Managing a property rental business is a lot more complex compared to other business sectors in real estate. Among the challenges commonly dealt with when it comes to real property businesses is managing finances as it involves a variety of factors under expenses, taxes, profit monitoring, and more.
While many successful businesses in the real estate sector have their own accounting teams, human errors and inefficiency of manual processes remain serious threats to a company’s financial health. This is where property management accounting software comes in, not only to prevent costly but avoidable mistakes but also to improve the overall operations of your real estate business. In this article, we will introduce you to some of the best property management accounting software solutions that are equipped with tools designed specifically for real estate accounting.
Best Property Management Accounting Software Table of Contents
Despite being a multi-billion dollar industry, real estate surprisingly lags behind the adoption of technology—until it became an absolute necessity. According to the 2022 property management industry report by Buildium, 30% of the property managers who participated in the survey revealed that the restrictions brought by the COVID-19 pandemic pushed them to leverage property technology, or proptech. This change has led both property managers and business owners to the discovery of new strategies that helped improve the efficiency of their operations and the level of services they provide to their clients.
The growing interest of real estate businesses in proptech is also reflected in a survey conducted by PwC. According to the survey, the usage rate of proptech will significantly increase by 39% in 2021 and the next five years, from only 18% in 2020. Among the areas of property management that modern digital tools have helped improve the most is accounting. From automating repetitive bookkeeping processes to simplifying the filing of property taxes, proptech has become a staple among real estate businesses because of its industry-specific accounting capabilities.
Source: PcW: Emerging Trens in Real Estate 2020
But with thousands of prophecies in today’s market, another dilemma being faced by property managers and owners is choosing which solution is right for their accounting needs. In this article, we have gathered 15 of the best property management accounting software tools. We will also examine their unique features, cost, scalability, and more to help you narrow down your options.
Best Property Management Accounting Software
1. DoorLoop
Taking the number one spot on our list is DoorLoop. This property management platform comes with all the essential accounting tools and features designed specifically for managing the finances of residential, commercial, and even workforce and community housing facilities.
This platform offers ready-to-use chart of account templates. These templates serve as your digital filing cabinets to keep different types of financial information such as expenses, revenue, assets, liabilities, etc., organized and easily manageable. You can also tailor your chart of accounts according to your business needs and set it up for either cash and/or accrual accounting.
DoorLoop
Try out DoorLoop with their free trial
Reconciling transactions is also easy with DoorLoop as it allows you to connect your business’ bank accounts, debit cards, and credit cards. This also enables you to automate recurring payments, rent collection, and others. And if you are also using QuickBooks, another online accounting solution, you can integrate your DoorLoop account and sync all expenses and income details in real time. With all your transactions in one place, you can generate different types of financial reports and get a summary or detailed view of your business’ financial health.
DoorLoop has 60 built-in reports to choose from, which include business overview, balance sheets, profit and loss, and cash flow statement. Moreover, you can filter the reports you generated by date, type of property or lease, accounting method, and more to get the information you need faster. And if you want to add more users to your DoorLoop account, you can restrict the information they can access.
Detailed DoorLoop Review
Pricing:
DootLoop’s pricing plans start at $29.50 for the first two months if billed monthly and $24.50 for the first two months if billed annually.
Key Features of DoorLoop:
- Ready-to-use and highly customizable chart of account templates
- Automation of payment processes, including payment collection
- Easily export all of your accounting data for tax filing purposes
- Seamless integration with thousands of applications via Zapier or DoorLoop’s open API, such as CRM platforms, payment gateways like PayPal, and Stripe, and other online software systems.
- Manage financial transactions not only for property business in the US but also in other parts of the globe.
2. Condo Control
Condo Control is a cloud-based solution built primarily to digitize communication among residents, condo owners, property managers, security staff, and board members. This platform helps simplify various processes, such as sending and approving service and maintenance requests, reporting incidents, booking amenities, and others.
As for its accounting feature, Condo Control makes payment processing convenient not only for property managers and owners but also for residents. Condo residents can use Condo Control to make one-time or recurring payments by connecting their bank or credit cards to the platform. This allows property owners or managers to collect payments for rent, maintenance, HOA fees, penalties, etc., through the application as well.
