Best Real Estate Property Management Software
Real estate management software solutions are built with the aim to reduce costs and enhance value and productivity. For an investor, it is critical to understand the right geographic location to invest, the best property to buy, and the ways to efficiently manage properties to get the desired returns. Property management software for real estate has features that support the demands. If you are looking for a similar software, then take time to explore the below-mentioned list of best real estate property management software. The list is prepared specially by the expert analysts at GoodFirms. You can also find the reviews and key features of each of the software mentioned.
List of Real Estate Property Management Software | Real Estate Property Software
AccruentIntelligence for the Built Environment
Accruent is the world’s leading provider of intelligent solutions for the built environment –spanning real estate, integrated technology systems, and the physical and digital assets they connect. Accruent continues to set new expectations for how organizations can use data to transform the way they manage their facilities and assets and is transforming the way people and systems work together. ... read more about AccruentContact vendorN/A30% in Real Estate Property Management Software
SimpleRentSimple property management software for landlords and owners.
Manage tenants & properties, track rent due, print invoices and rent roll, collect payments and store your data in one comprehensive, easy to use, web based property management software package. Say goodbye to Excel and put your property management business on cruise control! If you're an upstart landlord managing your own properties, or you're a mid-sized property management firm that manages ... read more about SimpleRent$25 Per MonthN/A50% in Real Estate Property Management Software
RentCastRental Property Data, Analytics and Portfolio Tracking
RentCast is the leading rental property analytics, estimation and reporting software for real estate investors, landlords and property managers. You can use RentCast to get actionable rental data in seconds, including accurate rent estimates, nearby rental comps and local market insights for any property or zip code in the United States. RentCast can also help you grow, track and optimize yo ... read more about RentCastFree versionAvailable50% in Real Estate Property Management Software
LendlordSay “goodbye” to antiquated and inefficient excel spreadsheets!
Lendlord is a property management and rental payments software for Landlords to manage, track, and optimize their portfolio financing. With unique technology, Lendlord's dashboard provides you with ongoing metrics on your portfolio health, historical trend of your portfolio growth and P&L suggestions on potential savings on your mortgage costs, upcoming due dates and more, all in one place as we ... read more about LendlordFree versionAvailable100% in Real Estate Property Management Software
Landlord StudioSimplified rental accounting and management for landlords
Landlord Studio is the leading mobile-first property management app. All the power of a professional property manager, wherever, whenever. It's in your hands. Manage your properties with LandlordStudio and have less stress, plus more time. Advanced Expense Tracking, Tenant Screening, Instant Rent Collection with Zelle® and lots more. ... read more about Landlord StudioContact vendor14 Days50% in Real Estate Property Management Software
HemlaneAll-in-one property management that is effortless and affordable.
Hemlane is all-in-one property management that is effortless and affordable. Hemlane provides software to find tenants and manage the full rental lifecycle. Hemlane connects owners with local real estate agents for specific local property management tasks. Local agents and managers support owners in many ways, from rental showings to annual inspections. Hemlane offers lease tracking, online rent c ... read more about Hemlane$30 Per UserN/A33% in Real Estate Property Management Software
Re-LeasedAutomated, Intelligent Commercial Property Management Software.
Re-Leased is cloud-based commercial property management software that makes life easier for property managers and owners. Work on your terms with modern cloud-based property management software for commercial, industrial, office, retail and mixed assets. Our cloud-based solution allows you to access important information and run your business from any device, anywhere in the world. Our customer su ... read more about Re-LeasedContact vendorN/A33% in Real Estate Property Management Software
LeasecakeLease and Location Management Made Easy.
Leasecake is a cloud-based platform that offers lease and location management services for landlords, tenants, and brokers. Leasecake is lease administration and location management made easy for commercial real estate tenants, brokers, and landlords. You can unify your team and grow your business by easily tracking every time-sensitive, business-critical event in one place. We help our customers ... read more about LeasecakeContact vendorN/A40% in Real Estate Property Management Software
TenantcubeSimple software for smart property management.
