10 Best Accounting Software for Real Estate Investors
Many real estate agents and brokers have many different needs for accounting. However, brokers do need to be able to track and report on the commissions and other financial data by real estate agents and sales teams. Therefore, we will share the ten best accounting software for real estate investors.
What is real estate accounting software?
This kind of software is the driver that will enable performance monitoring, reporting, dashboard, and performance data analysis. In addition to the traditional accounting software features, these systems will offer new easy-to-use efficiencies for closing the real estate sales, logging the sale info in the database for future analysis, and distributing commission and calculating.
What five key Real Estate Accounting Software features should I look for
We will let you know about the five critical real estate accounting software features that you should look for.
Real estate property development management
When we monitor the progress of all new development projects, commercial and residential, and the property renovations for individual homes, real estate managers can project upcoming capital from sales for the new development.
Communication and contract tools
Customize the templates and automatically generate contracts and communicate with the sellers, buyers, other agents, investors, brokers, and other invested parties
It will help you automatically and quickly calculate the agent commission and fees. Can we also monitor the annual commission generated by the individual’s agents for extended payouts, salary capping, etc.?
You will be able to ensure that you can get access from anywhere. Some real estate accountancy systems may include an accompanying app for iOS and Android. In contrast, many others are compatible with the mobile browser.
Work order management
You can use your system to monitor the status of the property upgrades and repairs. Track time, materials and all the other resources accordingly to gauge the overall cost of each work order.
Ten best accounting software for real estate investors
There are many different types of property management software that are out there. From the standard all-encompassing property management software to:
- Condo / Hao management software
- Commercial property management software
- Work order software
When choosing the right property management of software for your own business, you will need to look for solutions that may specialize in rental property management. Each of the tools below specializes in the rental property management or has a robust of ideal features for managing the rentals. So, let’s get this started.
1. Rent Manager
Rent Manager is to dedicate the rental property management software with a robust set of features. They have excellent accessibility, a cloud-based mobile app, a desktop, and perfect customization settings. In addition, the rent Manager will offer pricing options for each version of its software.
The features may make them perfect for beginners and much more advanced users. Still, they may gate certain features behind the higher pay tiers and do not offer any pricing plans. Its features are automated rent payments, custom reporting, and automatic bank reconciliation.
FreshBooks is a very intuitive program that can be easily incorporated into real estate, offering real estate income generation tools, customer lists, property tracking, and much more.
The interface will make it easy to manage the revenue streams, expenses, banking cash, taxes, invoices, and receipts. Each of these can be easily applied in all real estate categories.
Realty is a cloud-based real estate accounting software that is popularly used to manage receipts and track expenses, which will help you indicate a business’s financial health. In addition, it will enable the real estate agents to track their income and keep tabs on marketing and listing fees, broker fees, and commissions.
It is also quite useful just for generating the reconciliation and tax reports to file the tax returns at the end of the financial year.
Xero is another cloud-based real estate accounting software that will allow you to manage your own company’s accounts remotely. This application will always allow the user to keep track of invoices and tax inputs and outputs seamlessly from a PC or a mobile app.
It will integrate with your bank accounts and enables you to reconcile expenses. Xero also comes with elegant payroll processing features to help automate the monthly payroll
5. Sage 300 construction and real estate
This is a real estate and construction software and management solution that will bring together many different aspects of real estate management only on a single platform. In addition, Sage 300 Construction and Real Estate will incorporate Sag’s experience in accounting software and provide the users with unparalleled accounting functionality.
Real estate can use the Sage 300 to manage the accounts payable, ledger accounts, accounts receivable, and payroll processing.
A property management solution based on the web, Buildium, will allow the property and residential managers to control their own business in virtually every critical aspect effectively. The accounting software for real estate investors will offer streamlined management of property rent through the essential features from the lease and tenant tracking to complete the general ledger accounting, late fee notifications, and automated rent reminders.
Hemlane is specially designed for rental property management and will offer you unique features such as matching you with the local agents. Therefore, if you are uniquely concerned with the placement, Hemlane is worth considering for its leasing tools.
It contains excellent local support features and good leasing tools such as tenant screening, work order management, and online rent payments. Hemlane’s price starts at somewhat affordable but quickly escalates at a $2 per unit pricing model.
It is one of the most affordable tools on this list, partly because it offers a 100% free plan for up to a surprising 75 units. Its features include reporting, work order management, insurance reminders, online rent payments, and vendor payments.
TenantCloud is very unique in that it offers a 100% free basic tier plan for up to 75 units. The number of units included is imposing. However, the plan may lack several essential features that will make it a tough fit for anymore with more than just a few properties.
Rentec Direct is a long-time player with solid features, multi-user access, and a mobile app. Its features list is one of the most robust of any tool on this list, but it is less intuitive, and the interface may feel a bit dated and very hard to navigate.It features like a mobile app, tenant screening and lead tracking, built-in tenant communication that includes SMS text and email, and robust reporting.
Buildium has a perfect balance of features, affordable pricing, and ease of use, making it a great all-around pick. They also may have very excellent training and online support. The caveat to their pricing is that they are specifically designed for portfolios of 50 or more than that unit.
In this article, we have explained the ten best accounting software for real estate. We recommend you do some research to get the best knowledge.