Detailed Condo Control Review
Pricing:
Condo Control’s pricing plans are only available by quote.
Key Features of Condo Control:
- Receive and approve amenity bookings and collect reservations and full payments through the app.
- Property managers or owners and administrators have full control over booking cancellations and refunds approval.
- Manage all online purchase orders on the platform.
3. TenantCloud
TenantCloud is a free property management software for both landlords and tenants. For tenants, this platform enables them to automate recurring payments to make sure that they pay their rent and other dues on time. TenantCloud credit and debit card payments via Stripe for a fee that will be charged to the tenant’s account. The platform also supports ACH payments made through Dwolla, which is free of processing charges.
TenantCloud
Try out TenantCloud with their free trial
For landlords, TenantCloud does not only enable them to collect payments faster online, it also allows them to simplify other accounting processes. TenantCloud offers tools that help landlords set up lease payment terms, such as lease-sharing among multiple tenants. Landlords can also enable partial payments and automate charging late-payment fees. Creating and sending invoices are also automated, which saves landlords more time to focus on other urgent matters.
TenantCloud produces comprehensive reports, including financial and tax reports, as well as other important documents, such as tenant, property, and lease statements.
Detailed TenantCloud Review
Pricing:
Aside from its free plan, TenantCloud is available in three premium plans. These paid plans are Starter, priced at $15 per month, Growth starts at $50 per month, and the Business plan that is currently only offered by quote.
Key Features of TenantCloud:
- Multiple payment options and conditions, including lease sharing.
- Real-time data synchronization with QuickBooks Online.
- Allows landlords to generate 1099 tax forms and send them to recipients.
4. Hemlane
Another affordable property management accounting software on the list, Hemlane supports up to 100 rental units within the United States. It comes with a comprehensive set of tools that helps landlords stay on top of every process from advertising available rental units, tenant application and approval, and service maintenance, among others.
Hemlane is also equipped with robust features that make payment collection and tracking financials easier and more convenient, which is extremely helpful to landlords and property managers handling multiple rental units. Recurring payments, such as rent, can either be paid in full by a single renter or split among tenants. Landlords can also set up different payment frequency, such as monthly, etc. Late payment fees can be charged one-time or accumulated on a daily basis. Late payment reminders are also automatically sent to tenants.
As for payment options, HemLane supports credit or debit card and ACH. All transactions are also automatically recorded and organized in the system, making it easier for landlords and property managers to generate reports and review specific transactions. Furthermore, landlords and property managers can set up multiple bank accounts that can be instantly verified by major US banks.
Detailed Hemlane Review
Pricing:
Hemlane has three available plans with the most affordable package starting at a base price of $34 per month. The cost of each plan will increase depending on the number of units included in the plan, which starts at $2.50 per month per unit.
Key Features of Hemlane:
- Supports manual entry, capture, and upload of financial documents, such as receipts, etc.
- Automated income and expense tracking
- Offers multiple online payment options and automates late payment charges
5. Building Engines
This software is for professionals involved in the operations of non-residential properties such as commercial offices, retail spaces, healthcare facilities, as well as large gathering spaces like venues and stadiums. Unlike other applications on the list, BuildingEngines offers different modules that are designed to streamline the different areas of managing commercial real estate businesses. These areas include property bidding, space leasing, maintenance and security, and sustainability, among others.
BuildingEngines prioritizes the quality of tenant experience, which is showcased in the software’s modules dedicated to the provision of fast and convenient services. One of the modules is the PRISM Work Order Management, which streamlines work orders from end to end. This module simplifies the processing of tenants’ work order requests that they can submit either through the web or mobile app. All billables are captured and recorded to the system and payments and invoices are automatically generated for tenants. Although BuildingEngines is not a full-featured accounting system, it can be integrated with your existing accounting platform.
Detailed Building Engines Review
Pricing:
The cost of BuildingEngines’ subscription plans are quote-based.
