Key takeaways
- The top property management software programs to buy include Buildium, TenantCloud, and AppFolio.
- The top benefits include maintenance tracking, tenant management, and financial reporting.
- Consider scalability, integration possibilities, and a customer support system when looking for property management software.
When it comes to property management for commercial and multifamily properties, your role is multifaceted and demanding. From overseeing maintenance schedules to tenant communications and financial management, the tasks can be overwhelming without the right tools at your disposal. Fortunately, advancements in technology have changed the property management industry, offering powerful solutions to streamline operations and enhance overall efficiency. One such essential tool is property management software.
In this post, we’ll provide an overview of the best property management software programs to buy. Next, we’ll review the benefits of property management software. Lastly, we’ll go over how to decide on which software is best for you.
In this post:
- What is property management software?
- 7 best property management software programs
- What is the best free property management software?
- Top benefits of property management software
- How to choose the right property management software for you
What is property management software?
Property management software is a comprehensive platform designed to centralize and automate various aspects of property management. It integrates key functionalities such as accounting, lease tracking, maintenance management, and tenant communication into a single, user-friendly interface. This not only simplifies day-to-day tasks but also empowers property managers to make informed decisions based on real-time data.
7 best property management software programs
The best property management software to buy is:
1. TenantCloud
TenantCloud is a user-friendly software designed for independent landlords and property managers who are overseeing smaller portfolios. It offers essential features such as online rental applications, lease management, maintenance tracking, and accounting tools. TenantCloud’s affordability and ease of use make it an ideal choice for landlords looking to streamline operations and enhance tenant communication and satisfaction.
2. Buildium
Buildium is a comprehensive property management solution designed for residential and community association management. It offers tools for lease and tenant management, maintenance tracking, online rent payments, and financial reporting. Buildium’s user-friendly interface and customizable workflows make it suitable for property managers of all sizes, from individual landlords to large property management firms. It also integrates seamlessly with accounting software and provides robust customer support.
3. Yardi Breeze
Yardi Breeze offers property management solutions for residential, commercial, and mixed-use properties. It includes features such as lease management, tenant screening, maintenance tracking, and financial reporting. Yardi Breeze stands out for its user-friendly interface and scalability, allowing property managers to manage properties of various sizes effectively. It also offers mobile accessibility and integrates with other Yardi products for enhanced functionality.
How much does Yardi property management software cost?
Yardi property management software costs between $100 and $400 depending on the type of property you have (residential or commercial). This cost is also calculated by the number of units in each property type.
4. AppFolio Property Manager
AppFolio Property Manager is a cloud-based software catering to residential, commercial, student housing, and community association management. It features intuitive dashboards for rent collection, vacancy management, maintenance requests, and accounting. AppFolio’s mobile-friendly platform and built-in analytics provide property managers with real-time insights to optimize property performance and streamline operations efficiently.
Is there software to track rental properties?
AppFolio is a great example of management software that helps track rental properties and stay up to date on the functionality and day-to-day of specific properties. This makes Appfolio a great tool for investors, in addition to property managers who manage multiple buildings.
5. Propertyware
Propertyware specializes in software tailored for single-family and low-density rental properties. It provides tools for tenant screening, online rent collection, maintenance management, and financial reporting. Propertyware’s mobile accessibility and customizable workflows help property managers streamline operations, improve efficiency, and deliver exceptional tenant experiences. Moreover, it integrates with various accounting and payment processing systems for enhanced functionality.
Learn why automating your property’s physical security is beneficial:
6. Rent Manager
Rent Manager is known for its flexibility and customization options. It supports residential, commercial, and association properties, providing tools for lease management, tenant communication, maintenance scheduling, and accounting. Additionally, Rent Manager’s robust reporting capabilities and integrations with third-party applications make it suitable for property managers seeking comprehensive solutions to streamline operations and enhance tenant satisfaction.
7. MRI Software
MRI Software offers a comprehensive suite of building management solutions for both residential and commercial sectors. It includes features such as lease administration, tenant communications, maintenance management, and financial reporting. MRI Software stands out for its advanced analytics and business intelligence tools, empowering property managers to make data-driven decisions to optimize property performance and maximize returns on investment.
