Real Estate Accounting Software Comparison – Buildium, AppFolio and Yardi Voyager
- April 28, 2023
- OHI
Real estate accounting software makes life easier for real estate professionals. They help manage multiple properties, handle complex lease agreements, and deal with a range of financial and compliance requirements.
However, finding the best real estate accounting software for your business is not always easy. You need to consider a plethora of functions and factors, which can be overwhelming. But since the software can significantly transform your business, you must put in the required time and effort in making your pick.
The three most popular real estate accounting software today are:
All three software are highly rated and great at what they do. But which one will best suit your needs?
To make your choice easier, we’ve outlined the main features of all three software below, along with their pros, cons, and pricing. Once you identify the features that are most useful for your business, you will be able to make an informed decision.
Buildium, Appfolio and Yardi Voyager are all real estate accounting software, but they differ in their functions.
Buildium is a cloud-based property management software that provides accounting, communication, and task management tools for property managers. It allows real estate professionals to track rent payments, manage maintenance requests, and screen tenants, among other things.
AppFolio is another cloud-based property management software similar to Buildium but with additional capabilities such as lead tracking, digital leases, and advanced performance insights. AppFolio also provides a mobile app making it easy for property managers and tenants to access information on the go.
Yardi Voyager is a more comprehensive property management solution that includes asset management, investment management, financial accounting tools, and property management features. It is designed for enterprises that manage a large portfolio of properties. Yardi Voyager provides a wide range of functionality to manage all aspects of real estate operations.
Basis of Comparison | Buildium | AppFolio | Yardi Voyager |
|---|---|---|---|
| Ideal Company Size | Small, Medium, and Large | Small, Medium, and Large | Medium and Large |
| Deployment Supported | Cloud | Cloud, On-premise | Cloud |
| Business Operations | – Mobile-responsive resident site – Owner Portal – Maintenance request tracking – Property Inspections – Homeowner’s violation tracking | – Owner Portal – Vendor Portal – Resident Portal – Online maintenance requests – Work order management – In-house maintenance – Mobile inspections – Curated integrations | – Owner Portal – Vendor Portal – Resident Portal – Property Inspection – Maintenance Management – Document Management – Asset Management – Supports integration with external solutions |
| Accounting & Payment Features | – Property accounting – Company Financials – Online Payments – Retail Cash Payments – 1099 eFiling | – Online Payments – CAM Tracking & Reconciliation – Automated AP – Corporate Accounting – Revenue management – Real-time flexible reporting | – Online or mobile payments – Integrated database – Automated invoicing – Compliance with GAAP and IFRS standards – CAM Tracking & Reconciliation – Inter-company accounting – Customizable Reports |
| Leasing Features | Renters Insurance Accept rental applications Rental Listing Tenant screening eSignature for Leasing | Online lease AI leasing assistant Vacancy Dashboard Virtual showing Leasing Metrics Dashboard | – Control all leasing workflows – Real-time tracking to match prospects with vacant units – Resident screening |
| Marketing & Business Performance | – Lead search – Lead alert notifications – Onboarding assistance – Professional website for property managers | – Premium Leads – Professional website for property managers – Advanced performance insights | – Unlimited leads follow-up – Real-time performance analytics |
| Other Distinguishing Features | – All portfolio mixes (single, multi families, or commercial properties) – No minimum unit cost | – Configurable workflows – Mobile App – Auditing Center | – Full residential property management solution including senior housing, Condo, Co-op, military housing, social housing, and student housing – Full commercial property solutions, including ports, airports, parks, recreation, and government property |
| Pros | – User-friendly interface – Comprehensive feature set – Customizable reports and templates – Tenant and owner portals for easy communication – 24/7 customer support | – User-friendly interface – Comprehensive feature set – Mobile app – Good Customer support | – Comprehensive feature set – A high degree of customization – Strong mobile functionality – Integration with a wide range of third-party software and services – Excellent customer support |
| Cons | – Limited customization options – No direct integrations with third-party accounting software – Limited options for online payments – Lack of automation for certain tasks | – Limited customization – Higher price point compared to some competitors – Limited integrations with third-party software – Steep learning curve for some features | – High price point compared to some competitors – Steep learning curve for some features – The interface can be complex and overwhelming for new users – Limited support for small-scale property management operations – Requires significant investment in training and implementation |
| Support | – Help Desk – FAQs/Forums – Email support – Phone support – Live Chat | – Help Desk – FAQs/Forums – Email support – Phone support – Live Chat | – Help Desk – FAQs/Forums – Email support – Phone support – Live Chat |
| User Rating | 4.4/5 | 4.5/5 | 3.9/5 |
| Pricing | – Essential starting at $52/mo – Growth starting at $166/mo – Premium starting at $479/mo | – Core starting at $1.40 per unit/per month (minimum monthly fee $280) – Plus, starting at $3 per unit/per month (minimum monthly fee $1500) | – Starts roughly at $250 per user per month – Prices differ according to each company’s specific needs |
Buildium or Appfolio may be a better fit if you have a small-scale operation, as they offer more affordable pricing and simpler interfaces. While Appfolio has an intuitive user interface and comprehensive features, Buildium is best known for its accounting and reporting capabilities.
On the other hand, Yardi Voyager may be ideal for larger enterprises, as it offers a higher degree of customization and functionality. However, it also comes with a higher price point and a steeper learning curve than Buildium and Appfolio.
Ultimately, the right choice of accounting software depends on your specific needs and the budget of your real estate business.
OHI is a sixteen-year-old real estate services company working with 100+ 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 150,000 units across clients.
We invite you to experience finance and accounting outsourcing through us.
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