Tenantcube is a simple software for smart property management. Manage your own properties with confidence and ease, from anywhere and from any device. Tenantcube provides all the tools needed to list your rental property; find and place a qualified tenant; collect rent and manage property expenses; as well as maintain and coordinate property maintenance. The ultimate resource for landlords – act ... read more about Tenantcube$2 Per UserN/A30% in Real Estate Property Management Software
DoorLoopRental Property Management Software Made Easy
DoorLoop is Rental Property Management Software Made Easy. Manage and grow your portfolio from anywhere with ease. DoorLoop is fully customizable. If it has a door, you can manage it with DoorLoop! DoorLoop combines multiple programs into one. Simplify your operations with one login. No add-ons needed. With a built-in CRM and tenant portal that’s as easy to use as a smartphone, keep track of pro ... read more about DoorLoop$29.50 Per MonthN/A30% in Real Estate Property Management Software
CrexiYour Next Commercial Property is Here
Crexi is Your Next Commercial Property is Here. It is a real estate agency tool that helps users list properties, generate leads, manage campaigns, handle contacts, and more. Search the fastest growing commercial real estate marketplace for free! Our broker/agents reach thousands of buyers, tenants, and institutions that are searching daily for their next commercial property! ... read more about CrexiContact vendorN/A40% in Real Estate Property Management Software
CORE BackOfficeCORE BackOffice, is designed for real estate brokerages.
CORE BackOffice, is designed for real estate brokerages who need an easier way to manage their commissions & financials. CORE BackOffice provides a single, streamlined solution to manage agent onboarding and billing, commission tracking and disbursements, along with reporting and accounting - so your brokerage can run smoothly & profitably. From automated agent onboarding and billing to transactio ... read more about CORE BackOfficeContact vendorN/A50% in Real Estate Property Management Software
TurboTenantAutomate Your Rental Management Process for Free
Simplify how you self-manage your rental business. Our property management software helps you streamline your rental process from anywhere. Get leads, screen tenants, create leases, and collect rent — all in one place. Build one professional listing on TurboTenant, and with one click, send it to dozens of listing sites. All TurboTenant applications include industry-standard questions, a Tra ... read more about TurboTenantFree versionAvailable40% in Real Estate Property Management Software
PickspaceProperty Management Software
Pickspace is an innovative, fully customizable, cloud based property management software solution, designed to help property managers manage their properties more effectively, save on operating costs and increase profitability. Pickspace provides a full range solution that perfectly suits the dynamic and ever changing needs ofproperty managers today. The solution simplifies the tasks that prope ... read more about PickspaceContact vendorN/A80% in Real Estate Property Management Software
ArgoSmartprop tech SaaS platform
ArgoSmart is a data driven construction and property management platform. Are you in the Construction or Property management business? If Construction: The service helps to manage construction sites remotely and keep all the financial data in one place, plan and control estimates and deadlines, manage procurement process, keep inventory records and automatically create documents. If Property m ... read more about ArgoSmartContact vendorN/A50% in Real Estate Property Management Software
Introduction to Buyer’s Guide For Real Estate Property Management Software
As one of the long-standing industries today, Property management has undergone a sea of changes, especially in managing day-to-day property management operations. Adopting modern technologies gives an edge to the companies who manage both residential and nonresidential real estate for landlords/property owners. If you are in the real estate property business, it is essential to invest in the best real estate property management software to re-address your property business and to put your business in the best position, which can bring success and long-term growth.
Real-estate property management software is a modern system that infiltrates the property management sector allowing users to adapt to a more strategic and systematic approach with automation.
Some of the top real estate property management software offers mobility where users can be on the go and have the facility to access a variety of capabilities right from mobile devices.
To gain improved performance, develop a more customer-centric approach, and have enhanced real-time communications, the best real estate property management software is the right solution.
This buyer guide on real estate property management software is specifically designed to assist property owners and managers with insights on various aspects of real estate property management software. It covers information that could be vital for property owners in selecting the best real estate property management software. This buyer guide envelops real estate property management software features, benefits, future trends, security, cost, and much more.
What Are the Common Challenges of Real Estate Property Management?
- Unexpected maintenance costs: Real estate property owners or dealers have to ensure that their property is well maintained and remains in good shape during its life cycle. However, tracking every minute detail about the property is quite challenging, and any unnoticed flaws in the construction could lead to unexpected maintenance costs. Unexpected maintenance costs can consume more resources and it could add up as extra expenditure to the real estate property business owners.
- Manage tenant’s complaint: Landlords or property managers can find it difficult to track all the complaints. With multiple properties to manage, the tracking and responding to these complaints become confusing.
