10 Best Multifamily Property Management Software in 2022
If you own or manage multifamily properties, you’re juggling a million things at once. Your to-do list is never complete, from adding best accounting software for small real estate business mobile-based video intercom to your building to handling maintenance requests, your inbox is never empty, and your phone never stops ringing. Luckily, there are tools out there to help you manage your workload and stay organized. One of the most common tools is multifamily property management software, and it will help you and your business succeed.
Read on to learn more about property management software, how it works, and why you need it. We’ll also rank the 10 best multifamily property management software on the market.
This guide covers:
What is multifamily property management software?
Property management software is software specifically designed for property managers, owners, and landlords. It helps simplify and automate their day-to-day tasks and streamline building operations. Property management software is often abbreviated as PMS.
PMS helps you:
- Control your real estate portfolio.
- Organize your rental properties.
- Manage rent rolls and finances.
- Store account information.
Most residential property management software is designed for buildings with 50+ units. But many providers offer lite versions for small buildings with fewer than 50 units. And if you manage a small how to pay amazon store card balance, you may even be able to use free property management software.
Multifamily property management software features
The best property management software for multifamily buildings helps you automate operations. Furthermore, you and your team will save time, streamline processes, and have everything you need in one place.
Here are the most common features and services that property management software provides:
- Lease administration and signing
- Rent collection/a portal for residents to pay rent online
- Prospective resident lead management
- Amenity and facility management
- Tools to communicate with residents (mass communication and one-on-one communications)
- Accounting tools
- Resident retention tools to manage relationships with existing tenants
- Marketing services
- Maintenance request management
How does multifamily property management software work?
Multifamily property management software is often a subscription-based service. As such, you pay for it monthly or annually. Upon subscribing, you can access all the tools the software offers.
How to use property management software:
- First, choose a provider and set up your account.
- Then download the software. (If you’re using cloud-based property management software, log in online.)
- Finally, import your data — such as tenant information and finances — into the system.
Watch how ButterflyMX works:
Why you should use property management software for multifamily buildings
You should invest in property management software because it helps you manage your business better. If you’re not using a PMS, you’re missing out on the countless benefits it offers.
The top five benefits of using property management software include:
- Improve resident retention rates. PMS offers valuable tools to communicate with residents and boost engagement. Strong communication leads to happier tenants, which consequently boosts your retention rates.
- Automate processes to save time. As a property manager or owner, you spend a lot of time on repetitive tasks. Use property management software to reduce the time you spend on these daily tasks.
- Keep all your property’s records and accounts in one place. Property management software lets you store important information in one convenient spot. The best PMS is easy to learn and navigate.
- Easier accounting and finance management. In accounting, one mistake can cost you a lot of time, stress, and even money. Use PMS to track spending, store bank account information, and improve your bookkeeping.
- Integrations with other proptech. Your property management software may integrate with proptech you’re already using. For example, you may be able to integrate your PMS with your intercom system or access control system.
How to choose the right property management software
No two properties are the same. So if you want to invest in a PMS, you need to choose software that meets your property’s unique needs.
Here’s how to choose the right property management software:
- Identify the most important features to you. Consider which PMS tools you’ll use the most. Then, choose software that offers those features.
- Consider the pricing structure. Does the provider make you pay upfront or make monthly payments? Are you locked into a contract, or can you cancel anytime? Do certain features cost extra? Ask yourself these questions to determine how much the PMS will cost.
- Take advantage of free trials. Many providers offer a free trial. Take advantage of free trials to get a feel for different products. Then, you can see which one works best for you.
- Request a migrate trial. Use a migrate trial to see how difficult it will be to migrate your data to the new system. If the migration process is overwhelming or too long, you should avoid that PMS.
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The 10 best multifamily property management software in 2022
- Yardi Voyager
- Rent Manager
- Rentec Direct
- MRI Living
1. Yardi Voyager
Thousands of multifamily property management companies trust Yardi. Yardi Voyager helps managers organize their portfolios and improve day-to-day best mortgage refinance rates in texas Voyager is the company’s most robust property management software. Since it’s a web-based platform, staff can access it from any browser on a computer, tablet, or smartphone. It even integrates with ButterflyMX, so you never have to update your intercom’s directory when residents come and go.
