Commercial property management software has revolutionized property management.
Managing commercial properties requires many hats.
- Tenant, vendor, and owner communication
And that’s just the beginning.
With great commercial property management software, you have access to an all-in-one platform. This technology allows you to streamline and optimize every one of these areas.
And that’s the purpose of this guide: to show you some of the best commercial property management accounting tools available so you can reap the benefits.
First off, if this is your first time looking into property management software for commercial real estate, let’s talk a bit about what you can expect from this software. In this guide, we will discuss the benefits and features of such software.
What is commercial property management software?
Commercial property management software refers to software designed to help property managers and landlords manage their properties.
Specifically, it refers to the systems that property managers use to manage those properties, from accounting to marketing.
Similar to general property management software, commercial property management software for small businesses is typically designed as an all-in-one system to help you manage every aspect of your process.
However, in some cases, it might be designed specifically for commercial property or offer features useful for commercial property managers. Some of these features include a common area management and multiple lease calculators.
What are the benefits and features of commercial property management software?
So, what features can you expect from commercial property management software?
- Tenant portal: Centralize all tenant communication into one dashboard and allow for online rent payments
- Marketing tools: List properties and units, grab lease templates, and screen tenants.
- Maintenance: create, edit, and track work orders. Even communicate with vendors and tenants on those maintenance requests from directly within the software.
- Accounting: Accept a variety of payment methods, manage multiple accounts for everything from lease payments to deposits, and run custom reports
- Owner portal: Have one central place where you can issue checks and provide reports
And within each of these overarching categories can include countless other sub-features such as scheduling, reminders, and website setup, and more.
All in all, an excellent commercial property management solution can offer several exceptional benefits.
- Improve tenant quality and cash flow: High-quality tenant screening and automated late fees help improve tenant quality and improve cash flow.
- Save time by streamlining maintenance issues: From tenant to CAM maintenance, you cannot bounce between multiple mediums communicating with tenants and vendors about maintenance issues.
- Remove headaches and issues caused by accounting workarounds: No more having to create each property and tenant as a customer. In property management software, each feature is designed with you in mind.
With that said, you might be wondering something.
Property management software is fully designed to make property manager’s and landlord’s lives easier.
But what about QuickBooks?
Can you use QuickBooks for commercial property management accounting software?
The short answer is: yes.
You can use it to do the accounting for your property management.
However, you can’t use it to do all the other things we talked about like:
- Manage communications
- And maintenance
- Automate portions of your marketing
- Do tenant screening
- Offer an owner portal
- Automating critical tasks like collection rent payments and other fees
QuickBooks is arguably the most robust accounting software available.
It can do things like:
- Chart of accounts
- Print checks
- Manage customer database
- And so on
That makes it a great starting point if you own or manage just a few properties and you’re looking to get started with something.
In fact, if all you’re looking for is a commercial property management accounting software, it could be a fit.
However, you’ll quickly notice problems even with doing your accounting within QuickBooks.
That’s because property management has its own unique needs.
- Tenants and properties need their own classification; QuickBooks only has customers.
- It would be ideal to separate deposits from rent payments and other fee payments; QuickBooks makes it difficult to run multiple bank accounts.
- And you need two separate accounts: one to manage your property management tasks (collecting rent, paying vendors to perform maintenance) and one to manage your business (payroll, office rent, utilities), you can do this with QuickBooks, but it’s inconvenient (and requires a Premium plan)
These are all things that come baked into a property management software like DoorLoop.
Sure, QuickBooks has workarounds for virtually everything. But that’s the problem.
After a while, all that work you’re doing to set up workarounds becomes a hassle.
Then there’s the issue of having all your systems separated from one another: accounting, work orders, communications, marketing, and on.
That’s ineffective and inefficient and virtually guarantees problems the more extensive your portfolio grows.
So, what is the solution?
10 of the Best Commercial Property Management Software
Dedicated, full-service commercial property management software doesn’t just solve the problem of setting up accounting workaround after accounting workaround.
It also helps you streamline your entire operation by bringing everything together into one place.
That’s why we’ve organized 10 of the best commercial property management software for 2021.
Below, you’ll find ten top-tier property management tools with a quick summary of:
- Where they excel
- Unique features
- And pricing
Let’s dive in.
DoorLoop is a complete property management software tool that makes managing and growing your portfolio simple and easy.
The dashboard is designed to be highly intuitive and easy to use (and easy to get started). It comes with a full suite of features that make it easy to centralize and streamline your entire property management business.
- Accounting suite designed to replace QuickBooks, including a variety of payment methods, custom reports, a complete chart of accounts,
- Built-in CRM and tenant portal that allows you to collect rent, receive maintenance orders straight from tenants (and even communicate with them from within the platform), offer renters insurance, and more
- Easy maintenance order management, including everything from work order creation to tracking and vendor payments
- Marketing features including automatic listing, scheduling showings, tenant screening, and more
- Owner portal that provides access to reports and allows you to print checks
Not sure if DoorLoop is for you? Our full-service property management and accounting software is completely free until 2022.
(That includes unlimited support & training as well.)
After 2022, pricing starts at only $49/month for your first 20 units.
RealPage Commercial is a complete property management solution geared towards commercial portfolios.
It has a full suite of features that covers everything you’d need to manage your commercial portfolio.
They’re known for a convenient lease administration feature and an easy-to-use common area maintenance reconciliation system.
- Tenant portal that allows tenants to make payments online, view balances, and more
- Work order management
- Robust accounting features including calculators for late fees, recurring charges, rent percentages, and CPI increases
- Leasing automation features
RealPage Commercial Pricing
RealPage Commercial separates its commercial pricing based on the type of property: office & retail assets and industrial assets.
