Property management is the method of creating a system that may minimize hidden and visual losses, mix isolated property clusters during a connected network, automatize and speed up otherwise slow processes, maximize profits, and ultimately attain a high degree of satisfaction and happiness in tenants and patrons. Vacation rental software is just a system to investigate the maintenance prices of multiple properties, collect rental payments, examination & maintenance before a tenant moves in, recruit vacant housing for advertising, and conduct background or criminal or credit checks of tenants. All these things are done by rental management software which saves you a lot of time. There are various management software is available for various purposes. Like time management software, expense management software, and many more but here we are concentrating on the best real estate back office management software.
What is Property Management Software?
A program that is designed to help property managers to perform their operational tasks of managing a residential and commercial properties is called property management software. These tasks include accounting, property inspection, maintenance, and making reports. A key advantage of using it is that it combines all the functions which saves you a lot of time. It also helps in maintaining a clear digital record trail, which makes it convenient for the auditors while performing a tax audit. With the help of this rental management software, you can do marketing of your property, if needed.
Types of Property Management Software:
Depending on the mode of installation there are two types of property management applications which are installed software and cloud software.
1. Installed property management software:
This software has to be installed manually on your computer where your data is stored on a server that is on-site. The maintenance, implementation, and upgrading of this software are required to be done by an IT professional, and the data can only be accessed when you are in the office.
2. Cloud property management software:
This software doesn’t need to be installed on your computer. You can access this software by logging in to your device. You can access your data from anywhere with an internet connection as the data is stored in the cloud.
Why Use Property Management Software for a Business?
In a market, as volatile as real estate, property management software is not only cost-effective but makes it convenient for you to perform all your managerial tasks. It saves you from a lot of paperwork and unnecessary software as all the important tasks can be performed using a single software. Since cloud property management software doesn’t require you to have a single server, you can manage any quantum of your properties and employees by simply logging into your device using an internet connection. This saves a lot of time and money, which in turn will help you concentrate on other aspects of the business. Also, this software is user-friendly and has proven best management system in the field of real estate.
How Much Does a Property Management Software Cost?
Property management software is usually affordable and costs somewhere in the ballpark of $1.25 per month for a single unit to $1080 for 5000 units per month. Based on how many units have software like Rent post cost around $29 to $249 for a month. For a project which has up to 40 units Buildium costs around $40 for a month, and they also offer lower rates for projects with more than 40 units. Some software offers a flat rate for a month, but a majority of the software’s cost depends on the number of units of the project. Some companies also offer a free monthly trial for their software, so their customers can test the product.
7 Best Property Management Software:
1. Avail – Property Management Software for Landlords:
Avail is an end-to-end cloud-hosted software that offers property solutions to landlords with around 10 or fewer units. It also offers a free monthly trial for its customers.
Avail Pricing:
Along with a free basic trial, avail offers four pricing plans
- Unlimited – $0 per unit
- Unlimited Plus – $7 per unit
Why Choose From Avail?
| Pros | Cons |
| Good support system | Cluttering interface |
| Ease of use for the landlord and the tenant | Payment dues notifications tend to be a little aggressive |
| Multiple listings of the property. | Sometimes a delay in transactions |
2. Buildium – Real Estate Management Software:
Buildium is a Boston-based cloud-hosted property management software catering to more than 15000 customers in 46 countries. It helps real estate agents, property managers, and landlords successfully handle their residential and commercial properties and stay organized.
Buildium Pricing:
- Essential: Starting at $55/month
- Growth: Starting at $174/month
- Premium: starting at $375/month
Why Choose Buildium?
| Pros | Cons |
| Easy-to-use interface | Software changes |
| 24/7 customer support | The option for the size of uploading documents is smaller. |
| Easy tenant tracking and financial transactions | No option for opening multiple windows at a time |
3. Appfolio – Real Estate Management Software:
Appfolio is a cloud-based SaaS property management software for small businesses. It has been felicitated with numerous awards. And more importantly, it is one of the best user-friendly software. It is designed specifically for residential and commercial property managers with innovative technology to maintain their property management. It will help small real estate businesses to stay organized and maintain their business properly.
