For property managers to improve the efficiency of their operations and the management of their properties, Property Management Software has become a crucial tool. With the increasing demand for Property Management Software, it can be challenging to choose the right one for your business. In this article, Shopping Live will review the five most effective property management software in 2023 to help you make an informed decision. We will discuss the key features, benefits, and pricing of each software, so you can choose the one that best suits your needs.
4 Most Effective Property Management Software In 2023
Buildium — Best for property management companies
Propertyware (which is discussed below) and Buildium are extremely comparable. This is due to the fact that they are both divisions of the same parent business, Real Page, a provider of property management software.
The distinction is that Buildium’s platform may serve a variety of property types, including affordable housing, community associations, and residential properties.
Propertyware might work for a landlord managing numerous properties on their own, whereas Buildium is made exclusively for property managers and property management firms.
Buildium includes every property management option you could possibly want. This program covers all aspects of corporate operations, including leasing and bookkeeping.
Buildium has three price tiers: Essential, Growth, and Premium. More feature-rich and customizable plans are available at higher price points, which is advantageous for property owners with a wider variety of assets.
The cost of Buildium is determined by how many units you have. The price per unit decreases as the quantity of units increases.
Enter the total number of properties you manage to get a price for your costs. If you choose annual billing, you can save 10% on your plan.
Although Buildium does offer a basic package for up to 150 units, the bulk of users have hundreds or thousands of units.
Not everyone should use this program. Landlords and part-time property managers are not its intended users. But for property management companies, Buildium is a great option.
Tenant Cloud — Best for DIY landlords
This applies to those of you who own numerous rental homes but don’t want to hire a property management firm on the outside. Or if you’re a modest, one-person landlord who wants some assistance managing a building,
They allow you to accept online rent payments made with credit cards, debit cards, PayPal, ACH transfers, and PayPal. You can view financial data and keep receipts using the integrated accounting system.
Tenant Cloud includes all the tools you need to manage properties on your own, including online rental applications, tenant screening, and maintenance requests.
Landlords who have up to 75 units can use Tenant Cloud’s free, perpetual plan. Although the price seems reasonable, it lacks several of the features that make Tenant Cloud stand out, such as renter leads, auto-pay, and connectivity with Google Calendar and Quickbooks.
You’ll need to upgrade to the Starter plan, which costs $12 per month, in order to take advantage of features like auto-pay and e-sign. The Growth plan, which costs $40 a month, is for landlords and property managers who want access to all of Tenant Cloud’s top features, including QuickBooks connectivity. Up to ten administrative accounts and team tools are included in the Growth plan.
Propertyware — Best for managing single family homes at scale
If you wish to manage rental properties on a large scale, Propertyware is a superb all-in-one solution.
The best comparison for this program is with AppFolio, which we already examined. Propertyware, in contrast to AppFolio, is made exclusively for single-family homes, while AppFolio performs better for a variety of property types.
Property managers will find Propertyware to be an efficient tool for scaling hundreds or thousands of single-family homes.
The platform promises case studies of property managers who, after switching to Propertyware, were able to develop from 400 units to 2,500 units in less than three years.
The starting monthly fee for Propertyware is $1 per unit, with a $250 minimum. There are $1.50 and $2 per unit per month programs with minimum monthly payments of $350 and $450, respectively, for extra benefits.
Other features like a maintenance contact center, a leasing contact center, and expert website design are available as add-ons.
Only if you’re in charge of hundreds of rental properties is Propertyware really worth the money. However, it’s simple to scale up into the thousands, particularly for single-family homes. Apartment complexes, multifamily residences, and commercial structures are not intended uses for this program.
AppFolio — Best for managers with multiple property types
Landlords and property managers can both use the all-in-one property management software called AppFolio.
If you have a sizable portfolio of properties, it’s ideal. This program enables community associations (HOAs), commercial buildings, student housing, and residential properties.
AppFolio offers everything, including marketing, leasing, accounting, reporting, and maintenance.
For each sort of property, AppFolio has excellent functionality.
Basic services like online leasing and online rent payments, for instance, are available for single-family and multifamily management. However, you can segregate leases and tenant ledgers per bed in student housing. Features for board member management and automatic dues payments are available on properties with HOAs.
- Here is a list of AppFolio Property Manager’s prices:
- Residential: $1.25 monthly for each unit
- Commercial: $1.50 per unit, per month,
- HOA fees: $0.80 per monthly unit
- Housing for students costs $1.25 per unit per month.
Although the prices are low, there is a catch. The monthly minimum for AppFolio is $250. It is therefore designed for managers of large complexes with a large number of units.
In fact, the only thing keeping AppFolio from being our top overall recommendation is the monthly minimum. AppFolio is probably not cost-effective for landlords and property managers with a small portfolio, or even just a few hundred units.
In conclusion, property management software can be a game-changer for property managers looking to streamline their operations and manage their properties more efficiently. With the four most effective property management software in 2023 that we have reviewed in this article, you can choose the one that best suits your needs and budget. By leveraging the power of property management software, you can improve your business operations, save time, and increase your profitability.