Managing a property business is far more difficult than managing other real estate businesses. Managing money, which includes a variety of aspects such as spending, taxes, profit monitoring, and more, is one of the most prevalent issues faced by real estate enterprises.
Although many successful real estate enterprises use real estate investment software and have accounting teams, human errors and the inefficiency of manual processes remain serious threats to a company’s financial health.
It is where property management accounting software comes in, not just to avoid costly yet avoidable mistakes, but also to improve your real estate business’s entire operations.
In this post, I’ll show you the best property management software for small landlords, all of which have functionality tailored to real estate accounting.
Despite being a multibillion-dollar sector, real estate has been slow to accept technology—at least until it became a need.
According to Buildium’s 2022 property management industry research, 30% of property managers surveyed said the COVID-19 pandemic forced them to use property technology or proptech.
This shift has led to the development of new tactics that have helped property managers and business owners increase the efficiency of their operations and the level of service they deliver to their clients.
Curious to know about the best property management software for small landlords?
Let’s get started.
Top 13 Best Property Management Softwares For Small Landlords
Below I’ve discussed the best property management software for small landlords:
TenantCloud is a free property management tool for owners and tenants alike. This platform allows tenants to set up regular payments to ensure that they pay their rent and other obligations on time.
TenantCloud accepts credit and debit card payments through Stripe for a fee deducted from the tenant’s account. The portal also accepts Dwolla ACH payments, which are free of charge to process.
It allows landlords to not only collect payments more quickly online but also to streamline other accounting operations. TenantCloud provides tools to assist landlords in establishing lease payment terms, such as lease-sharing between many tenants.
Landlords can also accept partial payments and charge late fees automatically. The process of creating and mailing invoices is also automated, giving landlords more time to focus on more pressing issues.
TenantCloud generates detailed information, such as financial and tax reports, and other key papers including tenant, property, and lease statements.
TenantCloud makes it #2 in our list of best property management software for small landlords because of its features.
- There are numerous payment methods and conditions available, including lease sharing.
- QuickBooks Online data syncing in real-time.
- Allows landlords to create and deliver 1099 tax forms to their tenants.
- Starter Plan starts at $12 per month, Growth Plan starts at $40 per month, and for Business Plan, you should contact them.
DoorLoop has taken the top spot on our list. This property management software includes all of the necessary accounting tools and capabilities for managing the finances of the residential, commercial, workforce, and communal housing facilities.
As it ranks #1 on our list, it is one of the best property management software for small landlords.
It provides a chart of account templates that are ready to use. These templates act as digital filing cabinets, allowing you to keep various forms of financial data, such as expenses, revenue, assets, obligations, and so on, organized and controlled.
You can also customize your chart of accounts to meet your specific business requirements, and set it up for cash or accrual accounting.
The business overview, balance sheets, profit and loss, and cash flow statement are among the 60 built-in reports available in DoorLoop. You can also filter the reports you’ve created by date, kind of property or lease, accounting system, and other factors to find the information you need quickly.
If you want to add more users to your DoorLoop account, you can limit their access to certain information.
- Templates for the chart of accounts are ready to use and extremely customizable.
- Payment process automation, including payment collection
- Export all of your accounting data quickly and easily for tax purposes.
- Thousands of apps, like CRM platforms, payment gateways like PayPal and Stripe, and other online software systems, can be seamlessly integrated using Zapier or DoorLoop’s open API.
- Manage financial transactions for property businesses not only in the United States but also around the world.
- Starter Plan starts at $49 for 20 tenants, Pro Plan starts at $69 for 20 tenants, and Premium Plan starts at $109 for 20 tenants.
3. Condo Control
Condo Control is a cloud-based service designed to help tenants, condo owners, property managers, security staff, and board members communicate more effectively.
Sending and approving repair and maintenance requests, reporting incidents, booking facilities, and other activities are all made easier with this platform.
Condo Control’s accounting tool makes payment processing simple for both property managers and owners, and residents. Condo residents can connect their bank or credit cards to Condo Control to make one-time or recurring payments.
Property owners or managers can use the app to collect payments for rent, maintenance, HOA fees, penalties, and other expenses.
- Through the app, you may accept and approve amenity reservations, collect reservations, and complete payments.
- Booking cancellations and reimbursements are completely under the responsibility of property managers, owners, and administrators.
- On the platform, you may manage all of your online purchase orders.
Hemlane, another low-cost property management accounting software, supports up to 100 rental units in the United States.
It includes a comprehensive collection of tools to help landlords remain on top of every activity, including advertising available rental units, tenant application and approval, and service maintenance, to name a few.
Hemlane also has powerful features that make payment collecting and financial tracking easier and more convenient, which is particularly useful for landlords and property managers with several rental units.
Rent can be paid in full by a single renter or divided among tenants for recurring payments. Landlords can also set up multiple payment schedules, such as monthly, quarterly, or annually.
