Like many other industries, the real estate market has changed drastically since the rise of technology.
Gone are the days of property managers using paper, email, or spreadsheets to keep track of their day-to-day tasks.
Property management software is the new big thing in real estate and property managers all over, use such solutions to manage residential and commercial properties.
So, the question is, which is the best property management software available?
But before we can get into the best property management software, you need to understand what to look for in the property management software you choose.
Factors to Consider When Choosing a Property Management Software
When considering whether to invest in a Property Management Software you want to make sure that you are making the right choice and spending your money wisely, ensuring that you reap all the benefits you can.
Similarly, when we curated this list of the top property management software, we wanted to make sure that we highlight the cream of the crop and make this process of deciding between the wide range of software available to you easier.
Therefore, here are some of the factors you should look out for when looking into property management software, similarly, we have also considered these factors when curating our list.
So, let’s get to it.
1. Ease of Use
No matter how advanced a property management software is, and no matter how many features it provides, if the interface is too complicated, and the software is difficult to use, it is of no use.
You want to select a software that provides you with all the features you need but packaged in a way that makes it user friendly. A powerful solution should be an easy-to-use solution.
If this is not the case, you will find yourself avoiding using the software at all, and what is the point of that?
You need to make sure that you pick a software that can adapt in light of changes to your business.
With something as volatile as property markets, your software needs the ability to adjust to changes in the market.
Choosing any software that has the flexibility to add integrated functionality for multiple property types is important, especially when your business model evolves.
3. Powerful Dashboards
The commercial real estate directors need data in two main areas, namely: lease agreement management and space management.
Therefore, the software you choose should have analytical dashboards that include details for both.
Some of the features in these categories can include:
- Space Management
- Forecasted space demands
- Differentiation between total capacity and actual occupancy
- Location, size, and types of properties being leased in the area
- Square footage by building as well as by floor
- Utilization of buildings in the area
- Lease Agreement Management
- Different agreement types
- Customer specific start and end dates
- Name of landlords
- Name of tenants
- Renewal options
- Renewal notifications
- Termination dates and notifications
This factor is pretty self-explanatory. You need to ensure that the software you choose offers all the features you need to manage your work while not breaking the bank.
Due to the number of options available to you, you will be sure to find one that fits your budget but also provides the service you are looking for.
There is software that may require a monthly fee or charge by the user. Many apps offer free plans worth considering.
We have tried to include software that ranges in price points to provide you with a good overview of what you can get for a certain price point.
5. Technical Support
It is good for any software you invest in and not just property management software, that the provider offers adequate technical support.
It is nothing but an inconvenience if you sit down to do some work and face issues with the software and cannot even reach technical support to rectify the problem you are facing.
Does the system you are choosing provide the option to integrate with other software that you and your company may already be using?
You need to ensure that you streamline your business processes and that any core property management system you choose integrates seamlessly with other software you are using.
Keep in mind that investors and owners may ask for reports in different formats, as well as the fact that your workflow processes may vary.
Ensure that the system you choose can easily be customized to meet your specific requirements.
Best Property Management Software For Realtors
Now that you know exactly what to look out for when choosing a property management software that meets your needs, it is time to look at our top picks that we came up with during our research.
AppFolio is a cloud-based property management software. This system is a great option to consider if you are a real estate agent on the go and want to monitor properties anywhere at any time.
The software allows you, as a property manager, to market, automate and manage any tasks related to your property, whether that be an apartment, residential property, commercial property, student housing, or any other type of property.
- Online owner portals
- Owner and vendor eChecks
- Maintenance contract center
- In-house maintenance
- Training and support
- Revenue management
- Vacancy dashboards and posting
- Rental applications
- Tenant screening
- Accounting and reporting features
- Residential plan for $1.25 per unit/month Residential plus for $3/unit/month
- Commercial plan for $1.50 per unit/month Commercial plus for $3/unit/month
- Community associations plan for $0.80 per unit/month community associations plus for $0.85/unit/month
- Student housing plan for $1.25 per unit/month student housing plus $3/unit/month
Similar to AppFolio, Buildium is also a cloud-based property management software. The solution allows managers of both residential and association properties to manage every aspect of their business wherever they may be.
- Vendor management features
- Send emails and letters in bulk
- Credit card and ACH payments
- Retail cash payments
- Customized onboarding
- Essential plan starting at $50/month
- Growth plan starting at $160/month
- Premium plan starting at $460/month
Rentec Direct is a web-based property management system aimed at landlords and property managers.
The software is specifically suited to those managing properties between 25 and 5000 units.
- Accounting features
- Electronic signatures
- Work order management system
- Tenant portal
- Tenant screening
- Online applications
- Free support and set-up assistance
- Ability to synchronize all your financial data
- Bank-grade security
- Rentec Pro for $90/month
- Rentec PM for $100/month
Another cloud-based property management software is Propertyware. Propertyware allows its users to post and market property vacancies.
The system also offers tenant and owner portals, these portals provide the ability to accept online payments, provide cash and accrual accounting, as well as the ability to add custom fields.
- Lead tracking features
- Application portals
- Tenant screening
- Ability to sign off with electronic signatures
- Maintenance features
- Fee management
- Operations and risk management
- Basic plan for $1/unit/month
- Plus plan for $1.50/unit/month
- Premium plan for $2/unit/month
Yardi Breeze is a property management software that is specifically aimed at small to medium-sized businesses.
The software is built to help manage both residential and commercial real estate and can manage single-family homes, commercial properties, multifamily apartments, as well as mixed portfolios.
The software offers features for marketing and leasing, rent collection, accounting, maintenance, owner statements, and CAM recovery.
- Marketing and leasing features
- Rent collection tools
- Generate financial statements
- Streamline your invoice processes
- Create comprehensive reports
- Organize and track maintenance requests
- Option to require integrated third-party renters’ insurance
- On-screen tutorials and videos help you learn the software at your own pace
- Pricing is divided according to the type of property you wish to manage including:
- Affordable housing
- Manufactured housing
Another cloud-based property management solution is Hemlane. Hemlane was created with small businesses in mind but caters to all property management needs.
Some of the standout features offered by Hemlane are property marketing, lease tracking, rent collection, application screening, and maintenance coordination.
- Rental advertising features
- Listing management
- Screening of tenants and schedule showings
- Ability to follow up with leads using the best mode of communication
- Track application statuses
- Tenant screening features such as credit checks
- Lease management features
- Basic plan for $2.50/unit/month
- A smart plan for $35/unit/month
Rent Manager is a property management software for both residential and commercial real estate companies.
You can also use this program for vetting your tenants (*to some extent). In addition, there is a customized search criterion for generating personalized results.
- Accounting features
- Reporting features such as report automation and financial report writer
- Marketing and leasing features such as prospective and tenant portals
- Communication tools
- Software customization
- Software integration options
- Contact provider for pricing
ResMan provides a single intuitive platform to help your evolving business with the management of real estate property.
To that end, this application also simplifies your processes so you can save time and also increase efficiencies across your business.
- Accounting features
- Budgeting options
- Online leasing
- Property maintenance
- Lead management
- Resident screening
- Contact provider for pricing plans
Frequently Asked Questions
What does a Property Management Software do?
Property management software is a tool designed to help property managers handle their commercial and residential properties on behalf of their owners. The software brings all the key functions of real-estate management on a centralized platform.
What does C.R.E stand for?
CRE in the real estate world refers to Commercial Real Estate.
What are some free property management programs?
There You Have it…
And there you go, our list of the best property management software in the market for you to consider.