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ContinueWe take a look at the 9 best property management software and how they can help you save time and maximize your real estate portfolio ROI.
Having the right property management and accounting software will help you stay on top of important deadlines, better manage your leases and tenants, and give you the financial oversight needed in order to run a profitable business and file an accurate tax return.
In this article, we take a look at 9 property accounting and management software and how they can help you streamline workflows and stay on top of your finances for tax time.
The #1 rated property management and accounting software designed by landlords for landlords.
Landlord Studio simplifies your accounting, allowing you to accurately track income and expenses and gain nuanced oversight of your portfolio’s financial performance. Instantly generate professional reports in CSV or PDF format and share them with your business partners and accountant from any device.
These advanced landlord accounting and reporting features are paired with a suite of property management tools, including online rent collection, rental listings, and lease management. These features save you time by automating workflow and centralizing information.
One of the reasons Landlord Studio makes it to the top of the list is due, in part, to its well-designed mobile app.
If access is important to you, and you find yourself using your smartphone for your business accounting, Landlord Studio is definitely an option to consider.
Rated 5 stars on Capterra. View Landlord Studio Reviews →
Best-in-class rental accounting software for real estate investors with powerful property management functionality built in. Save $500 per year property in additional deductibles, and save days of admin time along the way. Available on any device and your first 3 properties are completely free.
Landlord Studio offers three pricing plans, GO and PRO.
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Stessa is a rental property finance software. Its main focus is on bookkeeping and financial tracking. Connect and sync your bank accounts, scan receipts, and create a variety of reports (balance sheets, cash flow, rent rolls, IRS tax statements, and more).
Stessa is all about financial management, however, some of their features are only available if you open up a Stessa banking account with them.
Stessa focuses on the financial management of your portfolio. However, it lacks some of the time-saving property management features that other software on this list have, such as maintenance requests and tenant communication.
Stessa offers three pricing plans.
Hemlane’s all-in-one rental management platform. Owners and property managers can advertise vacancies, track applicants, screen tenants, and manage leases, maintenance, and accounting.
Where they stand apart is their offering of full-service property maintenance coordination for those landlords looking for a more hands-off experience.
Hemlane focuses on the property management features rather than the financials, so its income and expense tracking and reporting is much weaker than Stessa or Landlord Studio.
Pricing starts at $0. Then they offer three paid plains. If you want to take advantage of their property maintenance and repair coordination you will need to look at the Complete package.
Rentec Direct is another option for smaller landlords. Its interface is a bit dated, and less modern than others on this list, but it checks most of the boxes with features including tenant screening and background checks, marketing tools, online document management, and basic accounting software functionality.
The Rentec Direct software design is less user-friendly than others on this list making it harder to use. Additionally, as the focus is mainly property management, it lacks some of the financial reporting and tracking functionality of others on this list.
Rentec Direct pricing starts at $45 per month and scales as you add more units. Costing $90 per month for 50 units and $180 for 100 units. They have separate pricing for property managers.
Avail is a property management platform for small portfolio landlords. It is well-designed and easy to use. Its primary function is to help users find, screen, and keep tenants.
Landlords can syndicate listings, perform credit and criminal screenings, accept online rent payments, track maintenance, and create state-specific leases. However, where it falls down is the property accounting side. For investors with more complex books, you will need to employ a separate accounting system.
Accounting software functionality is weaker than others on this list. Additionally, while they have a free tier, it is quite limited with key features like rent collection costing a premium. This means that for users with more units and more complex requirements, it can quickly become unaffordable.
Avail has kept its pricing straight-forward with only two tiers. Free or if you want to unlock the full feature set and reduce usage fees you can upgrade to Unlimited Plus for $9 per unit per month.
TenantCloud has the ability to track rental information, accept and send payments, manage leases, maintenance, and tenant communications, as well as insurance tracking and data import/export.
This software is less intuitive to use than others on this list and may be more suitable for users with more complex requirements and bigger portfolios.
This software is less intuitive to use than others on this list and may be more suitable for users with more complex requirements and bigger portfolios. Additionally, they no longer offer a free plan for small portfolio landlords with limited needs. They do, however, offer a 14-day free trial so you can try before you buy. Finally, users have reported the apps being hard to use making this primarily desktop software.
Tenant Cloud no longer offers a free plan. Instead, their four pricing plans are as follows.
Appfolio is a comprehensive property management tool. The standard version includes marketing, maintenance, accounting, leasing, and rental management, as well as online payments and custom training.
The Plus version adds advanced financial insights, configurable workflows, data exports, and revenue management tools.
Pricing starts $280 per month for their Core plan and $900 per month for their Plus plan. Pricing scales as you add more units.
Buildium’s property management software is designed to do everything property managers need across accounting, operations, and leasing. There is property accounting and financial reporting, as well as rental listings and tenant applications.
Additionally, they have a tenant portal to help with maintenance request tracking, as well as lease and document management.
Buildium offers three pricing tiers. Their Essential plan starts at $55 per month and has optional extras that you can pay for. Their Growth plan starts at $174 per month. And their Premium plan starts at $365 per month. Pricing scales as you add more units.
Yardi Breeze has a clean and crisp look. Its modern feel is ideal for tenants that appreciate the well-designed experience that works equally well on a computer and mobile device.