- Financial documents, such as receipts, can be manually entered, captured, and uploaded.
- Income and automated expense tracking
- Multiple online payment options are available, and late payment penalties are automatically applied.
- Basic Plan starts at $30 per month, Essential Plan starts at $40 per month, and Complete Plan starts at $60 per month.
5. Building Engines
This software is designed for people who work in non-residential properties like commercial offices, retail spaces, healthcare facilities, and huge gathering locations like arenas and stadiums.
Unlike the other apps on the list, BuildingEngines has several modules that get designed to simplify various aspects of commercial real estate management.
Property bidding, space leasing, maintenance and security, and sustainability are only a few of these categories.
BuildingEngines places a premium on tenant satisfaction, as evidenced by the software’s modules dedicated to providing quick and convenient services.
PRISM Work Order Management is one of the modules, and it streamlines work orders from start to finish. You must try BuildingEngines out if you are looking for the best property management software for small landlords.
- Property management teams can designate priority levels for service requests using an innovative work order management system.
- Mobile app with all the bells and whistles
- Users can pay just for the tools they require because of the modular design.
RealPage is the next property management accounting software on our list. The operators of residential and commercial rental properties can use this web-based platform to get feature-rich accounting solutions.
Its integrated rent payment service, which allows tenants of residential and commercial buildings to pay with credit or debit cards, cash, or money orders, is one of its highlights.
Residents can also pay with checks, which they can send or drop off at a secure P.O. box, where the checks are scanned and posted in real-time.
RealPage is a corporate financial package that streamlines and automates time-consuming activities in addition to property accounting.
These include expenditure management tools that make purchasing, paying, and matching invoices easier. RealPage’s reporting capabilities are broad and strong, allowing you to see not only full or summarised reports, but also rolling projections, which might come in handy during budgeting season.
- Automated scanning, data capturing, and real-time posting of check payments are all part of paperless payment processing capabilities.
- From purchase orders through invoice and payment reconciliation, the procure-to-pay process is simplified.
- Management of vendor payments is completely automated.
- Securing budgeting platform with collaboration tools, as well as 24/7 access and visibility for all stakeholders.
Entrata is a cost-effective and comprehensive property management system that includes basic accounting features. Its simplicity makes it one of the best property management software for small landlords.
This cloud-based platform includes a general ledger that you can customize to fit your property management needs.
Its budgeting tools let you duplicate your previous year’s budget plan and make changes to increase, lessen, or add new allocations to certain areas to optimize your business operations.
With its extensive purchasing and invoice routing capabilities, this platform significantly streamlines accounts payable. You have quick and easy access to user-friendly tools that let you make purchase orders, send notices, and send individual or bulk bills to the right vendors.
From a single platform, you can easily add new vendors and providers and handle payments.
- Accounts Payable System Simplified
- Budgeting tools that are simple to use
- Document storage is limitless.
ResMan is a cutting-edge residential property management platform for multifamily residential buildings.
It includes a specific property accounting solution that ensures that your company’s financial data is accurate, accessible, and secure.
ResMan provides several useful tools, including customized general ledgers. Accounts receivable are also automated by the accounting system, which saves you time and effort by automating AR operations and providing you with precise data for easy audit trails.
Furthermore, ResMan’s accounts payable tool, with its real-time approval capabilities, allows you to process invoices faster.
- Intuitive house collection modules for setting up automated charges throughout the full leasing cycle.
- Highly adjustable general ledger journal
- Gross potential rent processing is customizable to provide accurate and reconcilable asset reports.
Avail is a free cloud-based property management tool aimed to assist independent landlords in managing their rental properties and providing tenants with reasonable options across the country.
It comes with powerful capabilities that allow landlords to receive tenant applications, conduct credit checks, approve and sign leases, and collect one-time and monthly payments.
From the moment when landlords must find new renters, managing rental properties can be stressful. Landlords can create rental property listings on Avail’s platform and have them featured on reputable sites.
All applicants are swiftly evaluated based on the information they supply, which includes work status, residential history, and contact information, among other things.
Avail also provides convenience to both landlords and tenants, particularly in terms of payment. You must try out this software as it is one of the best property management software for small landlords.
Landlords can easily set up recurring payment schedules in the system, and automate reminders sent to the tenant’s email address regularly. Tenants will be motivated to pay their dues early to maintain or increase their credit score thanks to the CreditBoost function.
- List your property on trustworthy websites like Realtor.com and ApartList, among others.
- Background checks on tenants
- Processes for making payments online that are trouble-free
- Keep track of maintenance requests with these tools.
PROMAS is accounting software designed for fee-based and investment property owners and managers and homeowners associations.
The Professional Landlord is one of the products it offers, and it is designed for property managers and owners who do not have much knowledge or experience managing a residential or commercial rental property and its finances.
Its user experience makes it one of the best property management software for small landlords.
