- Jul 01, 2020 Property management software helps landlords and real estate professionals track leases, residents and maintenance tasks, as well as collect rent and manage finances to reduce costs and streamline operations. Benefits of Property Management Software. Property management software applications can lead to several key benefits, including.
- Best 5 Property Management Accounting Software 1. This is the best property management accounting software available today. FreshBooks makes it easy to perform business accounting through a neat, intuitive user interface. The software is versatile and can be used to handle various financial aspects of real estate business.
We may be in the digital age where online listings help homebuyers find a great property at a great price through a listing database, but that isn’t the only way technology is changing the real estate game.
Enter real estate property management software.
From rent and vacancy tracking to contract and insurance management, real estate management software solutions help you maintain and organize payments, tenants, and even craft your own property website.
With real estate software, you can go from managing a few properties to more than 50 while remaining organized and aware of what’s happening at each.
Search a portfolio of Property Management software, SaaS and cloud applications for Mac. Save time with reviews, on-line decision support and guides. GetApp is your free Directory to Compare, Short-list and Evaluate Business Solutions. Save time with reviews, on-line decision support and guides.
There are plenty of real estate management tools out there; Capterra’s directory has more than 200 products. It can be overwhelming and time-consuming to sort through these options on your own. Sometimes the best way to get started is to check out what others are buying to determine whatthese solutions can offer you.
Below, I’ve outlined the seven most popular real estate property management software solutions (in alphabetical order), determining their popularity based on SEO ranking, social presence, and number of reviews.
1.360Workplace for Commercial Real Estate by Accruent
360Workplace’s dashboard
360Workplace functions as a suite of systems (offering facility maintenance management, space management, construction project software, and lease administration) for those looking to manage real estate with more than just a single solution.
Pros
Users can monitor important assets and inventory, track vendor interactions, observe construction goals and schedules, stimate expenses and ensure tax compliance. There’s no cap on the number of users and the platform is cloud-based, meaningusers can access 360Workplace anywhere with an internet connection.
Cons
360Workplace is built with corporate real estate in mind, so smaller businesses seeking a more customized solution should look elsewhere.
Cost
Pricing isn’t listed publicly, but if you’re interested, you can schedule a demo or contact Accruent’s customer support team for more information.
Have you used 360Workplace? Leave a review!
2. Appfolio Property Manager by Appfolio
Examples of Appfolio’s dashboard on multiple devices
This cloud-based property management system is good for the real estate agent on the go who wants to monitor properties anywhere, at any time. In addition to an owner portal where you can manage everything and view reports, the software also allows you to create professional websites for your properties.
Pros
Capterra reviewers praise the software for its ease of use and customer support. They also report that the company listens to user feedback and updates the software in response.
Cons
A variety of users cited multiple different features they would like to see added, suggesting that AppFolio is somewhat of a work in progress. Other users want support to be a bit more responsive.
Cost
AppFolio charges $1.25 per unit, per month for residential usage and $1.50 for commercial. For student housing, that fee is $1.25, and for community associations it’s $0.80.
Have you used Appfolio? Leave a review!
3. Buildium Property Management Software by Buildium
Buildium’s dashboard
Used by more than 12,000 property managers and 175,000 property owners in 46 countries, Buildium Property Management is a top choice in the industry.
Pros
Buildium’s software tackles accounting, business operations and leasing. Users can monitor business expenses, make and accept online payments, and file 1099s during tax season. Buildium also offers a resident portal for processing maintenance request and payments, an application system where you can accept rental applications, run tenant screenings, and store documents in the cloud. Buildium also helps users create their own websites to host rental listings.
Cons
Some Capterra reviews note that setup time can be a little long and cite an initial learning curve for first-time users.
Cost
Buildium’s pricing model breaks down by number of units and can be paid monthly or annually, with annual costs higher than monthly installments. Prices range from $45 to $1,800/month or $540 to $21,600/year. Properties with more than 5,000 units should contact the company’s sales department for custom pricing. A free trial is also available.
