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What is Property Management Software?

Property management software is used by real estate and property management firms to handle the functions and tasks associated with their properties. These tasks include property maintenance, attracting new tenants, collecting rents, advertising their properties and more. Traditionally, property management software (PMS) was deployed on premise in the company’s offices, but of late, cloud-based solutions are becoming popular. PMS can be used to manage residential, commercial, student housing, Homeowner’s Association (HOA), hospitality and other properties. Niche-specific solutions have special functionality for a particular industry like the guest check-in/check-out feature in hotel management software. Start by checking our leader DoorLoop, and other recommended solutions in this category.

How was this ranking made?

In order to come up with this ranking of best Property Management Software we have analyzed 255 popular apps currently available on the market, contrasting their features, ease-of-use, client servive, offered integrations with other systems as well as mobile device support using our exclusive SmartScoreTM rating system. This list has been prepared by Louie Andre, our B2B aurhority dedicated to the Property Management Software category.

List of Top 12 Property Management Software

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1. DoorLoop

Our score: 9.2 User satisfaction: 97%

A comprehensive all-in-one property management solution suite with modules for CRM, accounting, marketing, maintenance management, and reporting. It can be used by anyone managing one property or thousands of properties around the world.

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2. Condo Control

Our score: 8.6 User satisfaction: 91%

Condo Control gives property managers, boards, and residents the tools they need to be more productive, responsive and efficient. An all in one solution for condominiums and HOAs (homeowners associations).

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3. TenantCloud

Our score: 8.4 User satisfaction: 87%

An all-in-one property management software designed for landlords, tenants, property managers, and service professionals. It comes complete with modules for online payment collection, maintenance requests, applicant screening, and other property management tools. It also has a free version supporting unlimited projects and listings.

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4. Hemlane

Our score: 9.1 User satisfaction: 100%

A solution that eases the rental property management process from advertising and applicant screening to lease management and rent collection.

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5. Building Engines

Our score: 9.8 User satisfaction: 95%

An easy-to-use and easy-to-deploy property and tenant management platform that unifies data, processes, and people involved in managing and maintaining commercial buildings, facilities, and real estate, retail and industrial properties; helping property owners and teams achieve operational efficiency and improve tenant experience.

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6. RealPage

Our score: 9.8 User satisfaction: 100%

A comprehensive suite of property management systems that streamlines the financial accounting, budgeting, compliance monitoring, document management and vendor credentialing tasks and workflows being performed in various types of residential and commercial property business operations.

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7. Entrata

Our score: 9.4 User satisfaction: 99%

A cost-efficient property management solution with smart and innovative additional suites.

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8. ResMan

Our score: 9.3 User satisfaction: 91%

A flexible and integrable residential property management solution built for affordable housing and multi-family property businesses,; equipping rental property owners, leasing professionals, and staff with robust tools and automated workflows that drive operational efficiecny, maximize ROI, and improve resident satifaction.

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9. Mashvisor

Our score: 9.0 User satisfaction: 98%

A data analytics solution that allows you to search and analyze lucrative Airbnb, traditional, and off-market rental properties.

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10. Avail

Our score: 9.0 User satisfaction: 90%

A cloud-based property management software designed primarily for responsible DIY landlords and their tenants

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11. MYBOS

Our score: 8.0 User satisfaction: N/A

A multi-faceted facility management software that simplifies every process regarding your buildings and facilities.

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12. 123Landlord.com

Our score: 7.5 User satisfaction: 100%

A web-based rental property management platform designed by SuiteBlue Inc to enable owners and landlords to automate their rental businesses.

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Property Management Software Guide

Table of contents

Property management software (PMS) is used by real estate companies to manage all aspects of their properties. There are scores of quality platforms in this niche. This makes it hard to do informed comparisons to choose the best property management software for your requirements. We make your work easier with this buyer’s guide which educates on you the key features and factors that separate the best property management software from the average programs.

Get to know each product with free trial

Start your search by registering for the free trial or demo of leading tools. Top property management software providers offer this facility to help you test their platform’s main features and do an overall comparison with other applications. We recommend you try out AppFolioBuildiumRentec DirectPropertyware, and Rent Manager. These property management tools have won impressive ratings and rankings in our property management software reviews.

