RealPage Review: PMS Details, Pricing, & Alternatives

 

Whether you manage one building or 100, having a property management system (PMS) is crucial. A PMS simplifies many of your daily tasks and makes it easier to effectively manage your property.

If you’re looking to make a switch or implement a PMS for the first time, RealPage multifamily property management software is one platform you should consider. Read on to learn more about RealPage’s features and how it holds up against other options.

In this RealPage review, we cover:

• About RealPage
• RealPage property management software overview
• RealPage review
• Is RealPage worth it?
• Alternatives to RealPage

 

 

About RealPage

RealPage was founded in 1998 after the acquisition of Rent Roll, Inc., a company that was renowned for its property management systems in the conventional and affordable multifamily rental housing markets. RealPage then released its first on-demand property management product. Since then, it has expanded its suite to be a one-stop shop for property managers.

Over the years, RealPage has established itself as a global provider of software and data analytics to the real estate industry. Millions of users look to RealPage for their cloud-based property management software and tools. The company strives to provide useful features to streamline processes and save time.

In April 2021, the company was acquired by Thoma Bravo, a leading private equity investment firm focused on the software sector. As a new chapter begins in the company’s history, RealPage intends to continue serving its global user base.

 

What type of software is RealPage?

RealPage is a comprehensive property management software platform designed to streamline and automate various aspects of real estate operations, including leasing, accounting, maintenance, and tenant management. It serves property managers, owners, and operators by offering tools for financial reporting, marketing, rent collection, and tenant communication.

With its cloud-based architecture, RealPage enables users to efficiently manage both residential and commercial properties, providing features like automated workflows, data analytics, and customizable reporting to enhance operational efficiency and improve tenant and owner satisfaction.

 

What companies use RealPage?

RealPage is used by a wide range of companies across the real estate industry, including property management firms, real estate investment trusts (REITs), multifamily housing operators, and commercial property owners. Its client base spans both large enterprises and smaller property management companies, with industries ranging from residential, commercial, and mixed-use properties to student housing and senior living communities.

Notable users include property management companies that oversee thousands of units, real estate developers, asset managers, and corporate real estate departments that require scalable solutions for managing complex portfolios and improving operational efficiency.

 

RealPage property management software overview

RealPage offers a wide array of different software solutions designed to streamline and optimize various aspects of property management, catering to different property types and management needs. These software tools are categorized into several key areas, each focusing on improving operational efficiency, enhancing tenant and owner experiences, and maximizing financial performance.

RealPage offers:

• Property management software
• Leasing and marketing solutions
• Accounting and financial software
• Maintenance management software
• Data analytics and business intelligence
• Resident experience and engagement solutions
• Investment and asset management software
• Mobile apps for property management
• Community and social engagement software

 

Property management software

This is RealPage’s core platform that enables property managers to oversee all aspects of property operations, from tenant management to financials. It integrates leasing, accounting, maintenance, and reporting into a single platform, allowing for seamless management of residential, commercial, and mixed-use properties.

RealPage’s software allows users to manage multiple properties or entire portfolios from one central system. It provides detailed visibility into the performance of individual properties and the portfolio as a whole.

 

Leasing and marketing solutions

This software helps property managers market their properties, manage leads, and streamline the leasing process. It includes tools for creating and syndicating property listings, managing online applications, and digitally signing leases. Prospective tenants have the ability to apply for units, view available apartments, and sign leases entirely online. This reduces the time spent on manual processing and improves conversion rates.

Additionally, this software helps track and manage leads generated from advertising efforts, improving follow-ups and increasing the likelihood of turning inquiries into tenants.

 

Accounting and financial software

RealPage offers several types of accounting and financial planning services, such as:

• RealPage accounting. A comprehensive accounting solution that integrates seamlessly with property management operations. It covers rent collection, billing, accounts payable/receivable, and general ledger management. This software ensures financial transparency and provides accurate reporting for property managers and owners.
• RealPage budgeting & forecasting. Provides tools to create budgets, track expenses, and forecast future financial performance. It helps property managers plan for long-term financial success by giving real-time insights into revenue, expenses, and profitability.
• RealPage financial reporting. Delivers customizable financial reports, including profit-and-loss statements, balance sheets, cash flow analysis, and other key metrics. This helps property managers and owners monitor the financial health of their properties or portfolios.

 

Maintenance management software

RealPage offers three different software solutions for the different types of maintenance management that your property may encounter:

• RealPage maintenance. This tool helps property managers manage maintenance requests from tenants, assign work orders, track repair progress, and ensure timely resolution. It also allows for the scheduling of preventive maintenance, reducing the likelihood of unexpected breakdowns.
• RealPage work order management. Provides a system for creating, assigning, and tracking work orders for maintenance staff. This tool streamlines the maintenance process, improves communication, and increases accountability.
• RealPage vendor management. Manages relationships with service providers, tracks vendor performance, and helps ensure compliance with service level agreements (SLAs). It also facilitates contract management and vendor billing.

 

Data analytics and business intelligence

RealPage offers several different software solutions for your property’s data analytics and business intelligence:

• RealPage business intelligence (BI). A suite of data analytics tools that provide property managers with insights into their operations, financials, and the latest market indicators. It includes customizable dashboards and reports that track key performance indicators (KPIs), such as occupancy rates, revenue per unit, and operating expenses.
• RealPage market intelligence. This software helps property managers assess local market conditions by providing competitive pricing analysis, rental rate benchmarking, and market trends. It enables users to make data-driven decisions when setting rental prices or managing lease renewals.
• RealPage reporting. Offers customizable reporting tools for financial, operational, and performance metrics. Property managers can generate in-depth reports to analyze everything from occupancy rates to cash flow, helping to optimize operations and improve decision-making.

