The real estate business landscape is getting more cutthroat than ever. Luckily, with the advent of modern technology, property owners and managers can leverage real estate management software. These digital platforms provide you with the necessary tools to manage contacts, relationships, tasks, and data in one single hub. Furthermore, they also help gather, qualify, and improve your relationships with leads through digital means.
To help you find the best tool for your business, we’ve rounded up the 20 best real estate management software and discussed their features, plus the benefits of adopting them. Hopefully, you’ll find the platform that fits your particular needs, the way many successful real estate professionals and landlords already have. In this way, you’ll better know and understand how augmenting your processes with digital tools can help you track residents, leases, manage maintenance tasks, collect rent, and even sell properties.
Leading cloud-based real estate management software solutions offer a ton of useful features for buyers. By using these features you can gain a host of benefits as well. They help you increase productivity and inefficiency, thus translating into better revenues for you. To wit, there are five key benefits of properly adopting a cloud-based real estate management software solution.
Firstly, it saves you money by outsourcing cognitive functions for management to an efficient computer program rather than yourself or others. Secondly, they adapt in scale as they support you as your business grows. Thirdly, they provide a secure digital venue to save confidential and sensitive information. Fourth, it helps you save time by automating critical yet clerical processes. Fifth, it gives you real-time access to information and insights via analytics.
That said, it’s not surprising that many real estate professionals and businesses are adopting digital solutions fast. In fact, the real estate management software market is poised to reach a $12.89 billion valuation by 2025. Furthermore, there are many types of tools out there from space management tools to construction management tools. There are also software solutions that target different segments, from small businesses to large enterprises. However, not all of them are created equal. So, to help you find one that’s best suited to your needs, you need to thoroughly assess your prospective platforms.
Now that you have background info on the subject, it’s time to get down to the brass tacks and select a suitable solution for your business. Take a look at the summaries of the top 20 real estate management software products and make your choice.
Hemlane provides a comprehensive set of features to make managing properties and leases easier. The platform can help you from the very beginning of the leasing process through a customized listing of websites that includes property details. It also allows interested individuals to book showings.
Once you have applicants wanting to rent your properties, you can use the platform for viewing online applications and credit reports and sending personalized communications to potential tenants. You can continue using Hemlane to keep track of leases and vacancies in your properties and to securely store tenant documents and messages.
Additionally, the platform offers instant bank verification for major US banks and automated, recurring payments for rent. This means, you no longer have to rely on separate systems to process payments. Moreover, you can accelerate and streamline all of your real estate transactions.
Detailed Hemlane Review
Salesforce Essentials is a CRM and customer support solution rolled into one. It is targeted at small businesses, allowing their sales teams to close sales much faster and in a smarter manner. It likewise helps small firms manage their customer support teams.
Salesforce is known for catering to medium and large enterprises. But this time, the vendor decided to help the little guys by providing them with a sales and services solution that’s easy to use, set up and maintain. The tool makes it simple to integrate a CRM with existing workflows.
The vendor offers a comprehensive free trial to get you up to speed with the features.
As it caters to small companies, Salesforce Essentials is likewise designed to meet the needs of real estate agents. The emergence of technology-savvy real estate agents has resulted in the increased use of CRM systems among members of this user group. Salesforce Essentials has everything a real estate agent needs. It offers them faster response times, a centralized database and easier correspondence.
If you are a real estate agent, you would want to take advantage of Salesforce Essentials’ ability to quickly respond to client queries and concerns. It can automate form filling, document filing, and event data retrieval. It even makes communication with repeat customers much easier, helping you maintain client relationships for long periods of time.
Detailed Salesforce Essentials Review
monday.com is a visual collaboration and communication software designed for dynamic teams. It is ideal for real estate management. Projects are shared among participants, and all information is continually updated and shared with all collaborators so that everyone is kept in the loop.
It also comes with a real-estate marketing calendar template you can put to use immediately. You can add action items and create a tailored plan to help produce that listing and nab that sale. Tasks like listing, oculars and their schedules, can be handed out to team members, who can report on their progress and duly remove completed assignments.
Utilizing a board concept, monday.com lists all projects and their related, assigns team members and tracks the common or related tasks between them. Even contractors outside the monday.com workgroup may receive alerts or notifications related to their tasks.
Detailed monday.com Review
IBM TRIRIGA is an integrated workplace management solution that offers modules to help improve your environmental, financial, and operational performance. Top features include facility management, lease accounting, capital project management, and environment and energy management. The platform offers a lease manager that gives you info about upcoming lease changes and updates, amortization summary, and present and previous asset value. In addition, it presents financial info on real estate contracts to help you get a report on lease expenditure related to a specific portfolio.
