WASHINGTON, Oct. 24, 2019 (GLOBE NEWSWIRE) — Washington Real Estate Investment Trust (“WashREIT” or the “Company”) (NYSE: WRE), a leading owner
What are the best property management systems?
Best 20 Property Management Software in 2019
What are the best property management software solutions? From AppFolio, Building Engines, RealPage to ActiveBuilding and Cozy, we have the applications that you will most likely encounter as you shop around for a good property management software to help you manage your real estate business.
The real estate market is immensely huge—we’re talking about figures in the trillion dollars, not just billions—and real estate and property management software vendors in the hundreds look to capitalize on that staggering market size, jockeying about to take their own fair share of the delectable pie.
And all that lively sport has proven ultimately rewarding for them: returning a healthy clip of 5% average growth rate, while looking forward to gobbling up a good USD 1.9 billion of that vast real estate fortune by 2021.
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Overview of Property Management Software
What is property management software? Property management software is a solution created to help real estate and property management firms oversee their properties, including: advertising rental properties, gaining new tenants, collecting rent payments and property maintenance.
In the past, property management software was typically deployed on-premise (on the company’s servers and computers). The proliferation of new technologies, however, have seen vendors migrate to cloud-based deployment.
Properties that can be handled by property management software include:
- Residential: apartment buildings and houses, as well as single-family and multiple unit properties
- Commercial: includes office buildings, retail sites, factories, etc.
- Homeowners’ Association (HOA): intended for condominiums and townhouses that have a homeowners’ association
- Hospitality: may include hotels, resorts
- Student Housing: houses or apartments dedicated to off-campus college students
Although most property management software shares common features, niche-specific software may have features unique to a specific industry. For example, a hotel-oriented software can include guest check-in/check-out functionality.
Who should use property management software?
In general, property management and real estate companies are the ones using property management software.
Property management firms usually designate a property owner (landlord) to handle day-to-day operations of each property. Property management firms use software to keep track of profits, expenses and marketing of properties, while property owners benefit from the software to keep track of maintenance tasks and ensure tenants pay their rent on time.
Real estate investors (such as homeowners who rent out more than one property) also benefit from a property management solution. Because the solution automates many tasks, they don’t have to rely on spreadsheets or paper to manage their properties.
Quick fact: According to a survey by the RRD, 85% of property managers currently use property management software. The remaining managers who don’t use it manage less than 50 properties.
What are the best property management software?
AppFolio is a multi-awarded web-based, SaaS property management application that provides robust accounting and management tools and features. The system centralizes all property management processes such as accounting, marketing, applicant screening, online rent payments, online lease agreements, and more.
Sporting a clean and intuitive user interface, AppFolio streamlines all property management-related workflows. The software is designed to work seamlessly with various types of properties (HOA, residential, commercial, and student housing). With AppFolio, property owners can easily manage their properties, marketers can boost their property listings and online visibility, residents and landlords have a clear communication channel, and more.
Why choose AppFolio?
- Easy to use software. From the outset, AppFolio is designed to be easy—easy to switch to, set up, use and manage. All these mean you spend time focused on reaching your business goals, not on figuring out how to use complicated technology.
- All the benefits of cloud-based platform. With AppFolio, there is no hardware, software or servers to buy, install, maintain and upgrade. It also ensures you are always on the most current version. A cloud-based solution fully enables your entire team to work from anywhere at anytime from any device.
- Built for the long term. AppFolio creates complete, easy-to-use business solutions for property managers. As a public company, it has invested in building a strong future with clients all over the world, headed by some of the most creative and productive leaders in the industry.
2. Building Engines
Building Engines is a leading cloud-based provider of property management software for operations-minded teams at commercial office, retail, and industrial real estate properties. Its web and mobile platform allows property teams to connect with the activities, data, and insights they need to improve operational efficiency, mitigate risk, improve tenant satisfaction and engagement, and make more informed decisions.
Clients of Building Engines include many of the leading public REITs, private owner/managers, and third-party management firms in the United States and Canada.
Why choose Building Engines?
- Unified platform. Rather than charge you for each feature and add-on, Building Engines packs in all core modules with your license fee so you will realize the full value of the system to handle all your operational processes (work order, inspections, PM, etc.) work, collect and share data together from the get-go.
