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Fire up your growth machine—and save up to 30% on Buildium. That's an ENTIRE year of the #1 most recommended property management software for less. Buildium is a cloud-based property management software solution designed to streamline the unique tasks of ...Read more about Buildium
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DoorLoop is a cloud-based property management software designed to help property managers and owners streamline their business operations for properties of all sizes. The solution offers a host of features, such as accounting, leasing, rent collection, ten...Read more about DoorLoop
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Yardi Breeze is a cloud-based property management software designed for businesses of all sizes. The platform can be used for various property types including residential, commercial, affordable housing, self-storage, associations and manufactured housing....Read more about Yardi Breeze
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SimplifyEm is a property management software designed to meet the requirements of small and mid-sized landlords and property managers. The web-based solution offers features like property accounting, tenant management, lease tracking, bank reconciliation, ...Read more about SimplifyEm
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Innago is a cloud-based property management software created to simplify and streamline the task of managing rental properties. The platform is designed to cater to the needs of landlords and property managers, providing an intuitive and user-friendly inte...Read more about Innago
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Rentec Direct serves as a web-based, full-featured management system for landlords and property managers that is designed to suit the needs of those managing properties between 25 and 5,000 units. Rentec has no startup fees, no term commitments, and includ...Read more about Rentec Direct
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AppFolio Property Manager is a comprehensive property management software designed to streamline operations for property management businesses. This software offers a wide range of tools and functionalities aimed at enhancing the efficiency and effectivene...Read more about AppFolio Property Manager
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Rent Manager is a cloud-based property management software designed to help manage residential, commercial, association, manufactured housing, self-storage, and short-term-stay portfolios of any size. The program’s fully customizable features include a dou...Read more about Rent Manager
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PayHOA is an easy-to-use platform designed to manage every aspect of your HOA or condo community. Each homeowner can access their online portal to make online payments, submit request forms, reply to violations, view the community calendar and message bo...Read more about PayHOA
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PropertyZar is a cloud-based property management solution for small to large landlords and property managers. It offers features such as tenant screening, online applications, e-payments, posting vacancies and work order management.PropertyZar is one of th...Read more about PropertyZar
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TenantCloud is a cloud-based property management system designed to meet the needs of landlords, property managers, rental owners, team members, service providers, vendors and other real estate professionals. The system offers property management, tenant m...Read more about TenantCloud
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Our all inclusive platform includes all the products needed to run your property management business including: Accounting Property Management Rent Payments with Auto Late Fees Resident Screening, Communication Center Maintenance Work Orders Vendor Managem...Read more about Renter Insight
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Try 6Storage's easy-to-use management software, websites, gate access system, and digital marketing services at just the right cost. + Manage multiple facilities/buildings from one dashboard + Access and manage operations from anywhere in the world + A...Read more about 6Storage
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RentRedi is a property management software designed to help landlords and property investors automatically collect rent payments, screen and verify applicants, list properties, capture eSignatures, and track repairs. Tenants can set up automatic payments, ...Read more about RentRedi
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Property Matrix is a cloud-based property management solution for apartment complexes and multi-family unit properties. It offers applications for tenant and lease tracking, property accounting, building maintenance, CRM and online classifieds. The solutio...Read more about Property Matrix
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With PayProp, you can collect and match rent to the right tenants, make outgoing payments, report on your entire portfolio and more in just a couple of clicks. PayProp’s powerful property management platform automates the crucial financial administration ...Read more about PayProp
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Condo Control is a property management solution that provides an online communication and management platform for condos. The platform centralizes administrative tasks and communication tools, making it easier for property managers and board members to man...Read more about Condo Control
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Re-Leased is a cloud-based commercial property management solution. Key features include accounting, portfolio management, tenant communication, inspections, document storage and compliance management. The solution integrates with Xero and is able to syncs...Read more about Re-Leased