- Rent contract management: Filing and managing contract documents is a tedious task, and it gets complicated when there are multiple tenants to manage. Landlords have to deal with various tasks related to contract management such as contract renewal, updating legal clauses, obligations upon termination, etc. The room for errors increases with manual contract management, which can lead to disputes between property owners and tenants.
- Time management: Whether tracking maintenance work or boarding new tenants, the property owners usually struggle in finishing the tasks on time. The conventional method for property management is highly unorganized. It can take more time for landlords or property managers to accomplish tasks.
These are some common challenges that property owners face in managing their real estate businesses. It is necessary that property owners adopt a practical approach to eliminate these issues and achieve operational efficiency. Real estate property management software turns out to be a holistic solution for property owners and those in the real estate property management business.
What Is Real Estate Property Management Software?
Real estate property management software is a tool that is designed to assist property owners, property managers, and landlords in managing properties efficiently and streamlining communication between landlords and tenants. They can perform a wide range of activities with real estate property management software such as property inspection, maintenance, accounting, marketing, etc. The overall idea of real estate property management is to increase the value of the property and smoothly conduct the rental property business.
Real estate property management software are usually used by,
- Residential property owners/ managers
- Commercial property owners/ managers
- Real estate investment firms and REITs
Why Should Real Estate Businesses Use Real Estate Property Management Software?
There is a huge customer base for real estate business, but the property owners using conventional methods for managing their rental property business cannot take advantage of it. This is because the tenants have become smarter in choosing the rental property; they visit property listing websites and scrutinize all the details before finalizing the rental property. If the users are not registered to these listing websites, the landlords or property managers can lose a huge customer base. The best real estate property management software facilitates the listing of their property on websites efficiently. Some real estate property management systems also facilitate the creation of their own listing website and market properties for free.
The property management software also facilitates smooth communication between tenant-landlord and establishes a healthy relationship. Activities like; rental reminders, late fee notifications, community announcements, etc., can easily be automated with the best real estate property management software. .
Besides that, some real estate property management software allows to take control of the accounting by linking the owner’s bank account with the business, which makes it easy to record the transaction and bookkeeping. The users can fetch any transaction information with just a few clicks. The centralized storage system of property management software enables users to store large volumes of data and retrieve any information in a few seconds.
Real estate property management software can automate many manual tasks such as payment collection, contract renewal, maintenance reminder, tenant’s profile check, etc. It can save a lot of time for landlords or property owners. The software also supports mobile apps, which further fast-paces the processes, such as online payment, reporting, submitting tenant’s applications, etc.
There are also cloud-based real estate property management software available in the market, which does not require any installation, and users can straight away leverage the benefits of real estate property management software.
What Are the Benefits Of Real Estate Property Management Software?
Significant benefits revolve around the overall operation of the properties, including maintenance, rent/lease collection, trash removal, security, and all sorts of renovation activities. The following points in this section will discuss this in detail.
- Customizable lease agreement templates: A lease agreement is a foremost document used by real estate agents or owners to avoid conflict with tenants. There are various forms of lease agreements, and it would be a tiresome job for owners to draft new agreements for the tenants. Property management software comes with customizable lease agreement templates.
- Track leasing process: Real estate owners managing multiple properties find it difficult to track all their leasing processes all at once. Real estate property management software allows users to keep track of the lease agreement and see which tenants have received the lease agreement and who have signed the agreement. The top real estate property management software even permits tenants to sign the agreement online. It makes the entire leasing process fast and efficient.
- Tenant’s background checks: Real estate owners do not want their tenants to have any criminal records or bad payment history. Top real estate property management software provides screening services to check the tenant’s background, criminal history, and eviction history.
- Maintenance management: Real estate property owners can receive and respond to ongoing or new maintenance tasks through real estate property management software. If there is any critical repair that requires the property owner’s immediate attention, then, the tenants can submit maintenance tickets with images or video.
- Transparency: The top real estate property management software provides tenants their own dedicated portals. This portal allows tenants with various activities such as paying rent, submitting maintenance requests, viewing agreements, etc. It helps to build transparency and avoid conflicts between tenants and property owners. With mobile devices, these processes have become more rapid and agile.
- Bookkeeping and accounting: Individuals involved with real estate business generally deal with substantial cash transactions. They have to keep their account upto date and ensure that they have a record of all their transactions. The real estate property management software has inbuilt accounting software that helps real estate business owners with bookkeeping and managing transaction details. It also reduces the admin work.