- BE-Mobile app. As one of the first to create a mobile “soap box,” Building Engine’s BE-Mobile is supported on more platforms and more devices than any other competitor product on the market. It easily allows you to work offline for those times you and your team are working in areas of low or no connectivity in a building.
- Total service delivery. Building Engines is the only property management platform that allows you to set your own targets for service delivery, communicate them to tenants and your team, and track overall performance based on your established baseline benchmarks—helping customers move way beyond simple work order management.
3. Yardi Voyager
Established in 1982 and with over 30 offices and 5,000 employees worldwide, Yardi is a cloud-based property management and accounting platform that helps you effectively manage your real estate portfolio more efficiently and competitively.
Yardi designs, develops, and supports real estate investment management and property management software. Yardi offers a full suite of business solutions for the real estate market, including multifamily, single family, affordable, public, senior and military housing as well as office, industrial, and retail market segments.
Yardi is recognized for the quality of its products, innovation, responsiveness, and customer focus.
Why choose Yardi Voyager?
- Comprehensive functionality. Yardi covers every aspect of property management and ties all departments together, making it easier to communicate with all departments and tenants and be hands on the job 24/7. Most platforms would usually have a few options missing, but Yardi is typically cited for doing a great job covering every possible scenario.
- Efficient monitoring of tenant rent payments. Yardi Voyager gives you the advantage of having a reliable and efficient rent payment monitoring system. It also provides a handful of ready-made forms that you can customize to suit your preferences. These include templates for tenant ledgers, statements of account, among others. In case one of your tenant request for her outstanding balance or when you need to tally all rental receivables, you can readily generate and share such documents.
- Excellent tracking of insurance policy. Yardi allows the automatic monitoring of insurance policy details for all your business stakeholders and real estate assets. The system also provides automated updating of ticker lists, which enables system administrators to be given timely notices on pending deadlines of policy renewal.
RealPage is a leading global provider of software and data analytics to the real estate industry, helping clients improve operating performance and increase capital returns.
Its well-regarded software addresses the needs of industry verticals: conventional, enterprise, institutional, affordable HUD, student living, military housing, tax credit, senior living, single family, vacation rentals
Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves nearly 12,500 clients worldwide from offices in North America, Europe and Asia.
Why choose RealPage?
- Thoughtfully integrated system. RealPage’s integrated solutions, including utility management, resident screening, online leasing, applicant waitlist, and more increase efficiencies and meet all your business needs.
- Total control over system-wide policies. RealPage gives you the ability to enforce your company policies across your entire portfolio. By setting company-defined business model(s) in the system, you can ensure that there is consistency across your sites. The system is set up to enforce your policies and simplify daily processes for the site.
- Enforce paperless operations for cost-effectivity. RealPage’s fully integrated Document Management solution gives you the ability to cut paper waste by allowing you to scan and store all important documents as they relate to the unit, resident or even property level.
5. Rent Manager
Incorporated in 1987 and headquartered in Cincinnati, Ohio, Rent Manager is a property management, accounting, CRM, and work order management software suite that combines enterprise accounting, VoIp phone integration, online portal tools, mobile applications, open API and electronic payments into one powerful integrated system.
Rent Manager’s extensive features allow any user to completely customize the use and functionality of the software. With a wide range of optional modules, mobile capabilities, web resources, and convenient hardware, Rent Manager is easily tailored to meet the unique needs of your company.
Why choose Rent Manager?
- Unique voice recording and broadcasting. With Rent Manager, you can simply record a message and send it to all your contacts in your Rent Manager directory. It saves precious time and you don’t have to call each of your customers individually to talk about the same thing.
- Save on time and money through Virtual Post Office. Rent Manager effectively eliminates the need to print letters. Simply create any communication form and send it to Rent Manager and they will be posted to wherever you want. This feature saves a lot of time for you and your staff and also cuts down cost for printers and mails.
- Efficient commercial and financial management. Rent Manager allows you to calculate and distribute recurring charges for your properties. Accompanied by scheduling and reporting features, commercial management by Rent Manager makes sure that your finances never suffer.
Founded in 2004 and headquartered in Boston, Massachusetts, Buildium provides easy-to-use, affordable cloud-based property management software solutions to property managers and community associations.