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Building Stack is a cloud-based property management solution designed for Canadian businesses of all sizes. Key features include lease management, employee management, building maintenance, automated listing postings, tenant communication and reporting, ex...Read more about Building Stack
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MRI Commercial Management is built for commercial property managers. It offers real-time, actionable data which can be used to manage assets, all from the secure Alloy platform. Commercial Management (CM) clients include managers of industrial and office s...Read more about MRI Commercial Management
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RealPage is a cloud-based property management solution suitable for businesses of any size. Key features include accounting, budgeting, facilities maintenance, purchasing, document management and reporting. RealPage enables users to organize and store...Read more about RealPage
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Total Management is a cloud-based property management solution suitable for midsize to large organizations that manage apartments, mixed portfolio, REITs and commercial or retail space. Total Management helps users multitask by navigating multiple scr...Read more about Total Management
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ManageCasa is an intuitive, interactive, and automated Property Management platform specifically designed for Property Managers, Associations and Landlords seeking an all-encompassing web and mobile approach to increase efficiency and grow their business. ...Read more about ManageCasa
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ExactEstate is your all-in-one cloud-based property management solution, streamlining every aspect of property management, from lease renewals and accounting to maintenance requests and keeping tabs on vacant properties. Built by property managers, for pr...Read more about ExactEstate
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ResMan simplifies multifamily and affordable property management. Automate finances seamlessly with advanced AR and transparent audit trails. Engage prospects efficiently through centralized leads and real-time SMS communication. Boost visibility with dy...Read more about ResMan
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Software Advice uses reviews from real software users to highlight the top-rated Real Estate Property Management products in North America.
Learn how products are chosen“Usability” includes user ratings for Functionality and Ease of Use.
“Customer Satisfaction” includes user ratings for Customer Support, Likelihood to Recommend and Value for Money.
Reviews analysis period: The reviews analysis period spans two years and ends the 15th of the month prior to publication.
This detailed guide will help you find and buy the right property management software for you and your business.
Last Updated on August 19, 2024Property 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.
Here's what we'll cover:
What are the competitive advantages of using property management software?
What are the common business sizes using property management software?
What are some additional software that property managers may need?
Property management software applications can lead to several key benefits, including:
Tenant and lease tracking. Helps landlords keep track of tenant details, such as rent payments or contact information, and lease dates. Lease tracking can also automate the leasing process from prospect to move-out.
Maintenance management. Assists property managers in keeping buildings and utilities in operating condition so tenants find value and comfort in their homes. Residents can submit work orders, and a landlord can assign work and track schedules so that important property maintenance tasks are completed in a timely fashion.
Accounting. Allows users to track rent payments, use a general ledger, and generate reports to visualize the financial health of properties.
Tenant portal. Enables tenants to pay rent, make maintenance requests, and communicate with landlords at any time. This portal can also send alerts and notifications about upcoming rent dates or important messages from managers to residents.
Whether managing a single apartment complex or dozens of commercial facilities, property management software provides the functionality needed to handle daily tasks, letting a landlord focus on their business in other ways:
Grow your business. Automation, such as built-in tenant screening to find the best residents or renters, allows a property manager to spend more time marketing properties and managing applicants. Marketing tools give users the ability to post vacancies to various sites, such as Craigslist or Apartments.com, with just a few clicks.
Offer increased convenience. With an online tenant portal, residents can pay rent any time of day, which adds convenience for them and makes rent collection easier for landlords. In addition, the portal opens a line of communication amongst tenants and office and maintenance staff, so everyone can be quickly notified about important announcements.
Gain financial oversight. Reporting and analytics tools help landlords gather financial, tenant, or marketing data to identify trends that could be harming their business or opportunities to make improvements.
A property manager has different requirements based on their portfolio size and type. Software offers functionality to help any type:
Single and multi-family buyers. Perhaps the most common type of property management, these users enjoy a wide selection of systems that help manage apartments, condos or houses, including core functionalities of accounting and tenant tracking along with portals and vacancy marketing.
