Real Estate Property Management Software
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Learn More About Real Estate Property Management Software
What is Real Estate Property Management Software?
Real Estate Property Management Software is designed to help property owners and real estate professionals manage and maintain residential, commercial and investment rental properties. These activities include:
managing and tracking leases
filling vacancies
providing a resident portal
managing maintenance tasks
logging repairs
collecting rent
managing physical assets
overseeing other property finances
Implementation of software-as-a-service (SaaS) property management software can help manage and track all of these tasks from a cloud-based platform, which can be easily accessed from anywhere with an internet connection. This is especially beneficial for professional property managers who need to manage multiple property locations and assets from a single platform. However, there are also on-premise versions of some property management software available as well.
Some vendors offer specific capabilities to manage multi-family, student living, senior living, in addition to commercial and residential properties. Others may offer third-party integrations that integrate renters insurance or inspection information into the software.
Real Estate Property Management Software Features
Most property management software will provide the following features and capabilities:
Online application portal
Tenant screening
Lease agreements
Vacancy postings
Rent collection and delinquency tracking
Maintenance requests and cycle management
Communication tools with tenant or owner
Owner/administrator and tenant portal
Document storage for leases, insurance, eviction notices, and more
Reporting dashboard
Insurance management
Accounting tools
Marketing capabilities
Real Estate Property Management Software Comparison
Before choosing a real estate property management platform to invest in, consider these three key factors:
Price: are you looking for a platform that charges a lower price per unit but may not have advanced features, or a more high-end platform? Per unit prices can range from $1/unit to $5/unit. Other platforms may charge a monthly or annual fee instead of using a per-unit cost structure. Depending on the product, there may be additional costs to consider as well. For example, along with the subscription cost or one time fee you may need to pay upgrade fees, bank account set up fees, document eSignature fees, etc. Establishing a budget is an important first step to take, especially if you own or manage a large property with multiple hundreds of units.
Deployment type: are you looking for a completely cloud-based platform, or an on-premise deployment that provides complete control and access over user data and information? Two main benefits of using cloud-based software are the ease of set up, lower cost subscription pricing, not needing to maintain the software system yourself, and the ability to log in from anywhere with an internet connection. On the other hand, on-premise deployments mean users can store data locally and may have more freedom in terms of customizing the platform to their business needs.
Available integrations: do the real estate property management products you're considering integrate well with the other business tools you’re already using? For example, if you’re using a separate accounting, content management system (CMS), customer relationship management (CRM), or payment gateways—make sure your property management solution will integrate with these systems.
Pricing Information
Specific pricing models vary by company. Some charge per rental unit managed per month. For platforms that have this pricing structure, the cost per unit can range from $1/unit to $4/unit. Other vendors charge based on the number of modules needed (online payments, electronic leases, tenant screening, etc.). You can expect to pay $10 to $35 per month for the most basic solution. More comprehensive solutions will cost between $60 and $2,000+ per month, depending on the number of units managed.
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Frequently Asked Questions
What does property management software do?
This type of software helps property administrators and owners, as well as real estate professionals manage commercial and residential properties. For example, many apartment complex owners and managers use property management platforms to help manage individual units and tenants.
Real estate property management platforms help users with various management activities and tasks, which include tracking leases, filing vacancies, providing tenants with a resident portal, tracking and assigning maintenance requests, and storing important documents (e.g. lease contracts, eviction notices, etc.).
What are the benefits of using real estate property management software?
Some of the biggest benefits of using real estate property management software are organization, streamlined communication, and document storage.
For example, property management systems can help administrators and managers be alerted of new maintenance requests right away (for cloud-based platforms) and track their progress. Rather than keeping critical documents in physical storage, like filing cabinets, most property management products allow users to store files within the platform.
What is the best property management software?
According to feedback from end users on TrustRadius, these are the highest rated and most researched real estate property management software products:
- Yardi Voyager
- Archibus (ARCHIBUS + Serraview)
- AppFolio
- Buildium
- Dotloop
- VTS
- kvCORE
- Brokermint
- Condo Control Central
- CoStar Real Estate Manager
- Entrata
Read more about this type of software and the other products available on TrustRadius’ Real Estate Property Management software page.
How much does real estate property management software cost?
Most property management software charges per unit per month. Prices can range from $1 per unit up to a few dollars per unit, depending on the number and depth of platform features required. For more basic systems, users should expect to pay between $10-$30 per month, though this can vary depending on the number of units within the property.
More comprehensive platforms can be more expensive, costing anywhere from $100 per month to multiple hundreds of dollars per month.