Yardi Voyager includes a full suite of services including:
- Operations management
- Leasing management
- Resident/tenant and investor services
If you’re interested in Yardi but you manage a small property or portfolio, consider Yardi Breeze. Yardi Breeze is the simpler, more affordable alternative to Voyager. Breeze lacks the robust features of Voyager but it’s better for smaller properties.
Yardi does not publish pricing online, so you must contact the company to request a custom quote. Yardi Voyager also does not offer free trials.
Read the full Yardi Voyager review»
Founded in 2003 in Utah, Entrata is a well-known PMS provider. The company offers software designed to make your life easier.
Entrata’s property management suite includes:
- Leasing & Rents: These tools let you manage move-ins and move-outs, prorate charges, and charge for rentable items.
- Accounting: Includes ledger tools, balance sheets, income statements, and budget creation tools.
- Purchasing: A system to create and track purchase orders, create invoices, and manage vendors.
- Facilities: Lets you create, edit, and manage work orders. You can also accept resident requests.
- Inspection Manager: These tools let you manage inspections for units, buildings, and amenities.
In addition to its Management Suite, Entrata offers a Marketing Suite. These marketing tools help you drive best accounting software for small real estate business, connect with prospects, and build your digital presence.
Entrata offers a subscription-based plan, but pricing is not listed on its website. Reach out to Entrata for a quote.
Read the full Entrata review»
RealPage’s property management software focuses on automating processes and saving you time. Prioritizing efficiency, RealPage offers scalable and customizable software with a variety of tools.
Some features of RealPage property management software include:
- Document management
- Employee learning management system
- Facilities management
- Renter lifecycle management
- Budgeting and finance tracking
- Compliance services
RealPage doesn’t publish its pricing model online and doesn’t offer free trials.
Read the full RealPage review»
4. Rent Manager
Rent Manager lets you manage buildings and portfolios in one powerful integrated solution. With Rent Manager, you get many helpful tools in one place.
- Business operation management
- Maintenance solutions
- Marketing and leasing services
Rent Manager also integrates with countless systems, products, and programs. That means you can connect your Rent Manager software with other products your company is already using.
Pricing for Rent Manager is not available online. You must request Rent Manager pricing information by calling or emailing the company.
Read the full Rent Manager review»
AppFolio is a popular property management software provider. Its software offers a robust suite of features and services. It’s a cloud-based product, which means you and your team can access AppFolio from any device.
There are two options for their multifamily property management software:
- AppFolio Core: Includes accounting and reporting services, marketing and leasing tools, resident and owner management, and online maintenance features.
- AppFolio Plus: Includes everything in the Core suite, plus workflow management, performance insights, revenue management, data exporting, and strategic account management.
As of April 2021, AppFolio pricing is $1.40 per unit/per month for AppFolio Core and $3 per unit/per month for AppFolio Plus. Pricing for community associations is $0.80 per unit/per month.
Read the full AppFolio review»
Since 2004, Buildium has been offering user-friendly property management software focused on efficiency. RealPage acquired Buildium in 2019.
Buildium offers three software plans:
- Essential: Accounting, maintenance services, resident communication tools, task management, online portals, and a free website hosted by Buildium.
- Growth: Includes everything in the Essential plan, plus unlimited eLeases, premium tenant screening, free property inspection services, and performance analytics.
- Premium: Includes everything in the Growth plan, plus business analytics, an open API, and the Buildium Rewards program.
Buildium pricing depends on the plan you choose. As of April 2021, Buildium Essential starts at $50 per month, Growth starts at $160 per month, and Premium starts at $460 per month. You can also take advantage of a 14-day free trial of Buildium.
Read the full Buildium review»
ResMan property management software helps multifamily owners and managers operate efficiently. It also helps you deliver higher ROI for your investors.
- Budgeting tools
- Maintenance requests and fulfillment
- Reporting and analytics
ResMan pricing is not available online. Reach out to the company to get your quote.
Read the full ResMan review»
8. Rentec Direct
Rentec Direct offers two software plans: Rentec Pro and Rentec PM. It also offers free multifamily property management software called Rentec Basic.
Rentec Direct property management software offers:
- Tenant screening
- Online vacancy publishing
- A website for your business
- Online tenant payments
- Operation management
- File management
There are no setup fees or term contracts — you pay for the software monthly.
