Categories   >   Property Management Software
Last Reviewed: November 12th, 2024

Best Property Management Software Of 2024

What is Property Management Software?

Property management software (PMS) is a digital toolset streamlining rental property operations. It tackles the headaches of managing finances, tenants, and maintenance, all in one place. Imagine ditching spreadsheets and manual tasks. PMS automates rent collection, tracks expenses, handles communication, and schedules repairs, saving time and money. This translates to happier tenants, fewer late payments, and streamlined workflows for landlords and property managers. Key functionalities include tenant portals, online applications, maintenance tracking, and financial reporting. Emerging features like smart home integration and AI-powered tenant screening are further enhancing efficiency. Landlords, property managers, and anyone juggling rental properties benefit most. PMS empowers individuals to manage small portfolios and scales seamlessly for larger companies. Limitations exist, with some software lacking flexibility or catering to specific property types. However, the overall value proposition is undeniable. PMS empowers efficient property management, boosting profitability and creating a smoother experience for everyone involved.

What Are The Key Benefits of Property Management Software?

  • Streamlined rent collection
  • Automated maintenance tracking
  • Improved tenant communication
  • Reduced administrative burden
  • Enhanced financial reporting
  • Simplified vacancy filling
  • Boosted tenant satisfaction
  • Increased operational efficiency
  • Data-driven decision making
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SelectHub Award Winners - Array

Our Research Analysts evaluated 190 solutions and determined the following solutions are the best Property Management Software overall:

Overall

  • 93 AppFolio
    Best Overall, Business Operations, Dashboards and Reporting
  • 91 Yardi Voyager
    Best for Accounting & Financial Management, Marketing
  • 88 RealPage
    Best for Marketing
  • 86 MRI Software
  • 86 Buildium
    Best for Leasing, Platform Capabilities
  • 85 Rent Manager
    Best for Maintenance
  • 79 Propertyware
    Best for Business Operations
  • 73 ResMan
    Best for Marketing
  • 73 Rentec Direct
  • 71 Innago
    Best for Leasing
AppFolio Award
AppFolio
AppFolio
Start Price
$1.49
Per Unit, Monthly
Analyst Rating
93
SelectHub’s Analyst Rating for AppFolio, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked AppFolio

AppFolio is an all-encompassing platform covering every aspect of property management. According to reviews, it’s an intuitive platform that localizes business processes and offers unique collaboration tools and a mobile app. Along with AI-embedded maintenance workflows, the universal search bar is one of its standout features.
However, reviews noted that it’s difficult to understand a variety of nuanced features without proper training. Also, due to no open API, businesses should be wary of their existing software stack requiring integration with the platform.
In conclusion, AppFolio is a robust management platform with various advanced features to support every kind of property. But the high cost, hit-or-miss support suite and scarce training resources can make it inconvenient for single landlords and managers with smaller portfolios.

Pros & Cons

  • Maintenance Management: 89% of users discussing this aspect said that they saved time with smart maintenance workflows.
  • Workflow Localization: According to 96% of users who reviewed this benefit, the software is feature-rich and localizes accounting, marketing and management workflows.
  • Ease of Use: It’s an intuitive platform that doesn’t require technical knowledge for beginners, as mentioned by 95% of users reviewing the user interface.
  • Collaboration: It provides an efficient centralized communication hub, according to 100% of reviews on native interactions.
  • Universal Search Bar: All the reviews on the search bar noted that it’s easy to locate documents and data throughout the organization.
  • Mobile App: Users can perform every major function remotely via the app, according to 88% of users reviewing the mobile app.
  • Integrations: It doesn’t support unique integrations with third-party software, according to 89% of reviews on backend connectivity.
  • Reporting: Reports generated through the platform lack customizations, as observed by 73% of reviews on the analytics module.
  • Accounting: Lack of automatic bank feeds and weekly recurring transactions and recording expenses without creating bills hinder smooth accounting, according to 57% of users reviewing the accounting module.
  • Customer Support: 67% of users mentioning customer support said that they were not satisfied with the support response time.

Key Features

  • Communication: Maintain a flat organization with clear communication between team members, managers, landlords and tenants. 
    • Individual Portals: Provide unique communication portals to associated parties based on their role. Tenants can pay rent, submit maintenance requests, interact with managers and view lease documents. Enables managers to communicate with multiple owners, issue work orders and send notifications and updates in bulk. Owners can track property-specific performance reports, assign tasks and transfer funds. 
    • Document Library: Maintain a centralized library of documents, leases and tenant information. Set role-based access permissions for each document. 
    • Board Member Management: Commercial property businesses can schedule board meetings, conduct polls on invoices and architectural requests, track votes and share documents and reports. 
    • Tenant Insurance: Tenants can submit proof of renter insurance or buy insurance provided by the vendor. Manage each policy and its maturity from the dashboard. 
    • Emails and Surveys: Email surveys, updates and notifications in bulk or send individually based on requirements. Offers unique surveys and text templates. 
    • Mobile App: Access the platform via any device and promote remote workflows. 
  • Accounting and Reporting: Gain visibility and make informed decisions faster. 
    •  Automate transaction recording and property-specific bookkeeping. 
    •  Offers CAM tracking and reconciling modules for commercial properties. 
    •  Use AI and machine learning to read PDF invoices from vendors, identify key information and automate accounts payable. 
    •  Leverage over 80 report templates and automate recurring report generation. Every template is customizable and updated frequently. 
    •  Customize the dashboard with real-time data visualizations and receive AI-driven performance insights. 
    •  Supports integration with personal banks and digital wallets to unify renting, accounting and reporting workflows. 
    •  Customize late fee processes. Set personalized rules in bulk or case-by-case waivers. 
    •  Manage multiple tenant accounts, track lease lifecycle and refund deposits directly from escrow. 
  • Marketing and Leasing: Generate leads, schedule showings, design leases and screen prospects from the dashboard. 
    • AI Leasing Assistant: Use an AI chatbot to automate property showing appointments, qualify leads according to set parameters, cross-sell units and answer FAQs. Respond to customer queries 24/7 through texts or emails. 
    • Omnichannel Marketing: Syndicate portfolio on multiple internet listing services (ILS) and manage every listing from the dashboard. Get real-time notifications upon each engagement and generate custom guest cards to track prospects. 
    • Personal Website: Design a personalized website with brand color and logo for portfolio marketing. Available at an extra cost. 
    • Rent Analysis: Retain a competitive edge by comparing rental prices of neighboring units to determine the best price for marketed properties. 
    • Virtual Showings: Accommodate prospects’ needs by scheduling and running live virtual tours of listed properties. Supports integrations with PropTech like smart locks and HVACs to facilitate self-guided property tours by prospects. 
    • Vacancy Management: Consolidate vacancy postings and tasks, view current status, and market units on multiple ILS from the unified dashboard. 
    • Tenant Screening: Screen every applicant’s credit score, eviction history, income verification and criminal record via TransUnion. Property managers can either pay for the reports or charge applicants. 
    • Leasing Hub: Design custom leases with personalized clauses and allow applicants to eSign them from anywhere. Track every lease lifecycle and set defaults for automatically updating lease dates, rent structures and statuses upon expiration. 
    • Student Housing: Supports lease and tenant management based on beds occupied. 
  • Maintenance: Streamline maintenance processes with AI and intelligent workflows. 
    • Smart Maintenance: Use the mobile app to receive maintenance requests, issue work orders and track progress. Set default rules to automatically dispatch pre-approved vendors. Accurately calculate the shared fee for common area maintenance and send invoices to renters. 
    • Vendor Onboarding: Vendors can access the platform, receive work orders, share status and send invoices. Automate bills payable and maintain records of work done for a clear audit trail. 
    • Utility Management: Track and charge each renter based on actual consumption and automate utility invoice processing. Use analytics to identify and fix leaks. 
    • Mobile Inspections: Perform mobile inspections, log issues and expedite turnovers. 
    • Auditing Center: View an itemized history of every activity and track changes made by team members and vendors. Use unique filters to identify and correct mistakes quickly. 
    • 24/7 Maintenance Contact Center: Deal with tenant calls, dispatch pre-approved vendors and input data directly to the user database. 
  • Team Management: Onboard unlimited team members, define role-based access levels and manage each person’s workflow. 
    • Training: Embed training manuals into the software to onboard new hires more easily. Centralize policies and procedures to ensure associates follow protocols while performing tasks. 
    • Task Management: Set tasks, assign staff and monitor progress with an interactive calendar. Team members can share tasks and customize workflows. 
    • Universal Search: Use the search bar to quickly navigate and find documents, records or data. 
  • Integrations: Supports integrations with personal marketing websites and third-party applications, including BlueMoon, CodeBox, Engrain, MatterPort and CIT. 
Yardi Voyager Award
Yardi Voyager
Yardi Voyager
Start Price
$1,200
Monthly
Analyst Rating
91
SelectHub’s Analyst Rating for Yardi Voyager, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked Yardi Voyager

Yardi Voyager is an end-to-end solution that helps manage multisite property portfolios and provides a robust accounting and reporting module. The platform streamlines rent collection and accounts payable with PayScan and offers various templates for quick leasing and emails. Businesses can easily connect it with popular third-party platforms.

But reviews noted that the UI is old and unintuitive, complicating simple tasks. On top of that, customer support is slow, and the platform is prone to crashes. Considering everything, Yardi Voyager is ideal for enterprises with in-house IT but can get overwhelming for single landlords and small property managers with minimal technical expertise.

Pros & Cons

  • Multisite Management: The software can handle diverse portfolios, including commercial, residential, HOA, affordable and student housing, according to 100% of reviews on this aspect.
  • Accounting: 88% of users reviewing property bookkeeping said it’s easy and convenient to handle complex accounting.
  • Reporting: It can pull a variety of reports with a few clicks and helps streamline trackability with customizable dashboards, according to 79% of reviews on this element.
  • PayScan: According to 89% of reviews on transaction recording, the platform helps save time through automated invoice scanning and personalized accounts payable workflows.
  • Templates: It offers a rich template library for leases, emails and other documents, according to 78% of reviews on this aspect.
  • Integrations: 93% of users reviewing software connectivity said it’s easy to integrate the platform with other software and transfer data.
  • User Interface: 77% of reviews on usability mentioned that the UI is unintuitive and involves a steep learning curve.
  • Performance: The platform is prone to lagging and frequently logs users out of their portals, according to 81% of reviews on software performance.
  • Support: The support team is unresponsive, according to 89% of users reviewing customer support.