 

Resident experience and engagement solutions

The RealPage resident portal is A digital platform where residents can interact with property management services, make payments, submit maintenance requests, and access their lease agreements. This enhances tenant satisfaction by providing an easy, 24/7 way to manage property-related tasks.

Additionally, this software allows property managers to manage shared amenities, such as gyms, swimming pools, or community rooms. It supports amenity reservations and usage tracking and ensures efficient management of common spaces.

 

Investment and asset management software

RealPage offers investment management tailored to real estate investors and asset managers. This software provides tools for tracking the performance of property investments, managing portfolios, and reporting to stakeholders. It also offers performance analytics, allowing for better investment decisions and profitability tracking.

Additionally, RealPage offers portfolio analytics. This enables real estate investors and asset managers to monitor the performance of individual properties and entire portfolios. It includes metrics such as return on investment (ROI), capital expenditures, and asset valuations.

 

Mobile apps for property management

RealPage offers the following mobile apps for property management:

• RealPage property management mobile app. Allows property managers to access their system remotely, manage properties on the go, view key metrics, and communicate with tenants and vendors through mobile devices.
• RealPage maintenance mobile app. Specifically designed for maintenance staff, this app enables technicians to receive, complete, and update work orders in real-time, helping speed up maintenance tasks and improve communication with property managers.
• RealPage leasing mobile app. Allows leasing agents to manage leads, applications, and resident communications from anywhere, improving the efficiency of leasing operations.

 

Community and social engagement software

This software focuses on improving communication and engagement between property management and tenants. It includes features like community announcements, event management, and resident surveys to build a sense of community.

Additionally, RealPage’s social engagement software helps property managers build and maintain their online presence by automating the posting of property listings, events, and updates across social media platforms like Facebook and Instagram.

 

RealPage review

• Top features
• How much does RealPage cost?
• Pros and cons

 

Top Features

• Online payments. RealPage property management software eliminates the need to process paper payments and allows residents to pay rent online.
• Touring solutions. Provide hassle-free self-guided touring options for prospects and increase engagement while improving leasing conversion rates and cutting costs.
• Residential portal. A user-friendly gateway for residents where they can securely pay rent, submit a service request, renew their lease, and more.
• Market analytics. Increases visibility into the market and evaluates lease transaction data while assisting you in creating projections with greater accuracy.
• Utility management. Manage energy conservation and billing with a straightforward and adjustable set of online billing and invoicing tools.
• Vacancy management. Users can view helpful analytics and optimize amenity pricing through accurate supply and demand.

 

How much does RealPage cost?

RealPage doesn’t publish its entire pricing model online. However, they sell office and retail assets for $12.50/month per 10,000 square feet and industrial assets for $7.30/month per 10,000 square feet. Contacting the company directly is the only way to obtain accurate current pricing.

 

Pros and cons

Pros:

• • An array of reporting tools. You’ll get a critical understanding of performance across your portfolio while saving time compiling data and classifying opportunities to increase profitability.
  • Integrations. RealPage offers integrations with other property technologies, such as your apartment intercom and smart locks.
  • Easy to navigate. Most users report that RealPage’s software is easy to use and navigate, and that it’s easy to train up employees.

Cons:

• • Customer service. Several users mentioned a lack of communication overall with inconsistent customer support when difficulties arose.
  • Constant software updates. Some users expressed frustration with constant updates. Although the updates are intended to improve the interface, they indirectly affect the user experience.
  • Multiple login credentials. Some users are disappointed with having to have two separate logins —one to make payments and the other to use the software.

 

Watch how ButterflyMX works:

 

Is RealPage worth it?

RealPage is a straightforward and reliable solution for your property management needs. It provides dynamic data and time-saving conveniences. While RealPage is a great choice, it’s important to do your research. Schedule a demo to see if their software is right for your needs.

One of the positive reviews for RealPage is:

“RealPage has been an invaluable tool for managing our properties. The software is intuitive, making it easy for our team to handle everything from lease tracking to maintenance requests. The integration of accounting features saves us so much time, and the ability to manage everything in one platform is a game-changer.”

One of the negative reviews for RealPage is:

“While RealPage offers a lot of functionality, it took a long time for our team to get up to speed. The interface can be overwhelming, and the learning curve is steep. Additionally, we experienced a few bugs when transitioning to the platform that caused some disruptions in our workflow.”

 

Alternatives to RealPage

While searching for the best multifamily property management software, you should consider which features would bring your team the most value. What kinds of tools will your staff benefit from most? Factors like portfolio size and company goals are essential in guiding you toward the right choice.

If you’re looking for an alternative to RealPage, consider these multifamily property management software companies:

• Yardi Voyager
• Rent Manager
• Entrata

However, these options might be far more extensive than necessary if you own or operate fewer than 100 units. You might want to consider a free system or low-cost software designed for smaller portfolios.

RealPage alternatives for smaller portfolios:

• AppFolio
• Buildium
• TenantCloud
• RentRedi

 

Summary

RealPage’s prominence as a property management system stems from its longevity in the industry and its comprehensive package offerings. Its manageable interface and compelling set of tools make it a logical choice for anyone looking to effectively administer their portfolio.

RealPage’s integrations are one of its strongest features. Integrating the software with other property technology you’re already using helps maximize your time and profits. For example, RealPage integrates with ButterflyMX — which means any changes made to your directory on RealPage will automatically sync and reflect on the video intercom directory.

 

Disclaimer: ButterflyMX provides these blog posts to help our customers and potential customers make the right business decisions for them. Our blog posts are based on the information we have available to us at the time of writing.