The cost of Rentec Direct depends on the number of units in your property:
- 10 or fewer units: $35/month for Pro, $40/month for PM
- 50 units: $55/month for Pro, $65/month for PM
- 100 units: $90/month for Pro, $100/month for PM
- 500 units: $450/month for Pro, $500/month for PM
Rentec Direct does offer a 14-day free trial.
Read the full Rentec Direct review»
9. MRI Living
Flexibility is the greatest benefit of MRI Living’s multifamily property management software. MRI Living’s software is customizable, so you can choose the tools and services most important to you.
Some of the many solutions MRI Living offers include:
- Lead management
- Operations management
- Financial-focused analytics
MRI Living goes beyond just offering helpful software. It also focuses on partnering with other proptech providers to create powerful integrations. MRI Living integrates with many other products and systems.
MRI Living doesn’t publish pricing online, so you have to reach out to them for a quote.
RENTCafe isn’t your typical property management software. It’s actually property marketing software, offering tools focused more on lead generation and lease management. RENTCafe is a Yardi product, so it’s built and operated by one of the leading Jamaican food near me providers.
With RENTCafe, you can:
- Create a dynamic website for your property management company
- Use social media management tools
- Create and optimize ads
- Offer best accounting software for small real estate business, online leasing
- Create a portal where residents can pay rent and request maintenance
Pricing for RENTCafe is unavailable online. Reach out to Yardi to request a quote for RENTCafe.
Read the full RENTCafe review»
Disclaimer: ButterflyMX provides these blog posts to help our customers and potential customers make the right business decisions for them. Our blog posts are based on the information we have available to us at the time of writing.
The Ultimate Guide to Real Estate Accounting
March 13, 2018
As a property manager, you probably know that there are a lot of moving parts to real estate accounting. Especially in this industry, bookkeeping tasks can be very tedious because of number of state regulations and myriad of transactions why is the key to managing real estate accounting books.
So what do you need to get started? Well, you need a standard process to collect financial information. You need to choose an accounting method. You need to create a consistent filing and tracking system. You need to know how to pay your employees and your contractors. And, periodically, you need to be able to use the financial information you collect to analyze your processes and measure how profitable your properties are.
Yeah, there's a lot. But you're brave and intelligent and willing to learn, which is why we've created The Ultimate Guide to Real Estate Accounting!
Who uses real estate accounting?
Real estate accounting is used for property management. When you work in real estate, you deal with large sums of money, and it’s important to understand how to manage these transactions.
You should be familiar with real estate accounting if you:
- Run a real estate agency
- Manage real estate for clients
- Handle the accounts of a housing association
- Run a building construction firm
- Manage an investment trust
- Provide residential sales
Knowing how to do real estate accounting will help you run your business better and understanding how to manage your books allows you to track progress. You can see if you’re making a profit and which properties perform the best. It also helps you compare year-to-year growth, know how much cash you have on hand, your tax return, and pay bills on time.
Sometimes, it’s hard to set aside time for managing bookkeeping. But, real estate accounting is a necessary part of property management for keeping up with financial records, catching issues and seeing growth opportunities.
The Ultimate Guide to Real Estate Accounting
Real estate bookkeeping can be difficult and. You must follow many state-mandated rules and handle large transactions.
By learning how to complete some real estate accounting tasks, you can reduce the number of hours an accountant spends on your books. Take a look at the following tips about real estate accounting.
Find out your administrative code rules
First and foremost, property managers must follow guidelines for financial management. These guidelines are created by the local real estate commission or state agency.
Your real estate guidelines should shape your accounting practices. Make sure that your real estate accounting books follow the rules administered by your state. You might want to ask a financial professional who specializes in real estate to help you get started with this.
Administrative codes can sometimes be difficult to understand, so make sure you read them thoroughly before you do any bookkeeping. Also be sure to stay informed on any changes in your state’s codes.
Choose an accounting method
You can choose between two accounting methods to complete your books: cash basis or accrual. The two methods use slightly different rules for recording transactions.
Cash-basis accounting is a simple method for tracking transactions. You make one entry each time physical cash is exchanged. Record income when you receive it (e.g., someone pays you a deposit) and expenses when you pay them (e.g., you give a contractor a check for repair work).
Accrual accounting is a little bit more difficult than basis. You record at least two entries for every transaction. The entries are equal but opposite, which helps ensure that your books are accurate. Record income when you incur it (e.g., you send an invoice) and expenses when you incur them (e.g., you receive an invoice).
