3 Best Property Management Software of 2023
6 min read
Investing in real estate can yield significant returns, but managing a rental property portfolio can quickly become overwhelming. Property managers and landlords have to deal with finding and screening tenants, rent collection, maintenance management, and keeping track of expenses and income. Luckily, property management software has become a popular solution for easing this burden.
Effective property management software enables property managers and landlords to search for tenants, assess their qualifications, collect rent, and address maintenance requests. Additionally, it serves as an accounting and finance tool for tracking rental property income and expenses. In this article, we will explore how this software streamlines property management and why the software we recommend is among the top property management software available.
- BEST OVERALL: Buildium
- BEST BANG FOR THE BUCK: TurboTenant
- BEST ADVANCED: AppFolio
Before You Buy Property Management Software
It is essential to note that online property management software comes in different sizes, complexities, and prices. Some products are tailored for large corporations that manage hundreds or thousands of units, while others are designed for landlords with only a few rental properties. Therefore, it is vital to determine the appropriate property management software that matches the size of one’s property portfolio to choose the right product.
What to Consider When Choosing the Best Property Management Software
Discover in this article why factors such as the type of property, the number of units, and other relevant considerations are crucial in selecting the appropriate property management software.
Property Type
To find the most suitable property management software, it is crucial for property managers to ensure that the software supports the types of properties they own or manage. The different property types include commercial, residential, affordable housing, and student housing. Moreover, there is software available online that helps manage community associations. However, property management software may support all or only some of these property types, so it is essential to check before making a purchase.
Number of Units
There are property management software products that cater to the needs of larger property management firms, while others are designed for individual landlords.
Software meant for commercial property management firms is tailored to handle large portfolios of hundreds or thousands of units. Although these products may be suitable for smaller operations, they are more complicated to learn and often have advanced features that may not be necessary for those renting fewer properties. Furthermore, most commercial property management software requires a minimum monthly fee, which can be too expensive for those with a small real estate portfolio. Hence, it may not be financially feasible for smaller operations to invest in commercial property management software.
Fortunately, there are quality property management software products that cater to those managing fewer than ten rental properties. These products offer features and pricing structures that meet the needs of individuals with a handful of properties.
Features
The purpose of property management software is to simplify the process of renting out real estate. This software aids property managers in advertising vacant properties online, attracting potential tenants, receiving applications, and facilitating applicant background checks. Property managers can also use this software to send rent reminders, collect rent, manage maintenance requests, and communicate with tenants, vendors, and owners. Furthermore, the software includes features for tracking income and expenses and generating reports.
Buildium is a cloud-based property management software that helps property managers and landlords to efficiently manage their rental properties. The software is designed to handle all aspects of property management, including accounting and financial management, maintenance requests, online rent payment, tenant screening, and leasing.
Buildium offers an intuitive interface that enables property managers to quickly perform tasks such as advertising vacancies online, screening tenants, collecting rent, and managing maintenance requests. The software allows tenants to pay rent online, track rental balances, and submit maintenance requests through a tenant portal.
Buildium’s financial management tools allow property managers to track income and expenses, create financial reports, and automate rent collection. The software also features a powerful accounting system that helps users manage financial transactions and generate reports such as balance sheets and income statements.
Buildium is a scalable platform that can cater to the needs of property managers with portfolios of all sizes, from individual landlords to large property management companies. Additionally, the software integrates with various third-party applications, including QuickBooks and popular listing websites like Zillow and Apartments.com.
Product Specs
- Price per unit: N/A
- Minimum monthly fee: $52 to $479
- Max number of units: 5,000
Pros
- Covers a broad range of functions
- Easy-to-use interface and design
- Tiered service make it suitable for a broad range of firm sizes
Cons
- Customer support can be difficult to reach
Get Buildium property management software at buildium.com.
TurboTenant is a cloud-based property management software designed for landlords and property managers who want to streamline their rental property management processes. The software provides various tools to help landlords and property managers to advertise vacancies, screen potential tenants, collect rent online, manage maintenance requests, and communicate with tenants.
TurboTenant’s advertising features help landlords to quickly market their properties to prospective tenants through various channels, including Craigslist, Zillow, and Facebook. The software also provides customizable online rental applications that allow potential tenants to apply for properties online, which simplifies the tenant screening process.
The tenant screening feature of TurboTenant enables landlords to perform background checks on potential tenants quickly. The software also provides detailed credit, criminal, and eviction reports, which makes it easier to evaluate the suitability of prospective tenants.
TurboTenant also simplifies the rent collection process by allowing landlords to collect rent online and providing tenants with a secure online portal for making rent payments. The software also sends rent reminders and late payment notifications to tenants, which helps to ensure on-time rent payments.
Another useful feature of TurboTenant is the maintenance management tool that helps landlords to manage maintenance requests efficiently. Tenants can submit maintenance requests online, and landlords can track the progress of maintenance tasks and communicate with tenants throughout the process.
Product Specs
- Price per unit: No monthly fee; à la carte fee for some services
- Monthly fee: $0 to $4.92
- Max number of units: 5,000
Pros
- Totally free management software
- Comprehensive service
- Good customer support
Cons
- Tenants may not like the fees
- Lacks advanced features property managers may want
Get TurboTenant property management software at turbotenant.com.
AppFolio is a cloud-based property management software designed for property managers and real estate investors of all sizes. It provides comprehensive tools to help manage properties, leases, maintenance requests, accounting, and other critical aspects of real estate management.
AppFolio offers a range of features that help streamline the rental process. It provides tools for managing listings and vacancies, including online applications, tenant screening, and automatic posting to popular rental listing sites. The software also provides lease management features, including online lease signing and automated rent increases.
Maintenance management is another significant feature of AppFolio. It allows tenants to submit maintenance requests online, and property managers can track, prioritize, and assign work orders to maintenance staff or vendors. The software also provides mobile access, which makes it easy to manage maintenance requests from anywhere.
AppFolio also includes accounting and financial management features, including automatic rent collection, accounts payable, and accounts receivable. The software can generate customized financial reports, including balance sheets, income statements, and cash flow statements.
Additionally, AppFolio offers a mobile app that provides on-the-go access to essential features like maintenance requests, rent payments, and lease agreements.
Product Specs
- Price per unit: $1.40 to $3.00
- Minimum monthly fee: $280 to $1,500
- Max number of units: 20,000
Pros
- Ability to create property websites
- Ability to manage many properties of varying types at once
- Premium leads for finding tenants
Cons
- Not suitable for those with fewer than 50 units
Get AppFolio property management software at appfolio.com.
How We Chose the Best Property Management Software
During the process of selecting property management software for this guide, we took into account various important factors. A good property management software should have features that provide comprehensive support to property managers and landlords, including tools for advertising vacant properties, screening potential tenants, managing current tenants, tracking finances, and communicating with property owners. We also prioritized software that can scale, meaning it can accommodate the needs of individual landlords with only a few properties as well as large property management firms that have hundreds or even thousands of units. Additionally, we considered the importance of integration with common online tools that property managers use for marketing, tenant screening, and other tasks. All of these factors were taken into account when selecting the best property management software options for this guide.
