Best Rental Property Management Software of 2024

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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. As it has a wide array of services for different types of clients, MRI Software doesn’t have specific pricing tiers, but rather it tailors the price for every client’s needs.

But moving on from your free solution doesn’t mean moving on from the data you accrued in it. As your business expands, leveraging an accounting platform with an accessible interface and straightforward functionality is in your best interest. So when you’re trying to pin down the right free accounting software for your company, prioritize accessibility. It offers a free, self-service plan that provides businesses with a decent suite of features and a fair amount of flexibility when it comes to bookkeeping — allowing for unlimited invoices and transactions.

Landlords and property managers looking for a free, basic accounting software system may find Wave to be a good choice. The software provides income statement and balance sheet reporting, and connects to bank accounts to import transactions. The best single-family rental accounting software also includes a real estate balance sheet that tracks rental property depreciation and periodically adjusts property values to provide an accurate idea of owner equity. Rentmoji is a cloud-based rental property management solution geared toward small- and mid-sized businesses. SimplifyEm is a property management software geared toward small- to mid-sized businesses.

  1. If you’ve decided to rent out your property as a side hustle to earn extra cash, FreshBooks can help you manage your rental business and collect your hard-earned rent payments.
  2. Real estate agents use many technologies to run their businesses and interact with clients.
  3. Yardi Breeze simplifies several property management processes, from leasing and rent collection to maintenance requests and financial reporting.
  4. As I mentioned, its free plan is self-service — which works for small businesses but might not be sustainable as your business expands.
  5. Rentec Direct comes with features that include general ledger accounting and financial reporting with QuickBooks synchronization.

For its Growth plan, pricing starts at $160 per month and allows you to manage up to 5,000 units. This is also a desktop solution, but it’s subscription-based and includes additional features like unlimited support and automatic data backup. Your first year’s subscription will cost $199.95, going up to $299.95 in year two and beyond. With more advanced functionality, you can even manage your deductions and other claims to create comprehensive tax reports.

Many industries are jumping on the virtual reality wagon, so much that it’s projected to become a $29.7 billion dollar industry. Companies like Matterport allow for 360-degree visualizations of dream homes to be built. The above video demonstrates how you can set up your Quickbooks Desktop to manage buildings and units within them. Link your bank account electronically for easy automatic transaction import.

How Much Does Rental Property Management Software Cost?

Stessa is an accounting software and asset management system designed by real estate investors for real estate investors. The software helps both small investors and landlords with large property portfolios make more informed decisions about the rental property they own. FreshBooks stays in sync from desktop to the app, so you can use any device you like and always have access to the latest data. Upload receipts and respond to tenants and vendors directly through the app, anywhere you go.

Choosing the right bookkeeping software is one of the most important decisions you’ll make as a landlord and property manager. Every tool has its pros and cons, you want to pick the one that best aligns with your needs and goals so that it helps you save time and allows you to focus on expanding your business. You want the peace of mind that the tenants renting your property won’t cause you trouble down the line. A software that has integrated screening and background check functionality will be a lifesaver.

Best for Few Properties

After signing up for REI Hub, simply add your property details, add accounts such as rental bank and mortgage loan, and start keeping your books. Rentals are tracked on a property-by-property basis and at the entire portfolio level. And many of those options are thoughtfully tiered — offered at reasonable prices that are appropriate for your business’s scale.

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All small and medium sized businesses and accounting & bookkeeping practices. There is a $250 minimum charge each month, so you’ll get the most value if you are managing over 200 units per month. Today’s leading accounting platforms offer standard security features, such as data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. Appfolio allows you to manage rents and vacancies by the bed without changing the lease for all the residents in a unit — something our other software recommendations don’t do. 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.

Data security

But there are a few customer complaints about wanting more access to a live person to talk through support issues. AppFolio is a better fit for mid to large-sized property landlords with at least 200 units. ZenLord Pro offers a free plan, with the most popular plan priced at $11.99 per unit per month.

SimplifyEm is designed to give landlords a simple and easy way to manage their properties while also saving time and money. It allows users to track income and expenses, collect rent and tenant applications online, screen tenants, generate and analyze owner reports, track maintenance requests, store documents, and automate repetitive tasks. Designed what are employee and employer payroll taxes as a comprehensive solution for property management, Hemlane is for landlords, property managers, and real estate investors. It offers a variety of tools for tasks like rent collection, maintenance coordination, advertising, and tenant screening. In addition to accounting tools, Buildium offers features to manage the entire tenant journey.

FreshBooks offers many accounting features that are particularly useful for Airbnb hosts. Invoices are customizable so you can manage multiple Airbnb property brands easily. If a client asks to rent a room tomorrow, you can easily send them an email with an invoice they can pay online.

Real Estate Accounting Software – What is it?

The first 3 units are free on the Go plan with basic reports and manual tracking. Focused on single-family home property management, Propertyware is fairly simple to use, without the complicated features commercial management software can have, making it the best choice for single-family home management. You’ll benefit from Propertyware’s management features, especially if you’re a single-family home landlord. NetSuite offers an advanced accounting software solution for large real estate businesses. Rental property accounting software is a solution designed for landlords and property managers to accurately track the money coming in and the expenses being made for the upkeep and maintenance of the properties.

Capterra is free for users because vendors pay us when they receive web traffic and sales opportunities. Capterra directories list all vendors—not just those that pay us—so that you can make the best-informed purchase decision possible. Accounting Seed is designed for Salesforce users working in the finance department at small to mid-market companies who are already using or plan to… Kashoo is the perfect accounting app for small business owners, freelancers, independent entrepreneurs and anyone who does their own thing, their own… The software is primarily designed for UK-based businesses, but it does also… Move to a business software designed for small and medium businesses, that gives you all the features that you need!

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