Contents

Property management accounting isn't your typical business accounting.

There have to be accounts for both properties and tenants.

And don't forget about keeping your administrative tasks like payroll and utilities separate from your property management dealings.

In this comprehensive, multi-part guide, we'll break down property management accounting in a way that's both:

  1. Easy to understand, and
  2. Simple to implement

Here's what you'll learn in each part:

Part I: Accounting terms

In Part I, we'll start with the basics. What is cash accounting? How do you calculate gross profit?

In this part, we'll define the most common and essential accounting terms relevant to property management.

Such as:

  • Balance sheet
  • Accounts payable
  • Accounts receivable
  • Journal entry
  • Net profit and loss
  • Inventory

Jump to Part I: Accounting terms to know

Part II: How to set up your property management accounting

In part II, we'll apply some of those new terms by helping you set up your property management accounting.

You'll learn:

  • How to set up your first account
  • How to create and organize your chart of accounts
  • And how to track expenses

Once you're done with Part II, you should be able to set up your accounting within whatever property management accounting software you've chosen to use.

Jump to Part II: How to set up your property management accounting

Learn more about property management accounting:

Part III: Property management accounting best practices

There's a lot to accounting, from general best practices to simple tips that can make managing your property accounting easier.

In Part III, we'll cover those best practices as well as other advice to help streamline your accounting.

We'll cover points like:

  • How to structure your accounts
  • What to look for when you review your accounts (and how often)
  • And more best practices

Jump to Part III: Property management accounting best practices

Part IV: 1031 exchanges

IRS 1031 exchanges are an important part of property management accounting.

In fact, they're a valuable tool for you or your client's property business as a whole due to the tax deferral and flexibility they afford.

In Part IV, we'll break down:

  • The rules for executing a 1031 exchange
  • How the 1031 timeline works
  • And more critical 1031 information

Jump to Part IV: Everything you need to know about 1031 exchanges

Learn more about 1031 exchanges:

Part V: Choosing the best property management accounting software

And, finally, we finish with a comprehensive review of the best property management accounting software.

The above information is vital to know, but it won't do much good if you don't have a good accounting tool to serve as your foundation.

Even if you hire an internal accountant, chances are they'll use whatever software you use. And, if not, having a tool that exports to QuickBooks can be valuable (because, as you'll see, QuickBooks isn't the best for your day-to-day property accounting).

In this section, we'll cover property management accounting software solutions of every kind.

Including:

  • Property management (general)
  • Rental properties
  • Commercial properties
  • Condo / HOA

Plus, we'll talk about why QuickBooks isn't the best for managing properties.

Jump to Part V: Choosing the best property management accounting software.

Learn more about property management accounting software:

Part I: Accounting terms

Accounting is a profession.

It's something people major in at college and a significant service that 100% of U.S. citizens need (provided you have an income).

What does that mean?

It's a big, comprehensive topic with a unique lexicon of terms that are likely foreign to you unless you have previous business or accounting experience.

That can make learning even the most basic business accounting tasks difficult and time-consuming.

That's where the first part of this guide comes in.

Below, we review the critical accounting terms you should learn to do your property management accounting.

Only those terms which are relevant to accounting in property management; no fluff or useless terms you won't need to know.

Here are the top 20 most crucial property management accounting principles to know:

Accounting period

An accounting period is a period of time within a financial statement. Typically, this is either one or several days, months, or years.

If you've ever run a report in QuickBooks or another similar accounting software to see your revenue, expenses, or otherwise, you'll recognize that every report uses an accounting period.

Accounts payable

Accounts payable refers to what your business currently owes from vendors.

This is always either a product or a service that you use to run your business in some form, such as the bill for a contractor to fix a property.

Accounts receivable

The flip side of your accounts payable, this is what you're currently owed for your services. Any open invoices or unpaid fees, or rent balances go here.

Cash accounting method

The cash accounting method records transactions when they're either paid, or payment is received (depending on whether you're paying a bill or receiving a payment from a tenant).

Sole proprietors often use this method as it's an easy way to manage your accounting in the early stages. However, all businesses with employees are required to use the accrual accounting method (see the next point below).

Accrual accounting method

This is a method of accounting that records transactions based on the transaction date, as opposed to recording the transaction when you send or receive payment. Any business with employees is required to use this accounting method.

