5 Best Property Management Software Apps: Prices, Features, Pros & Cons

By Ethan Tompson│Updated October 5, 2023.

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The rental industry usually shows resilience against economic headwinds, as, similarly to healthcare, it fulfills basic needs. Research predicts the rental market to reach $228 billion at 10.8% CAGR by 2030. No wonder IT services, like property management software (PMS), emerge to help landlords and real estate managers improve rental property activities.

Quality property management software helps property owners and managers reduce administrative tasks and perform all activities on one system, ensuring 100% transparency, accountability, and security. We have researched the real estate management app market and selected the top 5 property management applications based on service costs, ratings, features, and integrations.

Overview

Buildium

Our rating

Property Specialization

Residential, commercial, community associations, affordable & student housing

Free trial: 14 days

Free version: No

Property marketing: Yes

Subscription Price

Starting at $52 per month

Buildium is the top-rated estate management app for individual landlords and businesses. It targets residential & commercial properties, community associations, and affordable & student housing.

It’s an all-in-one platform with rent collection, property accounting, online leasing, tenant screening, and property marketing capabilities. Buildium offers valuable features that allow landlords to manage payments online, optimize reporting, easily create 1099 filings, etc.

Buildium helps owners remotely manage all aspects of their rental properties and have a bird’s eye view of all related activities. Buildium offers a 14-day free trial, customized onboarding, many educational materials, and ticket-based customer service for the most comfortable customer experience.

Pros:

  • Buildium is Software Advice’s FrontRunner of 2023.
  • Buildium Academy boosts customer training and improves user experience.
  • Buildium offers an all-in-one platform for landlords, enhanced by several integrations.
  • It has responsive and reliable customer support, available via email, online chat, and phone.

Cons:

  • Some customers need help understanding specific functionalities.
  • There is no free version. However, you can schedule a free demo or sign up for a free trial.

Avail

Our rating

Avail Logo

Property Specialization

Residential

Free trial: No

Free version: Yes

Property marketing: Yes

Subscription Price

Starting at $7 per unit per month

Avail features robust capabilities for landlords and real estate investors. As a real estate transaction coordinator software, Avail allows you to manage rental payments, accounting, and financial reporting. With Avail, you can screen tenants, create rental agreements, and operate tenant portals. 

Avail is one of the few subscription-based services with fair, customer-oriented pricing policies that don’t purposefully limit your experience or do offensive selling.

Its main advantage is that you can use all capabilities for free, while the paid version adds helpful features to the already robust property management system. Premium features include customizable property websites, faster payments, customizable applications and agreements. 

Pros:

  • Avail is Software Advice’s FrontRunner of 2023.
  • An unlimited free version with robust functionalities is available.
  • Pricing policies don’t artificially limit customer experience but add extra helpful features.
  • It’s a good choice for first-time landlords due to its intuitive functionalities.

Cons:

  • Avail received negative feedback from tenants several times. It may need to screen landlords more thoroughly.

AppFolio

Our rating

Property Specialization

Residential, commercial, community associations

Free trial: No

Free demo: Yes

Property marketing: Yes

Subscription Price

Starting at $700 per month. Custom pricing for investment managers

AppFolio premium rental property management software emphasizes ease of use, customization, and automation. AppFolio has many capabilities, including automated accounting reporting, property maintenance workflows, and virtual property marketing tools.

AppFolio app is built to manage all property activities remotely with powerful features. Thus, it allows you to schedule virtual property tours, screen tenants against multiple criteria, and automate administrative tasks with an AI assistant. 

AppFolio IM (investment management) features a customized investor portal with dedicated investment tools, including KPI tracking, automated data consolidation, and fundraising workflows. AppFolio features 24/7 customer support, features regular updates, and develops new capabilities to meet changing customer needs.

Pros:

  • AppFolio company offers advanced premium functionalities for property and investment managers.
  • This product emphasizes ease of use and automates many administrative processes, saving time and effort for activities that matter.
  • AppFolio has an AI assistant.
  • AppFolio has powerful investment portfolio management functionalities.

Cons:

  • Customized reports are unavailable.
  • The pricing may not suit average-income landlords.