Targeted Businesses

Property management tools are generally utilized by real estate and property management companies. The latter use the platform to track profits, costs, and marketing of their properties. Property owners can monitor maintenance work and ensure their tenants pay rent on time. Multiple home owners and real estate investors also benefit by using this application as it automates key tasks and eliminates old-fashioned methods such as utilizing paper or spreadsheets to take care of their properties.

Examples of Property Management Software

  1. AppFolio: An online solution that is packed with property management and accounting tools. You can use it to centralize key processes such as online lease agreements, online rent payments, applicant screening, marketing, accounting and more. AppFolio offers a clutter-free user interface and streamlines all property management workflows. It functions well with a range of properties including student housing, commercial, residential, and HOA.
  2. Buildium: A cloud-hosted system that enables property managers to fully control all elements of their business including key operations such as leasing and accounting. Plus, they can efficiently handle their vacancy, maintenance, and rental cycles. The best part is Buildium enables you to receive rents on time and sends automatic notifications to tenants if payments are late. You can let this solution take care of routine operational tasks and focus on important work.
  3. Rentec Direct: An web-based software for landlords, property managers, and associations. The highlight is the tool’s comprehensive general ledger and property accounting feature that helps you to effortlessly maintain tenant, property, and bank records. The application provides a professional website where you can advertise property vacancies along with their images, details, and prices. In addition, it enables you to publish vacancies on popular rental property sites such as Craigslist and others.
  4. Propertyware: A scalable and versatile software designed for small, low density, and single-family residential properties. This cloud-hosted application combines property accounting, management, and marketing functions in a single, sophisticated solution. You can use it to significantly reduce costs while increasing revenues from your properties. This platform is ideal for fee managers, REO/asset managers, and landlords.
  5. Rent Manager: A PMS that offers robust features to empower property managers and rental service businesses to do their work efficiently and effectively. It takes care of all financial aspects to help you maintain a transparent relationship with your clients. This platform has been around for thirty years and therefore its feature set is detailed and versatile, which makes it attractive for realtors. Finally, you can use Rent Manager’s API to integrate it with the other systems and apps you use.

Types of Property Management Software

PMS is a generic term that includes the following sub-categories:

  • HOA management software
  • Affordable housing software
  • Vacation rental property software
  • Maintenance management software
  • Property management accounting software
  • Rental property management software
  • Apartment management software
  • Facilities management software

Key Features of Property Management Software

  1. Tenant portal. This portal enables tenants to communicate with their landlords, place maintenance requests, and remit rent online. Tenants can access the portal through the web or via their mobile devices.
  2. Owner portal. Enables property owners and managers to do tasks such as getting info on the financial performance of a property, collecting rents from tenants, sharing documents and others.
  3. Rental listings. You can market your properties by posting rental listings on leading real estate sites such as Trulia and Zillow. Top vendors like Propertyware offer a dedicated site creation service to enable managers to advertise vacant properties.
  4. Maintenance management. This feature is also called work order tracking and it helps owners to track property maintenance requests. Tenants can submit such requests via the platform which can also schedule repeat tasks. Property owners and managers can delegate work orders to employees and vendors, monitor the maintenance work, and remit payments to vendors.
  5. Lease management. These features include electronic signatures, document storage, rental applications, and property marketing. Property managers can utilize these lease management features to get an electronic trail of the whole leasing process, which saves time and paper.
  6. Accounting features. Common accounting functionality includes electronic funds transfer, tax filing, bank reconciliation, and monitoring receivables and payables. These features could be inbuilt or the software can be connected with a third-party accounting solution.

Benefits of Property Management Software

  1. Minimizes administrative tasks. Using spreadsheets or paper is old fashioned and time-consuming especially when managing multiple properties and tracking the rent payments of all the tenants. PMS is a single solution that enables you to manage multiple properties easily and efficiently.
  2. Facilitates quicker payments. The software’s accounting features enable you to review the rent to be collected and invoices to be paid. You can create alerts to remind tenants to make rent payments on time. Plus, the software enables tenants to make payments online.
  3. Improves communication between owners and tenants. Collaboration features assist property managers to easily contact tenants and owners. Tenants can use an online portal provided by the software to communicate with their landlord, place maintenance requests, etc.
  4. Offers enhanced convenience. Tenants can use the online tenant portal to pay rent at their convenience. Plus, they can contact the maintenance staff and property office, and get notified about key developments and announcements.
  5. Provides financial insight. Analytics and reporting tools help you collect marketing, tenant, and financial data from which you can spot trends that could be impacting your business or offer opportunities to carry out improvements.

