In the highly competitive business of real estate and property management, it helps to have every possible advantage. It can be overwhelming trying to strike the right balance between working in your business and on your business, especially if you are growing your empire as a landlord or a dedicated property manager.
Landlords and property managers are responsible for everything such as marketing properties, signing lease agreements, choosing insurance providers, and tackling maintenance requests. It's a lot!
Luckily, technology is finally waking up to the demands of property management, and numerous software companies are addressing the multitasking demands of a busy property management office or real estate portfolio. But knowing how to find, compare, and choose a property management software that fits your needs is a must!
That's why we created this list of the top software solutions on the market—because choosing the wrong one can cost you time, money, clients, or all three.
Here is the buyer's guide to the top 8 property management softwares of 2023
If you're a landlord with a lot of properties, or you want to grow your business and offer more housing options, AppFolio might be the right choice for you.
- The Appfolio is aimed primarily at landlords who have large quantities of homes but is also suitable to landlords wishing to increase their businesses.
- It is supported by a variety of housing styles including single and large apartment complexes, and most importantly, offers a l'offre à la carte service.
- You pay a fixed fee per unit rather than a full-time fee. It is not restricted in price or other restrictions for the number of units to take care of.
- You can also pay individually for additional features to ensure you only pay for the features that they offer.
- The registration fee is $450.50. Then the rental rate will be the same as above for a residential apartment: $1.60 per month.
Buildium was created with the complete lifecycle of your property in mind adding a layer of intuitive energy to its offerings. This is a property management software that is all about the user experience and that is exactly what landed it on our list.
- Buildium provides an integrated property management service that provides a complete range for all property owners and investors today.
- It includes numerous functions that can manage every aspect of renting.
- The user-friendly interface allows you to manage vacant jobs, vacancies maintenance tasks or accounting.
- This Accounting Suite is designed with great care and includes automatic reminders about rental, the entire ledger, and the ability to produce reports on request.
- The tenant portal has a site for rent payments.
- The Builder Basic Package costs $50 monthly and includes 150 units.
We couldn't complete our list of the best property management software products for landlords without mentioning Yardi Breeze and their suite of cloud-based features that include a very interesting pricing structure.
- Yardi Breeze has been a pioneer in cloud property management software and has become among the best.
- They charge one property for every monthly payment. This is fairly cheap and is highly competitive in today's markets.
- The minimum monthly fee for residential property is $100 and $200 if you are selling commercial property. Therefore, a higher premium may apply to a property that has less than 200 units.
Are you a landlord with a smaller or more conservative portfolio? If so, SimplifyEm might just be the best solution for you because of the way their fees are structured. This software is rapidly growing in popularity and here are a few reasons why:
- Designed specifically for smaller landlords.
- You can only purchase one unit with a maximum of 10 units at only 20$/month.
- The average annual increase for 10 units is 10 dollars. If you have 500 units, your monthly fees are $60. At the same point, the system will charge 25 units of electricity – although the price remains the same.
- The 15-day free trial also lets users see how things are working before paying full-time.
- Simplify Em has a unique simplicity which makes this a popular software.
If you're serious about scaling your property management portfolio, you simply must take a look at what Rent Manager offers. They are designed for the busy manager that is always on the go and offers a mobile app as well!
- Rent Manager offers a flexible property management platform that allows for the management of multiple units.
- It's useful for travel too.
- You may also use a mobile app for mobile access. This allows you to make payments online and schedule maintenance on any device.
- The platform consists of tools to generate financial data, manage work orders, and list empty units that need rent.
- Rent Manager has a Site Development tool that makes your home look professional.
If you are a landlord that is focused on streamlining your communications and onboarding your tenants and applicants with ease, you might want to consider what TurboTenant brings to the table. Their entire suite of offerings was designed with a holistic approach that caters to everything from lease agreements and e-signatures to expense tracking!
- TurboTenant operates slightly differently from the other software we see today. Instead of the landlord paying for the software, the costs are passed on to the tenant.
- It is easily adaptable for rent in any size of building.
- The applicant is charged an application fee that reflects the cost of many apartment complexes.
- Two additional unique features are worth mentioning: the TurboTenant document management system that makes staying organized a breeze and the maintenance reporting. Both streamline operations significantly.
What really makes TurboTenant standout as a top software solution on the market in 2022 is their comprehensive suite of bonus services and features like renters insurance, craigslist postings, and flyers. They're definitely worth a look if scaling operations is in your near future.
Software for MRI
For those property managers and landlords that are building major empires, we recommend MRI as a realistic solution based on their pricing and ability.
- MRI Software is mainly designed around residential properties like large apartments.
- These properties are generally held by fewer than two or three investor groups.
- It has several useful functions that cannot be found in any other similar program.
- In addition to basic rental management, the program provides numerous planning tools.
- You can use the software to manage investments, manage your space and undertake strategic planning.
- Pricing has an unrestricted nature compared to other property management programs.
Can't stand the amount of time and energy it takes to chase after tenants for rent payments? Re-Leased may just be the answer to your prayers. They are aimed at eliminating many of the everyday headaches that lead to landlord burnout.
- Re-Leased is intended for the whole range of residential and commercial buildings to business buildings.
- As for several of the software products they provide, prices are never publicly available. You must ask if you have any questions.
- Receive a 24-hour customer care system with unlimited units. If you grow your business then there is no need for you to change service.
- The software automates many repetitive jobs. It sends automatic Rent reminder messages and automatically re-orders your property listings.
Honorable Mention: RentSpree
RentSpree is quickly becoming another highly favored software and automation solution for landlords looking to streamline operations and cut costs while empowering their team to scale. As a contender in the contest for best property management software, RentSpree is proud to be the top-rated solution on Google as we expand and enhance our suite of time-saving features.
RentSpree offers many competitive features like:
- Document E-signing - The benefits of using the RentSpree Document E-signing feature include valuable added security and peace of mind for your sensitive documents, better document tracking for increased organization and the added convenience of being able to collect signatures anytime from anywhere.
- Tenant Screening - Using the RentSpree Tenant Screening Feature you can screen prospective tenants with a comprehensive background check that searches over 200 million criminal records. Access an applicant's eviction-related proceedings with resources from over 25 million records across all 50 states.
- Rent Estimates - RentSpree Property Management Software's Rent Estimate Report is an essential tool for maximizing your rental profits. It provides a comprehensive rent analysis and rent rate estimate to help you identify potential issues with your property, as well as comparable properties in your area that could be affecting your rental profit.
- Rent Payment Collector - Save valuable time and energy, not to mention stress, by leveraging the Rent Payment Collector feature which will automate one of the most challenging tasks in property management.
RentSpree aims to eliminate the most time-consuming guesswork and administrative tasks holding you back. You can explore these features and more here.