Detailed IBM TRIRIGA Review
Arthur Online is a cloud-based platform designed for small and medium-sized HMOs and managers of single outlets, student housing, commercial properties, residential blocks, and social housing. The product works both on mobile devices and PCs and brings together property owners, contractor agents, and tenants in one system.
Property managers can utilize Arthur Online to communicate with stakeholders and perform daily tasks in an organized manner. The program’s dashboard gives you a single view of your properties and helps you follow your scheduled activities. Tenants can pay rent, send documents, generate rental statements, communicate with their landlord, and submit maintenance requests.
Detailed Arthur Online Review
AppFolio is an online solution that offers loads of management and accounting tools. You can utilize it to centralize all your property management processes, such as marketing, accounting, online rent payments, applicant screening, online lease agreements, and more.
AppFolio offers an intuitive and clean user interface to help you streamline all workflows related to property management. The platform functions well with different types of properties such as student, residential, commercial, and HOA housing. With this solution, landlords, and residents obtain a clear communication channel, marketers can improve their online visibility and property listings, and property owners can effortlessly manage their properties.
Detailed AppFolio Review
Propertyware is a scalable and versatile platform designed for low density, small residential, and single-family properties. This advanced solution combines accounting and online property marketing and management in a single platform to enable you to cut expenses while boosting revenues from your properties.
Propertyware is ideal for landlords who manage their rental properties and tenants, REO/asset managers who control bank-owned properties, and fee managers who handle properties and fees for their owners. This product simplifies leasing renewals, communication with tenants, rental management, and more.
Detailed Propertyware Review
Rent Manager offers a robust set of features to enable property managers and rental service companies to efficiently manage their tasks. In addition, the tool takes care of all the financial elements which help you maintain transparency with your clients.
Rent Manager has been around for more than 30 years and it offers a detailed and versatile feature set for realtors. The product helps you perform a range of tasks from tracking your rental info to extracting helpful data from your stats. Plus, you get an open API to integrate the system with other apps, and its quote-based pricing plans are affordable even for small businesses and startups.
Detailed Rent Manager Review
Entrata offers innovative and smart feature suites. It assists you to accept applications from prospective tenants, verify the info, and quickly move them in. Plus, it streamlines the renewal offer process after a lease expires. The platform helps you attract more leads and tenants. You can generate a workflow to manage the procedures and funnel prospects to the next stage. Thus, you can enhance the chances of gaining new customers.
In addition, Entrata provides a digital facility management feature where you can track maintenance work orders. Your tenants can also send work requests through this tool. The advantage is you can collate all maintenance-related tasks in one window and work on them efficiently to satisfy residents and building codes.
Detailed Entrata Review
ResMan is a flexible solution designed to innovate, automate, and streamline the important tasks and processes of operating multifamily property businesses. The platform offers a simplified user experience to residential property owners and provides them effortless access to the data they need to work more efficiently and get deeper insights to make strategic decisions.
ResMan offers accounting functionalities that automate the management of general ledgers, accounts payable, and accounts receivable. In addition, you can produce reports that aid investors in analyzing financial performance. Plus, you can use navigation tools to quickly access data, secure and organize your documents, and create automated tasks for particular workflows.
Detailed ResMan Review
Yardi Voyager is a fully integrated platform that improves the operations of real estate businesses. It offers market-specific solutions that cover military, public, senior, affordable, multifamily, and commercial housing.
The product provides a single database where you can access all important workflows and info from your whole portfolio. From this centralized hub, you can collect business insights, track maintenance activities, perform accounting tasks, handle leasing, and manage operations. As the platform centralizes workflows and info, it automates processes such as move-in and move-out processing, purchase order management, work order approval, and lease administration.
Detailed Yardi Voyager Review
MRI Residential Management is an innovative program designed for multi-family managers. This full-featured product streamlines and automates processes to empower property managers to concentrate on tenant retention and leasing, instead of laborious manual processes. It offers end-to-end features that help you manage all tasks, from scheduling to leasing and renewals, and more.
MRI Residential Management utilizes a well-connected ecosystem and robust technology to improve operational efficiency. It delivers immense flexibility without adding complexity or reducing control. With this application, enterprises can build occupancy easily, increase income, and boost efficiencies. Top features include reporting and analytics, MRI application exchange, MRI information exchange, flexibility toolkit, portfolio performance management, MRI Go, property management, and accounting management.
Detailed MRI Residential Management Review
Buildium is a cloud-based tool that enables property managers to fully control all elements of their businesses, including accounting, leasing, and others. It allows them to effectively manage their vacancy, maintenance, and rental cycles. Plus, it makes it simpler to receive rents and sends automatic notifications about overdue payments.