Key Features of BuildingEngines:
- Innovative work order management that allows property management teams to set priority levels to service requests.
- Full-featured mobile application
- Modular design that gives users the capability to pay only for the tools they need.
6. RealPage
Next on our list of property management accounting software is RealPage. This web-based platform offers feature-rich accounting tools to the operators of residential and commercial rental properties. Among its features is its integrated rent payment service that allows tenants of residential and commercial properties to pay using their credit or debit cards and via cash or money order. Residents can also make check payments that they can either mail to a secured P.O. box where the checks are automatically scanned and posted in real-time.
Beyond property accounting, RealPage is fully equipped with a corporate financial suite that streamlines and automates time-consuming processes. These include spend management tools that enable you to simplify purchase orders, payment, and invoice matching. It also allows you to customize approval workflows and set restrictions to avoid overspending. Job cost and replacement reserves offer a detailed view of every renovation needed and its cost. When it comes to reconciling bank activities with RealPage accounting, the platform’s bank feeds feature automatically imports your bank transactions on a daily basis and matches each in what is in your general ledger.
And when it comes to having complete visibility of the organization’s financial health, RealPage offers flexible and powerful reporting capabilities that not only show you detailed or summarized reports but also rolling forecasts that can be very handy during the budgeting season.
Detailed RealPage Review
Pricing:
RealPage’s pricing plan is quote-based and only available upon request.
Key Features of RealPage:
- Paperless payment processing tools that include automated scanning, data capture, and real-time posting of check payments.
- Streamlines procure-to-pay process from purchase order to reconciling invoice and payments.
- Fully automated vendor payment management.
- Secure budgeting platform with collaboration tools and 24/7 access and visibility to stakeholders.
7. Entrata
Entrata is an affordable and comprehensive property management solution that incorporates core accounting tools. This cloud-based platform offers a general ledger that you can tailor according to the needs of your property business. Its budgeting tools allow you to replicate your previous year’s budget plan and make adjustments to either increase, reduce, or add new allocations to specific areas to further improve your business operations.
This platform also simplifies accounts payable with its advanced purchasing and invoice routing capabilities. You have easy access to user friendly tools that allow you to create purchase orders and route notices and individual or bulk invoices to appropriate vendors. You can also add new vendors and suppliers and process payments from a single platform. Furthermore, Entrata also comes with unlimited storage for all your documents, including captured receipts, checks, and others.
Detailed Entrata Review
Pricing:
Entrata offers its plan on a quote basis.
Key Features of Entrata:
- Simplified accounts payable system
- Easy-to-use budgeting tools
- Unlimited document storage
8. ResMan
ResMan is an innovative residential property management platform designed for multifamily residential properties. It comes with a dedicated property accounting solution that ensures the accuracy, accessibility, and security of your business’ financial data.
ResMan offers a variety of essential tools from customizable general ledgers. The accounting system also automates accounts receivable, which greatly reduces the time and effort spent on managing AR processes and provides you with accurate records for easier audit trails. Moreover, ResMan’s accounts payable feature enables you to process invoices faster with its real-time approval capabilities.
Detailed ResMan Review
Pricing:
ResMan’s subscription plans are only offered by quote.
Key Features of ResMan:
- Highly customizable general ledger journal
- Intuitive house collection modules for setting up automated charges for the entire leasing cycle.
- Customizable gross potential rent processing to generate accurate and reconcilable asset reports.
9. MashVisor
Mashvisor is a data analytics platform for investors, property managers, as well as property agents and brokers. It is equipped with nifty and easy-to-use features used in finding rental properties like Airbnbs and assessing their investment potential. Among its useful tools are property finder, which locates properties within your city or even nationwide.
Mashvisor also comes with heatmaps that give an insight into high-performing rental properties in a specific neighborhood or area. Furthermore, its neighborhood analysis tool shows key metrics, such as the average cost of properties as well as the average income of rental businesses in a vicinity. This software solution also has intuitive features that enable users to generate expenses and ROI estimates to assess if a property performs better as a long-term or short-term rental business.
