Table of Contents Hide
- What Does a Property Management Software Do?
- How to Select the Appropriate Property Management Software
- The Top 10 Best Property Management Software In 2023
- Property Management Software FAQs
- How do I choose the right property management software?
- How much do property management companies charge?
- Does QuickBooks do property management?
The best free or paid rental property management software makes managing real estate portfolios straightforward and quick, covering everything from tenant screening to building maintenance. Fortunately, there are a number of extremely comprehensive solutions available on the market for enterprises that must manage a large number of property units. Many are cloud-based services, which means you can access them from anywhere, including your smartphone. Here are the best property management software packages now available for anyone managing any sort of portfolio of real estate.
What Does a Property Management Software Do?
The best property management software organizes rental properties, manages tenants, generates financial reports, and syncs and reconciles bank accounts for rental property investors and property managers.
Many property management software packages include tenant screening, lease drafting, online rent collection, maintenance request management, and secure document storage.
How to Select the Appropriate Property Management Software
Every piece of free property management software has its own collection of functions that fit into one of three categories:
#1. Leasing and marketing
- Syndication of vacant property marketing to high-traffic rental listing websites.
- No cost to the landlord for online rental application processing and tenant screening.
- Credit and background checks, rental history, and evictions are all part of the screening process.
- Lease documents and electronic signatures can be completed totally online.
- Tenant applications and executed leases are stored securely.
- Online owner dashboard where landlords can engage with tenants and evaluate individual and portfolio property performance.
- Capability to share papers and financial reports with company partners and professionals such as a financial planner, CPA, or real estate attorney.
- Multiple user accounts can be created for remote access by different members of the real estate team.
- Track tenant maintenance and repair requests, including work histories and vendor notes.
#3. Reporting and Accounting
- Real-time tracking of income and expenses online, with a paper trail for auditing purposes.
- Rent payments are deposited into a bank account designated by the owner, with the option of several bank accounts.
- Create an unlimited number of financial reports, such as income statements and balance sheets, for each property and portfolio.
- Export tax-ready financials to simplify tax filing and save accountant or CPA fees.
- With the iOS and Android smartphone apps, you can upload invoices and track spending on the move.
The Top 10 Best Property Management Software In 2023
In 2023, we analyzed 23 property management software solutions and chose the top ten based on feature, affordability, and support services.
- MRI Software
- Yardi Breeze
- Rent Manager
Buildium is one of the most comprehensive property management programs available on the market today. Look no further if you want software that can do it all.
This software includes a plethora of options for the management of all elements of a rental property. You can handle vacancies, maintenance, and even accounting from the interface. The accounting suite is well-thought-out, with automatic rent reminders, a full ledger, and the ability to generate reports on demand. There is even an online tenant portal where tenants can make their rental payments.
The basic Buildium bundle is $50 per month and covers up to 150 units. If necessary, larger packages with support for up to 5,000 units at the maximum level can be purchased. Higher levels have lower unit costs, thus larger properties will get the best deal. Nonetheless, $50 per month for 150 units works out to $0.33 per unit, making it a negligible expenditure. Buildium also provides a 15-day free trial period to determine if it is right for you before purchasing a subscription.
This software features a ticket-based customer service system, which can take several hours to respond to. Having said that, the team is quite competent and can guide you through the majority of common issues with no fuss.
Buildium, in addition to all of its native functionality, can be integrated with a number of prominent third-party platforms. Apartments.com, Apartment List, Forte, HappyCo, Happy Inspector, HotPads, Lovely, MSI, Nelco, PayNearMe, RevSpring, Tenant Turner, TransUnion, Trulia, Zillow, and Zumper are among these systems.
SparkRental is a great piece of property management software for increasing your rental income stream. It allows you to post rental listings to several websites with a single click and seek free online rental applications. SparkRental allows you to collect rent online for free. In the spirit of giving, you can also obtain free prepopulated tenant notifications and eviction notices for each state.
You can also obtain tenant screening reports, which contain credit, criminal, and eviction information. This function costs a total of $39.90, which is charged to the renter. The software allows you to construct a lease bundle and is available in both a free edition and a premium state-specific bundle for $29.95.