Key Features

  • Centralized Data: Consolidate property, accounting, leasing and analytics data in one platform to create a single source of information, eliminating hassle and saving time. Access unlimited document storage. 
  • Leasing: Control all aspects of leasing workflows, starting from initial contact and guest cards to renewals and move-outs. Use real-time tracking to match prospects with vacant units quickly. 
  • Accounting: Maintain general ledgers, record company financials, manage multiple sets of books and account trees, and track CAM reconciliations. Automate recurring journal entries, sustain segmented and inter-company accounting and more. 
  • Reporting and Analytics: Drill down on specific items with customizable reports. Make informed business decisions using snapshots of company performance and real-time analytics. 
  • Data Security: Safeguard personal and customer data using encryption and the latest intrusion prevention practices. Store data across 12 warehouses positioned across the globe and comply with PCI, SSAE 18 and Sarbanes-Oxley regulations. Conduct third-party audits yearly to maintain compliance. 
  • Integrations: Incorporate other Yardi modules to make an end-to-end enterprise solution including unique investor and tenant services, BI, CRM, utility billing, construction management, energy management and more. 
  • Research and Marketing: Research property data, including transactions, ownership and debt information covering all real estate asset types to uncover vital market insights. Receive expert advice on organic traffic, PPC campaigns, reputation management, social engagement and ILS listings. Available through integrations with RentCafe Suite and CommercialEdge. 
  • CRM and Call Center: Capture every lead with instantaneous notifications and unlimited custom follow-ups. Eliminate missed leasing opportunities with call center assistance that prioritizes calls from the most qualified sources and maximizes ROI. Available via RentCafe CRM Flex and RentCafe Connect integrations. 
  • Resident Screening: Inspect rental payment history, verify proof of employment, income and ID, and screen credit history and international background to select the ideal tenants. Ensure data security for residents and help build their credit score with on-time rent payment reporting. Available through the RentCafe Suite integration. 
  • Payment Processing: Let residents pay via a browser-based module, walk-ins at retail locations or a mobile application. Simplify check processing by scanning and converting them into digital transactions. Available with the RentCafe Suite integration. 
RealPage Award
RealPage
RealPage
Start Price
$7.30
Per 10,000 Square Feet, Monthly
Analyst Rating
88
SelectHub’s Analyst Rating for RealPage, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked RealPage

RealPage has emerged as a prominent contender, offering a suite of features designed to streamline operations for property managers of all sizes. Let's delve into the feedback from users over the past year to uncover the strengths and weaknesses of this platform and determine if it aligns with your unique requirements.

RealPage has received accolades for its user-friendly interface and comprehensive functionality. Users appreciate the ability to efficiently manage rent collection, maintenance requests, tenant communication, and financial reporting all within a single platform. The software's automation capabilities have been particularly well-received, as they save property managers valuable time and effort. However, some users have expressed concerns about the software's pricing structure, finding it to be relatively expensive compared to some competitors. Additionally, a few users have noted that the software's customization options could be more robust, limiting their ability to tailor the platform to their specific workflows.

RealPage distinguishes itself through its extensive range of features and its focus on providing data-driven insights. The platform's analytics tools empower property managers to make informed decisions based on real-time data, optimizing property performance and maximizing revenue. Furthermore, RealPage's integration with various third-party applications enhances its versatility and adaptability. Considering its comprehensive feature set and data-driven approach, RealPage is best suited for property management companies seeking a robust and scalable solution to manage their portfolios effectively. It is particularly well-suited for larger organizations with complex operations that require advanced analytics and automation capabilities.

Pros & Cons

  • Centralized Communication Hub: RealPage serves as a central hub for resident communication, maintenance requests, and online rent payments, streamlining property management operations.
  • Accounting Features: The platform offers robust accounting tools, including accounts payable and receivable management, budgeting, and financial reporting, simplifying financial management for property managers.
  • Marketing and Leasing Tools: RealPage provides tools to create and manage property listings, screen tenants, and process lease applications, aiding in attracting and securing new residents.
  • Maintenance Management: The platform facilitates efficient maintenance management by allowing residents to submit requests online, tracking work orders, and managing vendor relationships.
  • Reporting and Analytics: RealPage offers comprehensive reporting and analytics capabilities, providing insights into property performance, resident trends, and financial metrics to support data-driven decision-making.
  • Customer Service: Users frequently report challenges in getting timely and effective support from RealPage's customer service team. This can lead to frustration when encountering technical issues or needing assistance with the platform's features.
  • Usability: The platform's interface can be complex and challenging to navigate, especially for new users. This complexity can lead to a steep learning curve and hinder efficient use of the software's capabilities.
  • Cost: RealPage's pricing structure can be a significant concern for property management companies, particularly smaller businesses or those with tighter budgets. The cost of the software may outweigh its perceived benefits for some users.
  • Integrations: Integrating RealPage with other software systems can be a complex process, potentially requiring additional development work or custom solutions. This can create challenges for property management companies that rely on multiple software platforms to manage their operations.

Key Features

  • GoDirect Marketing: Drive qualified traffic directly to personal property websites instead of indirect leads generated from internet listing services. Optimize marketing strategies and unify customers’ online journey. 
  • Digital Content Services: Increase engagement and drive online traffic with quality digital content. Streamline marketing efforts with centralized storage, manage media from the dashboard, and review and analyze data to elevate online visibility. Some of the unique content creation tools available are: 
    • Video Call Tours: Remote leasing agents can conduct virtual property tours with interactive walkthroughs and professional photography. Prospects can schedule tours on demand. 
    • Matterport Tour: Provide an interactive VR tour of high-definition photographs of up to 20 locations within a unit, including click points containing unique information. 
    • 3D Virtual Tour: Create an animated virtual tour from the property’s 2D or 3D floor plan; viewers can take control of their tours from inside the unit. 
    • Storybooks Digital Brochure: Arrange a mix of photographs, graphics and music to highlight the property’s best amenities. 
    • Lifestyle Video: Include premium quality videos shot on location with professional filming techniques. 
    • Drone Video: Offer a high-definition aerial view video with stunning visuals, providing a broader perspective of the location.  
    • Copy Service: Hire professional writers and editors to produce customized blogs, articles and listings to attract target demographics. 
  • Contact Center 3.0: Leverage an AI-backed 24/7 augmented solution to maximize conversions through on-time information delivery. Manage sales calls, leasing queries and maintenance requests. 
  • Personalized Website: Design professional websites and create unique touch points between the brand and renters with assistance from marketing reps. Increase engagement with mobile-friendly website templates. 
  • Leads to Lease: Make informed business decisions by tracking leads and integrating marketing data with revenue data. Draft customizable e-leases with personalized terms and clauses, and renew leases with new additions. 
  • Deposit Alternatives: Tackle bad debts and avoid losing leads due to requiring a high security deposit upfront. 
    • Deposit Insurance: Generate ancillary revenue; instead of paying a hefty security deposit, residents can set up an affordable and non-refundable monthly premium payment. 
    • DepositIQ: An upfront, non-refundable surety bond that ensures lease obligations, can be used in place of a hefty security deposit. 
  • Insurance Solutions: Mitigate risks for both residents and landlords, and enhance revenue with these unique and customizable solutions: 
    • Renter’s Insurance: eRenterPlan offers residents comprehensive insurance coverage of rental and personal assets. Optional RenterProtection provides coverage for vacant units or uninsured residents. 
    • AssetProtect: Offers property owners and managers an insurance program that protects rental assets, drives ancillary revenue and maximizes compliance. 
  • AI Screening: Access the industry’s largest rental payment database, screen for criminal background information and perform credit checks through top credit reporting bureaus. Verify identities and detect fraudulent applications using machine learning, equipped with behavioral data. 
  • Building Operations: Residents get keyless smart access to every door, use popular third-party applications for smart apartments and leverage high-speed internet access through the CommunityConnect integration. They can also submit maintenance requests with multimedia attachments to substantiate their claims. 
  • Payment Portal: Accept payments for rent, bills and other expenses through check, money order, credit and debit cards online. Integration with LockBox allows residents to mail checks to designated P.O. boxes. From there, checks are scanned, converted into digital transactions and routed to the owner’s account. 
  • Vendor Credentialing: Reduce liability and increase visibility by choosing pre-verified vendors who meet personal compliance requirements. The Credential Key Program thoroughly assesses each vendor’s background, success metrics and insurance and liability coverage to clear those eligible for same-day approval. 
  • Utility Management: Increase efficiency through a platform for billing ancillary costs. Manage and track property energy consumption and reduce waste. The submetering feature allocates utility costs among residents based on actual consumption. Reduce expenses through automatic cost allocation and avoid deploying on-site staff. 
  • Community Rewards: Offer residents digital reward points for engagement with the property?— from surveys and contests to online bill payments, renewals and more. Encourage engagement to increase loyalty and online reputation assessment scores, which helps cut lead tracking expenditure and cost-per-lease. 
  • Accounting Suite: Automate data entry, streamline workflows, record company financials, maintain general ledgers and manage and track bills. Outsource tasks to the SmartSource accounting team instead of staffing and training new accountants. 
  • Analytics: Gain critical insights into performance, track risks and opportunities, and maximize profitability. Optimize pricing through accurate demand and supply balance management. Receive detailed analysis of revenue management and market conditions. 
MRI Software
MRI Software
Start Price
$55
Monthly
Analyst Rating
86
SelectHub’s Analyst Rating for MRI Software, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked MRI Software

MRI Software has established itself as a leading contender in the property management software arena, boasting a comprehensive suite of features that cater to diverse needs within the real estate sector. Users frequently highlight its adaptability and scalability, enabling it to seamlessly accommodate the complexities of managing various property types, from residential complexes to commercial properties. The software's capacity to streamline essential tasks, such as lease administration, rent collection, and maintenance management, has garnered significant praise for its ability to enhance operational efficiency and optimize workflows.

However, some users have noted that MRI Software's extensive functionality can lead to a steeper learning curve, particularly for those transitioning from simpler platforms. Additionally, while the software offers integration capabilities, some users have expressed a desire for more seamless connectivity with third-party applications to further enhance data synchronization and process automation. Despite these considerations, MRI Software's robust feature set, coupled with its adaptability and scalability, positions it as an ideal solution for property management companies, real estate investors, and businesses seeking a comprehensive platform to effectively manage their property portfolios.