The company counts more than 15,000 customers of its online property management software in 46 countries.
Why choose Buildium?
- Unified system. The logins for management, tenants, and owners are all on the main page. Also, any vacancies will be listed right on the website, along with any disclosures or other documents you want to put there, simplifying operations for you.
- Inexpensive 1099 eFiling. It’s $25 per batch and $3 each to mail. If you’ve ever done this yourself, you know you are spending a minimum of $40-50 if you do it yourself, and way more if your accountant does it.
- Efficient inspections. Your Buildium properties and information will automatically sync with its partner Happy Inspector so you don’t have to worry about setting everything up twice. You simply set up the inspections you want, such as annual, periodic, quarterly, or move-in/move-out inspections.
One of the fastest growing property management solution in the multifamily industry, ResMan provides easy-to-use automation tools that improve operational effectiveness and productivity for conventional and affordable housing properties. By recruiting some of the brightest minds in the industry, ResMan is able to deliver intuitive software and industry-leading customer experiences.
Built on a single platform, ResMan provides a highly intuitive solution to meet both operational and accounting needs for the multifamily owner/operator. It’s core platform, Essentials, includes the modules necessary for a property to get up and running.
Its ResMan+ Innovation Network with its free and open API gives you the freedom to work with the vendors you prefer. This allows our customers to create personalized best-in-class solutions to meet their unique needs. Its Premier-Gold partners are seamlessly integrated into workflows to create a better experience for its customers.
The company itself was founded on 2000, with headquarters at Plano, Texas.
Why choose ResMan?
- Advanced technology in user-friendly package. ResMan uses sophisticated technology to provide efficiency and ease of use. End users can personalize their dashboards, readily access and manage document storage and undertake unrestricted resident revisions. It also allows flawless public RESTful API industry merging into a robust accounting GL back office and integrated resident portal. ResMan also has multi-channel support, so your team can collaborate using various platforms, web browsers, and devices.
- Phenomenal support. Each and every person you work with from sales to implementation, to ongoing support are knowledgeable, extremely helpful, and friendly. You can tell each one of them cares about your experience.
- Outstanding document management. ResMan effectively dispenses with the need for filing cabinets that take up space in your office. All your records—from resident records, vendor records to unit records—are kept safe and secure inside of ResMan’s software online.
8. OnSite Property Manager
Established in 2002, Onsite Property Manager allows you to enter tenant payments, email statements and documents, view tenant notes, highlight any tenant for tracking purposes, move tenants in or out, and even print daily bank deposit slips.
Onsite Property Manager provides excellent customer support and continually adds new features to its software based on member feedback.
Why choose OnSite Property Manager?
- Auto-posting: never lose money due to non-posting again. It happens to many, but there is no need to lose money from neglecting to post anymore. With Onsite Property Manager, you can automatically calculate and post prorated rents for move-ins and move-outs, plus post rents and late fees automatically. Having that, your rental properties will be making more money with less effort.
- Dazzling Rent Roll Format. The high-tech heart of OnSite Property Manager, the auto-refresh Rent Roll page allows you to view one of your properties at a time or all at once, search for a tenant or unit, or filter to your heart’s content. It gives you about 20 different viewing options in all, including the capability to: record a tenant transaction, print a tenant statement, view or email a unit flyer, update tenant details, add or view tenant notes, move in a tenant, update rental unit details or print daily bank deposit slips.
- Personalized form letters made easy, emailing made fast. Whether to issue a 3-Day Notice or a new lease, customize a template, and click to print or email your documents to a specific tenant, all tenants, or only the ones you select, the choice is yours, and you have the option to automatically store a copy in their tenant docs.
Propertyware is a cloud-based property management solution for single-family and low-density rental units offering a full suite of on-demand property management tools, including customized, hosted websites, online payment processing via credit/debit cards and eChecks, electronic signature powered by DocuSign, work order management, customer portals, inspections and trust accounting — all in one easy-to-use software solution.
Founded in 2001 with headquarters in Richardson, Texas, Propertyware is public company with more than 5,000 employees worldwide.
Why choose Propertyware?