Have you used Buildium? Leave a review!
4. Planon Real Estate Management by Planon
Planon’s dashboard
Planon Real Estate Management is intended for medium, large, and global businesses looking to organize their data in a more structured and helpful manner.
Pros
Small Commercial Property Management Software
Planon’s real estate software lets users organize and structure data such as property and tenant details as well as lifecycle costs. Planon also offers processes such as transaction management, letting users create and evaluate scenarios for more efficient financial planning. Users can forecast potential costs and identify possibly saving opportunities. For those looking to eliminate spreadsheet dependency, Planon provides user-friendly, centralized dashboards for better management.
Cons
Because this solution is tailored toward medium and large businesses, Planon may not be ideal for smaller companies.
Cost
Those interested can request a software demo, but pricing information is not publicly available.
Have you used Planon? Leave a review!
5. Property Operations Workspeed by MRI Software
Commercial Property Management Software
Property Operations Workspeed’s dashboard
Commercial Real Estate Property Management Software
MRI’s Property Operations Workspeed has more than 2,700 clients worldwide and touches on risk management, business analytics and visitor management.
Pros
This real estate management solution handles a variety of aspects essential to maintaining multiple properties. Property Operations Workspeed users have access to an equipment library as well as a service contract and warranty management component to ensure timely maintenance and inspections to maximize the lifespan of property assets. The program also offers a service request tool so that property managers, tenants, engineers, and vendors can submit request and work orders (including through a mobile app).
Cons
Workspeed is a basic solution and doesn’t allow for much customization, meaning you may have to rely on other MRI solutions to build out this platform.
Cost
Pricing isn’t available publicly, though you can request a free, personalized quote through their website.
Have you used Property Operations Workspeed? Leave a review!
6. Rentec Direct
Examples of reports created by Rentec Direct software
Rentec Direct bills itself as a “complete management solution for professional property managers.” The software includes automatic ACH payments, tenant screening, logins for both tenants and owners, data security, and the ability to publish vacancies online. Rentec Direct claims that users can be up and running within 10 minutes of getting the software.
Pros
Capterra reviewers describe the customer service as friendly and responsive. They state that the software is easy to use, reporting that it effectively tracks payments, expenses, and maintenance calls while keeping everything organized in an online portal.
Cons
Some users noted that the reporting option could be improved and made more customizeable.
Cost
Commercial Property Management Software Mac Pro
Rentec Pro generally costs about $0.90 per month, per unit. It’s $1 per month for Rentec PM. However, you only get that price if you buy in large quantities. If you only purchase 10 units, for example, you’ll have to pay $35 to $40 per month. The company also offers a two-week free trial.
Have you used Rentec Direct? Leave a review!
7. TRIRIGA Real Estate Manager by IBM
TRIRIGA’s dashboard
It’s no surprise that IBM makes the top five, likely due to brand recognition and reputation.
Pros
TRIRIGA is a great option if you’re looking to get a better grasp on your lease accounting as it comes with prebuilt lease accounting controls and automated lease payment reconciliation. TRIRIGA automates the creation of real estate and asset-lease contracts, as well as payment schedules, with the option of adding automated notifications for important dates, such as contract expiration. Users can also expect drilldown options such as side-by-side comparison of current terms and transaction scenarios, “smart” clauses that list data attributes for each clause or option, and balance sheet and income statement analysis.
Cons
Judging by TRIRIGA’s features, this solution makes sense for larger businesses. There’s no mention about potential scalability for smaller businesses, so keep that in mind as you explore this solution.
Cost
IBM’s TRIRIGA is on the expensive side, running at $13,500 for a software license.
Have you used TRIRIGA? Leave a review!
Did we miss any great real estate management software options?
Are there other popular real estate property management software solutions you’re familiar with? Let me know in the comments below so we can consider them for future updates!You can also explore free real estate management software options if you’re on a budget.
Looking for Real Estate Property Management software? Check out Capterra's list of the best Real Estate Property Management software solutions.