General ledger

Your general ledger, or G/L for short, is a complete record of all your business transactions. Chances are, if you use a basic accounting software already, this is generated automatically as you input transactions.

Bank reconciliation

You need to regularly– often monthly– make sure that your G/L or general ledger (see above) and the actual statement balance across your business bank accounts match up. Making sure that's the case is the process of bank reconciliation.

Suppose your bank account is lower than your general ledger. In that case, you need to identify what transactions weren't recorded in your general ledger and add them in to ensure you're keeping accurate records.

Asset

An asset is anything the business owns which has value. The most obvious example is the properties themselves, but this can also include any cash deposits, land, and your accounts receivable.

Revenue

Revenue refers to the income generated by your business for a certain period. When you receive a payment from a tenant if you're a landlord or from a landlord, if you're a property management company, that's revenue.

Expense

An expense is a cost you pay to do business. Your costs will include payroll, rent, vendor and contractor payments, marketing, and anything else you pay for.

Overhead

Overhead includes all costs to run your business outside the actual service you provide. For example, payroll, office rent, utilities, and insurance.

Credit

Credit gets into the heavy accounting jargon, but the vital thing to understand is that credit refers to any transaction which appears on the right side of an asset account. These types of transactions decrease that asset account.

Debit

Debit refers to the opposite of credit, being any transaction that appears on the left side of an asset account. These transactions increase an asset account.

Depreciation

Depreciation is used to gauge the value of an asset over time.

For example, if you purchase construction equipment to build a property, the value of that equipment will depreciate annually based on various factors.

Depreciation can often be written off on your annual taxes depending on the item, so the actual depreciation number of your assets is a number you'll want to track.

Equity

Equity is the value of, or ownership interest in, the business. If you own your business, equity equals your assets minus your liabilities.

Gross profit

Gross profit equals revenue minus your cost of goods sold, which simply refers to the cost of offering your services.

Net profit

Net profit is different from gross profit in that it doesn't just subtract the cost of your services but all costs associated with running your business. That includes a term we covered earlier: overhead (or operating expenses), such as utilities and office rent.

Liability

A liability is something a company owes. Examples include accounts payable, a mortgage, payroll, and a loan.

Bookkeeping

Bookkeeping is essentially just business accounting, the process of recording business transactions that give you your accounting data.

Financial statement

A financial statement isn't any one thing. Instead, it refers to any report which gives information on the financial health of a business.

That could be your:

  • Balance sheet
  • Profit & loss
  • Or income statement

If a lender or auditor needs financial statements from you, they'll typically specify which report they need.

Part II: How to set up your property management accounting

Now that you've learned the essential property accounting terms, it's time to put them into practice and get to work setting up your accounting.

In Part II, you'll learn all the basics of rental property accounting procedures and then some with the end goal of having the foundational elements set up to get started (or improve a thing or two if you're already established).

In Part II, you'll learn about:

  • Setting up your business account
  • Choosing your accounting method
  • How to set up your chart of accounts (with property management example)
  • And financial reports you should know about

Let's start with the first step. It might sound obvious to some, but it's a mistake many property owners make when starting that stems from a lack of understanding of how accounting works.

1. Set up a separate business account

A typical early accounting mistake is to do your property and other business transactions from a personal account.

In the eyes of the IRS, this a big no-no. However, that's not the only reason you want to keep your personal and business accounts separate.

Most importantly, it wreaks havoc on your accounting and makes it impossible to track your business transactions accurately.

To remedy this, set up a separate account used strictly for business. Ideally, a business checking account is designed for business purposes.

When you do this:

  • All property-related income will flow into this account.
  • And all expenses will be paid from this account (or multiple accounts, in the case of more complex rental property accounting)

2. Choose your accounting method

There are two types of accounting methods:

  • Accrual, and
  • Cash

Fortunately, this step is less about choosing an accounting method than understanding the difference (more on that in a bit).

Here's a breakdown:

Cash basis accounting

With cash basis accounting, as soon as you receive or send money, whether, for your services or the sale of a property or payment to a contractor, you record the transaction.

For example, if in September a tenant pays you $1,500 rent for that month, you or your accountant would then enter that amount as a rent payment in your accounting program right then and there.

