Best Property Management Software On The Market In 2024

What is Property Management Software?

Property management software is a specialized tool designed by a real estate software development company to help property managers and owners organize, coordinate, and manage their operations more efficiently.

Such systems are used by a wide range of stakeholders in the real estate industry, including apartment complexes, commercial properties, and rental property managers, to streamline tasks ranging from tenant screening and leasing to maintenance management and financial reporting.

The value and benefits of using such software are significant, automating daily tasks, reducing errors through integrated accounting systems, improving tenant satisfaction through better communication tools, and ultimately increasing the profitability of property management companies.

By providing a centralized platform for all property management needs, these systems ensure that managers can focus on strategic decisions and growth opportunities rather than getting bogged down in administrative details.

This technology simplifies property management and ensures that managers can focus more on strategic decisions and less on routine tasks.

Key Features of Property Management Software

Before we look at the top property management software solutions, let’s focus on the features that such systems should have.

A solid property management software should streamline various management tasks to make day-to-day operations smoother for property managers.

These essential features help to efficiently handle leases, finances, maintenance issues, and more.

Understanding these key features will ensure that you choose software that effectively meets your specific management needs. Here are eight key features to consider:

1. Tenant and Lease Management: This includes comprehensive tools for handling everything from tenant screening and lease creation to renewals and terminations. Effective software should automate the application process, perform background checks, and manage lease documents to streamline tenant onboarding and retention.
2. Accounting and Financial Reporting: Essential for tracking all financial transactions, such as accept rent payments, utility bills, and maintenance costs. The software should offer integration with popular accounting systems, provide detailed financial reports, and support budgeting and financial forecasting to aid in fiscal management.
3. Maintenance Request Handling: A system to log, track, and manage maintenance issues efficiently. It should allow tenants to submit requests online and enable property managers to assign tasks to maintenance staff or external contractors, follow up on completed work, and manage ongoing maintenance schedules.
4. Online Payment Facilities: Enables tenants to pay rent and other fees via secure online platforms. The software should support multiple payment methods including credit and debit cards, ACH transfers, and possibly even digital wallets, facilitating easier, faster, and more reliable financial transactions.
5. Owner and Tenant Portals: Dedicated portals for owners and tenants that enhance communication and transparency. Owner portals should provide access to financial reports and property performance metrics, while tenant portals allow for easy submission of maintenance requests, rent payments, and communication with property managers.
6. Mobile Accessibility and Security: The software should be accessible on mobile devices, allowing managers, tenants, and owners to perform necessary tasks from anywhere. Additionally, it must include strong security measures to protect sensitive data and ensure compliance with data protection regulations.

[Read also: A Comprehensive Guide to Digital Transformation in Real Estate]

Going Custom – Why Bespoke Property Management Software Might Be the Right Choice For You

Finding the right software systems to meet a company’s needs can be challenging due to the wide range of functionality and specific needs that different companies may have.

Each real estate company has unique processes, compliance requirements and customer service expectations that may not be fully addressed by off-the-shelf software solutions.

Custom property management software becomes a strategic choice when off-the-shelf solutions fail to meet these specific needs.

Custom property management software is tailored to the unique processes and challenges of your property management operations, with enhanced functionality and integration.

This customized approach ensures that all functionality is relevant, increases operational efficiency, and reduces the risk of errors through seamless integration with existing systems.

Building custom software solutions for the real estate industry requires the expertise of true professionals like us at Stratoflow.

How we deliver

Stratoflow is a Proptech company that provides custom and high-performance software solutions tailored to business needs, especially thise in the real estate field. We specialize in custom real estate software development in lightweight, modern Java.

Our process begins with a deep dive into your business processes to ensure that every feature of the software is designed to enhance functionality and integration specific to your operations.

After the planning phase, we move into the design and architecture phase.

Here we develop a blueprint of the software that details its structure, features, and user interface. This phase is critical because it lays the foundation for the entire project and incorporates customer feedback to continually refine the product design.

Development and testing are the core of our execution phase.

Our team of engineers creates the code and performs extensive testing to ensure the software meets quality standards and performs as expected.

Build custom property management software faster with us!

By working with us, you become an active part of our process, as we will provide you with regular updates so you can be sure that the project is moving in the right direction according to your vision.

Stratoflow developers specialize in developing high-performance software systems that are scalable to accommodate growth without the need for frequent system replacements.

Our custom solutions provide a competitive edge by offering unique features that standard software cannot, supported by long-term efficiency gains and adaptability to future changes.

Do you need property management software that is better than any other solution on the market?

Contact us and let’s discuss how we can make your vision a reality!

Eight Best Property Management Software Currently On the Market

Choosing the right property management software can be a daunting task.

With a variety of features, pricing structures, and targeted user groups, finding the perfect fit requires careful consideration.

It’s important to weigh the pros and cons of each option, evaluate their key features, and determine how well they meet your specific management needs. Whether you’re managing a few units or a large portfolio, the right software can streamline operations, improve tenant satisfaction, and increase overall efficiency.