Detailed Mashvisor Review
Pricing:
Mashvisor is available in three plans. Lite, the most affordable plan, starts at $17.99 per month followed by Standard at $49.99 per month. The last one is the Professional plan, which can cost $74.99 per month.
Key Features of Mashvisor:
- Finding the most lucrative properties to invest in across all markers.
- AI-powered investment opportunity scoring capability.
- Side-by-side comparison of properties
- Smart filters to narrow down multifamily and foreclosure rental properties.
- Built-in CRM for property managers and real estate agents.
10. Avail
Avail is a free cloud-based property management solution designed to help independent landlords manage their rental properties and offer affordable options for tenants nationwide. It is equipped with robust tools that enable landlords to receive tenant applications, run credit history checks, approve applications and sign leases, and collect one-time and recurring payments.
Managing rental properties can be overwhelming from the point where landlords have to find new tenants. Avail offers a platform where landlords can create their rental property listings and have them published on credible sites. All applicants are screened quickly using the information they have provided, such as employment status, residence history, and contact information, among others.
Furthermore, Avail offers convenience to both landlords and tenants, especially when it comes to payment. Landlords can easily set up recurring payment schedules in the system and automate reminders that will be sent periodically to the email address of the tenant. And with the help of its CreditBoost feature, tenants will be motivated to pay their dues early to maintain or improve their credit score.
Detailed Avail Review
Pricing:
Avail has a completely free package equipped with basic property management features. Its paid plan is called Unlimited Plus and it costs $5 per unit per month.
Key Features of Avail:
- Publish property listings on reputable sites, such as Realtor.com and ApartList, among others.
- Tenant background checks
- Trouble-free online payment processes
- Tools to keep track of maintenance requests.
11. PROMAS
PROMAS is property management accounting software built for fee-based and investment property owners and managers and for homeowners associations. One of the products it offers is the Professional Landlord, which caters to property managers and owners who do not have much knowledge and experience when it comes to managing a residential or commercial rental property and its finances.
Professional Landlord provides an intuitive platform where tenants can access to send their payments. In the same platform, the landlord or property manager can keep all the necessary information of each tenant, as well as process work order requests. The platform also supports escrow accounting as well as multiple banks and checking accounts and statements. Moreover, Professional Landlord ensures that all financial reports you will produce comply with state requirements.
PROMAS is a software solution that can be hosted in the cloud or on-premise.
Detailed PROMAS Review
Price:
PROMAS has an elaborate pricing plan that starts with $30 per month per user. The price of the license varies depending on the license size, number of users, setup fee, and monthly hosting fee, among others.
Key Features of PROMAS:
- Landlord and tenant portals
- Automated work order processing, billing, and invoicing.
- Maintenance and insurance management
12. ActiveBuilding
ActiveBuilding is a property management solution designed to establish a strong community social network among tenants, property managers, staff, and owners. This platform serves as a reliable communication portal between tenants and a place for property managers to make important announcements. The system is equipped with online payment capabilities, which offer the convenience and security of paperless transactions. Tenants can also send maintenance requests that are automatically prioritized based on urgency.
Another area where ActiveBuilding shines is its guest management feature, which is vital to maintaining high levels of security. This feature takes into account every guest that enters the premises. Front desk staff are allowed to create profiles of regular guests, such as pet sitters, friends and family members, cleaners, and others. Staff at the front desk can also notify the tenants if they have packages that need to be picked up at the front desk through the system.
Detailed ActiveBuilding Review
Price:
ActiveBuilding’s pricing plan is available only upon request.
Key Features of ActiveBuilding:
- Online payment processing
- Guest validation
- Package pick-up and key tracking alerts
- Digital maintenance management
13. BuildingLink.com
BuildingLink.com offers a comprehensive cloud-based platform for property managers to further improve their operations. This software is made up of different solutions, making it highly flexible in order for users to customize it based on the needs of the properties being managed, whether it is a mid-rise apartment complex or a high-rise building.
One of BuildingLink.com’s standout features is its payment solution that collects all types of fees, from rent, late payment fees, to amenity reservations. The platform also supports maintenance requests and work orders that can be easily tracked in the system by attaching vital information, such as the number of the unit that needs maintenance service.