Niche-segment buyers. While most property management systems feature the same core functions, some focus on certain rental property segments:
HOA management software offers additional features to track the meeting minutes, bylaws, and elections necessary to operate an association.
Affordable housing software includes functionality to manage funding programs, track compliance, and generate audit reports.
Vacation rental property software focuses on online booking management and marketing features to give owners a wider reach for potential renters.
Enterprise level buyers. Those who manage several properties across a commercial enterprise can opt for a system that shows an overview of their entire portfolio.
Modern property management software helps handle virtually any day-to-day task, but depending on your specific needs, you may want to integrate your tool with other systems:
Marketing automation: A property manager with a large portfolio may need some extra help advertising rentals. Marketing software can help manage email, social media, or text campaigns to reach a wide swath of prospective tenants. Property managers can even work directly with real estate agents to help fill vacant rentals.
Maintenance management software: Residents deserve functional, clean properties, and property managers may need more robust work order systems to tackle the volume of daily maintenance requests.
Property management accounting software: Landlords can track rent payments, maintenance, and inventory costs, and create forecasts and budgets to gain an overview of financial health and maximize profits.
Rental property management software: Property owners can automate recurring tasks such as rent collection and generating financial reports, and handle maintenance requests remotely to manage a portfolio of properties.
Apartment management software: Includes core accounting and tenant and lease tracking functionality with additional online listing management tools, and a tenant portal to streamline rent collection.
When comparing property management software, it's important to understand the functionality included in these tools. The most common functions of these systems are listed in the table below:
Accounting | Manage the general ledger, accounts payable, and rent payments. Most systems assist with bank reconciliation and generating financial reports. |
Tenant & lease tracking | Assists with the entire leasing process, including tenant screening for prospective tenants, move-in and move-out management, and rent and utility payment collections. |
Budgeting & forecasting | Develop accurate operating budgets and reports and forecast future costs and values, as well as account for consumer price index (CPI) changes, inflation, and market rates. |
Building maintenance | Submit and track work orders, either from employees or renters, and assign tasks to maintenance workers. |
Tenant portal | Allows tenants to pay rent and fees and submit maintenance requests, and opens a communication channel between residents and staff. |
Accounting: Accounting features in a property management solution work much like financial accounting in other systems: They help keep numbers accurate and up to date, with a general ledger, forecasts, and dashboards offering a holistic view of expenses and profits. Generated reports can be used to present to stakeholders and to identify trends or opportunities.
Accounting summary in Buildium
Tenant & lease tracking: This feature is the core of any property management system as it helps organize and track all important information about residents and lease agreements. This may include: past due payments, crucial lease dates, and contact information. Most systems also offer tenant screening tools as a part of tenant tracking.
A tenant profile in Yardi Breeze
Budgeting & forecasting: These features deliver value to a property manager by centralizing all current financial information and historical lease details to produce accurate projections and forecast future costs. Reporting features can be used to generate customizable reports to easily share information with stakeholders.
Various types of reporting options in Rentec Direct
Building maintenance:Maintenance management allows both residents and staff to submit, track, and assign work orders for any type of request, from structural issues to pest problems, through an online portal. Many systems can automatically assign tasks to maintenance workers to ensure a quick response.
SimplifyEm Software's maintenance tracking calendar
Tenant portal: An online portal offers residents various ways to communicate with landlords or office staff, accessible at any time of the day. Tenants can update contact information, pay rent and other fees, submit maintenance requests, view lease documents, and communicate with office staff.
A resident profile in the tenant portal from AppFolio
Property management software is often flexible enough to match a property owner's specific needs and scale with their business growth. However, there are some crucial applications for certain types or stages of property management:
Small apartment complex or single-family homes | Tenant and lease tracking: For rental property managers with a smaller portfolio, rent payments and lease documents can be centralized for quick retrieval of important information, such as which resident's rent is past due. |
Multiple complexes, rentals, or an HOA | Tenant portal: When property owners have several buildings or rentals to maintain, letting tenants contact them through an online portal helps them stay on top of emerging problems they may have missed otherwise. |
Enterprise business | Corporate real estate professionals need more robust accounting and reporting tools to make strategic decisions in order to lower costs. Some may also consider facilities management software. |
Typically, property management software pricing is based on a few key factors:
How many units do you manage?