There are advantages and disadvantages to accrual vs. cash-basis accounting. Some businesses are required to use accrual accounting. Do some research before selecting a method of accounting. Then, familiarize yourself with how the method works and the basic terms used.
The IRS knows your accounting method by looking at your first business tax return. If you want to use a different accounting method, you must request the change with the IRS.
Get a system for recording entries
There are several ways to record transactions in your books. If you can afford one, you might hire an accountant or bookkeeper who offers real estate accounting services; however, most professionals with smaller operations use accounting software for making accounting entries. Compared to using spreadsheets for your accounting, accounting software is designed to simplify, organize, and easily showcase all of your company's transactions.
Additionally, many accounting software programs are cloud-based. This means that you can access, update, and modify your information from anywhere with an internet connection.
Set up your chart of accounts
You need a chart of accounts to record and organize your accounting journal entries. A chart of accounts lists every real estate transaction you make. You can use the chart of accounts to create reports, measure performance, and locate historical transactions.
When setting up your chart of accounts, ensure to create different categories - or "accounts" - for different transactions. For example, you might have accounts called “Repairs,” “Insurance,” “Management Fees,” and “Advertising.”
Every time you make a transaction, enter it under the appropriate account. Include additional columns to give more details about the transaction. Write a small note for each entry so that you know what the transaction is for. Also be sure to include which property the entry is for.
Update the chart of accounts often for accurate records. Make sure you record every transaction and calculate correct balances for each account. The chart of accounts can be used to create financial reports and track financial health.
Separate personal and business funds
Use a separate business bank account for real estate transactions. That way, all the money for your business is one place. You can easily look at your bank statement to find information about which transactions have processed and which are still pending. If you don't have separate personal and business accounts, deciphering which transactions are personal and which are for real estate can be difficult. The confusion causes several issues, including:
- Disorganized books
- Inaccurate tax returns
- Poorly managed cash flow
- Missed growth opportunities
By opening a separate account, you can better manage your business transactions and stay organized.
It's also worth noting that having a separate business bank account also makes you more credible and professional in the of your clients. This way, clients can write your property management name on checks rather than your personal name. This improves your image and makes your business more reputable.
Keep supporting documents to compare to your accounting books. You can go back to these documents to solve discrepancies. Organizing your real estate documents helps you manage records faster and more easily.
Some important documents to keep on file include:
- Invoices and receipts
- Bank statements
- Credit card statements
- Tax returns
- Insurance information
You can maintain documents in hard-copy or digitally, whichever you prefer. Whichever you choose, the important thing here is to establish an organized filing system for keeping track of your finances, as you may need to locate them down the line. When storing files digitally, ensure you are using a secure platform so that your sensitive information is safe.
Fine tune collections
For any growing business, one of the most difficult things to stay on top of is payment collection. If not organized properly, this can be a difficult, time-consuming activity. Luckily, there are a few ways that you can expedite this process.
The first key is to create effective payment terms on your invoices. The terms you give affect how quickly and frequently you get paid, and can also dictate which payment platform is used. Use the following tips to improve your invoice terms:
- Include all necessary parts, such as contact information, the due date, and the amount owed.
- Shorten your payment terms to get paid faster.
- Number your invoices to keep track of outstanding bills.
- Send invoices promptly to speed up collections.
- Have a process for flagging and contacting delinquent payers.
- Be polite when speaking with clients.
- Split large bills into multiple payments.
As with many administrative tasks, there are technologies that can help you best accounting software for small real estate business effective payment collection. For example, Contactually allows you to create custom emails and automate personal messages. With their contact management software - designed specifically for real estate professionals - you can automate reminders of upcoming payment dates, or inform your client that they are behind on a payment.
Reconcile your bank account
Staying on top of your transactions is one thing, but you must also validate that transactions are being reflected in your bank account balance. To ensure accuracy, you should reconcile your books with your bank account on a monthly basis. Through this reconciliation, you can identify any gaps in your transactions, and also flag any outstanding payments.
Through this reconciliation process, you should make sure that the balances are the same. Check for accounting mistakes, bank errors, timing delays, and other gaps that could be causing discrepancies. Use your supporting documents to verify correct entries.
Paying your workers
If business is growing, there's no doubt you'll need extra help managing your properties. You might hire agents, salespeople, or contractors. You need to properly classify your workers as employees or independent contractors. Mis-classifying a worker could lead to costly audits, back wages, penalties, how to get a debit card under 18 interest.