- Core system can do it all. Propertyware integrates all core functions into a single, comprehensive property management solution, effectively eliminating the need for multiple software and applications. This means you can perform and manage every aspect of property management seamlessly and in real time without having to exit the system.
- Save time through customization. Propertyware automates every process, ensuring that you save time as time intensive workflows are streamlined.
- Share and communicate effectively. Property managers need to access and share information within their organization and with their customers and tenants. Propertyware provides users with unparalleled accessibility, effectively redefining how information is accessed and shared between different parties at any place and at any given time. All you need is a stable internet connection and a functional, Internet-ready device such as a desktop, laptop, smartphone, or tablet and you are good to go.
Founded in 2003, Entrata is a comprehensive property management software provider with a unique single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, Entrata PaaS currently serves more than 20,000 apartment communities nationwide, including 34 of the NMHC Top 50 Largest Managers.
Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs.
Why choose Entrata?
- Enjoy SmartProperty. The much-touted feature of smart homes arrives on Entrata with SmartProperty, a feature that bridges the gap between property management software and smart devices. This intelligent piece of Entrata allows hardware such as thermostats, lights, locks, and water sensors from multiple units to be connected to a central hub.
- Build sales-magnet website with ProspectPortal. Entrata’s ProspectPortal tool makes the process of building a website for a listing take just a few minutes. The resulting pages are responsively designed, so they’ll look great on any platform or device. They’re easy to update in real-time, and countless templates are available to give them a customized appearance.
- Powerful Entrata Core. For property managers, the most valuable product in Encarta’s suite may be Entrata Core. It’s the portal through which all interactions with applicants and residents takes place. It allows you to create and share leasing agreements and other documents quickly. Lessees can sign them online, so you can save time by cutting down on in-person meetings. It also hosts a database of all your tenants’ information and billing history for you to review at a glance.
11. Angus AnyWhere
Next on our top 20 property management software is Angus Systems, a leading provider of customer-driven mobile and cloud-based work order and operations management solutions for commercial real estate. Today, its Angus Anywhere software supports over 2 billion square feet across North America in buildings from 20,000 to portfolios of more than 100 million square feet.
Founded in 1980, Angus System is headquartered in Toronto, Canada, counting 200 employees worldwide.
Why choose Angus AnyWhere?
- Drive critical procedure compliance across your portfolio. Life Safety and Corporate Tasking helps ensure critical procedures are performed consistently at each and every property within your portfolio. It can reduce risk and insurance costs, too.
- Robust visit and access card management. A secure, web-based, easy-to-use visit and access card management solution maximizes security desk efficiency. Angus AnyWhere allows you to streamline registration, capture visitor photos and print badges, and activate and deactivate access cards. A security desk Touch Screen solution, visitor kiosk self-check-in, identification scanning, and access control system integrations further enhance the safety and security of your building.
- Communicate better, promote your property. It’s no secret good communication between management and tenants plays a key role in occupant satisfaction and retention. Angus AnyWhere lets you deliver timely, professional communications that keep your tenants informed and promote your brand.
12. Greenhouse PM
Established in 2010 with headquarters in Staffordshire, England, Greenhouse PM is an easy-to-use, online property management application that allows landlords and property managers to effectively manage their rental properties.
Whether you lease one condo or manage an entire apartment complex, Greenhouse PM will help ease the day-to-day burdens of rental property management. Greenhouse PM has been intuitively designed from the ground up with emphasis on simplicity, ease-of-use, and effectiveness.
Why choose Greenhouse PM?
- Essential information from the moment you log in. Greenhouse PM’s Overview gives you a bird’s-eye view of the current status of your property management business. From here, you can easily record rent that you’ve received, quickly get a snapshot of revenue and expenses, and click-through to your actively managed leases.
- Your units get center stage. Greenhouse PM goes far beyond simply associating a tenant with a unit. From the Unit Profile you can record Expenses or Income, create Work Orders for maintenance tasks, create new Unit Listings for advertising available units, upload and manage images and documents, and even manage the details of every appliance installed in that unit.
- Gives your tenants the access they need. Greenhouse PM provides a simple web portal for your tenants. Using this portal, your tenants will be able to easily keep track of their current and previous leases, add new service requests for your maintenance staff, and even pay their rent online through its new integration with PaymentSpring.
