Alexis Kestler
Hey there! As a fellow landlord, I know how tough it can be to keep track of all your properties without the right systems in place. But don’t worry! I’ve gone deep on property management accounting software and am here to break it all down for you.
Whether you’re managing a few rentals on the side or an entire portfolio of investment properties, this guide will help you find the perfect solution to organize the financials and take your rental business to the next level. Let’s get started!
Why You Absolutely Need Property Management Software
Before we look at specific options, it’s important to understand why property management software is so valuable:
| Automates manual tasks | Saves 8-10 hours every week on rent collection, accounting, maintenance requests etc. |
| Centralized information | All tenant, lease, financial data in one place |
| Accurate accounting | No more spreadsheet errors. Always up-to-date books. |
| Optimized maintenance | Streamlined tracking and coordination of repairs. |
| Data-driven insights | Make smart decisions using detailed reports. |
| Enhanced security | Robust protection of sensitive tenant and financial information. |
| Improved scalability | System adapts seamlessly as your portfolio grows. |
| Greater flexibility | Manage your properties anywhere with mobile access. |
Simply put, property management software lets you handle more properties, save a ton of time, and reduce operational headaches.
According to Buildium’s 2022 Landlord Survey Report, 73% of landlords using software say it makes managing properties easier and less stressful. After transitioning from spreadsheets, you’ll be able to focus on expanding your rental portfolio instead of administrative tasks.
But choosing the right solution for your specific needs can be tricky with so many options to evaluate. This guide will break down the key considerations, top software recommendations, and help you make the right call. Let’s get to it!
Key Features You Need in Property Management Accounting Software
All management software platforms have the same core capabilities but differ significantly in their execution, user experience, depth of features, and pricing.
Here are the must-have features your chosen solution should offer:
Easy to Use Interface
First and foremost, the software should be intuitive and easy to navigate. The UI and UX design has a huge impact on user adoption. Solutions with steeper learning curves lead to frustration and inefficiencies. Look for systems with clean, simple menus and dashboards.
Automated Rent Collection
The ability to automatically collect recurring rent payments online and send payment reminders is extremely useful. This avoids the headache of chasing tenants for late payments. Prefer solutions that integrate with major payment gateways.
Accounting and Reporting
Robust accounting tools are vital to effectively track income, expenses, cash flow, and identify trends for each property. Opt for software with customizable, visual reports that provide actionable insights.
Maintenance Request Tracking
Letting tenants submit maintenance requests online and managing repairs/improvements is a great help. Centralized tracking eliminates the chaos of email/phone requests.
Online Tenant Portal
Tenants should have a secure portal to pay rent, submit requests, send messages, and access statements without relying on landlords. This is more convenient for both parties.
Mobile Access
Top solutions offer iOS and Android apps so landlords can manage properties on-the-go from anywhere. This flexibility enables you to run your business remotely.
Data Security
The software handles a lot of confidential tenant and financial information. Strong security protections like data encryption, role-based access, and disaster recovery capabilities are a must.
Customizability
As your portfolio grows, your needs will evolve. Look for platforms that allow customization of workflows, reporting, user roles etc. based on your changing requirements.
3rd Party Integrations
Open API and integrations with accounting software, payment processing platforms etc. allow deeper automation across your rental tech stack.
Responsive Customer Support
Problems will inevitably arise with any software. Responsive email, phone, and ticketing support during onboarding and beyond is crucial.
Prioritizing these 10 factors will ensure you choose a comprehensive management solution suitable for your specific rental business. Now let’s look at the top software options that deliver on these capabilities.
9 Best Property Management Accounting Software Platforms
Here are the leading cloud-based property management systems on the market that provide robust accounting, maintenance coordination, and financial tracking for landlords:
1. Buildium – Best Overall For Small/Medium Landlords
Pricing: $499/month for 200 units
I’ve had an excellent experience using Buildium to manage my small rental portfolio of 75 units across 5 properties over the last 3 years.
It strikes the perfect balance between depth of features and ease of use. I find the interface clean and intuitive to navigate.
Buildium automates critical tasks like collecting rent online, tracking maintenance requests, and provides powerful financial tracking capabilities. The detailed reports and budget variance analysis are very insightful.