So let's clarify. When you classify someone as a contractor, you do not deduct taxes from their wages or pay employer taxes. Contractors also don’t benefit from FLSA rules on minimum wage and overtime pay. You do, however, deduct taxes from wages and pay taxes for employees. To make sure you classify workers correctly, use the U.S. Department of Labor’s six-part economic realities test, follow the IRS’s requirements, and learn your state-specific rules.
In real estate, some of your employees might earn a commission, so make sure you understand how to pay them. A commission is paid in addition to regular salaries. It should be included on an employee’s paycheck according to a separate monthly or bi-monthly schedule. You must withhold taxes from commissions.
Ask a pro
Real estate accounting comes with a lot of different regulations so it’s a good idea to consult an accountant periodically to help you manage your finances.
Talk to a financial professional who specializes in real estate accounting. Along with following the rules, a real estate accounting firm can help you choose a business structure, avoid unnecessary spending, best accounting software for small real estate business create reports.
(Guest post by Patriot Software)
2. CORE BackOffice
CORE BackOffice is a back-office accounting and commission management system for real estate brokers and agent teams. This system features agent onboarding, agent billing processing, custom commission plans and closing fees, direct deposit, custom workflows, and more.
Pricing for CORE BackOffice starts at $99/momth + $1.50/agent/month. Custom pricing is available for brokerages with over 500 agents. Integration with QuickBooks is available for an additional $50/month, as well as integration with Zoho Dashboards and Reports for another $25/month.
3. QuickBooks Online
QuickBooks Online is a popular solution for many small businesses. QuickBooks can be used by property managers with few tenants or properties, house flippers, and independent real estate agents to record income from rentals or commission, as well as track expenses from equipment and materials purchased to fix a property or other business expenses. Real estate agents can even track vehicle mileage from driving between properties to showings for their tax returns. As your business grows, you’ll likely need an industry-specific option to calculate commission percentages and manage real estate contracts.
The most basic QuickBooks Online plan starts at $25/month for basic income and expense tracking. If you want bills management or access for more than one user, you will have to upgrade to another QuickBooks Online plan.
DoorLoop is a full-service rental property management software tool that includes a suite of features. DoorLoop is designed to be highly intuitive and easy to use with features that allow you to manage every aspect of your rental business with greater ease. Any property manager or landlord that manages real estate rentals from 1-20,000 units can use it.
- Built-in CRM and tenant portal that allows you to automate rent collection, tenant screening, tenant management, and more
- Fully responsive mobile app for any device
- Owner portal that gives easy access to reports and enables you to print checks in real time
- Marketing features such as scheduling showings and listing rental properties
- A full range of accounting features designed to replace QuickBooks, including custom reports, a complete chart of accounts, a variety of payment options including ACH, credit cards, and more
- Easy interface best accounting software for small real estate business manage work orders, from scheduling maintenance requests to tracking progress on work orders and even communicating with tenants on maintenance tasks
All of DoorLoop’s plans will remain 50% off until 2022. There are no training or support fees. After 2022, pricing starts as low as $49 per month for your first 20 units with DoorLoop’s Standard plan.
While not a dedicated property accounting system, QuickBooks’ popularity makes it a common choice for landlords or property managers, especially when starting out.
QuickBooks is excellent as a complete accounting tool. In terms of accounting features, you’ll have everything you need.
- Robust financial reporting
- Online payments
- Chart of accounts
- And more
Property managers and landlords often find out very quickly the limitations of QuickBooks.
For example, you don’t have access to non-accounting features such as a tenant portal, marketing tools, and work order features. Trust accounting is not easy. You also have to use workarounds to input your properties and tenants as customers since QuickBooks isn’t designed for property management.
QuickBooks can be a great place to start for those with just a few rental properties.
The QuickBooks Small Business version’s most basic plan, Simple Start, is $25 per month. However, for essential features such as managing and paying bills, you’ll need to get the Advanced plan for $150 per month. All plans come with a 30-day free trial.
Buildium is one of several reliable all-around options for the property management industry, particularly for residential properties, as it has a robust set of features and competitive pricing.
It’s not as affordable as other options unless you have at least 50 units, but other than that, it delivers on ease of use, the number of features, and price.