Buildium is cloud-based, which means all you need is a browser to access the system from anywhere, anytime. It takes care of all the hard work and empowers managers to concentrate on maximizing business opportunities instead of spending time doing routine operational tasks.
Detailed Buildium Review
TurboTenant is a free-to-use tool for property owners that covers all important facets of real estate rentals. It offers user-friendly cloud-based features that you can access from anywhere, on any device. The platform allows you to effortlessly market your property as it integrates with numerous property listing sites. Plus, it enables you to upload vacancies on Craigslist.
TurboTenant also provides your own property listing site whose link you can share with potential residents. In addition, it presents a ton of features that allow you to market your buildings in person, accurately price your estates, protect your properties, and more.
Detailed TurboTenant Review
Rentec Direct is a web-based software for landlords, property managers, and associations. It offers comprehensive general ledger and property accounting that helps in maintaining bank, tenant, and property records.
The platform presents a professional website where you can list property vacancies, along with their prices, images, and details. It also enables you to publish vacancies on Craigslist and other popular rental property websites. In addition, online file management assists you to upload and share leases and other documents, and images.
Detailed Rentec Direct Review
TenantCloud is a free-to-use comprehensive solution for landlords and tenants. It enables landlords to screen applicants, invoice and charge late fees, and receive payments online. Plus, you get a free listing site along with the package. Tenants can make online payments, submit rental applications as well as maintenance requests, and securely store their payment and rental history.
TenantCloud’s paid premium service offers additional features, such as maintenance request bidding, unlimited bidding, and others. Landlords can also avail of premium services called Service Pro to get more tools to expand their business and manage operations without hassles.
Detailed TenantCloud Review
SimplifyEm can be utilized by property managers and landlords to effectively manage their properties. You can communicate with tenants via tenant portals and invoices, collect payments online, manage tenant balances, charge fees, and track the income and expenses of all your properties.
Property managers and landlords of larger properties can save time by automating their daily processes. They can utilize the automation center to calculate fees every month, track expenses, collect payments, and send late payment notices and other statements. This significantly minimizes the manual work needed to handle their properties every month.
Detailed SimplifyEm Review
Property Meld is a cloud-hosted product that assists commercial and residential property managers as well as homeowners associations to ensure compliance with regulations, schedule maintenance jobs, and track payments. The platform is ideal for property managers with 20 or more units.
Property Meld documents communication between tenants and homeowners, and helps in work order management for maintenance. It sends notifications to users for important events in the management of a work order or asset, and can generate and approve work requests. Other main features include automated work alerts and reminders, maintenance requests management, tenant self-service scheduling, and automatic tenant follow-up.
Detailed Property Meld Review
We have included Evercondo—now rebranded as Frontsteps—in this list of top 20 real estate management software as it is a reliable cloud-based product that enables property managers to manage overall workflows and identify trends in their buildings. Plus, it allows residents to communicate with condo associations about issues such as maintenance requests, parking reservations, and more.
Evercondo presents an inbox to property managers where they can store inquiries and requests in a single place. This inbox contains different types of communication including emails and voicemails to assist property managers to stay organized. In addition, the software offers you access to existing maintenance requests and also provides a notification solution that sends alerts to property managers when specific requests are resolved.
Detailed Evercondo Review
Planon Real Estate Management is designed for medium-sized, large, and global businesses that wish to organize their info such as tenant and property details and lifecycle expenses in a helpful and structured manner. It provides processes such as transaction management that allow you to create and analyze scenarios for effective financial planning. Plus, you can predict potential expenses and find saving opportunities.
To help you shift up from old-fashioned spreadsheets, Planon offers centralized dashboards for efficient management. You can check out the software’s features by requesting a demo. Contact the company to get a custom quote for your requirements.
Detailed Planon Real Estate Management Review
Well, that’s our best 20 real estate management software list for 2020. And, we hope that some of these get into your shortlist with some of the top property management software out there today. These digital tools allow you to automate critical processes with a great degree of accuracy and ease.
One of the best (if not the best) real estate management software tool today is Salesforce Essentials. It helps you manage both external and internal-facing processes that include both information and people to be successful. What’s more, it does this by making intuitive and easy-to-use features available that range from collaboration tools to a robust app builder. If you want to know more about the features, you can easily sign up for a Salesforce Essentials free trial.
It is best to actually try the software out before implementing it in your organization or your practice. There are known challenges when it comes to digital transformation like delays and going over budget. This even happens when planning and implementation go well. How much more if they go wrong? So, we recommend that you pair your digital tool adoption with ample planning for a total organizational change. Happy software hunting!
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