Pros & Cons

  • Streamlined Accounting: MRI's capabilities simplify complex accounting tasks, such as managing multiple bank accounts and generating financial reports. The software also offers features like automated invoicing and online payment processing, which can save property managers time and effort.
  • Comprehensive Tenant Management: MRI provides tools for managing tenant information, including lease agreements, maintenance requests, and communication history. This can help property managers stay organized and efficient, and it can also improve communication and relationships with tenants.
  • Efficient Maintenance Management: MRI offers features for tracking maintenance requests, scheduling repairs, and managing vendor relationships. This can help property managers ensure that maintenance issues are addressed promptly and efficiently, which can improve tenant satisfaction and protect the value of the property.
  • Improved Reporting and Analytics: MRI provides a variety of reporting and analytics tools that can help property managers track key performance indicators, identify trends, and make data-driven decisions. This information can be used to improve operations, reduce costs, and increase profitability.
  • Steep Learning Curve: Users report that MRI is not intuitive and requires extensive training to use effectively. The interface can be overwhelming for new users, and the software's complexity can lead to frustration and inefficiency.
  • Customization Challenges: While MRI offers customization options, users find the process to be cumbersome and time-consuming. Implementing custom features often requires assistance from MRI's support team or third-party consultants, which can be costly and inconvenient.
  • Reporting Limitations: Generating reports in MRI can be challenging due to the software's complex data structure and limited reporting capabilities. Users often need to export data to external tools for further analysis, which adds complexity to the reporting process.
  • Integration Issues: Integrating MRI with other software systems can be difficult due to compatibility issues and data mapping challenges. This can hinder data flow and create inefficiencies in workflows that involve multiple systems.

Key Features

  • Property Management: Manage residential and commercial properties under a comprehensive system and control the entire business lifecycle. Scale and adapt to strategic shifts with a customizable open API solution. 
  • Property Accounting: Centralize data, streamline accounting, comply with new lease regulations and automate payables from a unified dashboard. Additional capabilities can be added through integration with Partner Connect, giving access to third-party tools for accounts receivable automation, electronic payments, debt collection and more. 
  • Risk Management: Choose suitable residents, eliminate rental fraud and protect the community with the following tools: 
    • Identity Verification: Mitigate risks and prevent fraudulent parties from entering the property by verifying IDs before tours or showings. Leasing agents can perform unlimited scans to verify passports, driving licenses and more, and receive instant results. 
    • Resident Screening: Maximize financial performance and reduce delinquencies with a customizable screening process using a proprietary AccuScore analytical model. Tailor the process for all housing types, including conventional, affordable, public, military, student and senior housing. 
    • Multifamily Insurance: Include resident insurance as part of a lease to reduce liability. Protect properties, residents and owners in case of disasters and easily manage active policies and claims. 
  • Asset Management: Analyze investment opportunities, identify risks and manage assets at both the investment and property levels with the following: 
    • Investment Central: Monitor data from a central repository to manage investments and drill down on opportunities with a better-informed portfolio view and strategies. 
    • Asset Modeling: Monitor, analyze and forecast the current and future state of portfolio assets. Leverage sensitivity scenarios to anticipate market and tendency changes, and reduce risk exposure. 
    • Analytix Portal: Gain actionable insights and clean data with the flexible BI module. Visualize data, maximize performance, optimize profitability, analyze geospatial data and more. 
  • Debt Modeling: Model multiple contract debt scenarios for optimal deal structure and improve decision making with centralized storage of all data, an arrears calculation engine and comprehensive forecasting and reporting. 
  • Lease Abstraction: Save time and error by extracting data from leases using AI. Review leases with a proprietary Optical Character Recognition (OCR) engine, converting them into machine-readable text. Each extracted data point is linked with the source material to maintain a complete audit trail. 
  • Lease Management: Access a single source for all data points for managing lease contracts, including start and end dates, security deposits, personalized clauses, lease terms, documentation and more. 
  • Lease Accounting: Maintain compliance with core accounting regulations, including ASC 840 and the new FASB ASC 842, IASB IFRS 16 and GASB 87 standards. Automate calculations, save time, reduce errors and maintain an accurate audit trail by capturing data at the source, eliminating multiple entries. 
  • Facility Management: Ensure on-time maintenance and provide improved services to tenants while decreasing costs and overheads with the following modules: 
    • Workspeed: Manage, view and create work orders and maintain accurate records. Leverage the industry’s best practices and standards to perform preventive maintenance and extend assets’ life spans. Provide managers, owners, tenants and vendors with a common messaging platform via the web-based mobile communication hub. 
    • Visitor Management: Provide building security personnel with an intuitive interface to register and check-in visitors and verify identification. Managers can access accurate, real-time lobby data, and residents can electronically pre-register guests. 
  • Space Management: Increase efficiency and reduce costs with better utilization of real estate space. Plan department allocation, CAD floor layouts, seating charts, personnel moves, space chargebacks and more. Streamline HR, IT and security team processes on a centralized platform. 
Buildium Award
Buildium
Buildium
Start Price
$55
Monthly
Analyst Rating
86
SelectHub’s Analyst Rating for Buildium, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Buildium

Buildium helps property owners and managers digitize and streamline every property management workflow. Users prefer the solution because of its end-to-end property management features, ease of use and responsive support suite. Reviewers also mention that residents are fond of the platform’s mobility and prefer paying rent and issuing maintenance requests digitally.
However, reviews note that the platform is mainly built for residential properties and lacks nuanced features like complicated lease structures, automatic utility tracking, in-depth CC&R and violation tracking for commercial, student and community properties. Users also have to manually match transactions to bank entries and can’t issue work orders automatically. Considering everything, buildium can get confusing for larger portfolios but is perfect for single landlords and managers to organize and monitor operations from a unified dashboard.

Pros & Cons

  • End-to-End Software: Buildium is a comprehensive solution that can handle marketing, leasing, maintenance and management workflows of a property management business, according to 88% of users reviewing its features
  • Accounting: It offers robust and intuitive accounting features, according to 90% of reviews on this aspect.
  • Resident Experience: All the users who mentioned this element said that the software enhances overall tenant experience via individual communication portals, digital work orders and electronic rent payment.
  • Intuitive Interface: It has a simple and easy-to-use user interface, according to 80% of reviews on this aspect.
  • Customer Support: According to 90% of users who reviewed support services, the vendor offers responsive and agile customer support.
  • Commercial Property Management: The software lacks nuanced features for commercial property management, according to 100% reviews on this aspect.
  • Leasing: Insufficient in-depth leasing customizations are an issue, according to 85% of users who reviewed this element.
  • Automation: Accounting and maintenance management, according to 100% of reviews on this element.

Key Features

  • Accounting: Track and share owner, vendor and residential accounts and maintain accurate books. 
    • Property Accounting: Record transactions, convert work orders into bills and pay in bulk, automate bank reconciliations, identify discrepancies, and share customized reports. 
    • Company Financials: Capture financial overviews by tracking property-specific transactions alongside miscellaneous income and expenses. 
    • Online Payments: Accept rent, set up recurring transactions, pay bills and automate bookkeeping. Residents can add bank accounts or credit cards through individual portals. 
    • Retail Cash Payments: Leverage partnership with PayNearMe to allow residents to pay rent, dues and other fees in cash at multiple convenience stores like 7-Eleven, Casey’s General Store and more. Automatically update payments on respective ledgers and deposit them into bank accounts within a week. 
    • 1099 eFiling: E-file 1099-MISCs and 1099-NECs forms, mail paper copies to owners and vendors, and automate tax calculation based on year-round incomes. 
  • Business Operations: Streamline communication with owners, vendors and residents from a centralized platform. 
    • Resident Center: Residents can pay rent, set up recurring payments, submit maintenance requests coupled with photos and access important documents via mobile-responsive portals. Offers an announcement board to highlight updates, notifications and alerts from managers. 
    • Owner Portal: Owners can access property-specific financial documents and reports. Managers can control access levels for each owner portal. 
    • Document Storage: Securely store property-related documents, including leases, addendums, expense reports, vendor invoices and more and share with a few clicks. Offers unlimited storage space. 
    • Maintenance Tracking: Track maintenance requests, create work orders, assign preferred vendors and automate recurring maintenance activities. 
    • Property Inspection: Perform inspections on the go using an app powered by Happy Inspector. Choose from several templates to customize reports. Make a to-do list, take notes, and capture pictures and videos. 
    • Renters Insurance: Provide tenants with a fully integrated renter’s insurance solution powered by MSI. Document enrollment information and manage each policy till maturity from the dashboard. 
    • Analytics: Monitor real-time data visualizations, customize reports, compare data with localized industry benchmarks and share analysis with clients and board members. 
  • Marketing and Leasing: Increase digital visibility of the entire portfolio, shortlist suitable prospects and design custom leases. 
    • Rental Listings: Create and syndicate custom property listings on multiple channels, including Apartment List, HotPads, Lovely, MyNewPlace, Trulia, Zillow and Yahoo. 
    • Professional Website: Own and design a personalized property website for prospects to apply for listings. Upload important documents like residents rulebook, floor plans and model leases to create a secure self-service hub for prospects, tenants and owners. 
    • Rental Applications: Choose the best applicants based on personalized parameters through a customizable online rental application form that integrates with the website. Accept any related application fees online. 
    • Showings Coordinator: Leverage the module powered by TenantTurner to automate tour schedules according to set rules. Communicate with prospects via email, texts and SMS. 
    • Tenant Screening: Set custom credit score requirements, run background checks and receive credit score information from TransUnion. 
    • Leasing: Design custom lease templates and autofill data to expedite the process. Prospective tenants can digitally sign documents from remote locations. 
  • Homeowner Association Management: Log, track and report property violations remotely. Automate penalties and consequent bookkeeping. Offers a unified inbox for communication among board members, homeowners and vendors. 
Rent Manager Award
Rent Manager
Rent Manager
Start Price
$1
Per Unit, Monthly
Analyst Rating
85
SelectHub’s Analyst Rating for Rent Manager, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Rent Manager

Rent Manager garners mixed reviews from property managers. Users praise its ability to streamline operations, automate tasks, and provide robust reporting and analytics for informed decision-making. The online tenant portal enhances communication and resident satisfaction by facilitating rent payments, maintenance requests and communication.