- Payment tracking
- Financial reporting
- Automated monthly bank reconciliation
- Expense tracking
- Mobile app
- Wide-variety of integrations with sites like Apartments.com and Zillow
The Buildium basic Essential plan starts at $50 per month up to 20 units, with the plan covering portfolios up to 150 units at $235 per month.
Larger portfolios can move up to the Growth plan at $160 per month (starting at $250 per month if you 150 units) or Premium at $460 per month. All plans offer a free 14-day trial.
Appfolio is a strong overall option, with great features for both residential and commercial property western express pay has an up-to-date interface and robust set of features, though it’s on the pricey side, and certain features can come off as a bit complex or hard to use. With that said, it has good training resources for getting started.
- Smart bill entry
- Robust reporting
- Automated late fees
- Utility management
- Security deposit account holding
Appfolio has a $400 onboarding fee for getting started. Monthly pricing comes in between $0.80 and $1.50 per unit, depending on the property type, with a minimum $250 monthly payment.
The one benefit is that while it’s pricey compared to the typical property management accounting software, there are very few gated features. All customers have access to the majority of the features Appfolio offers.
Hemlane where can i load my walmart money network card a dedicated tool that offers unique features that help you connect with local agents and leasing tools. Similarly, Hemlane’s strong points are its marketing and tenant placement features.
However, it’s designed for smaller-scale property managers as its pricing is more expensive than other options, so it’s not great for large-scale operations.
- Real estate marketing and leasing tools
- Maintenance coordination to handle repairs and other requests
- Local support features
- Tenant screening
Hemlane’s Basic plan starts at $30 per month and $2 per unit after the first, with its premium Complete plan starting at $60 and $32 per additional property. All plans come with a 30-day free trial.
Hemlane is considerably more expensive than other apps, particularly if you have a large portfolio. This might be justified by their unique local support features, such as on-the-ground leasing agents.
TenantCloud offers fewer and less robust features than most dedicated tools on this list.
However, it makes up for it with the most affordable pricing plan. It also offers the only 100% free plan available on this list.
- Financial reporting
- Insurance reminders
- Maintenance request management
- Vendor payments
- Cloud based
The Basic plan is 100% free, up to 75 units. While lacking in many areas, it offers several useful features such as maintenance request management, online rent payments, and some basic accounting tools.
Their most basic Standard paid tier ups the threshold to 150 units and included e-signature and unlimited notice templates, among other features. The Advanced plan covers up to 500 units and includes administrative accounts and premium customer support (though not necessarily in real time).
7. Rentec Direct
Another all-around pick, Rentec Direct offers a diverse range of features.
It is known for feeling a bit dated and less intuitive than many of the newer options on this list, but it manages to deliver one of the more impressive lists of features as well.
- Robust financial reports
- Owner portal with reporting and owner payments
- Work order management system where you can manage maintenance requests and vendor payments
- Tenant screening and advanced real estate lead tracking
- Built-in email and SMS service for tenant communications
- Cloud based
Rentec Direct pricing
The basic Rentec PRO plan costs $35 per month, covering 10 units. Additional units increase the monthly cost on a tiered scale.
50 units = $55 / Month
100 units = $90 / Month
250 units = $215 / Month
500 units = $450 / Month
Also, tenant screening will incur an additional cost, with $7 for the Basic Screening Package, $10 for the Enhanced Screening Package with nationwide eviction search, and $15 for the Premium Screening Package with Transunion credit report and FICO score.
8. MRI Commercial Suite
MRI is a strong option for those working with commercial properties, though it has separate offerings for residential and public/affordable housing.
It offers good leasing tools and a generally robust set of features customized to your type of real estate property management.
MRI’s user interface is dated; however, its pricing is high and less transparent (you have to contact MRI for a quote).
- Financial reports
- Automated accounts payable
- Maintenance requests
- Lease templates
- Owner portal
MRI doesn’t list pricing directly on its website, so you need to contact them best accounting software for small real estate business to determine how much MRI will cost you based on your number of rental properties and feature needs.
9. Condo Control
Condo Control is a rental property management software designed specifically for condos and homeowner associations. The software has a somewhat unique set of features. It’s not only based on helping property managers run their business but also handling the unique needs of condo and similar property owners.
- Architectural change requests
- Community features for members such as events calendar, bulletin board, and voting
- Track violations
- Online payments
- Security and concierge features such as visitor parking and package tracking
Condo Control pricing
Condo Control offers both a Core and Premium plan with a variety of features. However, the cost isn’t very transparent as you’re required to contact Condo Control directly to find out your price.