13. TOPS ONE Professional
TOPS ONE unifies your accounting and management teams together into an All-in-ONE platform that actually works for every aspect of Condo, HOA and CO-OP management.
From accounting to management to communications, TOPS ONE brings your entire community management group together. All of these tools are backed by a powerful automation engine that makes community association management a breeze, saving you time without sacrificing quality of service for your customers.
Founded in 1985, TOPS Software is headquartered in Clearwater, Florida, with around 200 employees worldwide.
Why choose TOPS ONE?
- Powerful Portfolio tool. With TOPS ONE’s Portfolio, you gain insight into financials, tickets, owners and properties. With it, you can give directors read access so they can keep up with the community while tracking the history of every property.
- Feature-rich accounting engine. TOPS ONE features a robust accounting engine that comes built-in with comprehensive automation and extensive customizability. It’s powerful enough to satisfy the most demanding accountant, and easy enough for someone with no accounting experience to use. It handles account receivables, accounts payable while allowing you to customize your general ledger.
- Robust management capabilities. The property management tools in TOPS ONE give CAM Managers the freedom to get out in the community and do their job without the need to return to the office to enter data into their software. The secret to speedy inspections is in the setup. Every code has default data associated with it, even including the specific CC&R article. This allows managers to enter a complete ticket simply by selecting the location and the code and taking a picture.
14. iStaging LiveTour
LiveTour software from iStaging is an immersive virtual tour builder for real estate agents, hoteliers, retailers,interior designers, event organizers, museums, art galleries, photographers, and more. The platform enables professionals from these industries to create immersive virtual tours and capture any space in 360 VR for unparalleled presentation visuals.
LiveTour is a handy tool to create tours and walkthroughs of hotels and resorts, retail stores, landmarks, homes, and 3D renders which allow prospective guests, buyers, or clients to interact with places as if they were physically there.
Why choose LiveTour?
- Powerful Handheld Camera. With LiveTour, entrepreneurs and businesses do not need high-spec cameras and other hardware to create a detailed depiction of a space. That is because iStaging provides subscribers with the necessary equipment for creating panoramic and spherical virtual tools, such as rotators and wide view lenses. These enable users to produce 360o pictures without going beyond their budgets.
- Online VR Tour Builder. LiveTour offers all subscribers access to VR editor. They can import their panoramas rendered with other 3D modeling software or taken with other devices into the platform to build a panoramic view of a room or other scenes. The editor takes care of stitching the images together, so users can focus instead on generating more panoramas to produce a complete virtual tour.
- Team and tours management. Businesses can seamlessly onboard their agent, designers, and other staff to the LiveTour platform. This allows all users to access the features in a subscription, so they can also create and upload their own panoramic virtual tours. But of course administrators are still afforded the last say as to which data stay on the application.
TenantCloud is a cloud-based all-in-one cloud-based property management system designed for landlords, tenants and vendors.
Founded in 2014 with headquarters in Austin, Texas, TenantCloud provides accounting, work orders management, online rental applications and online rent collection. It offers customizable income/expense reports, vacancy marketing in different listing websites, personal website, online communication, cloud storage and account management.
Why choose TenantCloud?
- TenantCloud: Free Cloud Service For Tenants, Landlords & ServicePros is accessible immediately after registration
- You can use it on any device, 24/7 Support
- No hard installation and tutorials needed
- Icon simple design, easy one-click navigation
- Free online support and version updates
- Personal virtual assistant named EVA
- No credit card information required
- iPhone, iPad app for current users available
- You can edit your site content in one click with E-Site Editor
- And customize it with stunning Design Templates from EvaStore
16. MRI Residential Management
MRI Software, a leading provider of innovative real estate software applications and hosted solutions, is the creator of MRI Residential Management, a comprehensive and flexible technology platform coupled with an open and connected ecosystem for the unique needs of real estate businesses—from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets.
Founded in 1971 with headquarters in Solon, Ohio, MRI develops lasting client relationships based on nearly five decades of pioneering expertise and insight on the real estate industry.
Why choose MRI Residential Management?
- Scalable, automated processes. MRI Residential Management’s fully scalable, automated processes allow multifamily property managers to focus on leasing and resident retention instead of manual, paper-based processes.