However, the platform faces criticism for its steep learning curve and complexity, particularly for users new to property management software.

Ultimately, the decision to choose Rent Manager depends on individual needs and priorities. It’s a top solution for rent collection, automation, marketing and accounting. However, if user-friendliness and a robust mobile app are high on your requirements list, you’d be better off considering alternative options.

Pros & Cons

  • Robust reporting & analytics: Users appreciate the detailed reports on income, expenses, vacancies and tenant data, enabling data-driven decision-making for improved property management.
  • Streamlined operations & automation: Automating tasks like rent collection, maintenance requests and accounting saves time and effort, freeing managers to focus on strategic tasks.
  • Improved tenant communication: The online tenant portal facilitates easy rent payments, maintenance requests and communication, enhancing resident satisfaction and reducing the communication burden.
  • Marketing & advertising tools: Simplifying advertising vacant units and attracting new tenants through online listings and marketing automation saves time and effort, potentially increasing occupancy rates.
  • Scalability & adaptability: Rent Manager caters to various property sizes and types, offering flexible plans and features that adapt to growing needs.
  • Learning curve & complexity: The interface can be challenging for beginners, requiring significant time and effort to learn and navigate effectively, especially for those unfamiliar with property management software.
  • Pricing concerns: Additional fees beyond the monthly subscription can add up, making it potentially more expensive than competitors for certain users, especially those with smaller property portfolios or limited budgets.

Key Features

  • Marketing: Fill vacancies faster with the following strategic and automated marketing tools: 
    • Prospect Manager: Create branded application portals and allow prospects to apply for tenancy. The system helps you compare prospects and send personalized direct messages and unit letters. 
    • Website Development: Connect the system to an existing website or design a new one from scratch using customizable templates. Alternatively, get assistance from the rmWebPro team for advanced website building. 
    • Guest Cards: Prospects can answer personalized questions while browsing the site and fill out tailored cards. Automatically generate potential client profiles and store them in the database. 
    • Automatic Listing Syndication: Increase inventory visibility by pushing units and property information onto various popular ILS. The system automatically updates ILS postings for every database update. 
  • Tenant Screening: Choose the most suitable tenant by screening the income history, accumulated debt, and criminal and eviction history of each applicant. 
  • Leasing: Digitize the leasing and renewal processes, eliminating the hassle of handling paperwork. Create custom leases with personalized clauses and have clients sign them electronically. 
  • Communication: Interact with employees, owners and renters via VOIP phone calls, custom text messages, voicemail broadcasts and web chat. Offer 24/7 comprehensive maintenance support via its call center, powered by Anequim. 
  • Mobile App: Communicate with renters, owners and managers, receive rental payments, submit inspection reports to maintenance techs and issue work orders. Address rule violations and bill residents for utilities from any Android or iOS device. 
  • Payments: Accept payments in cash, credit and debit cards, check scans, and ACH transfers. The system automatically updates concerned ledgers after every transaction. 
  • Project Management: Customize workflows and automate recurring tasks and data entry. Track and manage inventory to update status and quantities in real-time. Reduce turnover periods for units by creating task lists via Make Ready boards. Delegate duties to associates and receive notifications upon completion. 
  • Property Management: Perform inspections and issue service orders. Track task progress and automate work orders for recurring maintenance activities. Simplify payables by integrating billable expenses into work orders and delegating chargeback costs to owners or tenants at a markup. 
  • Prospect and Tenant Portals: Create branded portals to accept applications and guide prospects through the screening and leasing process. Tenants get unique portals to manage important documents, pay rent, track utility consumption and request maintenance. 
  • Reporting: Gain actionable insights to make informed decisions with over 450 built-in state-specific reports. Alternatively, use drag-and-drop tools to craft personalized reports tracking custom metrics. Define rules to automate timely report generation and sharing with owners or team members. 
  • Accounting: Record company financials, maintain a general ledger, automate receivable and payable entries, manage and track bills, and create budgets using intuitive accounting tools. The system automatically imports bank statements along with reconciliation statements to avoid cross-checking and eliminate errors. 
Propertyware Award
Propertyware
Propertyware
Start Price
$1
Per Unit, Monthly
Analyst Rating
79
SelectHub’s Analyst Rating for Propertyware, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Propertyware

Propertyware is a robust platform that helps managers and landlords streamline marketing, maintenance, management and accounting workflows. Reviews identify a responsive customer support team, flexible interface and comprehensive reporting suite as the main reasons for the platform’s popularity.
However, due to the variety of features offered and inadequate training material available, implementing and understanding the software can be time-consuming. Given that, we advise small and medium businesses to tailor the software according to their needs and remove any extra features to avoid complexity.

Pros & Cons

  • Complete Package: Propertyware is an all-in-one solution that can handle every aspect of property management, according to 83% of reviews mentioning this element.
  • Customer Support: According to 100% of users who reviewed the support suite, the support team is helpful and responsive.
  • Customizable: It’s a flexible platform that can fit the needs of every type and scale of property management businesses, according to 72% of reviews on customization.
  • Reporting: It’s easy to design unique reports with business-specific metrics, according to 83% of reviews on data visualization.
  • Complexity: The platform has a steep learning curve due to the variety of features offered, according to 74% of reviews on ease of usage.
  • Training Resource: Propertyware lacks adequate training material for beginners, according to 81% of users reviewing this aspect.

Key Features

  • Marketing and Leasing: Integrated marketing and leasing modules ensure smooth data flow throughout the cycle, eliminating manual data entry and reducing lost leads. 
    • Branded Website: Design mobile-optimized websites with business color and logo for showcasing units. Provides a library of customizable templates. 
    • Listing Widget: Create brand-consistent property listings, offer search and filter features to customers based on leasing terms, and provide portals for applications. The widget functions on native websites, and there’s a code for usage on external listing channels. 
    • Lead Tracking: Track each prospect from lead generation to lease signing. Offers guest card information, CRM, customizable reports and dashboards, and more. 
    • Application Portal: Applicants can provide address validation and add co-applicants, guarantors and others to ensure data accuracy. Offers unique views, reports and dashboards to get real-time data into each applicant’s journey. Applicants can add themselves to waitlists and save and continue later with an application. 
    • AI-Powered Tenant Screening: Screen prospective tenants using an AI-based algorithm. Check tenants’ rent payment history, criminal background, credit score, monthly income-to-rent ratio and other factors to determine their ability and willingness to pay rent. 
    • Leasing Hub: Create templates for commonly used documents like work orders, leases, invoice approvals and more. Applicants can remotely eSign documents. Store unlimited files and use the search bar to find required ones quickly. 
  • Online Payment: Collect rent online through electronic bank transfers and credit and debit cards. Tenants can pay via cash at convenience stores like Walmart or create cash payment vouchers on mobile devices. 
  • Role-Based Portals: Owners and residents can use mobile-optimized portals to access property-related documents, pay and receive rent and other fees, issue maintenance requests with multimedia proof, and communicate with managers. 
  • Chat: Send DMs, group messages and emojis. Maintain a record of every interaction with tenants and owners for compliance. 
  • Maintenance Management: Get updates on every maintenance activity, log issues and perform inspections from the platform. 
    • Work Orders: Standardize recurring maintenance tasks and pricing. Call center specialists can dispatch pre-approved vendors to quickly resolve issues. Store work orders, track progress, work with multiple vendors and automate accounts payable. 
    • Mobile Inspections: Camera mode aids property inspections, additionally, customize reports, compare past inspections and share evaluations with owners and tenants. 
    • AssetProtect Program: Property owners and managers can choose insurance plans to protect rental assets, drive ancillary revenue and maximize insurance compliance. 
    • Utility Management: Avoid late fees on utility bills with a seamless billing and collection process powered by SimpleBills. Simplify utility management to improve net operating income, reduce costs and turnaround time, and ensure quick move-ins. Available for single-family properties only. 
    • Vendor Credentialing: Reduce compliance risks by choosing from over 135,000 pre-verified vendors. Obtain critical information from multiple sources to ensure a complete audit trail. 
  • Accounting: Leverage QuickBooks integration to save time and reduce hassle. Record company financials, maintain general ledgers, manage and track bills, collect markup for bills, and track discrepancies using automatic bank reconciliation services. 
  • Multi-Location Management: Manage properties from different locations, create standardization across every unit and consolidate reporting to measure performance and other key metrics from a single dashboard. 
ResMan Award
ResMan
ResMan
Analyst Rating
73
SelectHub’s Analyst Rating for ResMan, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked ResMan

ResMan receives consistent praise for its comprehensive suite of features, encompassing accounting, marketing, leasing, and resident management functionalities. Users particularly appreciate the software's ability to streamline rent collection, maintenance requests, and communication with residents, leading to increased efficiency and a more organized workflow. The user-friendly interface and intuitive design make it easy for both novice and experienced property managers to navigate the platform effectively. However, some users note that the extensive features can have a steeper learning curve, requiring dedicated time and effort to fully master the system. Additionally, while ResMan offers robust reporting capabilities, some users express a desire for more customizable reporting options to tailor data analysis to their specific needs.

In comparison to competitors like Yardi and AppFolio, ResMan stands out for its affordability and scalability, making it a suitable choice for property management companies of all sizes. The software's pricing structure is often perceived as more transparent and predictable, allowing businesses to effectively manage their budgets. Moreover, ResMan's open API facilitates seamless integration with other essential business tools, further enhancing its versatility and adaptability to diverse workflows. Considering these factors, ResMan emerges as an excellent option for property management companies seeking a comprehensive, user-friendly, and cost-effective solution to optimize their operations and elevate resident satisfaction.

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Pros & Cons

  • Streamlined Accounting: ResMan appears to offer robust accounting features that simplify financial management for property managers. Users frequently mention appreciating the automation of tasks like rent collection and late fee calculations, which can save time and reduce errors.
  • Efficient Maintenance Management: The platform seems to provide tools for handling maintenance requests effectively. Users often highlight the ability to track work orders, assign tasks to vendors, and communicate with tenants throughout the process, leading to improved responsiveness and tenant satisfaction.
  • Comprehensive Reporting: ResMan likely includes a variety of reporting options that give property managers insights into their operations. Users commonly note the value of reports that track key metrics such as occupancy rates, rental income, and expenses, enabling data-driven decision-making.
  • Learning Curve: The software can be challenging to learn due to its extensive features and complex interface, potentially requiring significant time investment from property management teams.
  • Customer Support: Users have reported difficulties reaching customer support and experiencing extended wait times for assistance, which can be frustrating when urgent issues arise.
  • Customization Limitations: While ResMan offers some customization options, users may find limitations in tailoring the software to their specific workflows or unique property management requirements.
  • Integrations: Integrating ResMan with other software systems used by property management companies can be complex and may require additional technical expertise or custom development.
  • Pricing Structure: The pricing structure, particularly for larger property portfolios or those requiring advanced features, can be perceived as expensive compared to alternative solutions in the market.