SimplifyEm

Our rating

Property Specialization

Residential

Free trial: 15 days

Free version: No

Property marketing: No

Subscription Price

Starting at $35 per month

SimplifyEm PMS system offers helpful tools to automate remote property management, including rental payments, property management forms, and tenant activity tracking. It allows you to accept rental applications, manage rental billing, create lease contracts, and operate online tenant portals.

SimplifyEm has a comprehensive library of state-specific property management templates, including lease agreements, vacate & quit notices, pay rent notices, and rental inspections. SimplifyEm offers tenant screening with comprehensive tenant background checks, helping owners minimize tenant turnover. SimplifyEm offers free onboarding support for owners and tenants, maximizing user experience from day one.

Pros:

  • SimplifyEm is the Software Advice’s FrontRunner of 2022.
  • SimplifyEm is more affordable than some of its competitors.
  • Many customers consider it user-friendly, pointing out intuitive navigation.

Cons:

  • Its functionalities suit residential properties only.
  • Some customers have connection issues with tenant portals.
  • Other solutions may have more advanced functionalities than SimplifyEm offers.

TurboTenant

Our rating

Property Specialization

Residential

Free trial: No

Free version: Yes

Property marketing: No

Subscription Price

Starting at $8.25 per month

TurboTenant allows you to advertise your property, review tenant applications, screen tenants, manage accounting, accept online payments, and run tenant portals. TurboTenant has an in-app messaging tool, a file storage repository, and request workflows to manage your properties remotely. It also features a mobile application for on-the-go activities. It also features illustrative portfolio dashboards with key KPIs for smooth decision-making.

TurboTenant offers helpful resources for landlords and real estate investors, covering real estate management tips, rental laws, and various how-to guides. TurboTenant claims to serve over 500,000 landlords and has positive feedback on most review platforms.

Pros:

  • You can use basic functionalities for free.
  • TurboTenant Academy provides helpful resources with tips and how-to guides on real estate management.
  • TurboTenant offers robust functionalities at an affordable price.

Cons:

  • Live customer support is available for premium members only.
  • Some customers get their accounts suspended for no reason.

What is Property Management Software?

Property and land management software helps landlords, real estate investors, and real estate managers optimize their day-to-day property management tasks. A property management solution is an online-based platform with the following features:

  • Tenant management. Property managers can use the software to track and manage tenant information, including lease agreements, rent payments, and communication history. You can also conduct tenant screening and communicate with tenants in dedicated online portals.

  • Rent collection. You can optimize electronic payments with payment reminders, automated invoices, and payment dashboards. A clean rent collection interface makes payments transparent, scheduled, and automatic.

  • Contract management. You can easily create property management forms, including contracts and agreements with ready-made templates. Tenants can sign agreements using e-signature within the system.

  • Accounting management. You can use many accounting tools to track rental income and expenses, generate financial reports, and simplify tax preparations. You can create spreadsheets filtered by IRS-approved criteria.

  • Property advertising. Property management software allows you to automate property advertising, placing your listings above other property owners on the largest rental platforms nationwide.

How Does Property Management Software Work?

PMS (property management system) works in the following way:

  • Account setup. You can begin by creating an owner account. A PMS with a customer onboarding team helps customers familiarize themselves with software features.

  • Property setup. You can create property listings by inputting details about your properties, including unit type, location, features, etc.

  • Tenant setup. You can enter tenant information into the system, including personal information, rented properties, lease terms, etc.

  • Rent collection. The system allows tenants to send rental payments using bank transfers, debit & credit cards, PayPal, and other billing methods. A property owner can send automatic payment reminders and track payment history.

  • Maintenance. Tenants can send maintenance requests, while owners can track maintenance & repair progress. You can manage communications with maintenance personnel directly in the software.

  • Accounting. You can track all property-related financials, including income, maintenance expenses, and taxes. The software allows you to generate financial reports, create taxation forms, and plan budgets.

  • Communication. PMS software facilitates seamless communication between tenants and property owners. You can benefit from in-app messaging, tenant portals, automatic reminders, system notifications, rental document repositories, etc.