It also has great mobile apps enabling me to manage my properties from anywhere. So far the customer support has been superb as well.
Key features:
- Collect rent via ACH or credit cards
- 700+ customizable reports
- Robust maintenance tracker
- Budgeting tools with variance analysis
- Native iOS and Android apps
Overall, Buildium is a fantastic blend of comprehensive features and affordability. It’s enabled me to handle more properties without getting overwhelmed. I highly recommend it for small/medium landlords managing up to 250 units.
2. Propertyware – Most User-Friendly
Pricing: Custom quotes
If simplicity and ease of use are your main requirements, Propertyware is a great choice. This software aims to provide a streamlined experience for landlords without overwhelming you with complex features.
Propertyware’s intuitive interface and workflows make it easy for beginners to get started. Common tasks are accomplished in fewer clicks thanks to the thoughtful menu layouts.
I really like that new users can become proficient quickly with the toolset for basic accounting, maintenance coordination, and leasing management with minimal training. Definitely consider Propertyware if you want straightforward property management software.
Key features:
- Rent collection with automatic receipts
- General ledger, AR, AP built-in
- Maintenance request ticketing system
- 450+ reports with customization
- iOS and Android mobile apps
3. AppFolio – Most Scalable
Pricing: Custom quotes
AppFolio is a top choice for enterprise-grade property management capabilities. It’s trusted by over 150,000 units globally.
The solution is extremely powerful and configurable for large portfolios while still offering brilliant ease of use like Buildium. Automation for tasks like rent collection, maintenance, accounting etc. make AppFolio highly scalable.
Advanced features like AI lease optimization, detailed predictive analytics using Machine Learning algorithms, integration with virtual tour platforms, and automated market rate pricing maximize revenue for large property managers.
AppFolio also offers dedicated onboarding and account management support to ensure clients’ success. For big enterprises managing 1,000+ units, AppFolio is hard to beat.
Key features:
- Configure automated workflows
- AI lease optimization
- Predictive analytics with Machine Learning
- Robust open API for custom integrations
- Mobile-optimized
4. TenantCloud – Most Affordable
Pricing: $99/month for 150 units
If budget is a major factor, TenantCloud provides fantastic property management capabilities starting at just $99/month.
Despite the low cost, TenantCloud doesn’t compromise on must-have features. It covers core accounting, maintenance requests, lease management, anditan online tenant portal in an easy-to-use platform.
For independent landlords and realtors managing up to 150 units, TenantCloud offers great affordability. Expanding to their $399 premium tier unlocks cooler features like their tenant rewards program, resident events calendar, and more advanced reporting.
Key features:
- Online rent collection w/ automatic receipts
- Maintenance tracking with cost logging
- General ledger, financial reports
- Configurable workflows
- Native mobile apps
5. Entrata – Most Integrations
Pricing: Custom quotes
Entrata stands out with its extensive capabilities to integrate with external platforms across your property technology stack thanks to robust open APIs.
It already offers out-of-the-box integrations with tools like Salesforce CRM, resident screening services, accounting systems like Yardi, marketing sites like Apartments.com, and more.
For enterprises relying on other best-of-breed solutions, Entrata’s flexibility to plug into your existing tools is a huge win. This allows consolidation of data across apps for powerful automation and analytics.
Key features:
- Configurable API for endless integrations
- Automated online rent payment
- Advanced general ledger
- Budgeting and forecasting tools
- Custom reporting engine
6. RealPage – Best for Large Multifamily Portfolios
Pricing: Custom quotes
RealPage is a leading choice for large multifamily owners and property management companies managing thousands of residential units.
It’s designed to help enterprise players optimize complex portfolios and maximize revenue through deep automation and analytics. Unique capabilities like utility expense tracking and fraud prevention further drive cost savings.
While more expensive than other options, RealPage delivers robust accounting tools tailored for huge multifamily portfolios like automated lease auditing, revenue management forecasting, compliance tracking, and customized reporting.
For big residential multifamily businesses, RealPage is worth the premium investment.