What is the best free property management software?
For large properties, there isn’t a ton of free property management software. However, most software does offer a free trial, which we recommend checking out. Additionally, for smaller rental properties with 25 units or less, there are a ton of free options that you will want to take advantage of.
Some of the best free property management software programs are:
- Innago. Innago offers a free plan for landlords managing up to 25 units. It includes features for lease tracking, tenant communication, and maintenance management. Innago’s free version provides basic tools to streamline property management processes and improve tenant relationships.
- Avail. Avail offers a free basic plan that includes features like listing vacancies, tenant screening, lease management, and online rental payments. It allows landlords to manage up to two units for free, making it suitable for landlords with small portfolios.
- Cozy. They offer a free basic plan that includes essential features such as online rent collection, tenant screening, rental applications, and maintenance tracking. It provides a user-friendly interface and integrates with ACH bank transfers for rent payments. Cozy is particularly popular among small landlords and property managers managing fewer units.
Top benefits of property management software
- Efficient property maintenance. Maintaining properties in optimal condition is crucial for tenant satisfaction and retention. Property management software enables you to schedule and track maintenance tasks seamlessly. From routine inspections to emergency repairs, you can prioritize and assign tasks efficiently, ensuring that issues are addressed promptly.
- Streamlined tenant management. Effective tenant management is at the heart of successful property management. There are over 100 million renters in the United States alone, and with consistent demand and a high volume of prospective tenants, you need a system to manage people. Software solutions facilitate easy communication with tenants via portals or automated messaging systems. This improves responsiveness to inquiries, facilitates rent collection, and fosters a positive landlord-tenant relationship.
- Financial oversight and reporting. Accurately managing finances is non-negotiable in property management. Software automates rent collection, tracks expenses, and generates detailed financial reports. This not only saves time on manual bookkeeping but also provides valuable insights into property performance and profitability.
- Legal compliance and documentation. Staying compliant with local regulations and lease agreements is paramount. Property management software helps you store and manage important documents securely. It also assists in generating lease agreements and ensures that legal deadlines and requirements are met effortlessly.
- Data-driven decision making. Access to real-time data empowers property managers to make informed decisions. The software provides analytics and insights into occupancy rates, rental trends, and property maintenance costs. This enables proactive planning and optimization of resources.
How to choose the right property management software for you
When selecting property management software, consider the following factors:
- Scalability. Ensure the software can grow with your portfolio.
- User interface. Opt for an intuitive platform that minimizes training time.
- Integration. Choose software that integrates with existing tools, such as access control systems and front desk station software.
- Customer support. Reliable support is crucial for troubleshooting and training.
The best integration for property management software
As mentioned above, one of the most important features to look for in a property management software is a robust integration. The best access control system that a PMS can integrate with is ButterflyMX. Our company, ButterflyMX, offers the best suite of access control products that integrate seamlessly with property management software. ButterflyMX is currently installed in over 10,000 buildings and has over 20,000 five-star reviews.
The ButterflyMX access control platform offers:
- Vehicle Readers. Access control starts at the property perimeter. Residents can equip their vehicles with RFID Windshield Tags for secure and hands-free entry into parking garages and lots.
- Keypads. Our Keypads offer versatile entry options such as PIN codes, fobs, and key cards. Residents can also use the ButterflyMX mobile app on their smartphones for seamless access. Temporary PIN codes can be assigned to guests, with each entry event securely recorded and timestamped in the cloud for added security.
- Card and fob readers. We offer card and fob readers that support key cards, key fobs, and mobile credentials, ensuring flexibility and convenience for residents and staff alike.
- Elevator Controls. Elevator permissions can be customized to restrict access to specific floors, ensuring that designated areas remain accessible only to authorized personnel.
- Video Intercom. Our Video Intercom allows residents to use their mobile devices to speak face-to-face with visitors, allowing them to see who they are letting into the building before providing entry.
