar Real Estate Partners, IBM Corporation, JLL (Jones Lang LaSalle), Lincoln Property Company, MRI Software LLC, Oracle, RealPage, Inc., SAP SE, and Yardi Systems, Inc.
Key opportunities: Digitization of property management processes provides opportunities to streamline workflows and enhance customer experiences. Adoption of advanced automation, analytics, and IoT solutions can help optimize operations and maximize asset value.
Global expansion: Leading players are expanding globally through partnerships and acquisitions to cater to the growing demand. Growing urbanization and infrastructure development are driving the market in developing regions.
Market drivers:
The growing need to optimize property management workflows and enhance tenant/owner services is a key driver for Real Estate Property Management Market Share. Automation helps reduce costs and errors. Digitization improves collaboration within distributed teams. Mobile-enabled solutions provide anytime, anywhere access to critical property and tenant data.
PEST Analysis
Political: The real estate property management market is regulated by various laws and regulations regarding property ownership, rental agreements, taxes etc. Any changes in these laws and policies can impact the market.
Economic: The overall economic growth and stability, interest rates, employment rate, disposable income levels influence consumer spending on real estate properties which in turn impacts demand for property management services.
Social: Factors like urbanization, work from home trends, changing consumer preferences for owning vs renting properties, and migration patterns affect the real estate sector and property management demand.
Technological: Advancements in technologies like IoT, cloud computing, AI and analytics are enabling property managers to improve operational efficiency, enhance resident experience, and optimize asset performance through remote monitoring and automation. Digitalization is also facilitating online payment of utilities and rent.
The US accounts for the largest share of the global real estate property management market in terms of value. This can be attributed to the size of the country’s commercial and residential real estate sector along with high adoption of advanced property management solutions. Within the US, major revenue generating regions include California, Texas, New York and Florida due to their large urban populations and strong real estate industry.
The Asia Pacific region is projected to witness the fastest growth in the real estate property management market over the forecast period. Rapid urbanization, rising middle class, growing interest of institutional investors in commercial properties are fueling market growth in Asia Pacific countries like China, India and Japan. Additionally, technology adoption is increasing among property managers to bring in more efficiency and enhance customer services in the region.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.