Key features:
- Automated utility expense tracking
- Lease auditing tools
- Configurable forecasting analytics
- Custom reporting with auditing
- Mobile apps for property managers
7. RPM (ResMan) – Best for Commercial Properties
Pricing: Custom quotes
RPM (also called ResMan) is a leading choice for commercial property management companies. It provides specialized tools that commercial landlords need like drawn floor plans management, company/vendor lease tracking, and advanced security/access control tracking.
RPM also offers powerful accounting automation, maintenance workflow tracking, leasing management and configurable reporting tailored for commercial real estate clients managing office spaces, retail properties, hotels etc.
For commercial property management, RPM’s specialized capabilities give it an edge over other platforms. Definitely consider it if you manage non-residential properties.
Key features:
- Floor plan management
- Access control tracking
- Vendor/company lease management
- General ledger, AR, AP automation
- Custom report builder
8. Yardi – Best for Large Residential Portfolios
Pricing: Custom quotes
Similar to RealPage, Yardi is another leading premium option tailored for large multifamily enterprises and institutional investors. It caters to clients managing over 500,000 residential units globally.
Yardi provides enterprise-grade accounting tools like automated budget variance analysis, cash forecasting, consolidated financial reporting, and auditing capabilities.
It also offers value-added services like low-income housing tax credit management, document management, and ancillary services integrations that help large property managers reduce costs and boost revenue.
For big residential portfolio landlords and investors, Yardi warrants the higher cost. The breadth of accounting tools and ancillary capabilities are unmatched.
Key features:
- Automated budget variance tracking
- Cash forecasting
- Consolidated financial reporting
- Document management
- Low-income housing tax credit compliance
9. Avail – Best for Independent Landlords
Pricing: $99/month for 150 units
If you’re an independent landlord managing your own small portfolio of units, Avail is fantastic. It streamlines accounting, maintenance, and leasing workflows for landlords directly overseeing their properties.
I like Avail’s easy-to-use web dashboard providing centralized access to all your critical rental property data and automating mundane tasks like collecting rent online.
The mobile apps also let you manage your units on-the-go and communicate seamlessly with tenants. For under $100/month, Avail provides tremendous value tailored to independent DIY landlords like you and me. It’s a great pick if you self-manage your own small portfolio.
Key Features:
- Online rent collection
- General ledger, income/expense reporting
- Maintenance request management
- Tenant portal for documents, payments
- Native mobile apps for landlords & tenants
Key Factors To Consider When Choosing Software
Now that you have a solid overview of the leading options, let’s discuss the key considerations to pick the ideal solution:
Your Portfolio Size
Your number of units will determine which software tiers are most appropriate. Independent landlords can stick to more affordable options like Buildium and Avail supporting up to 200 units at competitive rates.
Large enterprises should opt for robust solutions like Yardi and RealPage that offer scalability into 10,000+ units but at premium pricing.
Budget
Prices vary widely from $99 to $500+ per month depending on features. Focus on value vs just lower cost. Cheaper tools can lack capabilities while more expensive options have overkill features. Pick software aligned with your needs and willingness to invest.
Ease of Use
If the platform is overly complex, your team won’t use it. Prioritize intuitive, clean interfaces like Buildium and Propertyware for better adoption. Bad UX will frustrate users.
Data Security
Software stores highly confidential financial and tenant data. Don’t compromise on security protections like data encryption and access controls.
Reporting
Look for detailed, customizable reports on metrics like cash flow, maintenance costs, occupancy rates etc. They help make smarter decisions.
Customer Support
Problems will arise with any software. Responsive email, phone, chat support is crucial, especially during onboarding.
User Reviews
Reviews from existing users give unbiased insight into pros/cons. Take them seriously during your research process.
Free Trial
Leverage free trials to test software with your own data. This allows you to experience the platform first-hand.
Move Your Rental Business to the Next Level!
I hope this guide provided you a 360° perspective into property management accounting software.
Don’t let spreadsheets slow you down. Leverage software to automate time-consuming tasks like collecting rent, tracking maintenance requests, managing accounting – and take your rental property business to greater heights!
If you have any other questions as you evaluate options, feel free to reach out! I‘m always happy to offer advice to help a fellow landlord.
Good luck and let me know how your software search goes!