Propertyware is a full-featured system with a robust set of features and other unique paid add-ons for the property management industry.
It stands out as having some of the best reporting features, including custom fields options, as well as automatic notifications options for both owners and tenants.
However, their pricing structure means bank of america business checking application status not a good fit for those with less than 250 rental properties in their real estate portfolio.
- Robust and custom reporting
- Owner portal
- Maintenance request management
- Email notifications for tenants and owners
- Cloud based
Propertyware’s Basic plan doesn’t have a flat fee but rather a minimum. A $250 monthly minimum is required, with $1 per unit. That means Propertyware isn’t a great fit unless you have at least 250 rental properties in your portfolio.
The Basic plan also has an onboarding fee equal to 2x the monthly subscription fee.
If you have 300 rental properties, your monthly subscription price would be $300. So, you’d pay a one-time $600 onboarding fee.
Also, Propertyware offers several attractive additional paid features such as 24/7 call center assistance for a $300 one-time setup fee and $1.10 additional per unit.
11. Property Matrix
A strong overall option, Property Matrix is a fully customizable solution that boasts particularly robust real estate features and an intuitive interface.
- App access
- Online payments via ACH, CC, and check scanning
- Customizable financial reports
- Enterprise-level features
- Built-in document signing
- Owner statements
Property Matrix pricing
Property Matrix is definitely on the enterprise end of things, with its most basic Standard pricing plan starting at $400 per month for up to 250 units. Additional units are $1.50 per unit.
In addition, their most premium Enterprise plan runs at $1,200 per month for up to 800 units. All plans come with a 30-day money-back guarantee.
12. Yardi Breeze
Similar to Yardi, it’s big brother, Yardi Breeze is uniquely suited to new and smaller-scale property managers.
It doesn’t offer an app, but the cloud-based software gives you access to training materials to help get you started easily, in addition to a simple and intuitive interface.
- Owner reports
- Tenant communications
- Maintenance request management
- Various features such as one-click import, invoicing, and QuickBooks integration
- Cloud based
Yardi Breeze pricing
Yardi Breeze’s pricing structure is a bit complex as it separates based on the property type. However, it balances that with one of the simplest pricing structures on this list.
For best accounting software for small real estate business, their basic residential Breeze plan has a $100 monthly minimum at $1 per unit. There are no additional fees such as onboarding or support fees. The premium Breeze Premium has a $400 minimum at $2 per unit, the same price as their basic commercial property plan.
13. Rent Manager
Rent Manager is one of the most feature-rich options on the list, as it offers a good balance of features, including a cloud-based, desktop, and app-version of the software that’s a fit for both beginners and more advanced large-scale operations.
- Vendor and owner payments
- Automatic bank reconciliation
- Countless integrations
- Custom training and data migration
- Cloud based
Rent Manager pricing
Rent Manager doesn’t offer their pricing model on their website; rather, you need to sign up for a free demo to get information from a sales representative.
Pricing options exist for each version of the software, whether the cloud-based or desktop version, as well as a more traditional per-unit pricing model.
Part II: Your Property Accounting Software Questions: Answered
Managing a property management business of any size is difficult, and accounting is just the beginning.
There’s marketing the properties, managing work orders, other tenant requests, and communicating with and paying your client owners (among other things).
The great part about good rental property management software is that it handles all of that and more.
But if you’re new to these tools, or you’re not convinced whether your business needs it or has another question; the answers below might help.
What is property management software?
Property management software is designed specifically to help you manage properties with ease and efficiency and help you save time.
It allows you to do everything you would do with a typical accounting system, such as:
- Manage accounts
- Accept payments
- Issue receipts
- Do payroll
Plus, you can do countless other tasks not directly related to accounting, including:
- Marketing and managing listings
- Offer a tenant portal for tenants to pay rent and check on maintenance requests
- An owner portal where owners can see reports and payment info
- Manage work orders from one convenient place
- And more
Property management software can be used by landlords, property managers, and small businesses with a single unit to a real estate portfolio of thousands, helping you save time and money by pulling dozens of tasks into one central location.
How is property management software different from accounting software like QuickBooks?
With QuickBooks, you can handle every accounting task your property management company could ever need.