- Powerful global search. you can easily navigate through portfolio data with MRI GO, MRI Residential Management’s global search capability that lets you quickly access and take action on everyday tasks.
- World-class accounting. MRI Residential Management lets you manage your day-to-day property accounting functions such as billing, reporting, project and facilities management using real-time data.
17. SiteLink Web Edition
Founded in Raleigh, North Carolina in 1996, SiteLink leads the industry for Windows and cloud-based self-storage management software and payment processing. It is a preferred choice among the leading property management firms today. Aside from its robust scalability, SiteLink has numerous features including ease-of-use, continuous software updates, and excellent support. Even small-scale operators are entitled to special packages, such as ready made website and credit card support.
SiteLink is packed with revenue-generating tools. It helps users automate and enhance efficiency of numerous business processes such as online payments, CRM, electronic signature, revenue management, phone integration, business reports, etc. You can integrate your business operations with numerous third party services such as customer service support, leases and legal, analytics, ACH/EFT bank drafts, and many more. It also facilitates efficient PCI compliance, including keeping your data secured as it helps you remain PCI DSS Level 1 certified and other certifications.
Why choose SiteLink Web Edition?
- Fast and reliable. SiteLink Web Edition is created with speed in mind: transactions like payments take 3 seconds or less.
- Powerful API ecommerce engine. Capture more reservations, convert leads to rentals faster, rent online and offer feature rich pages which match your website.
- Effective, seamless reporting. Access real-time reports on any computer or mobile device such as a smartphone or tablet, export to PDF or Excel with all the data you’ll ever need.
One of the leading brands for property managers looking to upgrade the experience of managing, working and living in a luxury residence,offers efficient management, seamless communication, and an enhanced living experience for residents.
BuildingLink is currently used in over 4,000 properties in the US and worldwide—in New York, Boston, Miami, Dallas, San Francisco, Toronto, Melbourne, Tokyo and Singapore.
BuildingLink was established in 2000, with headquarters in New York, NY.
Why choose BuildingLink?
- Promote with unique offers. Using the BuildingLink Advantage Network, local business such as restaurants, vets, gyms, etc. can sign up to distribute discounts specifically to your buildings’ residents.
- Seamless customization. BuildingLink is a highly customizable system and the Profile is a coherent view of everything a resident can personalize. Here they can set their notification preferences, contact info, emergency contact, and more.
- Convenient payment system. Via the optional My Account tab, residents can access the property’s online payment processor. BuildingLink can integrate seamlessly with any online payment platform chosen by your management company, including Property Bridge, Property Solutions and Klik’N Pay.
ActiveBuilding provides exclusive, online community portals for resident and staff communication in the multifamily housing industry. ActiveBuilding’s enhanced level of communication seeks to create a sense of community and assists with resident retention, as well as provide more efficient, paperless operations for multifamily management teams on a national scale.
ActiveBuilding was founded in 2008, with headquarters in Seattle, Washington.
Why choose ActiveBuilding?
- Excellent messaging capability. ActiveBuilding lets you send an all-building announcement as if you were using an online megaphone. You can send mass messages, texts, phone calls, emails—or customize communications to individual tenants, staff or specific groups.
- Unique resident utility connections. Provide world-class service to your residents before they even move in. Using MyUtilityConnections residents can sign up for all their utilities on your resident portal—all with a best-price guarantee.
- Key management. Residents can receive automatic email notifications when their keys are given out and checked back in. And you’ll have access to comprehensive reporting on all key activity in your community.
20. Condo Control Central
Condo Control Central simplifies the way property managers handle and maintain their condominiums. The software features a robust set of tools to effectively organize all their records, from resident information and various requests to bookings and board meetings. Condo Control Central also centralizes all communication to maintain clear communication channels between property managers, residents, board members, and security personnel.
Why choose Condo Control Central?
- Organized record keeping. Condo Control Central lets property owners easily keep their records organized by storing all essential data within a single platform.
- Clear communication and information dissemination. Facilitate all conversations on a centralized communication platform. Simply put, you can relay your requests to your personnel, make important announcements to your residents, converse regarding special requests with your clients, and more from within a single platform.
- Utmost security. The software allows you to enforce your property policies by recording data regarding visitor parking, events, incidents, and others.