Key Features

  • Marketing: Attract renters, boost online engagement and build brand equity with these tools: 
    • ResMan CRM: Use AI chatbots, automated email responses, contextual templates and click-to-dial phone options to communicate with prospects. 
    • Interactive Websites: Build an ADA-compliant custom website to attract and retain renters, manage brands and provide virtual property tours. 
    • Virtual Tours: Showcase availability, locations, balcony views and more. Virtually navigate visitors across buildings and floors. Create digital tours based on 2D or 3D floor plans, with integrations for MatterPort and Razz. 
  • Leasing: Streamline leasing activities by offering an easy application process. Leverage an integration with BlueMoon: use legal leases and pre-built forms, available with the Pro plan, or create custom lease forms with personalized clauses and obligations, available with the Pro-Flex plan. 
  • Lead Management: Access a 360-degree view of leads and applications, send branded emails and bi-directional text messages in bulk, and monitor leasing team activities through a real-time log of all lead pursuits. 
  • Resident Screening: Screen prospects by evaluating proprietary, eviction and criminal records, and addressing history, identity fraud and credit score using a statistically validated scoring model. Save time and automate fee collection using built-in screening tools. 
  • Payment: Receive, process and reconcile payments for applications, leases, rent and amenities through a unified platform, compliant with PCI level I, SSAE 18, SSL, NACHA and credit card rules and regulations. Maintain a single record system for timely and accurate reporting. 
  • Resident Portal: Renters can submit and track work order requests, make online payments, store important documents, receive package notifications and grant entry permission for external guests from a single portal. 
  • Communication: Ensure timely communication of important information and updates via text messages. Compose messages and broadcast them to multiple contacts for notifications of service outages or social events. 
  • Property Maintenance: Track and manage work orders, monitor inventory lists and streamline on-site workflows from a unified dashboard. 
  • Accounting: Allocate expenses across the entire portfolio for keeping both a general ledger journal and accounts payable bill entries. Save time and maintain a proper audit trail by automating accounts receivable processes. Gain unique insights into the business with personalized Gross Potential Rent estimations and parameters. 
  • Reporting: Generate property or portfolio level reports to acquire specific insights about stakeholders, managers and investors. Gain actionable insights and drill down to discover opportunities using unique reports. 
Rentec Direct
Rentec Direct
Start Price
$45
Monthly
Analyst Rating
73
SelectHub’s Analyst Rating for Rentec Direct, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
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Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Rentec Direct

Stepping into the realm of property management software, Rentec Direct emerges as a prominent contender, capturing the attention of landlords and property managers seeking efficient solutions. User feedback from the past year sheds light on the platform's strengths, weaknesses, and unique attributes, painting a comprehensive picture of its capabilities and suitability for various needs.

Rentec Direct receives consistent praise for its user-friendly interface and comprehensive suite of features. The platform simplifies tasks such as rent collection, tenant screening, maintenance requests, and lease management, streamlining operations for property management professionals. Users appreciate the affordability of Rentec Direct, especially when compared to competitors like AppFolio and Buildium, which often come with higher price tags. However, some users have expressed concerns regarding the responsiveness of customer support, highlighting the need for improvement in this area. The ability to access the software from any device with an internet connection is a significant advantage, providing flexibility and convenience for users on the go.

Rentec Direct caters to a diverse range of property management needs, making it suitable for both individual landlords and larger property management companies. Its scalability and affordability make it an attractive option for those starting or expanding their portfolios. The platform's comprehensive feature set ensures that users have the tools necessary to manage their properties effectively, from tenant communication to financial tracking. While Rentec Direct may not be the perfect fit for every user, its combination of affordability, user-friendliness, and comprehensive features positions it as a valuable tool for those seeking to optimize their property management processes.

Pros & Cons

  • Tenant Portal: Tenants can pay rent and submit maintenance requests online, which can save property managers time and hassle.
  • QuickBooks Integration: Rentec Direct can be integrated with QuickBooks, which can make accounting easier for property managers.
  • Good Customer Support: Many users report that Rentec Direct has good customer support, which can be helpful if property managers have any questions or problems.
  • Customizable: Rentec Direct is customizable, so property managers can tailor it to their specific needs.
  • Mobile App: Rentec Direct has a mobile app, which can be convenient for property managers who are on the go.
  • Limited Accounting Features: The platform lacks robust accounting functionalities, such as generating a balance sheet or tracking depreciation, which are essential for comprehensive financial management.
  • Customer Support Challenges: Obtaining timely and effective assistance from Rentec Direct's customer support can be difficult, leading to frustration and delays in resolving issues.
  • Mobile App Limitations: The mobile app's functionality is restricted compared to the web version, hindering on-the-go property management tasks.

Key Features

  • Property Marketing: Fill up vacancies faster, increase inventory visibility and boost occupancy rate with marketing tools: 
    • Customizable Listings: Create personalized listings mentioning amenities and rules and regulations, and automatically syndicate them on industry-leading listing websites like Trulia, Zillow, HotPads and more. 
    • Personal Website: Build a custom website to showcase listings and accept online applications and fees. Customize the website with HTML or CSS coding to promote the brand and company. Free web hosting on vendor servers is included with the Pro and PM plans.
    • Lead Tracking: Track leads and automatically match prospective tenants with vacant units based on their interests and rental preferences. Tenants can save their preferences and get email notifications about suitable vacant properties. 
  • Rental Applications: Choose the best applicants based on personalized parameters with a customizable online rental application form. Accept applications and screening fees online. Store applicants’ data online and notify them upon selection. 
  • Tenant Screening: Identify the best applicants through screening for various parameters like background check, minimum credit score, national eviction searches, SSN validation and more. 
  • E-leasing: Create and store unlimited custom leases with specific clauses and obligations; invite renters to sign them virtually. 
  • Property Maintenance: Receive maintenance requests and assign work orders. Residents automatically receive email notifications upon work completion. Conduct virtual property inspections with the mobile application, powered by ZInspector. 
  • Online Portals: Save time and reduce confusion with a single platform for communication between property managers, owners and residents. The individual portals offer a few extra benefits: 
    • Tenant Portal: Residents can pay rent and ancillary charges, view statements, purchase insurance and submit maintenance requests. They can also receive announcements and notifications via this portal. 
    • Owner Portal: Owners can track property performance, occupancy rates, cash flows and notices. Download statements and reports. 
  • Payment: Receive and pay rent via online bank transfers, credit or debit cards or eChecks. Residents can also directly pay rent via cash by depositing the money at any of the 20,000 cash payment locations provided. They can also set up monthly recurring payment schedules. 
  • Accounting: Review, edit and print ledgers for every property, owner and bank account managed. Electronically file 1099-MISC tax forms with assistance from Nelco Solutions. Save time and reduce human error by automating double or triple entries through the QuickBooks integration. 
  • Reporting: Quickly view, analyze and drill down on specific items with a robust reporting system. Email, print or export reports as PDF or Excel files. 
Innago Award
Innago
Innago
Start Price
$2
Per Transaction, 2.99% Flat Rate
Analyst Rating
71
SelectHub’s Analyst Rating for Innago, is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Innago

Stepping into the realm of property management software, Innago emerges as a beacon of user-friendly efficiency. Reviews highlight its intuitive interface, making navigation a breeze even for those less familiar with technology. This ease of use translates into time savings, as tasks that were once manual become automated, allowing users to allocate their time more effectively. Innago's ability to streamline operations and provide valuable insights empowers users to make informed decisions that positively impact their bottom line.

Innago stands out from the competition due to its affordability and comprehensive features. While other property management software options can be expensive and overwhelming, Innago offers a cost-effective solution that caters to landlords of all sizes. Users appreciate the wide range of tools available, including rent collection, tenant screening, lease management, maintenance tracking, and financial organization. The platform's versatility eliminates the need for multiple software solutions, simplifying property management processes.

Innago is particularly well-suited for landlords and property managers seeking an affordable, user-friendly, and efficient solution to manage their rental properties. Its intuitive interface, time-saving automation, and comprehensive features make it an ideal choice for those looking to streamline their operations and improve their overall efficiency. Whether you're a seasoned property manager or just starting, Innago provides the tools and support necessary to effectively manage your rental properties.

Pros & Cons

  • Tenant Screening: Innago provides a comprehensive tenant screening process, including credit reports, background checks, and eviction history, to help landlords select reliable tenants and minimize risks.
  • Online Rent Collection: The platform simplifies rent collection by enabling tenants to pay rent online, automating reminders, and providing landlords with real-time payment tracking.
  • Maintenance Management: Innago streamlines maintenance requests by allowing tenants to submit requests online, assigning tasks to vendors, and tracking progress, ensuring efficient resolution of maintenance issues.
  • Lease Management: The platform facilitates lease management by providing customizable lease templates, e-signature capabilities, and automated lease renewals, reducing paperwork and administrative tasks for landlords.
  • Financial Reporting: Innago offers financial reporting tools that provide landlords with insights into their rental income, expenses, and profitability, enabling informed financial decisions.
  • Limited Functionality: Innago's features may not be sufficient for property managers with complex needs, such as commercial properties or those requiring advanced accounting tools.
  • Customer Support Issues: Some users have reported challenges in reaching Innago's customer support, leading to frustration and delays in resolving issues.
  • Learning Curve: The platform's interface and features can have a learning curve, especially for users who are new to property management software.

