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What are the top software tools for property managers?

By Ben Shepardson | August 7, 2023

Property management software is designed to help manage real estate with tools that assist in handling tenants, finances, maintenance, and more. As of my last update in September 2021, some of the top software tools for property managers were:

  1. Buildium: Provides a full-featured property management system that allows managers to handle various aspects like lease tracking, accounting, building maintenance requests, and online rent payments.
  2. AppFolio: Known for its strong accounting and reporting functionality, it also provides an online portal for both tenants and owners, allowing for automated rent collection, application screening, and more.
  3. Yardi Voyager: A comprehensive property management solution that offers tools for managing properties, finances, operations, and leasing activities.
  4. Rent Manager: Customizable and scalable, Rent Manager offers tools for managing accounting, tenant communication, leasing, and maintenance.
  5. Cozy: Geared more towards smaller landlords, Cozy offers free tools for tenant screening, online rent collection, and listing vacant properties.
  6. Propertyware: Designed for managing single-family and low-density rental properties, it includes solutions for marketing, leasing, and maintenance, among other tasks.
  7. MRI Software: Offers a wide array of applications designed to support various types of real estate management needs, including financial tools, property management, and investment management.
  8. Zoho Creator for Property Management: This provides a platform to build customized property management apps without extensive coding knowledge, and it can be integrated with other Zoho products.
  9. Rentec Direct: Aimed at smaller landlords and property managers, it includes tenant screening, accounting, online payments, and a tenant portal.
  10. Hemlane: Suitable for remote real estate management, Hemlane facilitates tasks such as rental advertising, tenant screening, lease tracking, and maintenance coordination.
  11. RealPage: A comprehensive suite that can be tailored to various property types like residential, commercial, or mixed-use, offering tools for marketing, leasing, rent management, and resident services.
  12. ResMan: Known for its intuitive design, ResMan offers tools to manage financial reporting, budgeting, leasing, and resident retention.

The effectiveness of a particular tool can depend on the specific needs and size of the property management operation. Many of these tools offer different plans, features, and customizations to cater to different property management needs. It would be wise to explore a few of them, perhaps utilizing free trials, to determine the best fit for your unique circumstances. Always check for the latest reviews and feature updates to get the most current information.

What is the cost of property manager software?

The cost of property management software can vary widely based on the number of units you manage, the features you need, and the provider you choose. Some companies may offer tiered pricing based on the size of your portfolio or the specific functionalities required. Here's a general breakdown of pricing structures you may encounter:

  1. Free Versions: Some platforms offer free versions, particularly for small landlords. These free versions may have limited features or support fewer units.
  2. Per-Unit Pricing: Many property management software platforms charge based on the number of units you manage. This can range from $1 to $5 per unit per month, or even more for comprehensive solutions.
  3. Subscription Plans: Subscription pricing is common and often comes with tiered plans ranging from basic to premium features. Monthly subscriptions might range from $20 to over $1,500, depending on the scale and complexity of the operations.
  4. Setup Fees: Some providers may charge a one-time setup or onboarding fee. This could range from $100 to several thousand dollars, depending on the complexity of the system's configuration.
  5. Customized Solutions: For large property management firms with complex needs, customized solutions might be required. These solutions are likely to have higher costs, which could be negotiated directly with the provider.

Here are some specific examples as of my knowledge cut-off in 2021:

  • Buildium: They typically offer tiered pricing, starting from around $50 per month for up to 150 units.
  • AppFolio: AppFolio's pricing might start at around $1.25 per unit per month with a minimum monthly fee, often requiring a one-time setup fee.
  • Cozy: Cozy used to offer a free tier with optional paid services, such as expedited payments or tenant screening fees.

It's essential to note that the cost can greatly depend on optional add-ons, integrations, and additional services such as tenant screening, payment processing, or enhanced support. Always consult the provider's official website or sales representative to get an accurate and customized quote based on your specific needs and the latest pricing information. Many companies will also offer free trials or demonstrations, allowing you to explore the platform before committing financially.

Ben Shepardson is a Realty Biz News Contributing Writer and has a long track record of success in online marketing and web development. While pursuing a bachelor’s degree in Computer Information Systems, he worked doing enterprise-level SEO and started an online business offering web development services to small business customers.
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