- Better productivity: Managing everything, including work orders, maintenance jobs, accounting, could be complicated for real estate managers, but with real estate management software solutions, these can be done easily. By automating all the tasks, real estate professionals can achieve higher productivity.
- Centralized document management system: Real estate property software provides users with a centralized document management system. It protects confidential documents and files from getting misplaced or lost. It means an individual can avoid the delay and complication caused due to missing data. Besides that, it comes with solid security features and a data backup facility, which keeps data safe and secure.
- Work order management: Top real estate property management software can assist property owners in conducting regular work and coordinating it with the internal staff. It helps to optimize the efficiency of resources.
These benefits are just an overview of what real estate property management software can do, but to check what it truly holds, the essential features of the software is the best way to find it.
Must-Have Features For Real Estate Property Management Software
- Rent collection tools
- Accounting software
- Maintenance requests
- Utility billing
- Tenant screening services
- Customizable online leases
- Property inspection tools
- Residential lease templates
- Rent & vacancy tracking
- Credit risk management
- Task and activity calendars
- Lead tracking and follow-ups
- Mobile app
- Custom reports
- Credit card payments
Things to Consider For Real Estate Property Management Software
- Accounting features: Accounting is an integral part of the real estate business, especially for those managing multiple properties. So, it is essential to consider a real estate property management software that supports accounting features such as full general ledger accounting, online payment, revenue recognition, and management. If the real estate property management system does not have an in-built accounting feature, it should support the integration of third-party accounting tools.
- Pricing: One of the critical factors that can influence the decision of real estate owners on buying a software is pricing. There are numerous factors that can affect the pricing of the Real Estate Property Software such as software setup fees, customization, staff training, etc. Those in the real estate property management business should consider all these factors while purchasing the real estate property management software. Few software vendors have a tiered pricing model and offer free real estate property management software for basic features. Users should perform a thorough analysis of such software offers.
- Interactive dashboard: Interactive dashboard can provide readers with quick access to vital information such as recent property listings, pending contracts, payments, cash flow, expenses, etc. Most real estate property management software overlooks the dashboard features, but an interactive dashboard can make a massive difference in presenting information in a comprehensive way.
- Technical support: Real estate management software solutions with robust technical support could have significant value from the user’s point of view. They don’t have to worry about any sudden stoppage of business operations due to technical glitches.
- Advertising: Top real estate property management software allows users to create a separate marketing website. The feature allows users to customize the website with the company’s logo, theme, and content. It enables real estate business owners to market their property and project their brand to prospective clients.
- Maintenance requests: For real estate business owner’s maintenance is an ongoing process. The real estate property management software without maintenance ticket generation could fail in delivering a better customer experience and eventually end up losing business.
- Check for Free Property Listings: Some real estate property management software allows owners or landlords to list their properties on famous property listing websites for free such as Oodle, Zillow, etc. It advertises property to a large customer base and increases the business. Before buying the property management software, an individual should check the limit of the free property listing.
- Customization: The customization feature can help to configure the software to business needs. The users should verify the level of customization that the real property management software provides; also, they should check for other hidden costs.
How Secure Is Real Estate Property Management Software?
Real estate property management software is absolutely secure to use.
Real estate property businesses deal with sensitive data of the clients which often become a soft target for hackers. The modern real estate management software comes with robust security features and encrypts this sensitive information for its safe delivery. The additional security features that the software provides are double factor authorization and permission-based access. The software also provides data backup, which can help to retrieve data if users lose the data.
On the user end, they can also take a precautionary step to avoid cyber attacks. They can conduct regular audits and follow security guidelines to keep the system secure from cyber attacks. They should ensure that the property management software is accessed on secure Wi-Fi networks. The property owners can also train staff on how to identify and avoid cybersecurity threats or can even run a cybersecurity awareness program on a regular basis.
Real estate property management software is certainly increasing the real estate business efficiency, but new innovation in technology offers plenty of growth opportunities for property owners. To stay ahead and to meet the demands of tomorrow, tap on the future trends in real estate property management software.
Future Trends In Real Estate Property Management Software
- 3D product visualization/ AR/VR: In the future real estate business owners can use technologies such as AR/VR for rendering virtual tours of the property. Property buyers or tenants can visualize the property in 3D with all virtual furniture and set-up. It helps realtors to give a glimpse of property to potential buyers before it is ready for possession. It can boost property sales.