Key Features

  • Online Payments: Securely collect rent via cash, credit and debit cards or ACH transfers; tenants pay a nominal fee for every digital transaction. Automate invoice generation, set up payment reminders and enforce late fees. Tenants can save their usual payment details and automate recurring rent transfers. 
  • E-Leasing: Generate unlimited electronic leases with customizable lease templates and send them to all parties for e-signatures, accessible through mobile devices, to expedite the agreement process. Track every individual lease from the dashboard till the last e-signature is signed. 
  • Tenant Screening: Create custom application forms with unique questions for prospective tenants. Leverage the vendor’s native screening engine powered by TransUnion to instantly access each applicant’s criminal, credit and eviction history. Each screening is available at a cost. 
  • Maintenance Workflow: Tenants can submit maintenance tickets with categories, descriptions, images and videos. Receive instant notifications when a request is submitted and respond quickly from anywhere with its mobile maintenance tools. 
  • Tenant Management: Change lease dates, update rental rates and communicate with tenants from any device. Tenants can view documents, pay rent, submit maintenance tickets and interact with owners and managers through a self-service portal. 
  • Reporting: Generate clean, dynamic reports and use unique filters and quick presets to glean actionable insights. Export reports to MS Excel or any third-party financial program. 
  • Mortgage Calculator: Access balance and payment graph, and receive cost breakdown charts and monthly or yearly amortization tables at no extra cost. 

COMPARE THE BEST Property Management Software

Select up to 5 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Property Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
AppFolio
93
$1.49
Per Unit, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
AppFolio
Yardi Voyager
91
$1,200
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Yardi Voyager
RealPage
88
$7.30
Per 10,000 Square Feet, Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
RealPage
MRI Software
86
$55
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
MRI Software
Buildium
86
$55
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Buildium
Rent Manager
85
$1
Per Unit, Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Rent Manager
Propertyware
79
$1
Per Unit, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Propertyware
ResMan
73
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
ResMan
Rentec Direct
73
$45
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Rentec Direct
Innago
71
$2
Per Transaction, 2.99% Flat Rate
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Innago

All Property Management Software (190 found)

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BReal

by BReal Estate
BReal
BReal is a well-known software solution that ranks 41 among all Property Management Software according to our research analysts. Starting from $300, BReal is priced cost-effectively, has offered a free trial in the past and is most fitting for any business. BReal can be deployed in the cloud. Similar alternatives to BReal include RISSOFT, Visulate and TrueRent.
Cost Breakdown
$100 - $500
Company Size
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Platform
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PayHOA

by PayHOA
PayHOA
PayHOA is a popular software product that ranks 42 among all Property Management Software according to our research analysts and 141 crowd-sourced reviews from 1 source. Starting from $49, PayHOA is priced below average, commonly offers a free trial and is most fitting for all business sizes. PayHOA can be deployed in the cloud and on-premise and is accessible from a limited set of platforms including Windows and Linux devices. Similar alternatives to PayHOA include LandlordTracks, Happy Tenant and PropertyZar.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
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Deployment
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Vantaca

by Vantaca
Vantaca
Vantaca is a well-known software application that ranks 43 among all Property Management Software according to our research analysts and 28 crowd-sourced reviews from 2 sources. Starting from $0, Vantaca is priced initially at no cost and is most fitting for any business. Vantaca can be deployed in the cloud. Similar alternatives to Vantaca include RISSOFT, Visulate and TrueRent.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
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Deployment
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Agilysys

by Agilysys
Agilysys
Agilysys is a renowned software provider offering comprehensive solutions in the hospitality and gaming industries. The company's software streamlines and enhances operations for businesses such as hotels, resorts, restaurants, and casinos. It aids in managing reservations, guest experiences, inventory, and more. Users include a broad spectrum of enterprises, from small eateries to large hotel chains. Agilysys stands out for its versatile suite of features, including property management, point-of-sale systems, inventory and procurement management, and analytics. The software optimizes customer interactions, enhances service quality, and improves efficiency in the hospitality sector. Users often compare Agilysys favorably to similar products, citing its industry-specific focus, reliability, and the array of tools tailored to meet the unique demands of the hospitality and gaming sectors. Pros Industry-Specific Focus Enhanced Guest Experience Efficient Operations Comprehensive Solutions Cons Costly for Small Businesses Complex Implementation Learning Curve Occasional Technical Issues
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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Yardi Breeze

by Yardi Systems
Yardi Breeze
Yardi Breeze is a cloud-based tool that helps manage residential, commercial, affordable, self storage, associations, manufactured housing and PHA properties individually. It enables online marketing, leasing, revenue tracking and reporting. It lets users manage rent collection, portfolios, compliance, maintenance, vouchers, accounting and more based on the property type. Different packages are available to accommodate single and multiple units.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
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Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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UpTop

by UpTop
UpTop
UpTop is a well-known platform that ranks 46 among all Property Management Software according to our research analysts and 2 crowd-sourced reviews from 2 sources. Starting from $0, UpTop is priced free of charge to start, offers a free trial on occasion and is most advisable for all business sizes. UpTop can be deployed online and is accessible from a limited set of platforms including Windows devices. Similar alternatives to UpTop include RISSOFT, TrueRent and Property Genie.
User Sentiment User satisfaction level icon: poor
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
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Knock CRM

by Knock
Knock CRM
Knock CRM is a popular software application that ranks 47 among all Property Management Software according to our research analysts and 17 crowd-sourced reviews from 1 source. Knock CRM is most suitable for all business sizes. Knock CRM can be deployed in the cloud. Similar alternatives to Knock CRM include RISSOFT, Visulate and TrueRent.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

SimplifyEm

by SimplifyEm
SimplifyEm
SimplifyEM is a cloud-based solution that provides online rent collection, expense tracking, digital lease signatures, bookkeeping and access to a communication portal. Tax management, reporting, work order management and billing are some of its offerings. Users can choose packages, which include live support and unlimited data storage, based on the number of units to be managed. The vendor offers a free trial or test drive on their website so prospective customers can see it in action before purchasing.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
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Moxtra

by Moxtra
Moxtra
Moxtra is a digital client portal builder that helps streamline customer engagement. It serves as a communication platform between teams and clients, facilitating meetings, discussions and media sharing. It is scalable and customizable to suit unique projects of all sizes and durations. Manage external and internal users and deliver a connected, fluid experience for web and mobile. Seamlessly integrates with existing websites or packages.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

storEDGE

by storEDGE
storEDGE
Designed specifically for the self-storage industry, storEDGE is a cloud-based software allowing seamless management of storage facilities from anywhere in the world. It offers marketing, rental and management modules. It integrates with innovative lead tracking widgets and offers data analytics and a native CRM to help boost rentals, manage operations and maximize ROI for businesses. The vendor also offers a variety of hardware bundles and custom installations anywhere in the U.S.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

NestEgg

by NestEgg
NestEgg
NestEgg is a well-known software solution that ranks 51 among all Property Management Software according to our research analysts and 24 crowd-sourced reviews from 2 sources. Starting from $9, NestEgg is priced for those with smaller budgets, commonly offers a free trial and is most applicable for businesses on the small side. NestEgg can be deployed in the cloud and is accessible from a limited set of platforms including Windows devices. Similar alternatives to NestEgg include RISSOFT, TrueRent and Property Genie.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Lodgix

by VRM Solutions
Lodgix
Lodgix is a cloud-based vacation rental software that helps landlords, rental managers and boutique hotel owners manage online booking, guest experience and accounting. It offers communication automation, email marketing, multiple listing sites integration, data security, accidental damage insurance and other capabilities. Users can leverage unique integrations with payment processors, accounting software, marketing tools and more.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

KPro

by Keaze
KPro
KPro is a popular software platform that ranks 53 among all Property Management Software according to our research analysts. KPro can be deployed in the cloud. Similar alternatives to KPro include RISSOFT, Visulate and TrueRent.
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

eRentPayment

by eRentPayment
eRentPayment
ERentPayment is a popular software tool that ranks 54 among all Property Management Software according to our research analysts and 22 crowd-sourced reviews from 2 sources. Starting from $10, eRentPayment is priced economically and is most fitting for all company sizes. ERentPayment can be deployed online. Similar alternatives to eRentPayment include RISSOFT, Visulate and TrueRent.
User Sentiment User satisfaction level icon: fair
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

DealCheck

by DealCheck.io
DealCheck
DealCheck is a well-known software platform that ranks 55 among all Property Management Software according to our research analysts and 16 crowd-sourced reviews from 1 source. Starting from $0, DealCheck is priced free of charge to start, offers a free trial on occasion and is most suitable for any company. DealCheck can be deployed in the cloud. Similar alternatives to DealCheck include RISSOFT, Visulate and TrueRent.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Landlord Studio

by Landlord Studio
Landlord Studio
Landlord Studio is a well-known solution that ranks 56 among all Property Management Software according to our research analysts and 158 crowd-sourced reviews from 2 sources. Starting from $5.99, Landlord Studio is priced fairly, offers a free trial on occasion and is most applicable for all business sizes. Similar alternatives to Landlord Studio include Cradle, TRS Property Management and RefineRE.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

LeaseCrunch

by LeaseCrunch
LeaseCrunch
LeaseCrunch is a sophisticated software solution designed to streamline lease accounting tasks, making it particularly beneficial for organizations that need to comply with complex lease accounting standards. The platform is most suited for accounting firms and businesses with extensive lease portfolios, as it simplifies the process of managing lease data, generating accurate financial reports, and ensuring compliance with ASC 842, IFRS 16, and GASB 87 standards. One of the key advantages of LeaseCrunch is its user-friendly interface, which allows for easy data entry and management. The software automates calculations, reducing the risk of human error and saving significant time. Popular features include automated journal entries, lease classification, and comprehensive reporting capabilities. Users appreciate the platform's ability to handle both real estate and equipment leases, providing a versatile solution for various industries. In terms of pricing, LeaseCrunch typically operates on a per-unit basis, with costs varying depending on the number of leases managed. Payment frequency can be customized to fit the needs of the organization, whether monthly or annually. For precise pricing details, it is recommended to contact SelectHub for a tailored quote based on specific requirements.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

PowerPlan

by PowerPlan
PowerPlan
PowerPlan is a well-known platform that ranks 58 among all Property Management Software according to our research analysts and 1 crowd-sourced review from 1 source. Starting from $0, PowerPlan is priced initially at no cost and is most fitting for medium-to-large-sized corporations. PowerPlan can be deployed online and on-premise and is accessible from a limited number of platforms including Windows devices. Similar alternatives to PowerPlan include TrueRent, PropWorx and uLiving.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

MyVR

by MyVR
MyVR
MyVR is a cloud-based solution that helps landlords and property managers handle their entire portfolios from a single dashboard. It’s suitable for both small and big businesses. With direct connections to major listing sites, it simplifies marketing efforts without requiring a third-party channel manager. It offers a native website builder, calendar synchronization, unique integrations and more.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Stora

by Storat
Stora
Stora is a well-known platform that ranks 60 among all Property Management Software according to our research analysts and 9 crowd-sourced reviews from 1 source. Starting from $49, Stora is priced lower than average, commonly offers a free trial and is most advisable for small-to-mid-sized companies. Stora can be deployed online. Similar alternatives to Stora include Tenantcube, LandlordTracks and Happy Tenant.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Buyer's Guide

Property Management Software Is All About Seamlessly Managing Properties

By Riddhiman Roy, Technical Content Writer at Selecthub

Property Management Software Buyer's Guide Intro Header

The traditional approach of recording accounting transactions, inspection notes and tenant requests on papers, emails and spreadsheets can get exhaustive and overwhelming. Luckily, property management software is there to rescue you. It enables real estate professionals and landlords to automate processes, streamline workflows and control their day-to-day operations to sustain themselves in a highly competitive and ever-growing market.