BuildingLink.com also comes with reliable communication features that allow the staff to call tenants directly from the application. Other features include vehicle management, which allows the management to record essential vehicle information and assign parking spots to the vehicles of the tenants. And if you would like to get a quick glance at the property’s status, BuildingLink.com’s dashboard offers a summary of inventory, staff performance, and resident requests, among others.
This software solution also integrates with payment gateways, such as Stripe, ClickPay, and PayLease.
Detailed BuildingLink.com Review
Price:
BuildingLink.com’s subscription plans are only available on quote basis.
Key Features of BuldingLink.com:
- Streamlined record-keeping of resident profiles, building information, and others.
- Efficient maintenance and work-order requests.
- Fast processing of parcels or packages using ImageR, an intelligent label reader that captures delivery information and automatically enters it into the system.
14. Apartments.com
Apartments.com is an all-encompassing property management software that streamlines rental processes for landlords. With tools to efficiently fill vacancies, manage properties, and collect rent, it simplifies the rental management journey. The platform stands out by showcasing properties to over 81 million monthly renter visits, allowing landlords to advertise, fill vacancies, and collect rent seamlessly. Noteworthy features include free online rent collection, quick lease creation, centralized maintenance requests, and effortless rental expense tracking.
Its unique offering includes localized leases, ensuring compliance with local laws, and enabling esignatures for added convenience. These and its other features make Apartments.com a versatile choice for landlords in need of a comprehensive property management tool. The platform is free for renters but offers paid listing placements for landlords
Detailed Apartments.com Review
Price:
Apartments.com is free for renters but offers paid listing placements for landlords and real estate managers. Ad packages are offered in quote-based plans.
Key Features of Apartments.com:
- Hassle-free online payments collection
- Flexible listing plans
- Maintenance tracking
- Lease agreement generator
- Income and expense management
15. MRI Residential Management
Last on our list of property management accounting tools is MRI Residential Management. This software is ideal for condos, HOAs, co-ops, and others as it offers powerful and flexible tools that can address the unique needs of different types of properties. It is also built on Platform X, which opens MRI to seamlessly integrate with other applications, such as financials, analytics, and reporting tools to further enhance MRI’s accounting capabilities.
MRI’s property accounting solution is a well-integrated system, equipped with powerful automation tools that streamline accounts payable and vendor payment processing. It also completely digitizes lease, fixed asset accounting, and investment accounting, which gets rid of paper-based records and improves the overall accuracy and efficiency of these processes. MRI also provides a debt management platform that gives property managers complete visibility and control over their businesses’ debt information.
Furthermore, MRI automates budget and forecasting by utilizing all data in the MRI financial system, which greatly reduces the time and effort spent on analyzing financial reports and budget planning.
Detailed MRI Residential Management Review
Price:
MRI Residential Management’s pricing details are only available upon request.
Key Features of MRI Residential Management:
- Serves as a single source of accurate and up-to-date financial data.
- 100% automated and paperless accounts payable processing capability for real estate properties and firms operating in Asia, ANZ, Canada, and Central and South America.
- Automated budgeting and forecasting based on accurate financial records.
Why do you need property management accounting software?
The popular accounting solutions that we know may be able to address the needs of various businesses, such as retail stores and restaurants without problems. These platforms, however, are not equipped enough to cater to the complex financial management requirements of real estate properties. As mentioned above, residential and commercial property businesses involve accounting processes that are unique to the industry, such as processing and keeping track of HOA fees, property broker commissions, and others. Without a dedicated accounting solution, managing these finances can take a lot of time and effort.
Having gone through this list of the best property management accounting software solutions, you may also want to test the waters. A good way to do that is to try out a few of these applications. The leader on this list should give you a good start if you give its free trial offer a test drive.
If you are a property manager or owner who is not yet utilizing a generic accounting solution, this is the perfect time to consider switching to a more capable platform. Moreover, if you want to know more about the critical features to look for in a property management solution, you may want to check out our post on the must-have features of a property management system.
