Whether you’re a property management professional or a seasoned real estate investor, having the right tools at your disposal is the key to effectively managing your assets. That’s why, we bring to you the 6 best real estate accounting software in 2024.
Our list includes both general accounting software and property management-specific accounting software, designed for real estate investors and developers. However, the one you will choose depends on your business accounting requirements.
So, without any further ado, let’s dive into the world of accounting software real estate.
The Top-Rated Accounting Software for Real Estate Developers
Here are our top 6 best real estate accounting software. We have ranked them based on various factors including pricing, customer reviews, features, integration facility, etc. No worries, we will be discussing the ranking criteria later in this article.
1. Buildium – Top-Rated Software Overall for Property Managers
Starting Price: $55 per month
Free Version: Yes, 14 days
Compatibility: Android, IOS, Mac, Windows
Buildium ranks at the top of our list of best real estate accounting software in 2024. All the credit goes to its ability to cater to property managers of all sizes while handling various property types and growth stages. This all-inclusive property management software offers purpose-built tools for single-family, multifamily, and community association managers.
Key Features:
- Resident Portal: Buildium’s resident portal feature allows residents to pay rent and fees easily. They can also communicate with you and submit maintenance requests whenever needed.
- Owner Portal: Another important feature of Buildium is its owner portal which keeps clients informed about the status of their properties.
- Maintenance Tracking System: Maintaining your properties has now become easier with Buildium. This software helps in maintenance task assignment, status checking, invoice collection, and bill payments across all properties.
- Tenant Screening: One of the many reasons it is one of the best accounting software for real estate developers because of its ability to screen tenants. It conducts credit, employment, and criminal background checks for new tenants.
- Analytics and Insights: The analytics tool of the software aids in business growth and also provides insights into owner portfolios.
- Tools and Services: Real estate investors can unlock new revenue systems using Buildium’s Resident benefits packages by providing value to tenants.
- Open API: This feature of Buildium allows seamless connection with other apps you use in day-to-day business operations.
Pricing:
Buildium offers three pricing tiers, all including core features such as accounting, maintenance, task management, online portals, etc. The price plans are as follows:
- Essential: Billed at $55/month. Perfect for property management companies who needs accounting and task management tools.
- Growth: Billed at $174/month. Suitable for property managers looking for growth without fretting about scaling costs. This plan includes unlimited incoming ACH, unlimited eSignatures, and actionable insights in Buildium’s “Analytics Hub”.
- Premium: Billed at $375/month. Designed for property management firms seeking increased automation into their workflows and efficiency. The premium plan includes everything available in the Growth plan, plus access to Buildium’s Open API and Priority Support.
Pros:
- a) Free 14-day trial
- b) Financial health reporting
- c) Online tenant portal
- d) Mobile property management app
- e) Automated payment processing
- f) Buildium Marketplace to integrate many industry-leading apps
- g) Customization of plans is available
Cons:
- a) Short on a few key accounting features
- b) Extra fees for additional set-up tools like property inspection, bank accounting, e-signatures, etc.
- c) Only first-tiered plans have ticket support
2. FreshBooks – Best Real Estate Accounting Software for Airbnb Hosts
Starting Price: $19/month ($7.60/month for the first six months under the current promotion)
Free Version: 30-day risk-free trial
Compatibility: IOS, Android, Windows, Mac
FreshBooks offers a robust feature set for real estate accounting, making it one of the best accounting software for real estate investors. It allows businesses to focus on saving time and accelerating payment processes.
The reason this software has been placed second on our list is because of its efficiency in expense sorting, client management, and diverse payment options.
Key Features:
- Time Entry Details: One of the great features of FreshBooks is it helps you track the hours you’ve spent on each project, call, or client. Thus, providing your business clear insights into the performance of your team.
- Customizable Estimates: You can create customizable estimates in FreshBooks using pre-made templates to improve communication with clients when dealing with rental properties or sales.
- Late Payment Fees and Reminders: The software helps real estate investors track late payment fees from their tenants and allows sending them reminders. Thus, it substantially reduces the manual effort in chasing payments.
Pricing:
FreshBooks offers four plans catering to micro-to-small-sized businesses. Those include:
- Lite: Billed at $19 per month (Currently available at $7.60/ month as an offer). It allows sending unlimited invoices to only 5 clients.
- Plus: Billed at $33 per month (Currently available at $13.20/ month as an offer). It allows sending unlimited invoices to up to 50 clients.
- Premium: Billed at $60 per month (Currently available at $24/ month as an offer). It allows sending unlimited invoices to up to as many clients as you want.
- Select: FreshBooks also has a customizable plan wherein you can talk to a specialist and customize the features as per your liking.
Pros:
- a) Extremely affordable plans to other software
- b) Sales tax tracking
- c) Customizable invoicing
- d) In-depth financial reporting
- e) Instant payment acceptance options
Cons:
- a) Limited clients in most affordable plans
- b) No client portal
- c) Must pay more per month to add a team member
3. Zoho Books – Best Accounting Software for Automation
Starting Price: $15/month
Free Version: Free Forever Plan
Compatibility: IOS, Android, Windows, Mac
Zoho Accounting stands out as the top choice for small-to-midsize businesses managing multiple real estate properties. It is third on our list of best accounting software for real estate agents in 2024 because of its several unique features.