 With several products and tools available in the market for landlords, finding a suitable solution can be a time-consuming and daunting task. To make your selection process easier, we have created this guide to act as a starting point for your research. You will learn about the benefits, features, industry trends, price considerations and some of the top products in the market that can help you make empowered software decisions.

Executive Summary

  • Property management software helps manage properties' operations, maintenance, marketing and leasing.
  • The online tenant portal ensures timely rent payments by tenants, increasing the property’s ROI.
  • Marketing tools and built-in screening help engage more quality applicants and expand the business.
  • You can define rules to automate bookkeeping and ensure accounting accuracy across all fronts.
  • Property management software selection is integral to a business’s success, and you should do it carefully.
  • It’s crucial to prepare a software comparison strategy and personalized budget before starting the selection process.
What This Guide Covers:

What Is Property Management Software?

Property management software is a platform that enables property managers, owners or operators to manage leases, tenants, maintenance tasks and financials to achieve higher efficiency rates and boost overall ROI. You can use the system to simplify rental management operations such as collecting rent online, posting rental vacancies on websites or third-party portals and screening prospective tenants.

The software integrates multiple solutions for real estate professionals in a single, centralized platform. It helps efficiently manage different real-estate business sizes and types, including residential, commercial, enterprise-level or investment firms.

How Does It Work?

Now you may say — Sonny, it sounds great, but how can you manage such diverse workflows from a single platform? To make it easier to understand, let’s look at how property management solutions affect a typical customer’s journey from being a prospect to applying for tenancies and any subsequent lease renewals or terminations.

  • You can design branded property websites and distribute ads on multiple sales channels.
  • If a prospect is interested in the property, they can use the website’s portal to submit their applications.
  • The system centralizes applications arriving from the website and third-party channels. Most platforms offer built-in connections with TransUnion or other credit rating agencies to allow you to screen tenants without leaving the software’s interface.
  • Once you’ve identified ideal tenants, you can design eLeases using an up-to-date template library with the latest lease accounting standards.
  • After guests move in, they receive unique tenant portals or mobile apps to pay rent, request maintenance, view leases and interact with landlords and managers.
  • The system records every maintenance request and activity to promote accountability and streamline audit processes. Advanced solutions also let you onboard maintenance vendors and track their work progress in real time.
  • The system connects with your bank account or payment gateway to instantly deposit rent, utility bills and other revenue.
  • Use the reporting suite to automate periodical reporting on profitability, utility consumption, rent analysis and owner statements. You can easily design public disclosures like 1099 forms with a few clicks.
  • It records all property-related financial transactions, maintains separate ledgers and organizes accounting processes.
  • Lastly, the platform alerts you about every important event, including audits, lease renewals/terminations, late rent payments and maintenance activities.

Types of Property Management Software

According to psychologist Abraham Maslow’s hierarchy of needs, shelter is one of the basic needs necessary for human beings to survive. Today, real estate isn’t a luxury but a necessity as it touches every part of our lives. From schools, gyms and offices to hotels, governments and churches — all use real estate to conduct their operations.

Due to the variety of properties, it’s counterintuitive to use legacy software to manage each type. There are different categories of property management software based on the type and size of your real estate. The major ones are:

  • Residential Rental Property Management: As the name suggests, these solutions help you market, manage and maintain residential properties like houses, condos and apartments. Its features include vacancy marketing, screening, tenant management, maintenance modules and reporting.
  • Commercial Property Management: Commercial properties are real estate rented to businesses and organizations instead of residents. A few examples are shopping malls, offices, government buildings and airports. Specialized modules help screen a business’s financial health, track common area maintenance (CAM), manage commercial leases and charge utility bills based on consumption.
  • HOA Software: The fundamental goal of a homeowner’s association is to build a peaceful and connected community. This software streamlines communications between residents and serves as a platform to host events, meetings and elections. Board members can create personalized covenants, conditions and restrictions (CC&R) documents and track violations.
  • Landlord Software: These cloud-based platforms serve small businesses and individual landlords. You don’t require in-depth technical knowledge to implement and run the solution. They offer intuitive interfaces and simple features to simplify a landlord’s day-to-day life while offering stellar tenant experiences.
  • Hotel Management: You can market your rooms on multiple OTA, ILS and GDS to improve occupancy rates. A native booking engine allows you to take direct bookings and bypass third-party booking commissions. Digitize every front desk activity, including check-ins, checkouts, housekeeping, payments and guest messaging.
  • Self-storage Software: It helps you track a storage unit’s occupancy, maintenance and profitability. Interactive facility maps let you assign maintenance activities, authorize access and schedule payments. You can integrate the software with biometric locks, thermostats and on-premise CCTVs.
  • Lease Accounting: Those in the property management sector know that lease accounting can be tricky, especially with recent FASB ASC 842 and IASB IFRS 16 accounting standard updates. Thankfully, lease accounting solutions can automatically comply with these standards and serve as a central repository for all your leasing data.
  • Property Management Apps: These are a great addition to a property manager’s toolkit as they allow you to stay on top of every operation from any remote location. Some apps serve specific functions like tenant communication, maintenance tracking and property accounting. Others are all-in-one apps that let you manage the entire property management spectrum from a mobile screen.
  • Real Estate Investment: Big enterprises and private equity firms can get an in-depth view of their portfolio’s health and optimize investments.

Deployment Methods

Based on your business priorities, you can choose suitable software from either on-premise or cloud-based deployment models to seamlessly run your daily operations.

On-premise or Server-based

On-premise property management software requires a dedicated server to host the solution, with a heavy upfront hardware investment. You may need skilled IT professionals to implement, maintain and upgrade systems. Due to on-site hosting, these solutions provide in-office, limited access to your data.

These setups offer certain advantages that companies may find beneficial, such as high customization capabilities, independent of internet connection and cost-efficiency in the long run.

Cloud-based

Property management software available as SaaS, also known as online property management software, are economical options that don’t require robust hardware and IT infrastructure as vendors host the software on their native servers. The cloud facilitates online data storage and processing, enabling remote access from any location.

With a monthly subscription fee, low upfront cost and a robust internet provider, these solutions deliver benefits like minimized costs, automatic backups, greater accessibility and scalability.

These deployment strategies come with different pros and cons. Your unique business needs and requirements can guide your final choice of property management software.

Primary Benefits

Benefits of Property Management Software

Simplified Management

Performing similar tasks over and over again leads to time wastage and low productivity levels. Fortunately, automatic processes like invoice reminders, welcome emails and more can save time for other critical work like addressing customer needs and connecting with potential clients. You can set late fee reminders for renters and schedule notifications for circulating important information.

Easy Rent Collection

Manually collecting payments and chasing down tenants can be difficult and time-consuming. Mobile access and automated reminders can ensure timely payments. A convenient way of paying rent adds up to customer satisfaction. You can also automate late fee calculations through additional functionalities like late-fee calculators.

Streamlined Marketing Campaigns

It’s easier to find new tenants when people are aware of your vacancies. Property management software allows you to market your property details on personal websites, social media and third-party channels. It helps you reach a broad audience to find ideal tenants for your property quickly.

Increased Accuracy and Productivity

Handling large volumes of data is cumbersome and prone to manual errors. Automatically updated data minimizes administration work and, as a result, improves accuracy. Reducing time spent on redundant processes boosts overall productivity and leaves more space for other essential work like validating and analyzing numbers.

Improved Tenant Experiences

The baby boomer generation no longer dominates the homebuyers' market. A study found that older millennials make up 25% of the U.S. homebuyers’ population, taking the largest share among all generations. But have you ever wondered what attracts them to buy or rent a home?

Online payments, communications, maintenance requests, utility billing and rental listings are the top technologies renters want in 2022. Reliable property management software offers all these technologies and helps make your property attractive to a wide section of buyers.

Implementation Goals

Before integrating property management software, you need to recognize the fundamental goals you wish to achieve with the new platform. Here are a set of implementation goals you can accomplish with the right solution:

Goal 1

Expand Businesses

In-built tools like marketing, advertising and tenant screening attract more applicants. Posting vacancies on popular sites and adding a customer review section can help you gain reliability in the market and grow your business.

Goal 2

Improve Communication

Communication between landlords and tenants is crucial to maintaining healthy relationships and increasing customer satisfaction. Regular notifications about due rent, late fees, updates on maintenance requests, signing leases and more bring real-time transparency and improve communication.

Goal 3

Manage Finances and Increase Revenue

Offers robust business intelligence capabilities to drive value from your operating budget and analyze financial metrics, such as income, expenditure and maintenance. Reporting and analytics tools can provide insights into improvements required to upgrade your business and maximize ROI.

Goal 4

Mobility and Scalability

Files stored on the cloud provide easy access to data from anywhere. Automation can help you save time to focus on investment and management activities that boost profitability. Additionally, a cloud-based platform scales with your business and allows you to handle multiple properties with regular updates and innovative functionalities.

Basic Features & Functionality

While property management software comes in varied forms, you can expect a few standard features in most of them. However, the proficiency levels of these functionalities may differ. Choose your solution wisely after evaluating the set of features that you require to fulfill your unique requirements.

Features Of Property Management Software

Website Designing

You can use customizable templates to design branded websites and advertise your portfolio. Advanced solutions offer WYSIWYG website editors that allow you to personalize the website design, text blocks and images. You can publish interactive 3D floor maps on the website and conduct virtual tours.