This is the most straightforward method because it's intuitive. When a transaction happens, you record it. It couldn't be simpler.

Because of this, it tends to be the accounting method that most sole proprietors choose to use. That changes, however, once you have employees on payroll.

Accrual accounting

With the accrual accounting method, transactions are recorded when they occur.

What exactly does that mean?

If a tenant pays the rent for that month, you record that transaction in that month.

However, if a tenant pays for several months upfront, you'd still only enter this month's rent as a transaction even if you have those funds in your bank account.

Then, next month you'd enter the next rent payment as it occurs in that month.

If you have employees, you're required to use this accounting method; hence, why it's less about choosing which way (unless you're a sole proprietor, in which case you can choose) and more about understanding each method.

3. How to set up your chart of accounts

With your business accounts and accounting method in place, it's time to set your foundation.

Your chart of accounts is the backbone of your accounting system. It's like your internal bank account organized based on the type of financial activity.

A chart of accounts is simply a list of all the financial accounts that your business uses.

That includes each of the major types of accounts:

  • Revenue
  • Expenses
  • Assets
  • Equity
  • Liabilities
Property management accounting accounts

Everything in your property management accounting revolves around your chart of accounts. Every transaction is recorded in one of those five areas (with subcategories under each of them, see the image above), including everything from rent payments to maintenance costs.

With your chart of accounts, you're able to create reports like your balance sheet, which helps assess your business's health and future performance.

Visually, a chart of accounts is just a list of your various financial accounts, typically using a number system to organize those accounts.

You may or may not see the number system in your accounting system.

QuickBooks Desktop:

quickbooks chart of accounts example

To the left under 'NAME' is each subaccount, while under "TYPE" is the master account that the subaccount belongs to.

However, to ensure these subaccounts are all organized into the corresponding master account, a number system is necessary.

This is usually done with a method referred to as "block numbering."

It's pretty straightforward: you assign a master account to a large number and block out a section of numbers then reserved for that master account's lesser subaccounts.

For example:

  • 1000 - Assets
  • 1100 - Residential property
  • 1200 - Commercial property

Then, under each subaccount, you'd have further subaccounts:

  • 1100 - Residential
  • 1101 - 326 Labarca Ave.
  • 1102 - 7965 Meron St.
  • 1103 - 900 Bannon St.
  • 1200 - Commercial
  • 1201 - The Stellaris
  • 1202 - Palm Drive Business Park

Notice how we have 100 account numbers blocked out for each property type. Depending on how many properties you manage, this could be much larger and have further subaccounts that organize your individual property accounts by state or city.

This is a complex topic that deserves attention. To learn more about setting up your chart of accounts, read our guide: Property Management Chart of Accounts (Free Sample Template).

Property management chart of accounts example

It's hard to visualize what this looks like without an example.

So, here's what a snippet of the chart of accounts from the average property management company might look like:

Chart of accounts property management software

Under "Type," you can see the overarching account those subaccounts are part of, along with the purpose of each account.

This is just one chart of accounts example. To see more, read our guide: Chart of Accounts Examples (Property Management, Medical).

4. Financial reports you should know and use

The last step to setting up your property accounting is all about growing accustomed to the reports that your accounting system can generate.

These reports are arguably one of the three most important things your accounting system does for you (the others being tracking your finances and preparing your taxes).

That's because you can use your financial reports for all kinds of things, such as:

  • Obtain funding, whether via a loan or investors
  • Identify accounting errors that are leading to overspending or wasted funds
  • Uncover areas for improvement in how you're managing or spending your money
  • Doing your taxes
  • And much more

Here are a few examples of important accounting statements you'll want to make yourself familiar with:

  • Balance sheet
  • Profit and loss statement
  • Cash flow statement
  • Income statement

Part III: Best practices

Now that we've gone over the basics, it's time to cover some tips, or best practices, that didn't fit into the last section.

These are best practices that are important to keep in mind when setting up your property management accounting system, or even just when interacting with it if an accountant sets it up for you.

For example, when you run reports or review parts of your accounting with your accountant, you'll have a better idea of what they're talking about and be able to offer more accurate and valuable input.

Let's get started.

1. Have separate accounts for administrative and property management operations

One of the unique needs of property management companies is that they have two levels of their business:

  • Service: Managing properties
  • Administrative: Managing the business itself

These are two very different sets of tasks and should be kept separate to maintain accurate accounting.