Finally, a new feature that will be available soon will allow you to outsource your property maintenance requests for a nominal monthly cost. SparkRental is an excellent choice for increasing your rental income!
AppFolio is primarily intended for landlords with many properties, but it is also appropriate for any landlord looking to expand their business. It accommodates various types of units, from single-family houses to huge apartment complexes, and, most significantly, its services are customizable. Instead of an all-in-one cost, you pay a predetermined fee per unit. There are no tiered pricing or other restrictions on the number of units you can manage. You also pay separately for advanced features, so you only pay for what you use.
To sign up, you must first pay a $400 onboarding charge. Following that, the unit fees are as follows:
- Residential rentals are $1.40 per month per unit.
- Commercial rates are $1.50 per month per unit.
- Student accommodation costs $1.40 per month per unit.
- HOAs: $0.80 per month per unit.
There is no minimum monthly cost of $280. To receive the best price on residential units, you’ll need at least 200 units.
Several useful property management functions are included within the software. You may build professional-looking websites for your homes, buy sales leads, screen tenants, and get landlord and renters insurance. You can also accept online payments, track maintenance, pay invoices, and even collect debts. Some of these services are extra-cost, but as previously said, you only pay for what you require.
Propertyware is primarily aimed at landlords of single-family dwellings. It lacks some functionality that other software suites have, but this is a feature, not a flaw. The UI is substantially simpler than most comparable property management software because there are no commercial rental capabilities, making it easier to learn and operate. In terms of the number of units, it works equally effectively whether you rent out a single property or hundreds.
There are three pricing tiers for this software: Basic, Plus, and Premium, which cost $1, $1.50, and $2.00 per unit, respectively. There is also a minimum payment for each tier, which is $250 per month for the Basic plan, $350 for Plus, and $450 for Premium. As a result, the best cost is only available if you manage at least 200 units.
The Basic package includes the ability to market vacant homes, generate financial reports, schedule maintenance, screen prospective renters, and collect rent payments via a dedicated tenant site. The Plus plan includes all of this, as well as two-way text messaging, digital signatures, and inspection scheduling. The Premium package includes maintenance management and supply vendor portals.
Third-party integrations are one area where Propertyware falls short. Other than Mail Merge and DocuSign, no third-party support is available or planned. If you’re searching for an all-in-one management solution, this isn’t a significant concern. However, if you already use products or services, such as Apartments.com, you will be unable to combine them.
SimplifyEm was created for real estate professionals by real estate professionals. It can support up to 2,000 units, however, it’s best suited to smaller landlords. If you have fewer than ten units, your monthly payment will be only $20. This increases by $10 per month for every 10 extra units purchased. So, if you have 50 units, your monthly fee is $60. It then switches to billing in 25-unit increments, however, the base rate of $1 per unch remains the same. There is also a 15-day free trial to test how it works before committing to a full subscription.
The simplicity of SimplifyEm is its key selling point. It’s intended to be simple to use even if you’ve never been a landlord before. For that purpose, their service includes live phone and email support, so you may obtain assistance with any problems.
The software monitors tenants and leases to track income and expenses, and tenants may even purchase renters insurance through the tenant site. On the landlord’s end, you can log maintenance requests, generate financial reports, screen renters, and execute other important duties. You can also integrate with ACH.com, Fidelity, NARPM, TransUnion, Trulia, Zillow, and other services.
#6. MRI Software
MRI software is generally intended for commercial properties such as huge apartment buildings. These properties are often held by groups of investors as opposed to a single landlord, and those investors require tools and analyses that ordinary landlords do not. As a result, this program includes a variety of features that are not found in other similar software. The software features a plethora of planning capabilities in addition to basic rental property management. MRI Software can help you manage your assets, manage space, plan strategically, and maintain compliance with local affordable and public housing rules.
Pricing is a little more ambiguous than with other property management services. There is no free trial, and the price is obtained by contacting MRI Software. It is also available in two forms: as an installed program or as a cloud-based service. Having said that, it has received generally positive feedback on a variety of landlord websites, with investors praising its value. According to Vlad Mishkin of WebScraping.ia, “the only way to know for sure is to receive a quote for yourself.” MRI software is only useful for properties with more than 50 units.”
