Do you ever scroll through all the viewing options on your Roku and feel overwhelmed by options? Do you settle for watching the same old episode of Seinfeld or end up turning off the TV completely? Sometimes, having too many options can feel like having no options.

Choosing a property management software can feel the same way. Don’t settle or give up – we’re here to help you navigate the sea of software options!

When it comes to traditional server-based property management software vs. cloud-based software, there’s no real competition as nothing compares to the convenience, capability and flexibility of cloud-based software. (For a more thorough analysis of how cloud-based property management software stacks up against traditional methods, click here). However, there is no clear directive to point you towards the property management software that’s best for your specific needs.

Thankfully, here at Proper, our expert accountants are highly skilled and well versed in all the major property management softwares. Let us walk you through Rent Manager, Yardi, Yardi Breeze, Yardi Voyager, Entrata, Buildium, and Appfolio.

Property Management Software Overview

Let’s brush up on property management software basics. What does Property Management Software offer?

Accounting (Cha-ching!)

• General ledger
• Accounts payable
• Rent payments
• Bank reconciliation
• Financial reports

Tenant And Lease Tracking

• Tenant screening
• Move-in and move-out management
• Rent payments
• Utility payments

Budgeting And Forecasting

• Develop operating budgets and reports
• Forecast future costs and values

Building Maintenance

• Submit and track work orders (both from employees or renters)
• Assign tasks to maintenance staff

Tenant Portal

• A centralized communication channel between residents and management
• Tenants pay rent and fees
• Tenants submit maintenance requests

Ask A Proper Expert: Ideal Property Management Software

Let’s dive into specifics and find out what an expert in real estate accounting services can tell you about the ideal Property Management Software for your business.

Yardi Breeze & Yardi Voyager

Who is Yardi Breeze best suited for? Small to mid-sized property managers or owners who want simple, easy-to-use software. Yardi Breeze integrates most of the functions of traditional Yardi into a streamlined, cloud-based package. The system is relatively easy to set up and is very economical. While pricing is always subject to change, Yardi Breeze is a per-unit software with pricing starting at around 100 units. (Breeze it is more for premier and commercial etc). Yardi Breeze works for residential, multifamily, affordable housing HOA’s, manufactured housing, self-storage, commercial and mixed properties.  

What Yardi Breeze features are most advantageous for real estate accounting?

• Integrated billing and invoicing
• Automatic transactions (journals, accounts payable, charges)
• Online payments from Commercial Cafe or RENTCafé (makes the accounts receivable process more accurate by removing potential human error and makes it easier for tenants to pay, schedule repairs, communicate with the manager, etc.)
• Online vendor payments (Bill pay – Yardi sends physical checks to  vendors Epay – for ACH payment)
• Built-in emailing and texting to tenants
• The intuitive, user-friendly menu makes reporting and transactions very easy to access

Who is Yardi Voyager best suited for? Real estate clients with large portfolios (Residential, Commercial, Investment Accounting, Senior Housing, etc), or more complex properties.

What Yardi Voyager features are most advantageous for real estate accounting?

The client can simplify and automate the back-end process as all the needed tools can be found in a single database.

What is the differentiation between the various Yardis?

Yardi Breeze is excellent for clients with individual residential properties but is not well suited for complex portfolios. Yardi Voyager, however, is designed for large portfolios that include Residential, Commercial, Senior Housing, Affordable Housing, PHA (Public Housing Authority), Investment Accounting, etc.

Entrata

Who is Entrata best suited for? Small to mid-sized property managers or owners who want a software focused on consolidated functions with a user-friendly interface. This cloud-based software also provides open APIs, so clients can link the data in Entrata to proprietary software or data analysis tools. Entrata’s software is constantly updated and offers daily webinars (!) for training. It has all of the normal functionality of a property management software with the added bonus of a very large video and training library.  The training library has several different modules, including Entrata Core, Accounting, Student, Affordable, Commercial, Military, and an automated home functionality called Entratamation. There are more approval flows than some of the smaller softwares, so teams with variable approvals can be accommodated by this software.  

What Entrata features are most advantageous for real estate accounting?

• Entrata training is very detailed and can help your team learn the software
• API access allows for more sophisticated reporting, data analysis, and reporting
• Approval process control keeps data from the onsite team as clean as possible
• A large number of built-in reports for each functional area
• Easy to use interface that is cloud-based so you can access it from anywhere
• Constant innovation – Entrata is forward-looking and constantly improving the functionality of the software
• They offer a customer success manager who works to ensure everything is working correctly and answers any questions

Rent Manager

Who is Rent Manager best suited for? Larger portfolios of 500 doors and up. Rent Manager has the very same functionalities as all of the other software platforms, it stands out for its ability to integrate well with other apps.