- Collecting rent payments
- Managing your real estate chart of accounts
- Running reports
Property management accounting software offers all of these basic accounting features plus many other non-accounting features, such as:
- Tenant portal and screening
- Work order management
- Automatic listings and marketing
- Owner portal
- And more
QuickBooks is a more robust accounting solution than the average rental property management software.
So, make sure to find out before committing to a tool without vital features for your business.
It’s important to note that many of these features are designed for purposes that aren’t always relevant to home remedies for hemorrhoids india management.
In other words, more features don’t necessarily mean more useful to you.
- QuickBooks: Robust accounting-only software
- Property management software: All-in-one software designed specifically for property management, including everything from accounting to marketing.
Built for property managers and landlords
The purpose of rental property management software is to make your life as a property manager or landlord easier.
Handling everything from maintenance requests to rent payments, putting up listings, marketing, and managing deposits and accounts is a pain when you have to manage them separately.
With the right program, you can bring all of those things together in one central location.
Instead of bouncing from spreadsheet to spreadsheet, or spreadsheet to QuickBooks, trying to manage everything separately, with property management software (PMS), you can simplify your job down to a single dashboard.
That not only makes things simpler and easier, but it also saves you a real, quantifiable amount of time and money.
And the less you have to manage everything, the more you can focus on other high-level tasks.
A few years ago, features like web portals for tenants and owners were reserved for high-end, expensive software solutions.
Now, affordable options exist for property managers and landlords with real estate rental portfolios of all sizes, whether one or one thousand.
Here are just a few of the benefits you can reap by using a PMS:
- Simplify communication by allowing tenants to communicate through a dashboard on maintenance requests and other issues
- Reduce the time it takes to list available units and market them, further reducing the amount of time those units are vacant
- Centralize business reporting and data to make clearer and more streamlined decisions
- Obtain mobile access to all your real estate property data
- Automate tasks such as collecting rent payments, saving you time and hassle
- And avoid forgetting something important with custom alerts such as due dates on work orders
What does your business need from property management software?
One of the most important questions to answer when considering what kind of property management accounting system and features you need is:
What does your business need from property management software?
Or, said another way, what is of value to you that property management software can offer?
A shiny list of features sounds nice, but it’s important to consider which of those features are actually of value to you.
You might be hesitant to give up the robust accounting features bankamericard power rewards mastercard QuickBooks, only to realize on further inspection that you really only need a few cornerstone features.
If your accounting situation is more complex, those same features might be vital time savers.
That’s what’s so special about property management-dedicated software. Its features are designed to be exactly what you need to thrive as a property manager or landlord managing your properties.
In the same way, however, certain features in a dedicated property management software might be worth their weight in gold, while others won’t provide any value at all to you. It all depends on your situation.
The most important things to consider then are both:
- What do you need best accounting software for small real estate business property management software? And
- Which solution provides the most value to you?
Like a general accounting system, property accounting software varies in what features it has depending on who offers it. For that reason, the price varies somewhat as well.
Some basic accounting software offers a free trial along with a low monthly payment. Still, you only get the most basic features and none of the other valuable features that the best property management accounting software offers.
Other accounting-only software offers a perma-free version with limited features (and a paid premium version).
True property management software typically uses a per-unit model. For example, one solution might charge a $50 flat monthly fee plus $1.50 additional per unit. So, if you have 75 units, you’d pay $162.50.
Other solutions can charge larger flat monthly fees as well as a charge for onboarding.
For example, a $500 onboarding fee and a monthly fee ranging from $200-$2,000 depending on the size of your business. This is particularly the case for more robust general accounting software and not typically for dedicated property management software.
Try it free
There are countless property management accounting software options out there that can help deliver the tools and features your real estate business needs to maximize productivity, reduce hassle, optimize revenue.
Some, like accounting-specific software such as QuickBooks, only handle the accounting. They’re robust, though, and deliver features that dedicated property management software might not offer.
DoorLoop not only offers all the accounting features necessary to manage your rental portfolio, it offers a plethora of additional features that help you run your entire business– not just accounting - AND it offers a free trial as well.
Whichever you choose, remember that property management software should make your life easier, not more complicated.
The best property accounting software is the one that works for you.
If you don’t feel like your software solution is doing everything it can for your real estate business, consider your other options, and find one that truly helps streamline your business processes, saving you time and money.
David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his two children, he's writing articles here!