Appfolio Pricing:
- Core: $1.49 per unit/per month (minimum monthly fee $280*)
- Plus: $3.20 per unit / per month (Minimum monthly fee $960*)
- Max: $5 per unit / per month (Minimum monthly fee $7500*)
Why Choose Appfolio?
| Pros | Cons |
| No online fee for tenant payment | No audit capability |
| Multiple features for different functions | Increased pricing with an increase in the number of units |
| User-friendly | Difficult to track transaction information |
4. Hostyapp – Best Property Management Software:
Hostyapp is a popular commercial Airbnb property management software that facilitates Airbnb property managers who want to expedite their business day-to-day functions. It is property management software used for AirBnB properties. Hosty app is a prime choice for property management software among Airbnb users.
HostyApp Pricing:
Hostyapp offers three pricing plans for AirBnB properties
- Hosty Basic – $10 per month for one Airbnb account and listing.
- Hosty Advanced – $15 per month for unlimited Airbnb accounts and listings.
- Hosty Pro – $20 per month for all Hosty Advanced features plus task management, expenses tracker, financial reports, and team management.
Why Choose Hostyapp?
| Pros | Cons |
| Synchronized listing | No live chat support for customers |
| Updating info on all platforms from a single platform | Only useful for Airbnb customers. |
5. Rentmanager – Best Software for Rental Property Owners:
RentManager is Ohio-based property management software. Not only that but it saves a lot of time of for the user and has proven the best time management software in terms of property. It is an industry-leading property management software. It provides an innovative solution for property managers, landlords, and real estate agents to take their businesses to the next level. It is user-friendly software and users can grow their property business more efficiently by using this software.
RentManager Pricing:
RentManager offers various pricing plans that the customer can get by sending a request on their official website. Contact RentManager executives for in-depth pricing details.
Why Choose RentManager?
| Pros | Cons |
| It offers a unique feature for the users to record their voice and send it across. | Issues with the software |
| It also saves money and time through its virtual post office feature. | Only call-based customer support |
| Provides a feature where you can calculate charges levied on your property | Upgrading to a new version takes time to get used to. |
6. Tenantcloud – Best Property Management Software for Small Business:
Tenantcloud is a cloud-hosted property management solution that is designed for property managers, real estate small or medium-sized investors, and landlords who have the desire to take their business to an advanced level. It facilitates property managers’ complete control over the property management processes from the security and automation point of view.
Tenantcloud Pricing:
Tenantcloud offers various pricing plans depending on the number of units.
- Free – $0 per month
- Starter – – $15.60 per month
- Growth – $29.30 per month
- Pro – $50.40 per month
- Business – Custom pricing
Why Choose Tenantcloud?
| Pros | Cons |
| Immediately accessible after registration | Not-so-efficient inspection tool |
| Personal Virtual Assistance | Lack of phone customer support |
| Free online support and system upgrades | Not enough reports feature |
| No credit card information needed | |
| Edit site content with E-site Editor |
7. Propertyware – Rental Property Management Software:
Propertyware is one of the best customizable, cloud-based property management software solutions that is designed to streamline your property management process into a single integrated platform for property inspection, maintenance, accounting, and making reports. It is created specifically for property managers and small landlords who want to take their property business to the next level. It is a Texas-based cloud-hosted property management software company with over 5000 employees.
Propertyware Pricing:
Propertyware offers the following pricing plans
- Basic – $1 per unit per month with a minimum monthly fee of $250
- Plus – $1.50 per unit per month with a minimum monthly fee of $350
- Premium – $2 per unit per month with a minimum monthly fee of $450
Why Choose Propertyware?
| Pros | Cons |
| All tasks performed by core systems | The system glitches sometimes. |
| Customization available | Limited features available in comparison to other software |
| Better accessibility between tenants and landlord |
Conclusion:
In a vast market like real estate where keeping records and other managerial tasks are of the utmost importance, it is imperative to use property rental management software. A cloud-hosted software is advantageous as it is accessible from anywhere and doesn’t require special on-site servers. This vacation rental software is the need of the hour for residential and commercial properties.
FAQ’s:
1) Avail
2) Buildium
3) Appfolio
4) Hostyapp
5) Rentmanager
6) Tenantcloud
7) Propertyware
To efficiently manage the functions of property owners, landlords, and managers. It facilitates their users to closely monitor the accounting and bookkeeping functions and generate reports for property-related activities.
Property management includes leasing, tenant management, rent collection, property monitoring, maintenance, utility bill payments, inventory checks, renovation, document handling, and additional services available at extra cost.