What Rent Manager features are most advantageous for real estate accounting?

• The best feature is the Integrations Program – this allows you to fully customize your software experience to match business needs. There are over 100 applications that easily integrate, including Zego, Avidxchange, and more.
• Full list of integrations here
• Everything can be automated
• You can easily export or import huge amounts of data
• The maintenance and work order functionalities are some of the most complete currently available
• For a more thorough deep dive on Rent Manager, click here

Yardi Voyager

Who is Yardi Voyager best suited for? Real estate clients with large portfolios (Residential, Commercial, Investment Accounting, Senior Housing, etc), or more complex properties.

What Yardi Voyager features are most advantageous for real estate accounting?

The client can simplify and automate the back-end process as all the needed tools can be found in a single database.

What is the differentiation between the various Yardis?

Yardi Breeze is excellent for clients with individual residential properties but is not well suited for complex portfolios. Yardi Voyager, however, is designed for large portfolios that include Residential, Commercial, Senior Housing, Affordable Housing, PHA (Public Housing Authority), Investment Accounting, etc.

AppFolio

Who is AppFolio best suited for? Mid-sized businesses that are tech-savvy and enjoy automation. If you capitalize on all their offerings, it will absolutely make your job easier. AppFolio is priced per unit and is scalable (so is Proper!). Like most property management softwares, all communication with tenants, owners, and vendors can be automated through their respective portals (vendors can even scan in their documents directly). All communications that do not have to be manually delivered to the tenants can be sent through the system. Vendors can even scan in their documents directly as vendor portals can allow vendors to see POs and submit invoices through SmartBill.

Here’s where AppFolio really excels – it is set up to be completely mobile. From keyless remote entry to mobile maintenance requests and move-in/move-out photos. Although AppFolio is not the only software to offer these features, AppFolio’s offerings are seamless and easy to use. While property managers will still have to be on-site, there is no reason the rest of the office staff couldn’t be 100% remote.

What AppFolio features are most advantageous for real estate accounting?

AppFolio is designed almost exclusively for real estate accounting. They were cloud-based from day 1 and have invested heavily in their UX, resulting in an incredibly user-friendly experience.

Buildium

Who is Buildium best suited for? Buildium is best for smaller companies. With a more accessible price point, Buildium fits property managers and owners just starting out. Think of Buildium as a simplified AppFolio. While it’s not as robust, it still offers a myriad of features, such as renters insurance, analytics, a showings coordinator, tenant screening, e-signatures, and integrated websites. Buildium is priced at a flat monthly fee. While the Essential package can look enticing at $50 a month, bear in mind that at this level there are a lot of add-ons for essentials like e-signatures and adding bank accountings. ($5 per e-signature really adds up!) You’ll find that their mid-level offering, Growth, is much more cost-effective at $160 a month but with far fewer additional costs. A real Buildium bonus (at the Growth level and up) is that they offer live phone support (a true rarity!)

Software Migration

If your property management software doesn’t seem like it’s improving your business and you’re not sure you are getting enough bang for your buck, it may be time to consider switching to a new software.

When do you know you need to change or migrate software?

• When you’re not finding enough value in your current system.
• Customer service has delayed response time or issues are not being fixed.
• When other systems provide more value with more efficient workflows that better fit your business’s needs.

What fears do Property Managers have about migrating software?

• Resistance to change
• Cost
• Losing data
• The time it will take to implement a new system
• Running into the same problems previously experienced

What is the migration process and how much time does it take?

1. A new software migration consists of all the financial history from the prior database being wiped and reset as of a pre-established financial cut-off date.
2. Prior to the transfer, data in the legacy system must be validated as accurate and balanced banks must be reconciled.
3. The client imports core data (properties, tenant, owner, payables, receivables, vendor information).
4. Then financial information is imported (bank info, starting balances, etc).
5. Verify the data in the new software matches the source data.
6. Start operating in the new system.

Hot Tip: It’s usually best to undergo a software migration at the end of a month where you can close early and stop processing transactions while the data is transferred.

Any particularly memorable migrations for clients? Most mention they never want to experience a migration again! Though many claim they now have a better way of life with AppFolio, Yardi, Rent Manager, etc. They get things done quicker and have better ways to track their operations and finances.

A Proper Accounting Solution That Works Seamlessly With Your Software

If you’re still in need of guidance in finding the right property management software for your business, don’t despair, we’re here to help! We are highly experienced in matchmaking.

Talk with us today! We can discuss your options and find the property management software that’s perfect for you.

*Bonus* Click here for AppFolio Tips from Expert Property Accountants

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