Increase in global demand. Industry reports predict that the global property management software market is set to grow at a CAGR of 6.77% until 2020. One of the reasons behind this demand is that real estate agents and property managers need a tool to manage the large volumes of data they collect from multiple sources. PMS also offers them access to proprietary data. In addition, the growth in the rental market is expected to make more property managers invest in quality PMS solutions.

Sophisticated technology for tenant background checks. Traditionally, tenant background checks involved getting info on their criminal record if any, employment details, rental history, and credit history. Now, advanced technology is helping property owners and managers to conduct more detailed background checks. These include scores for each applicant to determine if they pass or fail based on criminal, credit, and other histories.

Potential Issues

High cost. Property management companies that manage a high number of properties need to invest a lot of money to acquire quality property management tools. On top of that, they need to shell out extra for features such as making background checks on tenants. But the high cost is worth it given the many useful features and benefits a good PMS platform offers.

Data security concerns. Some companies may have doubts whether cloud-based PMS solutions offer reliable data security and privacy. Such businesses can opt to buy an on-premise system that enables them to house the data in-house on their company’s servers.

List of Property Management Software Companies

Order by:

Newest
  • Newest
  • Score
  • User Score
Product name:
Category:
Smart Score:
Price:
User Satisf.
User reviews:
Lendlord reviews

Lendlord

Property Management Software
8.0
£15
100%
DoorLoop reviews

DoorLoop

Property Management Software
9.2
$49
97%
TheHouseMonk reviews

TheHouseMonk

Property Management Software
8.0
$150/month
100%
LetHub reviews

LetHub

Property Management Software
8.0
$99/month
100%
Landlord Studio reviews

Landlord Studio

Property Management Software
8.0
£5.99
100%
Guest Tracker reviews

Guest Tracker

Property Management Software
8.0
By quote
100%
Preno reviews

Preno

Property Management Software
8.9
$48
100%
PreApproved Renter reviews

PreApproved Renter

Property Management Software
8.0
Free
100%
Maxxton reviews

Maxxton

Property Management Software
8.0
By quote
77%
Housters reviews

Housters

Property Management Software
8.0
$1
95%
CMS Hospitality reviews

CMS Hospitality

Property Management Software
8.0
$2
97%
RPM Hotel reviews

RPM Hotel

Property Management Software
6.7
Free
100%
ManageStorageUnits reviews

ManageStorageUnits

Property Management Software
8.1
By quote
100%
Mashvisor reviews

Mashvisor

Property Management Software
9.0
$89.97
98%
AccuRently reviews

AccuRently

Property Management Software
8.0
$9.99
95%

Things to consider when you invest in a SaaS

To select a suitable SaaS provider you need to consider important criteria such as privacy and security, support and service, and transparency.

Find out if the vendor can be trusted with data security and privacy. Do they have systems in place to protect your sensitive information and data? Find about the security procedures they use. This is an important aspect of a SaaS solution that cannot be over-emphasized.

It is important that the vendor offers consistent support to resolve any concerns quickly. Ask your potential vendors the following queries: Do they provide consulting and training services to help your staff members to use the system efficiently? Do they have an online support center that has valuable articles and training resources? What channels of support do they offer? Do they monitor issues till they are resolved? Is customer satisfaction measured?

Does the SaaS provider conduct their business in a transparent and open manner? You can find out by requesting them for references you can contact. Talk to existing users of the solution to find out about the quality of service provided. Does the vendor make public the algorithms they employ in the software? Ask these queries to find a SaaS provider whom you can trust with your sensitive customer and business data.

Frequently asked questions about Property Management Software

What is the best property management software?

The best property management software (PMS) is Condo Control Central. It is an all-in-one platform that streamlines processes and interactions between property managers, condo board members, security members, tenants, and residents. The software effectively digitizes processes involved in property management, from payments to amenities reservations and requests. Condo Control Central also offers robust security and record-keeping features.

What’s more, this platform centralizes all communication between property managers and residents in one place. Be it service requests, amenity bookings, or updates about recent announcements, this platform’s resident portal and discussion forum allows you to log all conversations and transactions to promote better customer relationships. It even comes with a basic survey management module to help you get the pulse of your tenants.