Key Insights
- Increased PropTech Adoption: The COVID-19 pandemic accelerated the adoption of property technology (PropTech), with 30% of property managers leveraging such tools due to pandemic-related restrictions.
- Significant Growth in PropTech: Usage rates for PropTech are projected to increase significantly, from 18% in 2020 to 39% over the next five years, reflecting a growing interest in technology-driven property management solutions.
- Diverse Software Options: A wide range of property management accounting software is available, catering to different needs, from residential and commercial properties to specific functionalities like payment processing, tenant communication, and maintenance tracking.
- Comprehensive Features: Leading property management accounting software solutions offer features like automated payment processing, customizable general ledgers, real-time data synchronization with other accounting tools, and comprehensive reporting capabilities.
- Affordability and Scalability: Many of these software solutions offer flexible pricing plans, including free trials, monthly subscriptions, per-user pricing, and quote-based plans, making them accessible and scalable for businesses of varying sizes.
- Global Reach: Several platforms, like DoorLoop, support financial transactions and property management on a global scale, accommodating the needs of property managers operating in different countries.
- Integration Capabilities: Top property management software often provides seamless integration with other applications via APIs or third-party services like QuickBooks, Stripe, and PayPal, enhancing their utility and flexibility.
FAQ
1. Why do I need property management accounting software?
Property management accounting software is designed to handle the unique financial management requirements of real estate properties, such as processing HOA fees, property broker commissions, and other industry-specific accounting tasks. It helps streamline operations, reduce human errors, and improve financial accuracy and efficiency.
2. How has the COVID-19 pandemic impacted the adoption of property management technology?
The COVID-19 pandemic accelerated the adoption of property management technology, with 30% of property managers leveraging PropTech due to pandemic-related restrictions. This shift has led to the discovery of new strategies that enhance operational efficiency and service quality.
3. What are some key features to look for in property management accounting software?
Key features include automated payment processing, customizable general ledgers, real-time data synchronization with other accounting tools, comprehensive reporting capabilities, tenant communication tools, and maintenance tracking. The software should also offer seamless integration with other applications and provide robust security for financial data.
4. Are there affordable options for property management accounting software?
Yes, there are affordable options available, including free plans, monthly subscriptions, and per-user pricing tiers. Some platforms also offer quote-based plans tailored to specific business needs. Many of these software solutions provide free trials, allowing you to test their features before committing to a paid plan.
5. Can these software solutions handle global transactions?
Yes, several property management accounting software solutions, such as DoorLoop, support financial transactions and property management on a global scale. They can accommodate the needs of property managers operating in different countries.
6. How do property management accounting software solutions integrate with other applications?
Many property management accounting software solutions provide seamless integration with other applications via APIs or third-party services like QuickBooks, Stripe, and PayPal. This enhances their utility and flexibility, allowing you to streamline your operations and improve overall efficiency.
7. What are the benefits of using property management accounting software over generic accounting solutions?
Property management accounting software is specifically designed to address the complex financial management requirements of real estate properties, offering features that generic accounting solutions may lack. These include handling HOA fees, property broker commissions, and other industry-specific tasks, resulting in improved financial accuracy and operational efficiency.
8. How can property management accounting software improve operational efficiency?
By automating repetitive tasks, reducing human errors, and providing real-time data synchronization and comprehensive reporting capabilities, property management accounting software improves operational efficiency. It allows property managers to focus on other critical aspects of their business, enhancing overall productivity.
9. What types of properties can benefit from using property management accounting software?
Property management accounting software can benefit a wide range of properties, including residential, commercial, multifamily, HOA communities, and even specialized properties like healthcare facilities and venues. The software’s customizable features make it adaptable to different property management needs.
10. How do I choose the right property management accounting software for my business?
To choose the right software, consider your specific property management needs, the features offered by different platforms, their integration capabilities, pricing plans, and user reviews. Many software solutions offer free trials, allowing you to test their features before making a decision. Additionally, consulting detailed reviews and comparisons can help you narrow down your options.
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