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 review, we cover:
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 of 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.
- 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.
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
- 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.
- 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.
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Should you get RealPage?
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 its software is right for your needs.
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
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:
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.