Here’s a look at eight popular property management tools from top real estate tech companies that will stand out in 2024.

Openkoda Property Management Software

Openkoda Property Management Software is integrated with real estate AI functionalities and provides a robust and flexible solution tailored for real estate companies and property owners.

It is designed to streamline operations, improve tenant-landlord communication, and efficiently manage all aspects of property management.

Whether for residential, commercial or lease management, Openkoda adapts to your specific needs and simplifies property management through automation and integrated features.

This new property management software includes functionalities like:

• Robust landlord and tenant management dashboard,
• Smart price recommendation tool,
• Tracking of maintenance requests,
• Utility Management
• AI-driven Reporting and Messaging
• Payments automation

But wait, that’s not all!

Openkoda Property Management Software can serve as a foundation upon which you can build additional functionalities that are perfectly tailored to your business.

How does this work?

Because it’s built on a state-of-the-art open source rapid development platform that combines the benefits of a fully customized application with the ease of an out-of-the-box solution.

As a result, companies and real estate professionals can have property management software that is perfectly tailored to their needs, while spending a fraction of what it would cost to build such a system from scratch.

It is estimated that using the Openkoda template to build your perfect property management software can be up to 65% cheaper and faster compared to the classic custom software development process.

That’s huge considering the budgets typically allocated to such projects.

Openkoda property management software is the ideal choice for increasing operational efficiency, improving tenant relations and maintaining a high level of property management professionalism.

Openkoda Property Management System is a comprehensive open-source tool!

Schedule Your own demo today!

Pros

• Customization and Flexibility: Easily expandable with additional functionalities tailored to specific needs, providing a perfect blend of custom and standard software solutions.
• Full Code Ownership: Based on open-source architecture, allowing businesses to retain full ownership of their customized code, enhancing security and adaptability.
• Automated Processes: Automates various tasks such as rent collection, utility meter reading, and maintenance notifications, increasing efficiency and reducing manual labor.
• Integrated Payment Systems: Supports integration with various payment systems to streamline financial transactions and improve cash flow management.
• Effective Communication Channels: Facilitates communication between landlords and tenants through built-in messaging and notification systems, improving relationship management.
• Comprehensive Reporting and Monitoring: Custom dashboards and reporting tools provide insightful analytics and real-time data for better property oversight.

Cons

• Initial Setup Complexity: The flexibility and customization potential can make the initial setup complex and potentially time-consuming.
• Dependency on Technical Expertise: Requires a certain level of technical knowledge to fully exploit its customization capabilities, which might necessitate training or hiring skilled personnel.

Features

• Owner Portal: Provides property owners with access to financial reports, property status, and other relevant information.
• Tenant Portal: Allows tenants to view their lease information, make maintenance requests, and pay rent online.
• Online payment processing: Automates the tracking and reporting of paid and unpaid rents, integrates with payment systems for easy rent collection, and sends automatic notifications for arrears.
• Price Recommendation Tool: Utilizes data analytics to recommend optimal rental pricing strategies to maximize revenue and minimize vacancies.
• Utility Management: Features systems for automatic meter reading and charging for consumption, reducing manual errors and administrative workload.
• Maintenance and Reporting: Streamlines reporting of defects and coordinates maintenance tasks, from issuing work orders to external companies to systematic maintenance checks like elevator servicing.
• Customizable Dashboards: Offers personalized dashboards that provide at-a-glance views of property statuses, tenant details, and financial metrics, enhancing decision-making.
• Automated Communication Tools: Sends automatic emails and notifications for rent collection, maintenance checks, and other important updates, ensuring timely communication.

Buildium

Buildium is designed for real estate professionals and property management company who needs a comprehensive set of management tools.

It provides features for accounting, property maintenance, building management, task management, handling violations, and improving communication between residents and board members.

This software is well suited for managers who need robust functionality to effectively manage different types of properties.

Pros

• Comprehensive set of tools,
• Strong communication features,
• Scalability,
• Supports various property types.

Cons

• Higher cost compared to some competitors,
• Steep learning curve for new users.

Features

• Accounting
• maintenance tracking
• task management
• violations handling
• resident and board member communications​

AppFolio Property Manager

AppFolio Property Manager supports a wide range of property types including residential, commercial and student housing.

The platform is intuitive and provides tools for performance insight and streamlined accounting, making it ideal for property management teams looking to provide quality service to both residents and owners. AppFolio’s ease-of-use makes it a favorite among property managers who oversee diverse property portfolios.

Pros

• User-friendly interface
• effective performance insights
• good customer support.

Cons

• Pricing can be high for smaller portfolios
• limited customization options.

Features

• Intuitive management dashboard,
• automated billing,
• maintenance requests,
• tenant screening services,
• accounting tools​

[Read also : 10 Key Proptech Trends in 2024: How Technology is Changing The Real Estate Industry]

Yardi Breeze

Yardi Breeze offers a range of features for both residential and commercial property managers.

The software includes tools for marketing, leasing, real estate ERP, operations and financial management, making it a versatile choice for managing properties. Yardi Breeze is known for its effectiveness in streamlining complex operations and providing detailed insight into property management processes.