- Blockchain technology: Blockchain distributed ledger can be used to record all operations related to property management. It enables access to the property-related document in a secure environment that many current systems fail to provide. The blockchain has an immutable record, which means there could be no room for manipulation or loss. The other features that could help real estate businesses are secure payment, smart property contracts, tracking transactions across the network, real-time data view, etc.
- Predictive analytics: Predictive analytics can be used in multiple ways, and there are real estate companies that are already using it in their organization. They are utilizing it to find potential buyers from leads, locate ideal properties for investment, and evaluate property damage due to water, fire, or other factors.
- IoT: IoT sensors are transforming many sectors, and they could do the same for the real estate businesses. Rental property equipped with electronic equipment such as air-conditioning, heaters, and lighting can be controlled through IoT sensors. The property owners can track various utility consumption and their performance. If any outages are noticed, or tenants violate any rules, IoT sensors connected with various electronic items can directly inform the landlord or property owners about the incident. It helps the landlord to keep their property facilities up to date. In the future, it can even be used with robots for property maintenance.
What Is the Average Cost of Real Estate Property Management Software?
The average cost of real estate property management software could be anywhere from $1/month to $400/month plus. There are various software tools available in the market for property management; the price of these software solutions depends on the features, deployment options, and the size of the business.
- Real estate property management software for startups and small businesses: Startups and small real estate property business owners have to plan meticulously to cut business operation costs and conduct business with minimum expenses. By aligning their business with the right IT solution, they can achieve this. The real estate property management software market is broad, and startups can easily find the real estate property software that keeps their expenses in control.Real estate property management software like Yardee Breeze comes at $1/month, Palace at a price of $1.75/month. There are few more real estate property management tools that could be cost-effective and useful for startups, and small businesses like OnSite Property Manager, RentRedi, Property Manager Cloud, etc. Many software offer free trials and some offer free and open source versions too.
- Real estate property management software for mid-size and large scale businesses: The mid and large-scale real estate business owners have to deal with many customers and their operation scale is massive. By using comprehensive real estate property management software, they can make their tasks simple and easy. Easybroker at a price of $29/month is one of the top real estate property management software for mid-size and large-scale businesses. Some unique features that the tool offers include multiple listing systems, market analysis of properties, personalized support system, etc. UnitConnect is another classic real estate property management at $34/month. Unlimited users, unlimited storage, automatic reminders, online rent payment, and many other features give users the power to manage complex business processes. Both these tools offer a free trial. There are more real estate management software solutions that could prove productive for the users, such as Buildium, Realty Shine, Common Areas, etc. There are also high-end property management tools available for users who are inclined towards customization and advanced features such as e-signature, check scanning, sub-accounts, transaction history, etc. Property Matrix at a starting price of $400/month is a premium real estate property management tool that provides an end-to-end solution for all the real estate-related activities. A good alternative to Property Matrix is Propertyware priced at $100/month. Their long list of features could well meet all the requirements of the real estate business owners. Users can also consider premium tools such as iRent, RealtyWare, and Hive Properties.
- Free and Open Source Real estate property management software:Free and open source real estate property management software gives users the flexibility to customize the software features without bothering about the development cost. The most significant advantage of free and open source real estate property management software. It is cheap and easily accessible, which makes it an ideal solution for startups and small businesses.
Why Refer to GoodFirms' List of Real Estate Property Management Software?
GoodFirms is one of the leading review and rating platforms for IT solutions helping business owners from various sectors to find the right IT product for their industry. GoodFirms has been following a robust review and rating process to list out software solutions and ensure that customers get access to the best software products. It gives detailed insights on various software solutions, which helps customers to make better decisions on software purchases. Customers can compare them on various parameters such as features, pricing, deployment options, and so on. . GoodFirms’ list of the best real estate property management software can be a one-stop solution for viewing all major real estate property software available in the market today.
Finding tenants, collecting rent, and maintaining the properties, are some common tasks associated with the rental property business. Managing these tasks could be challenging when the property owners deal with multiple properties and a higher number of tenants. To top this, tenants have also become selective about the rental property service and facilities. In order to keep pace with the evolving trend of the rental property business, to satisfy the customers, and reduce the workload, the landlords have to tap on the latest technology, such as real estate property management software. The software provides an end-to-end solution from boarding the tenant till the termination of the contract. If you are in the rental property business and want complete control over your business, then do not fail to check the list of top real estate property management software prepared by GoodFirms’ expert team.