Professional Landlord offers a user-friendly platform for tenants to send their payments.
The landlord or property manager may retain all of the required information about each renter on the same platform, and process work order requests.
Escrow accounting, as well as various banks, checking accounts, and statements, are all supported by the platform. Professional Landlord also assures that any financial records you publish are compliant with state regulations.
- Portals for landlords and tenants
- Work order processing, billing, and invoicing are all automated.
- Management of maintenance and insurance
ActiveBuilding is a property management technology that helps tenants, property managers, staff, and owners form a powerful social network.
This platform serves as a trustworthy communication hub for renters and a location for property managers to post critical announcements. Online payment capabilities are included in the system, allowing for the simplicity and security of paperless transactions.
Tenants can also submit maintenance requests, which are prioritized according to their urgency.
Another element of ActiveBuilding that stands out is its guest management system, which is critical for maintaining high-security standards.
Every visitor that enters the premises is taken into account by this function. Regular guests, such as pet owners, relatives, family members, cleaners, and others, are allowed to have profiles created by front desk workers which is one of the best jobs in real estate investment trusts.
The front desk staff can also use the system to notify residents if they have packages that need to be picked up at the front desk.
- Payment processing using the internet
- Validation of visitors
- Pick-up notifications and key tracking alerts
- Management of digital upkeep
BuildingLink provides property managers with a comprehensive cloud-based platform to help them enhance their operations. It is one of the best property management software for small landlords.
This software is made up of several solutions, allowing users to tailor it according to the demands of the properties they are managing, whether they are mid-rise apartment complexes or high-rise buildings.
BuildingLink’s payment solution, which collects all types of fees from rent to late payment fees to amenity bookings, is one of the site’s main features. The platform also enables maintenance requests and work orders, which can be readily tracked in the system by attaching important information such as the unit number that requires maintenance.
It also includes dependable communication options, such as the ability for employees to call residents straight from the app. Other capabilities include car management, which allows management to keep track of important vehicle data and assign parking locations to renters’ automobiles.
BuildingLink’s dashboard, for example, provides a summary of inventory, staff performance, and resident requests, among other things, if you want to get a quick look at the property’s state.
- Streamlined resident profiles, building information, and other records.
- Maintenance and efficient work-order requests.
- ImageR, an intelligent label reader that collects delivery information and instantly enters it into the system, allows for quick processing of shipments or deliveries.
12. MRI Residential Management
MRI Residential Management comes in last on our list of property management accounting software. This program is great for condos, HOAs, co-ops, and other types of properties because it provides powerful and adaptable capabilities that may address the specific needs of each.
It’s also built on Platform X, which allows MRI to interact with other programs such as financials, analytics, and reporting tools to improve the accounting skills of the company.
It is ranking at #13 on our list doesn’t make any difference to the fact that it’s one of the best property management software for small landlords.
The property accounting solution from MRI is a well-integrated system with robust automation options that make accounts payable and vendor payment processing a breeze.
It also entirely digitizes lease, fixed asset accounting, and investment accounting, eliminating paper-based records and improving overall accuracy and efficiency. MRI also offers a debt management tool that enables property managers with total insight and control over their companies’ debt data.
- Serves as a centralized repository for accurate and up-to-date financial information.
- Accounts payable processing that is completely automated and paperless for real estate properties and businesses in Asia, Australia, New Zealand, Canada, and Central and South America.
- Budgeting and forecasting that is automated and based on precise financial records.
Property owners seeking renters can use this free and dynamic property management service. Owners of rental houses, apartments, condos, and other properties can use Cozy to list their properties on Apartments.com to attract appropriate candidates.
Choosing potential renters is also done entirely on the platform, which includes a comparison dashboard where owners can check all of the information provided by the applicants.
Owners can also do thorough credit checks on candidates, gaining access to their complete debt and payment histories, work history, and address.
When it comes to establishing a lease, Cozy has a ready-to-use online lease agreement that complies with state laws governing property leasing. All property owners need to do is enter certain information, such as the address of the property, the names of the parties involved, the lease period, and so on, and the lease forms will be ready for online signing.
Tenants can pay using their bank accounts for free or with their debit or credit card for a fee using the platform’s payment processing. Overdue rents are also automatically detected by the system, and tenants are sent reminders to pay their bills.
Expense tracking and maintenance requests are also handled by Cozy.
- Online application and approval tools that are simple to use.
- Applicants’ credit histories are thoroughly investigated.
- Online leasing forms that are state-compliant
- Payment collecting using the internet
- Keeping track of your property expenses
You might wish to test the waters after reading our list of the best property management software for small landlords.
Trying out a handful of these apps is a good way to do that. If you take advantage of the leader on this list’s free trial offer, you should be off to a solid start.
If you’re a property manager or owner who isn’t already using a generic accounting system, now is the time to upgrade yourself with DoorLoop.