How many applications do you need?
How do you want the system deployed?
Vendors most often charge per unit, per month—but be aware that many have minimum monthly costs no matter how large your portfolio. Other costs may include implementation, support fees, or hardware expenses.
In addition, costs may differ for on-premise or cloud-based deployments; cloud-based software is generally a smaller investment up front.
Property management software has a relatively simple pricing structure, but some solutions include costs that a landlord might not anticipate. In addition to the monthly fee per unit, consider these other common costs:
Add-on modules that may not be automatically included in the plan a landlord chooses
Implementation services or fees for the vendor to help set up the software for success
Training options to help a property owner's team use the system effectively
Access to an API to further customize the software to meet a landlord's needs
As mentioned above, property management software offers several benefits:
Tenant and lease tracking: Manage tenant contact information, manage tenant screening, lease details, and important notifications to avoid late payments or move-out dates.
Maintenance management: Submit, assign, and track work requests from staff or residents, and close out work orders to ensure important tasks are completed in a timely manner.
Accounting: Track all your financial records, from rent payments to expenses, and generate reports to get an overview of operations.
Tenant portal: Open an online communication channel among landlords, staff, and residents, where users can make work requests or post to a message board. It often includes a rent manager where tenants can make a rent payment.
When seeking information about property management software, property owners should ask a few questions to make sure it's the right fit for their needs. These include:
What parts of the software do users most frequently report problems with?
While property owners should pay attention to what vendors are excited to share about their system, they should be sure to ask about common pain points for customers and which features typically take the most time to master.
What are the additional required costs for the software?
Aside from monthly subscription costs, a landlord should get an idea about additional costs for other services or hardware. Training and implementation are common, up-front costs to consider.
Can you customize the system to meet my specific needs?
Most vendors are flexible enough to customize their software by adding new fields for tenant information or combining a specific set of features for a landlord.
Marketing your vacancies and conveying quality in the photos and text you post can be a time-consuming challenge for property managers. Modern property management systems offer functionality to help with website and vacancy management, with features for branding, search engine optimization, social media integration, and full marketing campaign management.
Check out this example of how software helps you market properties and find tenants in the busy summer months.
A major feature of most modern property management solutions is tenant screening, which allows a landlord to screen for credit, eviction, and criminal records much faster than manual methods. Screen with accuracy to avoid bad tenants so you can spend more time showing off your amenities.
Property management software won't immediately solve your operational challenges, but it can significantly streamline your more tedious daily tasks.
As with any software investment, it's important to have a clear goal in mind for the system—maybe you need to automate rent collection or make it simpler for residents to make maintenance requests. A clear objective will help your company determine the exact functionality needed to reach it.
Sometimes it's difficult to get management to sign off on a new investment like software. But there are a few key property management software benefits that could help you get buy-in from your team:
Faster lease signing. Automated vacancy postings and screening tools streamline the application process so that you find the best tenants and can have them sign leases quickly.
Automation facilitates communication. Software provides a tenant portal that connects residents and landlords to conveniently contact each other about important information so that managers can focus on improving the business.
Financial tools handle tedious tasks. Property management software has industry-specific tools to calculate common area maintenance (CAM) reconciliation or automate late fees.
Here is some further reading about property management software that you should check out:
Boost Tenant Retention by Using Portals for Maintenance Requests
3 Ways Property Management Software Helps You Collect Rent on Time
Note: The information contained in this article has been obtained from sources believed to be reliable. The applications selected are examples to show a feature in context, and are not intended as endorsements or recommendations.