They also offer a unique square footage pricing model, with their Office & Retail Assets plan. This plan comes out to $10 per month per 10,000 square foot while their Industrial Assets plan comes in at $5.83 per month per 10,000 square foot.
Total Management is a cloud-based property management solution that serves both residential and commercial property managers.
They offer a robust set of commercial capabilities, including tax and insurance reconciliation and communication management.
They’re known for their easy implementation, so getting started is fast and straightforward. Users also generally report ease of use, though their pricing is high compared to other solutions.
- Tenant portal including online bill pay
- Employee work order communication
- Duplicate invoice catcher
- CAM/Tax reconciliation system
Total Management Pricing
Total Management has a one-time onboarding fee that includes support and 30 days of 1-on-1 life product training. However, this price is not listed online.
Monthly pricing for their commercial solution comes in at $2.50 per unit per month with monthly minimums, though they are also not listed online.
MRI Commercial Management
MRI Commercial is one of the most well-known commercial-specific solutions, with a robust set of features and leasing tools that includes a good level of customization.
However, you pay for that robust set of features, and the MRI interface is known for being a bit dated.
- Online bill pay
- Lease templates
- Robust reporting tools
- Automated accounts payable
- Work order management
MRI Commercial pricing
MRI doesn’t offer any of its pricing publicly, so you’ll need to contact them directly for more information and to set up a demo.
Appfolio is another notable option similar to MRI. It includes a powerful set of tools and virtually everything you’d need from a commercial property management accounting software.
Its interface is easy to use as well, though it can feel a bit complex and overwhelming navigating the number of features. It balances this somewhat, however, with good training resources.
- Utility management
- Work order management
- Good reporting tools
- Online rent payments
- Smart bill entry
- Automated late fees
Appfolio has a flat $400 onboarding fee that makes it one of the more expensive options to get started with. Monthly pricing is between $0.80 and $1.50 per unit, depending on the property type, with a $250 monthly minimum.
VTS specializes in commercial portfolio management and serves over 35,000 users worldwide.
They offer unique business intelligence analytics features that make closing easier and helps maintain occupancy.
It excels in not only being a property management tool but a commercial property marketing tool as well. However, it can come up short in terms of some of the more unique property management features other tools have.
- Marketing/sales-level analytics
- Tenant and inventory management
- Good collaboration tools for users
- Mobile app
- Large number of integrations
VTS doesn’t offer its pricing online, so you’ll need to contact a sales representative to get more information and schedule a demo.
CRESSblue is a cloud-based commercial property management software geared explicitly towards net lease properties, such as retail shopping centers.
They’re known for a good range of automation systems, including automatic leasing calculations and scheduling with full integration between its various features.
However, the initial setup can be a bit cumbersome if you have an extensive portfolio.
- Work order management
- Lease abstracting and budgeting
- CAM reconciliation
- Asset management
- Automated leasing calculations
CRESSblue offers a unique pricing model, basing their pricing on a combination of the number of users, offices, and leases you manage.
For specific pricing, though, you’ll need to contact a sales representative as they don’t offer their pricing online.
Yardi Breeze is Yardi’s smaller-scale property management solution.
If you’re starting, Yardi is intuitive and straightforward and offers many of the great features that Yardi’s more robust property management solution provides.
Training materials also make it easy to get started as you can learn directly from the software. This makes Yardi one of the better options if you only manage a few properties and are new to property management.
However, Yardi Breeze is one of the pricey options out there, making this a less-economical option for new property managers.
- Automation features such as scheduling and leasing calculations
- Robust accounting
- Owner reports
- Tenant communications
- Work order management
Yardi uses a unique pricing structure that is based on the type of property. However, beyond that, their pricing model is familiar.
For example, Yardi for commercial property costs $2 per unit, at $200 minimum per month. They also offer a premium plan, though they don’t provide pricing for that publicly, so you’ll need to contact a sales representative.
SKYLINE is a property management accounting solution for small to mid-sized portfolios.
The software offers a robust set of features with a wide range of functionality, from accounting to tenant management, scheduling, maintenance management, and more.
It’s known for having a user-friendly interface that’s easy to get started with and easy to learn. However, combined with its various features, it comes in at enterprise-level pricing.
- Good accounting features
- Lease tracking
- Automated scheduling and invoicing
- Tenant portal
- Document management
SKYLINE doesn’t offer its pricing publicly, but you can find out more by scheduling a demo online.
Re-Leased is a dedicated commercial property management software known for being easy to use and good documentation features.
It has a visually pleasing UI and makes it simple to find anything you need, though their customer service response rate sometimes causes complaints.
- Tenant communication
- Compliance management
- Good accounting features
- Integrates with Xero
- Payment and task alerts
- Calendar with scheduling features
Re-Leased doesn’t offer its pricing publicly, so you’ll need to contact them for a demo to learn more and see if they’re a fit.
What is the best accounting software for property management?
The best accounting software for property management is the tool that does what you need it to– and more.
What tool can solve your problems while making your life easier?
What tool can help you streamline your systems, improving efficiency and cash flow?
And what tool feels like an asset instead of a liability?
It’s hard finding a good fit, and we would know.
As property managers, we couldn’t find the solution we wanted for ourselves.
So, we built it.
That’s DoorLoop– a complete property management solution that includes everything from:
- An accounting suite to
- Tenant and owner portals
- Convenient in-app communication options
- Work order management
- Marketing and screening tools
- And much more.
The best accounting software for your property management business is the one that works for you.
And we believe that the answer is DoorLoop.
In fact, it’s free until 2022.
(Yes, the entire suite of features at no charge until 2022. No fees, no onboarding, no funny business.)
So, check out DoorLoop’s comprehensive and intuitive property management tool for yourself.
And no matter what tool ends up being the one that helps you streamline your business and grow your portfolio faster, we hope this guide helps you.