How to Choose the Best Property Management Software: 13 Questions to Ask

The property management software market reached $3 billion in capitalization and enumerates hundreds of software solutions. It may be challenging to choose the right platform since all of them seem to have similar features and capabilities. However, you can ask yourself these 13 questions to choose the right property management platform:

  • 1

    What type of property do I own? Is it residential, commercial, or vacation property? Some property management solutions may offer specialized functionalities for specific property types. Other solutions may suit several property types.

  • 2

    How many properties do I own? Some property management solutions suit small portfolios, while others fit large-scale ones.

  • 3

    What tasks will I perform with the software? Identify your management expectations and needs, such as rental payment collection, financial reporting, in-app tenant communications, maintenance tracking, etc. Prioritize real estate software based on your workflows.

  • 4

    What is my budget for rental software? Can I afford it? Make sure rental software benefits justify its costs in your particular situation. Choose rental management software based on your budget and consider all software-related expenses, including fees and potential long-term commitments.

  • 5

    Am I okay with long-term contracts? Make sure you are comfortable with annual contracts or check solutions offering flexible monthly and quarterly subscriptions.

  • 6

    Am I tech-savvy? You may prioritize solutions with extensive training and 24/7 customer support if you need help understanding specific functions. Realistically evaluate your technical capabilities and choose property management solutions accordingly.

  • 7

    How important is mobile accessibility to me? If you need to manage properties on the go, you can check for software solutions that offer full-fledged mobile applications or responsive mobile web interfaces.

  • 8

    What software integrations do I need? Check whether a rental property software supports Google Workspace, Microsoft Teams, Zoom, and other integrations essential for your workflows.

  • 9

    What data security features does the software provide? Check for two-factor authentication, data encryption, content access permissions, and other reliable security features.

  • 10

    Does this software help me comply with local and national laws? Check whether your property management accounting software complies with federal and local property and tenant-landlord laws.

  • 11

    Does this software support scalability? Check whether this property software vendor supports portfolio growth with subscription plans and software features.

  • 12

    What are my reporting requirements? Check whether the software solution supports income statements, cash flows, rent rolls, balance sheets, and other types of reports. Choose the solution that satisfies your reporting needs.

  • 13

    What do users say about this software solution? Carefully investigate user feedback while choosing your property management software. Prioritize solutions with high ratings based on the large number of reviews.

Compare the Top 5 Property Management Apps

Property management app Cost Free trial Free version Property type Features & integrations Rating
Buildium $52+ per month 14 days No Residential

Commercial

Community associations

Affordable & student housing

 85 features

7 integrations

 4.5 stars based on 1900+ reviews
Avail $7 per unit per month No Yes Residential 34 features

0 integrations

 4.6 stars based on 240+ reviews
AppFolio $700 per month No No Residential

Commercial

Community associations

 112 features

10 integrations

 4.5 stars based on 1800+ reviews
SimplifyEm $35 per month 15 days No Residential 58 features

1 integration

 4.1 stars based on 120+ reviews
TurboTenant $8.25 per month No Yes Residential 16 features

0 integrations

 4.5 stars based on 50+ reviews

FAQ

Property management software is an application for simplifying and automating real estate management tasks. Property management software can be multifaceted, encompassing residential, commercial, or vacation properties. It is suitable for rent collection, maintenance & repair, tenant screening, property listing, financial tracking, and reporting.

You can manage tenants using residential property software, such as Buildium, Avail, AppFolio, SimplifyEm, and TurboTenant. You can improve tenant management in one seamless workspace by doing the following:

  1. Sign up for a subscription.
  2. Input your property information.
  3. Conduct tenant screening.
  4. Onboard tenants.
  5. Enjoy fully digitalized payments, maintenance, communication, accounting, and reporting.

Property management software has many capabilities for fully remote workflows, including rent collection, tenant screening, accounting, property listing, maintenance management, and reporting. Leading property management software solutions, like Buildium, offer free marketing websites for property listings, advertisements, and better tenant engagement.

Property management software simplifies rent collection, accounting, tenant management, maintenance, and other activities. Landlords, real estate managers, and investors benefit from time savings, improved communications, automated accounting, remote property management, and legal protection.

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