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ContinueWe take a look at the 9 best property management software and how they can help you save time and maximize your real estate portfolio ROI.
Written by
Ben Luxon
PUBLISHED ON
6
Feb
2024
Having the right property management and accounting tools will help you stay on top of important deadlines, better manage your leases and tenants, and give you the financial oversight needed in order to run a profitable business and file an accurate tax return.
In this article, we take a look at 9 property accounting and management software and how they can help you streamline workflows and stay on top of your finances for tax time.
The #1 rated property management and accounting software designed by landlords for landlords.
Landlord Studio simplifies your accounting, allowing you to accurately track income and expenses and gain nuanced oversight of your portfolio’s financial performance. Instantly generate professional reports in CSV or PDF format and share with your business partners and accountant from any device.
These advanced landlord accounting and reporting features are paired with a suite of property management tools, including online rent collection, rental listings, and lease management. These features save you time by automating workflow and centralizing information.
One of the reasons Landlord Studio makes it to the top of the list is due, in part, to its well-designed mobile app.
If access is important to you, and you find yourself using your smartphone for your business accounting, then Landlord Studio is definitely an option to consider.
Rated 5 stars on Capterra. View Landlord Studio Pricing →
Best in class rental accounting software for real estate investors with powerful property management functionality built in. Save $500 per per year property in additional deductibles, and save days of admin time along the way. Available on any device and your first 3 properties are completely free.
Your first 3 units with Landlord Studio are free. See our pricing here →
Stessa is a rental property finance software. Its main focus is on its bookkeeping and financial tracking features. Connect and sync your bank accounts, scan receipts, and create a variety of reports (balance sheets, cash flow, rent rolls, IRS tax statements, and more).
Stessa is all about financial management making it perfect for small portfolio landlords looking for an easy way to stay on top of their books.
Related: Landlord Studio vs. Stessa: Which Is Right For You?
Stessa focuses on the financial management of your portfolio. However, it lacks some of the time-saving property management features that other software on this list have, such as tenant screening, maintenance requests, tenant communication, or property advertising and listing options.
Hemlane’s all-in-one rental management platform. They target landlords with up to 100 units. Owners and property managers can advertise vacancies, track applicants, screen tenants, and manage leases, maintenance, and accounting.
They also offer a more full-service property maintenance coordination for those landlords looking for a more hands-off experience.
Hemlane focuses on the property management features rather than the financials, so its income and expense tracking and reporting is much weaker than Stessa or Landlord Studio.
Pricing starts at $34 per month. With additional units on the basic tier at $2.50 per unit per month, on their essentials tier at $15 per unit per month, and their complete tier at $40 per unit per month.
Rentec Direct is another option for smaller landlords. Its interface is a bit dated, and less modern than others on this list, but it checks most of the boxes with features including tenant screening and background checks, marketing tools, online document management, and basic accounting software functionality.
The Rentec Direct software design is less user-friendly than others on this list making it harder to use. Additionally, as the focus is mainly property management, it lacks some of the financial reporting and tracking functionality of others on this list.
Starts at $35 per month for Pro and $40 per month for PM for up to 10 units, with additional per-unit costs beyond 10 units.
Avail is a property management platform for small portfolio landlords. It is well-designed and easy to use. Its primary function is to help users find, screen, and keep tenants.
Landlords can syndicate listings, perform credit and criminal screenings, accept online rent payments, track maintenance, and create state-specific leases. However, where it falls down is the property accounting side. For investors with more complex books, you will need to employ a separate accounting system.
Related: Avail vs. Landlord Studio: An In-Depth Guide
Accounting software functionality is weaker than others on this list. Additionally, while they have a free tier, it is quite limited with key features like rent collection costing a premium. This means that for users with more units and more complex requirements it can quickly become unaffordable.
Has a free tier. Premium features are available for $5 per unit per month.
TenantCloud has the ability to track rental information, accept and send payments, manage leases, maintenance, and tenant communications, as well as insurance tracking and data import/export.
This software is less intuitive to use than others on this list and may be more suitable for users with more complex requirements and bigger portfolios.
Related: Landlord Studio vs. Tenant Cloud: What you Need to Know
While it’s great that it has a free plan, this plan comes with minimal financial tracking and reporting. Additionally, it doesn’t have ACH payments or rent racking on the free plan. Finally, the apps are hard to use making this primarily a desktop software.
A free tier with limited functionality for up to 75 units. The standard plan starts at $12 a month. The advanced plan starts at $40 a month.
Appfolio is a comprehensive property management tool. The standard version includes marketing, maintenance, accounting, leasing, and rental management, as well as online payments and custom training.
The Plus version adds advanced financial insights, configurable workflows, data exports, and revenue management tools.
Appfolio’s plans start at $250 with $1.25 per unit for residential and $1.50 per unit for commercial.
Buildium’s property management software is designed to do everything property managers need across accounting, operations, and leasing. There is property accounting and financial reporting, as well as rental listings and tenant applications.
Additionally, they have a tenant portal to help with maintenance request tracking, as well as lease and document management.
$99 setup fee plus: Essential plan starts at $50 per month for up to 20 units and $160 for the Growth plan (up to 20 units). Per unit costs increase beyond 20 units based on desired functionality.
Yardi Breeze has a clean and crisp look. Its modern feel is ideal for tenants that appreciate the well-designed experience that works equally well on a computer and mobile device.
Tenants can sign leases, manage requests and pay rent online, while property managers can access property management tools on the go on any device.
Yardi has a minimum monthly cost of $100 for residential property portfolios and $200 for portfolios that include commercial properties. On top of that, it’s $1 per unit for residential and $2 per unit for commercial.
Running a property management business, regardless of its size, poses challenges, and diving into accounting is merely scratching the surface. Beyond financial tasks, there's a slew of responsibilities: marketing properties, tending to work orders and maintenance, addressing tenant needs, and handling client owner transactions, among others.
A quality rental property management software is a comprehensive solution that tackles all these tasks and more. If you're new to these tools or uncertain about their necessity for your business, the following insights might shed some light:
Tailored to streamline property management, this software encompass standard accounting functions like income and expense management, receipt storage and reporting and extends its reach beyond accounting to handle:
By consolidating numerous tasks into one cohesive platform, this software saves time and money.
QuickBooks excels in covering you accounting needs, including rent collection, account management, and reporting. However, what it doesn't do is provide a tailored solution, nor does it have the property management functionality you need as a landlord, such as:
Related: Should You Use QuickBooks For Rental Properties?
When it comes to property management accounting software you really have three options when looking for a solution.
The good news is that there are plenty of great solutions available to help you better manage your rental properties. They range in features and functionality, but the best, like Landlord Studio, will help you manage your rental property accounting and allow you to streamline regular property management tasks.
However, deciding on the right software for you depends on a few important factors including how big your portfolio is and what are you trying to achieve. For landlords and agents managing small to mid-sized portfolios, a solution like Landlord Studio would likely be the best option. However, for landlords and agents with 100+ units, you might want to explore some of the alternative options listed in this article.
It’s always a good idea to test the software before you purchase to ensure it has all the features you require.
Landlord Studio is an easy property management and accounting software and app designed for landlords.
Track income and expenses, run reports, collect rent online, find and screen tenants, manage property maintenance, and more.
In this free webinar, Landlord Studio's Logan Ransley and Zumper Co-founder Taylor Glass-Moore discuss essential strategies for creating and marketing your rental listing, so you can fill vacancies faster.
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When: May 8th 2024, 1:00pm (MT)
Location: Online event
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