Key Features:
- Property-Specific Sub-Accounts: Zoho Books allows businesses to keep financial and tenant records separate for each property. You can easily access property-specific income and expense statements, balance sheets, and other financial reports.
- Tax Efficiency: There is no doubt how difficult it is to manage financial accounts during tax season. This software streamlines property-related tax calculations, credits, and deductions, ensuring accuracy and efficiency during tax season
- Company-Wide Reports: The tool generates income statements, balance sheets, and cash flow reports automatically, supporting strategic planning for overall business growth.
- Integrated Business Tools: One of the best features of Zoho Books is it offers more than 50 business tools that when integrated help manage real estate finance seamlessly.
Pricing:
Zoho Accounting offers multiple plans catering to solopreneurs and SMBs. The price plans are as follows:
- Free: For businesses with revenue <50K USD per annum. Only 1 user and 1 accountant can access through 1 account. You can manage up to 1,000 invoices per annum. It has all the basic features that Zoho Accounting offers.
- Standard: Billed at $15 per month. This plan allows 3 users and one organization can manage up to 5,000 invoices. It includes everything available in the Free plan plus Avalara and Zendesk integration features.
- Professional: Billed at $40 per month. This plan allows 5 users and one organization can track project invoices and invoices. It includes everything available in the Standard plan plus features like recurring bills, vendor credits, stock trading, multi-currency contacts, and many more.
- Premium: Billed at $60 per month allowing access to 10 users. It has advanced features that are helpful to real estate investors like cashflow forecasting reports.
- Elite: Billed at $120 per month allowing access to 10 users. Among other features, this plan can help your organization make unlimited custom reports.
- Ultimate: Billed at $240 per month allowing access to 15 users. It has everything that is included in other plans along with advanced analytics features.
The plans limit the number of users, but additional user spots are available at a low cost of $2.50 per user/month.
Pros:
- a) Free version available
- b) Affordable monthly plans
- c) Full accounting features
- d) Lots of useful integrations and apps for real estate professionals
- e) Project Task Planning
Cons:
- a) Limited user access
- b) No real estate-specific features
- c) Integrations sometimes cost extra
Want to explore other more affordable real estate accounting software?
Talk to our experts and get personalized advice.
4. Appfolio – Best Accounting Software for Real Estate Agents
Starting Price: $280 minimum spend per month
Free Version: Free Demo available
Compatibility: IOS, Android, Desktop, Mac
AppFolio emerges as a top choice for the best accounting software for real estate investors managing large rental portfolios. It encompasses standard features commonly found in property management software. Real estate developers can address needs such as maintenance request management, automated payments, and online lease facilitation using AppFolio.
Key Features:
- Diverse Plans: The best feature of AppFolio is the flexibility it provides for different property types. Whether for community associations or commercial real estate landlords, the software offers customizable plans to cater to their needs.
- Essential Accounting Tools: AppFolio boasts several essential real estate accounting tools, helping investors streamline their financial management process.
- Intuitive Design: The software equips easy-to-use design, making every interaction effortless for residents and investors alike.
4. Seamless Integrations: The integration features that this software provides is invaluable. AppFolio Stack Marketplace contains the best-in-class integrations that can help property investors build a tech stack according to their needs.
Pricing:
AppFolio offers its services through its three different plans catering to the needs of businesses either multifamily, single-family, or affordable housing. The plans are as follows:
- Core: $280 minimum spend per month, which means $1.40 per unit per month. This plan includes property accounting & reports, end-to-end marketing and leasing, etc.
- Plus: $900 minimum spend per month, which means $3 per unit per month. This plan includes everything available in the Core plan plus AppFolio Stack™ Premium Integrations, purchase orders & inventory tracking, and more.
- Max: $7500 monthly minimum, which means $5 per unit per month. This plan includes everything available in the Plus plan and other features like leasing CRM, leasing signals, custom fields, etc.
Pros:
- a) Constant features get added regularly
- b) Unmatched functionality features for all the properties
- c) Easy scheduling and paying vendors system
- d) Batch invoicing
- e) Outstanding customer service
Cons:
- a) Lacks specific pricing plans designed for smaller residential landlords
- b) High minimum monthly fee
- c) Not fit for those with smaller portfolios
5. Yardi – Leading Real Estate Software
Starting Price: $1 per unit/month (minimum $100) for Yardi Breeze
Free Version: Not available
Compatibility: iPhone, iPad, Android, Desktop
Yardi stands out in the crowd for best accounting software for real estate developers because of its specific property management features. It offers a suite of services designed to simplify property management for multifamily property owners.
The platform primarily functions as an accounting platform along with providing optional solutions to address various needs in real estate management.
Key Features:
- Accepting Rent Payments Online: Yardi makes online rent payments easy for both property owners and tenants.