Marketing

Using multiple channels to market your properties can be challenging. Streamline the process by centralizing listings from every channel on a unified dashboard.

You can edit and make changes to listings and auto-sync information on every channel. This helps avoid manual errors like double and overbooking.
Tenant Tracking

It allows landlords to track tenant data and details such as contact information, rent payments and schedules, assigned properties and payment history. Some solutions also include tenant screening tools to verify applicants’ identities and choose those who can meet payment terms and maintain the property condition.
Tenant Portal

A convenient online platform to help tenants pay rent and fees, submit work orders and view lease records. Residents can stay updated about due rent dates and essential information from managers. It also facilitates seamless communication between residents and landlords or office staff.
Lease Tracking

Track information about all lease agreements and manage contracts by keeping track of lease start and end dates, renewal window and other relevant information. You can also automate leasing procedures from prospect to move-out.
Maintenance Management

Property managers can utilize this feature to maintain buildings and utilities properly to deliver value and a comfortable environment to customers. Landlords can conveniently handle maintenance requests raised by tenants and accordingly assign these requests to the staff to ensure smooth functioning and tenant satisfaction.
Accounting

This feature helps record payments, cash flows and rental transactions through a general ledger and dashboards. You can utilize this data to create reports, get a holistic view of your properties’ financial health and discover significant trends.
Payment Processing

A few solutions offer native payment processors that connect to your bank account and instantly deposit rent and other revenue in return for a processing fee. Other systems integrate with popular payment gateways like PayPal and Stripe to manage digital payments.
Budgeting and Forecasting

Gain a centralized view of all finances and historical lease data to generate projections and forecast future costs and values. It also provides complete details about the consumer price index (CPI), market rates, changes and inflation.

Advanced Features & Functionality

Data Analytics

Data is one of the most crucial elements of any business and largely contributes to its success. You can make accurate, data-driven decisions through a comprehensive analysis of stored data. Using these business insights, you can identify inefficiencies and uncover new opportunities and potentials. Advanced property management software leverages data analytics to help companies develop effective marketing strategies and focus on their target demographics.
Data Security

Keeping your customer’s data safe is extremely important to prevent financial loss, consumer confidence disintegration and reputation damage. It can help property managers to safeguard customer’s personal and organizational data. Advanced solutions offer data encryption for increased security.
Artificial Intelligence

Use AI as a leasing assistant to answer prospect queries and direct them through the leasing process. It also helps read invoices, identify critical information, auto-populate forms, and automate bill receivables and payables. You can analyze your operational data and get growth opportunities and insights.
CRM

Most solutions store tenant information like leases, contact information, identity proof and preferences. Advanced systems can maintain profiles for every prospect visiting your website and let you identify trends by analyzing guest data.
Space and Insurance Management

It allocates resources and supervises material and space usage for efficient management of physical properties. You can also maintain compliance and get access to adequate insurance policies.

Current & Upcoming Trends

Property Management Software Trends

It’s necessary to evolve with modern and sophisticated technologies to survive in a highly competitive environment. To keep up with advancements, businesses must grow according to the latest changes and trends. In this section, we’ve listed some industry trends in the property management software market to help you gain a competitive advantage.

Inflation and Portfolio Growth

Economic concerns take priority in most industries, and property management is no different. A Deloitte study reveals that property managers and stakeholders have mixed revenue expectations for 2023 — 48% of surveyors expect revenue to decrease, 12% see no change, and the rest 40% are optimistic about revenue growth.

But the light at the end of the tunnel is closer than it appears. Reports suggest that inflation is peaking, leading to a drop in home prices that can reach pre-pandemic levels by mid-2023. Property managers are looking to capitalize on this opportunity by aggressively expanding their portfolios.

According to a report by Buildium, 92% of businesses plan to add new properties to their portfolio, 77% plan on expanding it by adding new owners and properties, and 50% are looking to support their current growth as an expansion strategy.

The same Buildium report found that the top priorities for managers in 2023 are growth, efficiency and profitability.

This shift in the plan represents a state of normalcy that we haven’t witnessed since the pandemic began because organizations primarily focused on owner and renter issues. Therefore, as inflation cools down, growth for property management businesses can come more easily compared to the last two years.

IoT and Smart Homes

The Internet of Things (IoT) enables landlords and managers to track a property’s usage and utility consumption. They also create a well-connected living space with intelligent automation for renters, commonly called smart homes.

The global IoT market is expected to grow from $478.36 billion in 2022 to $2,465.26 billion at a 26.4% CAGR. Also, the smart homes penetration rate is forecasted to be 21.1% by 2025. With this growth, you can expect increased adoption across different real estate segments, with a special focus on smart appliances, security and connectivity.

Virtual Reality and Augmented Reality

A report found that 95% of buyers use the internet to search for homes. Virtual reality and augmented reality can play a considerable role in making this online search and home buying experience more fascinating and accessible.

Potential buyers who can’t physically visit sites can get virtual property tours anywhere, anytime, to understand and experience the property. Augmented reality enables realtors and builders to display unfinished areas with virtual furnishings and accessories to give buyers granular insights into physical spaces and high-quality immersive experiences.

Growing Mobile Connectivity and 5G Adoption

The global 5G market is expected to grow from $58.8 billion in 2022 to $1.67 trillion by 2030 at a staggering 51.9% CAGR. With the advent of 5G, global mobile connectivity has enhanced further to gain more importance.

This increasing 5G adoption will provide higher bandwidth, allowing more smart devices to connect to the internet, create wireless workplaces, increase telecommunication and enhance digital workflows. It’ll enforce various technological innovations to promote sustainable maintenance and intelligent data insights to upgrade the quality of life. Also, you can boost home security by connecting multiple cameras and sensors that can capture HD images around properties.

Software Comparison Strategy

Selecting suitable property management software is crucial for the effortless management of your properties and guaranteeing your buyer’s delight and satisfaction. However, narrowing down your options from a wide range of vendors available in the market that offer various tools and features can be tedious.

Before starting your search, we recommend you make a thorough list of your business-specific requirements and priorities. You can use the basic and advanced features list mentioned above to get a primary idea. Next, gather all the ideal qualities you’re looking for and match them with your probable options. You can check out our article on property management software features to make the process easier.

Other than that, here are a few factors you should consider while devising the requirements checklist:

  • Integrations: Make sure the software of your choice connects with your existing software stack and other solutions your business might use in the future.
  • Number of Users: Most solutions offer a finite number of team member onboarding. Therefore, you should determine the number of team members who’d need access and look for a solution that can comfortably onboard and manage your team.
  • Usability: Many make the mistake of overlooking this factor during software selection. But the platform’s usability is directly proportional to your business’s productivity. Find software that offers an intuitive interface that you and your team can easily navigate.
  • Deployment: Choose a suitable deployment model based on your business’s IT infrastructure and expertise.

You can also jumpstart your selection process with our free property management software requirements template. Once you have a clear idea of your requirements, refer to the questions list below to ask yourself and any potential vendors to find the right solution that best aligns with your business.

Cost & Pricing Considerations

Generally, most property management software products are priced on a per unit, per month basis. Before investing in a platform, look out for a suitable deployment option. You can go through the details mentioned above and evaluate the pros and cons of on-premise and cloud-based deployments to shortlist one that suits your business size and budget.

You can consider vendors offering subscriptions, upgrades, training resources and support options. There may be additional or hidden costs involved, so it is advisable to cross-check all associated charges before purchasing.

If you are looking to upgrade, search for solutions that can integrate with your existing tools like CRM, accounting, marketing and more. This way, you can transfer data across applications conveniently and avoid data reentries.

It is evident that there is no standard guide to address the question of property management software pricing. You must gauge multiple factors and, most importantly, your company’s budget before investing in the right system. To simplify the process, you can consider using our free property management software comparison platform to compare top vendors based on features, pricing and other user-defined criteria.

Questions To Ask Yourself

Use these questions as a starting point for internal conversations:

  • What is the type and size of my property?
  • What is the overall budget?
  • What goals do I want to accomplish?
  • Do I need on-premise or cloud-based deployment?
  • What features are required?

Top Questions About Property Management Software

 

 

 

Questions To Ask Vendors

Use these questions as a starting point for conversations with vendors:

About the Software

  • Is the system customizable?
  • How often are the updates provided?
  • Does it include training and support options?
  • Does it offer mobile capabilities?
  • Is the solution scalable?

About the Vendor

  • Which industry is the software serving?
  • Are there any additional costs involved?
  • Does the vendor offer demos or free trials?
  • Is there any implementation support provided?
  • What programs integrate with your product?

Last Words

Every property management software offers a unique set of tools and features. Investing in a suitable product can help you become organized, increase efficiency and garner profits. This buyer’s guide intends to serve as a starting point to direct concerned professionals towards making an informed decision to find the top solution that helps meet targets and adds value to their enterprise. 

Product Comparisons

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Riddhiman
By Riddhiman Roy
Technical Content Writer
As a Senior Technical Content Writer at SelectHub, Riddhiman Roy delivers content about eCommerce, legal, employee scheduling, procurement, hotel management and property management software. He holds a Master's in multimedia journalism from the Indian Institute of Journalism and New Media. When he is not fighting huge-article-ogres and evil Grammarly suggestions, you can find him in his natural habitat grooving to music and banging his drumkit.
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Shweta
Technical Research By Shweta Bhandari
Senior Analyst
In her role on SelectHub's research team, Shweta Bhandari works on categories like manufacturing, CMMS, construction ERP, takeoff software, supply chain management, field service, construction bidding software and construction estimation software.
See Full Bio
Kankana
Technical Review By Kankana Kalita
Principal Analyst
A seasoned business and research analyst, Kankana Kalita specializes in ERP, CMMS, manufacturing, construction, supply chain, HRMS and CRM. Prior to joining SelectHub, she earned a Bachelor's degree in Computer Science and Engineering, an MBA in Operations and Marketing, and worked in email marketing and logistics.
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Pooja
Edited By Pooja Verma
Content Editor
Pooja Verma is a Content Editor and Senior Market Analyst at SelectHub, who writes and edits content for endpoint security, legal, CRM, fundraising software, eCommerce, and mental health software. She earned a literature degree from Miranda House, DU and also holds Master’s in Journalism from Symbiosis Institute of Media and Communication in India. In her free time, you can spot her reading a book or binge-watching the latest web series and movies.
See Full Bio