Pros

• Robust feature set,
• good for large and complex properties,
• extensive support and training resources.

Cons

• expensive compared to competition,
• complex setup process.

Features

• Marketing and leasing tools,
• operations and financial management,
• automated compliance

ResMan

ResMan is a property management solution focused on the multifamily and affordable housing markets.

It combines management tools with marketing and investment features to cover daily operations and help you grow your business. ResMan is particularly valued for its suite of accounting, budgeting, maintenance and compliance tools, and is well suited for property managers looking for efficiencies in these areas.

Pros

• Comprehensive toolset for multifamily properties,
• strong compliance features.

Cons

• Custom pricing may be opaque,
• potentially higher cost.

Features

• Accounting,
• budgeting and maintenance,
• tenant screening,
• marketing tools,
• compliance tools for HUD and tax credit programs​

TenantCloud

TenantCloud is a good option for landlords and smaller property managers with a do-it-yourself approach.

It includes standard property management features such as accounting, tenant screening, online rent payments, and maintenance tracking. TenantCloud is valued for its affordability and ease of use, which appeals to landlords who prefer a hands-on management style. It also includes free property management software.

Pros

• Affordable,
• user-friendly,
• available in multiple languages.

Cons

• Limited features in free and lower-priced tiers,
• some reports of bugs.

Features

• Tenant screening,
• rent collection,
• maintenance tracking,
• accounting integration,
• basic real estate CRM functionalities.

[Read also: Your Guide to Property Management Software Development]

Hemlane

Hemlane simplifies property management for small businesses by providing tools for leasing, marketing, tenant referrals, and coordinating maintenance of rental properties.

Its ability to connect property owners with local real estate agents and provide a streamlined management experience makes it a practical choice for small to mid-sized property management companies.

Pros

• Good customer support
• simple interface
• automated financial processes like rent increases and late fees.

Cons

• Features may be too basic for large property managers,
• some features restricted to higher-tier plans.

Features

• Leasing tools,
• marketing,
• tenant placement,
• local agent coordination,
• maintenance management​

SimplifyEm

SimplifyEm is a software for real estate brokers that focuses on essential property management functions such as real estate management, tenant screening, maintenance management and financial reporting.

It also provides online portals for owners, tenants, and vendors that simplify many day-to-day management tasks. SimplifyEm is ideal for property managers who need a simple, efficient solution to manage their properties.

Pros

• Cost-effective,
• easy to use,
• good basic functionality for smaller portfolios.

Cons

• Additional features can be costly
• limited customizability.

Features

• Tenant applications
• screening
• real estate CRM functionalities
• maintenance management
• financial reporting
• owner/tenant/vendor portals​

[Read also: Top 8 HOA Management Software Solutions: A Comprehensive 2024 Guide]

Property Management Software – Key Statistics

As we wrap up our discussion on property management software, let’s examine some key statistics that highlight the impact and importance of these systems in the real estate industry.

These figures not only reflect the current real estate trends but also underscore the growing reliance on technology to manage properties efficiently.

• The global property management software market size was valued at USD 4,473.3 million in 2022.
• It is expected to grow at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2030.
• The rental property management software had an estimated value of $924.12 million in 2020.
• The market is expected to notice a cumulative surge in demand for PMS owing to escalating demand for web-based services, including software as a service (SaaS) by PMS providers.
• The global real estate software market size was evaluated at USD 10.24 billion in 2022
• 45% of real estate businesses say they are willing to trial new technology software.

FAQ

What does property management software do?

Property management software is a tool that helps landlords and property managers streamline the management of rental properties using their computers or phones.

It facilitates a range of tasks, including tracking rent payments and sending reminders for overdue rent, managing maintenance requests from tenants, and organizing necessary repairs.

The software also helps list properties on multiple platforms to attract tenants and can even help screen potential tenants to verify their reliability.

In addition, it provides residential property management financial reporting capabilities that allow managers to monitor the financial performance of their properties, making the entire property management process more organized and efficient.

What is the best software for property management?

While there are many choices for property management software, Openkoda Property Management Software stands out as the best option available.

Designed specifically for real estate companies and property owners, Openkoda offers a robust and flexible solution designed to streamline operations, improve tenant-landlord communication, and efficiently manage all aspects of property management.

Whether it’s residential, commercial, or lease management, Openkoda adapts to your specific needs and simplifies the property management process through automation and integrated features.

How much does property management software cost?

The cost of property management software, can vary widely depending on the features and scope of the systems themeselves.

Typically, property management software can range from $1 to $2 per unit per month for basic versions to over $100 per month for advanced packages that include a wide range of automation and reporting features.

Some vendors also charge setup fees or require annual contracts, which can affect the overall cost.

Amidst these cost variations, open source real estate software emerges as a particularly valuable option.

Open source software is typically free to use and modify, which not only reduces costs but also offers flexibility that proprietary software doesn’t.

Users can customize the software to meet their specific needs and integrate it with other systems without the licensing restrictions and costs associated with commercial products.

Thank you for taking the time to read our blog post!