If you don't keep these separate, it will be challenging to do anything with your accounting because your reports will be muddled, whether you're looking for information on the properties you manage or your business overhead.

2. Include gaps in your chart of the accounts numbering system

It's impossible to know just how many accounts you'll need over the next decade (and beyond) for your chart of accounts.

If you set up your number system without enough space between each category, you'll end up with a very confusing and inconvenient system.

What's the solution? Set up your number system by the thousands and hundreds.

For example, your master category takes a thousand (4xxx), while each subcategory takes a hundred (41xx, 42xx, 43xx)

Chart of accounts management

3. Only add accounts when necessary

One of the most common mistakes of business owners who manage their accounting, or employees who handle accounting who aren't trained accountants, is adding general ledger accounts too liberally.

From time to time, you may need to add more accounts. It's standard to see your chart of accounts grow over the years.

However, what you don't want is for your number of accounts to end up with a massive amount of bloat and dozens of unnecessary accounts (or can be combined into fewer accounts).

This will help keep your accounting as simplified and streamlined as possible.

4. Send your annual taxes to a professional accountant

Depending on the size of your business, you might be managing properties by yourself or with a large team.

When you're smaller, it's natural to think that it's easier to handle everything yourself. After all, it's a little extra savings.

However, when it comes to business accounting, especially property accounting with its quirks, you want your taxes handled by a professional.

One mistake can cause a painful audit that could have been easily avoided by paying a small fee to a local accountant who will review and sign off on your books.

5. Analyze your financials annually (minimum)

As a business owner, it's essential to review your financials each year to see what changed and what improvements you can make.

Add on top of that the fluctuating value of properties, and this becomes even more important.

At the end of each year, similarly to how you might review your goals for the business, you should inspect every level of your financials.

Cull or combine unnecessary accounts, double-check accuracy, see where you might be overspending, and use that data to inform your moves for the following year.

The best way to do that is by preparing a cash flow statement.

With a cash flow statement, you grade each property based on four metrics to determine how profitable the property will be in the future.

Those metrics include (with definitions):

  • Rental cash flow: Cash flow from rent payments, typically the primary source of cash flow.
  • Capital appreciation: The increase in the value of a property.
  • Debt paydown: How effectively the property is being paid down.
  • Tax shelter: This includes all utilized tax deductions.

If you've never done this kind of cash flow statement before, it might be worth hiring a professional to perform it for you to make sure it's done right.

6. Use accounting software to save time and effort

You could still manage your accounting with something as simple as an Excel spreadsheet.

However, nowadays, there is a much more efficient way to manage your accounting than with a spreadsheet: software.

With accounting software, preferably dedicated property management software, you can automate many processes that would take hours to do each month manually.

You can also view a diverse range of reports at your fingertips and within seconds.

Plus, with property management-specific accounting software, you also get access to features that typical accounting software can't give you.

Those features depend on the software, but they often include invaluable features such as a built-in tenant portal, automated rent payments, and a work order management system.

7. Track deductible expenses

A big part of accounting is tracking your expenses for the sake of accurate tax reporting.

One of the most critical parts of that is tracking your deductible expenses, which can significantly reduce your tax bill at the end of the year.

There are dozens of potential deductions when it comes to rental property management.

Here's a list:

  • Legal fees
  • Management fees
  • Real estate taxes
  • Lease cancellation fees
  • Repair costs
  • Supply and equipment costs (even if you just rent said equipment)
  • Marketing
  • Travel, specifically mileage between properties for any type of work-related tasks
  • Mortgage interest payments
  • Insurance
  • Payment for your annual tax preparation (from the previous year)
  • Payments to contractors for maintenance
  • And wage payments to maintenance workers or on-site property managers you employ

For a complete list of potential deductions, see IRS Publication 535, Business Expenses, page 3:

IRS publication

8. Set up a system to track NNN leases (if it applies)

This point only applies if you deal in commercial real estate, where many leases are triple net or NNN lease types.

If you use NNN leases, you'll need to set up a way within your accounting system to track everyday area expenses and set up annual billing for tenants.

Fortunately, most accounting software can set reminders and multiple accounts, which mainly automates this process.

