In simple terms, Property Management Software is designed to assist landowners and real estate businesses in managing their various properties. These software can perform multiple tasks such as keeping tabs on rent, scheduling maintenance and repair tasks, managing vendor payments, and screening applications by potential tenants.
There is an incredibly large number of property management software options available on the market, and each of these offers a particular set of features at varying prices. A property management software ideal for a commercial business managing over one hundred properties may not be the best choice for a landowner with a handful of rental properties.
The following is a list of the best property management software options in the market to help make your decision-making process easier and more efficient.
AppFolio Property Manager is by far the best property management software out there since it is a highly versatile and feature-rich platform with a smooth and user-friendly interface. The software has all the features any property owner would ever need, be it residential or commercial property. This includes intuitive marketing features that allow you to post listings on your website and third-party platforms.
The platform is completely web-based and comes with a detailed built-in accounting feature that eliminates the need for third-party accounting software. It is well-equipped to deal with technical leases, complicated agreements, specialized reporting, and other such demands that other options may not be able to support.
The software is priced as low as $0.80 per unit per month and gives you the best value if you manage over 200 units every month.
MRI Commercial Suite offers a one-stop solution for all commercial property management needs, making it our top pick for commercial property owners. With the MRI Commercial Suite property management software, you can centralize the management of all your commercial units and store all necessary information on the platform. If used properly, the software can help reduce operational costs and help in improving strategic planning decisions.
The software also includes a lease calculation tool as well as accounting and reporting features that make it a well-rounded software option. It is important to note, however, that the online version is limited in its features, and it is only with the Windows/iOS client that you will be able to enjoy all the features of the software.
Designed by expert property managers, Buildium is a residential rental management software that performs close to every function that could possibly be needed by the owner and tenants of a rental property. The software is more than capable of handling financial reporting and property accounting while allowing for seamless and transparent online payments via separate owner and tenant portals.
The price starts at $47 per month, and the basic pricing structure of the software means that you will need to be managing at least 50 properties to make paying for it worth it.
Not all property owners would like to install a client on their systems to operate their property management software and might prefer to instead use a fully online option like Propertyware.
With highly intuitive built-in features that cover accounting, property management, marketing, and maintenance, Propertyware offers flexibility like no other competitor, but the flip side of this flexibility is that there is a rather steep learning curve to mastering its usage. The product is on the expensive side as well and costs a minimum of $250 per month.
If you are a landowner, real estate agent, or property manager by profession, you require an all-in-one property management solution to manage less than 100 monthly units across properties. The software comes complete with leasing tools, maintenance planning, and other management tools to help owners communicate with agents and managers.
The software can be used to manage a single unit and is scalable up to 100 units, making it an attractive option for small business owners. The pricing starts at $28 per month as a base fee with an additional $2 per unit, also charged on a monthly basis.
TenantCloud is the best free property management software that is cloud-based and can be used by both tenants as well as landlords for the seamless management of all property-related transactions. Although the software does have a premium version, the free version is feature-rich. It allows for online payments of rent, rental application submission and screening, filing of maintenance requests, and so on. If you have less than 75 units to manage, this is the best option for you.
Choosing the ideal Property Management Software is a highly personalized task that depends on several variables such as the number of properties and units, nature of the property, the requirements of the owners, and so on. We hope that you will be able to identify software that is best suited for all your property management needs with this short guide.
OHI is a fifteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We currently provide these services to a portfolio of 75000 units across clients.
We invite you to experience finance and accounting outsourcing through us.
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