Tenants can sign leases, manage requests and pay rent online, while property managers can access property management tools on the go on any device.
Yardi Breeze offers a range of pricing plans that are based on the type of portfolio you are operating.
They also have different pricing plans for portfolios containing affordable housing, storage units, and for associations.
Propertyware is a cloud-based, end-to-end property management software that provides a comprehensive suite of features, particularly in accounting. It offers customizable fields and automation tools tailored for property managers, real estate investors, and residents.
Propertyware offers 3 pricing plans.
If you’re asking, "Can I use accounting software for property management?", the answer is yes, but...
General accounting software like QuickBooks and Xero offer several benefits, the main one being their powerful and customizable accounting. Features that your accountant is already likely familiar with.
However, they lack the property management specific features, like rent collection, maintenance management, lease tracking, tenant management, screening, and rental listings that landlords and property managers need. This means you’ll have to employ multiple software to manage these other aspects of your property management.
And, because they’re not designed for property management they can be hard to set up correctly for managing rental accounts and easy to make a mess of especially if you’re managing a more complex portfolio - unless you’re already an expert.
That being said if you’re specifically looking for an accounting-only solution, these powerful tools provide an excellent option.
QuickBooks Online is a top choice in the accounting world, known for its comprehensive features, scalability, and ability to support small businesses with more complex financial needs. With millions of users globally, it's a platform your accountant is likely familiar with.
Quickbooks Online pricing starts at $35/month
Additional pricing tiers (per month): $99, $235.
Xero offers unlimited users across all subscription tiers, making it ideal for businesses where multiple team members need access to run reports or assess performance. It also features a customizable analytics dashboard that allows users to rearrange or hide panels according to their preferences.
Xero pricing starts at $15/month
Additional pricing tiers (per month): $42, $78.
Property management accounting involves complexities that go beyond standard bookkeeping. Here are some common challenges and how the right software can help overcome them:
Manual Rent Payment Tracking
Without automation, property managers often rely on spreadsheets or manual records to track rent payments, which can lead to missed payments or errors. Property management software automates rent collection, reducing late payments and minimizing the manual effort needed for tracking.
Handling Security Deposits
Mismanaging security deposits, such as failing to keep them separate from operational funds, can lead to legal penalties. Property management software ensures tenant deposits are properly managed and remain legally compliant.
Managing Financials for Multiple Properties
For property managers and landlords handling several properties, tracking individual financials can be overwhelming. Software allows you to organize and manage financial records by property and unit, keeping each property's financials clear and separate.
Generating Accurate Financial Reports
Producing timely, accurate financial reports for property owners and ensuring rental property tax compliance is time-consuming. Property management accounting software offers customizable financial reports, helping you quickly generate the necessary data for audits, tax filings, and maintaining transparency with owners.
Reducing Administrative Costs
Manually handling rent collection, expense tracking, and vendor payments can increase administrative costs. Reliable property management accounting software automates these tasks, reducing overhead and freeing up time and resources for business growth.
The good news is that there are plenty of great solutions available to help you better manage your rental properties. They range in features and functionality, but the best, like Landlord Studio, will help you manage your rental property accounting and allow you to streamline regular property management tasks.
However, deciding on the right software for you depends on a few important factors including how big your portfolio is and what are you trying to achieve. For landlords and agents managing small to mid-sized portfolios, a solution like Landlord Studio would likely be the best option. However, for landlords and agents with 100+ units, you might want to explore some of the alternative options listed in this article.
It’s always a good idea to test the software before you purchase to ensure it has all the features you require.
Running a property management business, regardless of its size, poses challenges, and diving into accounting is merely scratching the surface. Beyond financial tasks, there's a slew of responsibilities: marketing properties, tending to work orders and maintenance, addressing tenant needs, and handling client-owner transactions, among others.
Quality rental property management accounting software needs to tackles all these tasks and more. If you're new to these tools or uncertain about their necessity for your business, the following insights might shed some light.
Tailored to streamline property management, this software encompasses standard accounting functions like income and expense management, receipt storage, and reporting and extends its reach beyond accounting to handle:
By consolidating numerous tasks into one cohesive platform, this software saves time and money.
QuickBooks excels in covering your accounting needs, including rent collection, account management, and reporting. However, what it doesn't do is provide a tailored solution, nor does it have the property management functionality you need as a landlord, such as:
Related: Should You Use QuickBooks For Rental Properties?
When it comes to property management accounting software you really have three options when looking for a solution.
This is software that focuses on solving your end-to-end needs. From finding tenants and managing communications to collecting rent and organizing viewings. Not every property management software offers in-built accounting and those that do often offer only basic tools.
Software like QuickBooks provides robust accounting tools but doesn't provide property management tools like listings, rent collection, or screening.
This is a synthesis of the other two. Like property management software, it focuses on meeting your end-to-end needs with rental listings, tenant screening, rent collection, and maintenance management all in one. However, where they differ is by specializing in providing the robust accounting tools you need as a real estate investor, without all the frills and complications attached to accounting software.
Landlord Studio is an easy to use property management and accounting software designed for landlords.
Find and screen tenants, collect rent online, track income and expenses, run reports, and more - all for free.
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