Another important feature that this platform offers is its payment processing system. With this, users can receive online payments via VISA, MasterCard, or AmericanExpress. As such, tenants can pay conveniently yet securely and property managers can get their pay on time. It is even capable of handling refunds and cancellations with ease.  If these are not enough, the system also integrates with a handful of third-party business systems, so you can extend its functionalities as needed.

What are the benefits of property management software?

When managing multiple properties, relying on spreadsheets often does not cut it, especially in this age of digitization. Property management software benefits users in a number of ways, including the following:

  • Automate processes. Property management software can help automate inevitable yet repetitive processes such as payments, reminders, and reports generation. As a result, users save time and minimize related operational costs.
  • Manage accounting better. Some property management solutions come with financial features while others support integration with third-party accounting software. These capabilities allow users to manage the financial aspect of property management using just one platform.
  • Improve communication. Property management software helps users send out automated communication to teammates, property owners, tenants, and contractors. Everyone is kept in the loop and reminded of vital events, conditions, and situations.
  • Optimize and secure the use of properties. This type of software often comes with systems to help you manage service requests, oversee amenity booking, monitor visitor parking, and track previous maintenance sessions. As such, property managers can keep tabs on the use of their properties. There are also security logs that allow you to ensure the safety of your real estate.
What are the features of property management software?

Different property management software products may offer unique sets of features, but most of them are expected to offer the following basic functionalities:

  • Lease management. Property management software provides tools that help managers keep tabs on ongoing rentals and leases.
  • Property availability tracking. PMS also gives managers real-time updates on which properties or units are available for rent or lease.
  • Maintenance management. PMS can help track and remind users of maintenance projects that need to be done.
  • Property listing. It is also common for property management solutions to include tools for property listing to make it easier for users to advertise properties available for lease.
  • Payment processing. PMS makes it easier for property managers to set up payment schedules and rates, and for users to make payments online.
What is the easiest property management software to use?

Ease of use is one of the most important considerations that first time PMS users or those who are looking to switch to another solution have in mind. To give you some options, here are three of the easiest to use PMS currently available on the market:

AppFolio. A multi-awarded cloud-based solution, AppFolio is designed to manage different types of properties, including commercial, residential, and student housing. It provides a wide range of management, marketing, and accounting tools. Moreover, it’s known for its clean and intuitive user interface that makes it quick to navigate, even for novice users of property management tools.

SiteLink. Packed with sales-generating tools, SiteLink is preferred even by small-scale property managers because of its ease-of-use. It helps automate vital processes such as online payments, business reports, sales management, and more. Moreover, it can integrate with your official website and comes with its own CRM module so that you can improve all interactions with residents. It even comes with industry-standard BI tools that make it easy for first-time users of property management tools to make their operations more data-driven.

SimplifyEm. From the product name alone, one can already assume that among SimplifyEm’s strongest suits is simplifying processes. This is made possible by its ability to streamline tasks that are normally time-consuming, such as payment calculation and collection. It also automates all notices and statements, lets you track deadlines and agreements, and even manage maintenance alerts. This way, all the information you need to oversee your property is in one hub.

What is a good free property management software?

For a free property management software to be considered a good one, it needs to offer the basic tools users expect. Here are some of the free PMS solutions you might want to consider:

Cozy. This property management software offers the use of basic PMS functionalities for free, making it ideal for users who have smaller-scale businesses. From tenant background checks and applicant screening to rent management and maintenance request tracking, this platform gives you access to all essential property management tools. What’s more, they have a partnership with Assurant, a respected insurance provider to protect your property as well as your tenants.

TenantCloud. If you are new to the industry and are only looking to manage your listings and handle rent payments, TenantCloud is the perfect choice for you. This mobile-ready platform is completely free to use for landlords and tenants to accept online payments, send invoices, and post listings. As your operational requirements expand, TenantCloud can be easily upgraded to its premium plan, which is designed to handle more complex processes, ranging from rental agreement management and equipment tracking to analysis reports and maintenance request management.

Innago. Simple, effective, and free, Innago allows users to simplify property management at no cost and contract-bound obligation. Landlords can enjoy free features, including payment setup and an application form builder. It also comes with tenant assessment, screening, and management to help you optimize the process of sifting through applications. Moreover, it has online lease signing capabilities so that finalizing and storing all leases are easy and secure.

Louie Andre

By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."

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FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.

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