#7. Yardi Breeze
Yardi Breeze was among the earliest cloud-based property management software services, and it remains among the best. They were in the industry even before the cloud. They were created in 1984, while PC software was still in its infancy.
Yardi Breeze’s pricing is transparent, which is a plus. Instead of tiers, they just charge a monthly fee of $1 per property. That’s really inexpensive, and it makes the software very competitive in today’s market. However, there is a monthly minimum charge of $100 for residential homes and $200 for commercial properties. As a result, maintaining properties with fewer than 100 units will cost you more. There is also a Breeze Plus upgrade package available. For both residential and commercial establishments, this costs $2 per unit, with a $400 monthly minimum. All programs include free training for the first 30 days and 24/7 customer support.
This software includes many of the same capabilities that we’ve seen in other providers. You may manage applications online, automate marketing, and collect rent online. Yardi Breeze, on the other hand, allows tenants to upload smartphone images along with a repair request.
#8. Rent Manager
Rent Manager is a versatile property management platform that can handle any number of units. Not only that, but it’s ideal for usage on the run. You may access it from any computer via the cloud, but you can also download the smartphone app. From your phone’s screen, you can receive payments, enter work orders, and schedule maintenance. You may also snap images and save them to the cloud, which is important for maintenance.
You may generate financial reports, handle work orders, and advertise unoccupied units for rental on the portal. Rent Manager also includes a website-creation tool that allows you to construct a very professional-looking website for your property. Furthermore, you may trace maintenance requests from the beginning to the end. You must request a price quote via phone. However, if you want to give it a try, there is a free trial version available.
Rent Manager is also beneficial to tenants. They can online sign their lease, eliminating the need for mail and postage. They can pay their rent online from any device and view their payment history. This ensures that both landlords and tenants are on the same page.
Re-Leased is intended for all types of properties, including commercial, residential, and office and industrial spaces. Pricing information, like that of a few of our other top software services, is not publicly available. To find out how much it will cost, contact and request a quote for your property. Customers have access to 24/7 customer service and an infinite number of units. If your company is expanding, you won’t have to worry about switching providers later.
You can use the software to automate a variety of monotonous jobs. You can use it to send out automated rent reminders and to automate your property listings. A built-in communications center links you, your maintenance workers, and your renters, greatly simplifying repair projects. You can also connect it to Google Calendar, Outlook, and Microsoft 365 to sync all of your calendars.
Avail is one of the world’s most popular property management programs. It lacks several of the capabilities you’d expect from more robust commercial hardware because it’s aimed mostly at small and DIY landlords. However, because it has fewer features, it is simpler, easier to use, and understand. This makes it an excellent alternative for earning extra money by renting out one or two flats.
Nonetheless, there are a lot of beneficial features. It provides tools for tenant screening and generates digital leases that your tenants can sign electronically. In reality, it will generate state-specific leases that are compliant with local laws and regulations. Rent can be paid online from any device, but a small fee will be added to the transaction.
Perhaps Avail’s best feature is its low cost: it is completely free. You can use it for an endless number of units and not pay a dime. However, the paid edition includes additional options such as personalized leases, no-fee rent payments, and next-day payments. At $5 per month, per unit, it’s an excellent value for small landlords, but the pricing is not competitive for bigger properties.
The best free property management software assists real estate investors in keeping track of rent collections and late fees, streamlining communication between landlords and tenants, and digitizing paperwork such as invoices and lease agreements so that it is securely stored in the cloud and easily accessible.
Property management software assists investors in managing any number of rental properties, from one to one hundred or more, in order to maintain healthy cash flow and rental property returns.
Property Management Software FAQs
How do I choose the right property management software?
Check to see if it’s simple to use and intuitive and if your employees would appreciate it. Determine whether and how it assists you in meeting your state regulatory compliance and financial obligations. Determine its accounting capability and whether it can assist you in properly managing your spending for each particular property.
How much do property management companies charge?
A typical residential property management service will charge between 8 and 12% of the monthly rental value of the property, plus expenses. Some businesses may charge a fixed fee of $100 per month.
Does QuickBooks do property management?
Simply put, QuickBooks has the capability of managing rental property accounting transactions. You can set up properties as customers, tenants as sub-customers, and classes to track various transaction kinds in the software.
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