- Tenant Screening: Among other features, many real estate owners seek a tool that can give them full information about their tenants. Unlike many other software, Yardi equips tools for screening and managing rental applicants efficiently.
- Calendar Task Management: The software manages calendar tasks including lease expirations, tour dates, etc.
- Resident Communication: You can easily communicate with all your tenants through text or email using Yardi’s communication tools.
- Advanced Tracking: The advanced plans of Yardi also offer tools to track construction projects, renovations, and other property management aspects.
Pricing:
Yardi offers various software and service solutions in different price ranges, depending on the product, market, and portfolio. It provides the following three product tiers:
1. Breeze: Perfect for building owners seeking a straightforward software solution.
- a) Residential Pricing: $1 per unit/month with a minimum monthly cost of $100
- b) Commercial Pricing: $2 per unit/month with a minimum monthly cost of $200
2. Breeze Premier: Perfect for condo/HOA associations, manufactured housing, PHA, etc. Similar to Breeze but with additional plugins like utility billing and maintenance request tracking. The price starts at a minimum of $400 per month.
3. Voyager: The most advanced tier of Yardi, perfect for those handling multiple multifamily properties. This tier offers exclusive features like revenue management, construction planning, and advanced online marketing services.
Pros:
- a) The front-end features are easy to use
- b) Very detailed and customizable reporting
- c) Automates enough workload
- d) Excellent customer service
- e) Eliminates manual monthly commission reports
- f) Various modules for commercial, investor relations, and multifamily businesses
Cons:
- a) Onboarding is not user-friendly
- b) Each tool is an add-on
6. Rent Manager – Most Versatile Property Management Software
Starting Price: $1 per unit per month
Free Version: Not Available
Compatibility: IOS and Android
Rent Manager stands out as one of the most feature-rich options in the property management software landscape. Its versatile features encompass a cloud-based platform, a desktop application, and a mobile app. Since it can fulfill the needs of beginners and advanced property managers, we have added the software to our list of best accounting software for real estate investors.
Key Features:
- Vendor and Owner Payments: Rent Manager facilitates easy payments to vendors and property owners that help businesses with better financial management.
- Automatic Bank Reconciliation: The software further simplifies the bank reconciliation process by automatically matching transactions, reducing manual effort.
- Reporting: If you want to get insights into various aspects of property management, then Rent Manager is one of the best real estate accounting software to do so.
- Countless Integrations: It supports numerous integrations with third-party applications enhancing the software’s functionality.
- Tenant Details: Rent Manager has a comprehensive tenant details dashboard to help real estate owners know specific details of the renters.
Pricing:
Rent Manager offers three bundles that make it easy to manage day-to-day operations for property investors. Each bundle contains a comprehensive solution that will meet your both budget and operational needs.
- Basic: $1 per unit per month for unlimited users. The implementation package is 2 times the monthly fee i.e. $200.00 monthly minimum
- Plus: $1.50 per unit per month for unlimited users. The implementation package is 2 times the monthly fee i.e. $300.00 monthly minimum
- Premium: $2.50 per unit per month for unlimited users. The implementation package is 2 times the monthly fee i.e. $500.00 monthly minimum
Pros:
- a) Balances features for beginners and advanced users
- b) Suitable for both small and large-scale operations
- c) Comprehensive financial management features
- d) Provides integration support
- e) Outstanding customer/technical support
- f) Rent Manager API is available as an add-on for any bundle
Cons:
- a) Gets crashed regularly
- b) Late charges section is not available
- c) Lacks specific features for property management
Still want help with choosing real estate accounting software?
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How Did We Rank the Best Real Estate Accounting Software in 2024?
Choosing the best accounting software real estate is no small feat. We want to make sure you’re not just getting a tool, but a valuable ally in managing your finances. Here are the key parameters that we’ve considered while ranking them:
- Pricing: We have checked the pricing plans of each software before ranking them and made sure they provide enough value for the price they are charging.
- Features: Our team looked at the features each software offers to ensure they align with the needs of most real estate investors.
- Integrations: We have thoroughly checked whether each software offers seamless integration with other tools or not. Integrations save you time and money, especially if you’re working with a tight budget and a small team.
- Automation: Choosing a real estate accounting software is about making life easier. We made sure our ranked best real estate accounting software automates almost every necessary aspect of real estate management.
- Third-Party Reviews: Our team did not just take the software’s word for it. We rigorously read user reviews to understand the software’s pros and cons. Only those software has made it to our list of best real estate accounting software that has gained a majority of positive reviews.
- User-friendly: Last but not least, our team made sure that the software we are recommending offers real estate developers the convenience of managing their business.
In Summary
There are several real estate accounting software in the market. However, it totally depends on you and your business requirements to choose the one model that fits your situation the best. Before choosing, set your budget and also clarify your future needs – whether you need some basic accounting features or advanced property management solutions.
Still can’t decide which is best for your business? Our real estate accountants with more than 12 years of experience can help you with all your queries. Schedule a meeting with our experts today.