However, it's easy to forget and lose track of, which can wreak havoc on your accounting. So, make sure to be proactive about setting up a system for managing it.

Part IV: 1031 exchanges

IRS 1031 exchanges (named after IRS Code Section 1031) are an invaluable part of the overall picture of property management accounting, especially when it comes to taxation.

Using a 1031 exchange to exchange investment properties allows you to defer capital gains tax, but it's what that tax deferral will enable you to do, which leads to the real benefits of a 1031 exchange.

Such as:

  • Shifting properties to put a stake in a developing area and maximize your returns: If you have a stagnate property, you can change the value in that property to another in a promising market.
  • And avoiding the downside of market volatility: You can also exchange properties when you expect the market to change in a big way, shifting from higher-risk properties to lower-risk ones.

Despite this, 1031 exchanges can be complex if you don't know what you're doing.

You need to follow the rules or risk losing the tax deferral status and be hit with capital gains tax.

So, let's quickly touch on the 1031 exchange rules, including the 1031 exchange timeline.

Looking to learn more about how 1031 exchanges work, including a detailed breakdown of the 1031 exchange rules and the four types of 1031 exchanges? Read our guide: IRS 1031 Exchange Rules for 2021: Everything You Need to Know.

And learn more about 1031 exchange rules specific to California: 1031 Exchange Rules in California.

Here's an infographic that breaks down the five main 1031 exchange rules:

1031 exchange rules

1. Must be a like-kind property

Like-kind property essentially means the property you're buying in the exchange must be similar to the one you're selling.

The rules for what this means is a bit vague, so much so that most two of any properties are considered like-kind.

2. Must be the same taxpayer

Whether it's a company or an individual investor, the entity who sells the property in the exchange and the person who purchases the new property in that same exchange must be the same taxpayer.

3. Must be investment or business property

You cannot do a 1031 exchange with personal property. According to the Tax Cuts and Jobs Act, "Section 1031 now applies only to exchanges of real property and not to exchanges of personal or intangible property."

4. Must be of equal or greater value

To get 100% tax deferment on your exchange, the property you're purchasing must be of equal or greater value. If it's not, you'll pay capital gains on the difference between their value.

5. The 1031 exchange timeline

At the heart of the 1031 exchange is the 1031 exchange timeline, which dictates how a 1031 exchange is performed.

The timeline needs to be adhered to from beginning to end, most notably at the 45 day and 180-day markers, or you can lose the 1031 exchange status and be on the hook for the full capital gains tax.

Here's a 10,000 view of the 1031 exchange timeline to better understand:

1031 exchange timeline

And here's a quick summary of important points during the timeline:

  • First Day: Hire a qualified intermediary to oversee the sale of the exchanged property.
  • Day 45: You have to select three potential replacement properties by this date, one of which will be the property you purchase as part of the exchange.
  • Day 180: The final day of the exchange period, by this date, you must have chosen your exchange property and completed the exchange.

Keep in mind that this is a broad overview of the process. There are details to keep in mind throughout every part of the timeline and within each rule.

For a comprehensive guide to the 1031 exchange timeline, including tips for making every stage of the timeline smooth, read our guide: 1031 Exchange Timeline: How the IRS 1031 Exchange Process Works.

Part V: Choosing the best property management accounting software

So far, you've learned:

  • Important accounting lingo
  • How to set up your property accounting
  • Property management accounting best practices
  • And lastly, how 1031 exchanges work and why they help defer capital gains tax

All of this is vital if you want to tackle your property accounting, both reducing time and headache and maximizing profit for you and/or your clients.

However, nowadays, you're doing yourself a great disservice if you're not using accounting software of some kind.

That's because accounting software not only automates much of what was once repetitive manual input work, it also makes new things possible. It does it all fast, conveniently, and neatly.

A decent accounting solution can:

  • Track deposits
  • Record rent payments
  • And do payroll and issue vendor and contractor invoices

Even if you have an outside accountant, you're going to want quality accounting software you can plug everything into.

You can then give your accountant a login to whatever software you use to pull the information they need and complete tasks if they don't work in-house.

Can I just use QuickBooks?

If you're just setting up your accounting, QuickBooks is a great place to start.

There's virtually no accounting software more robust, and it will do most of the basic things you need it to do.

However, if you manage dozens of properties yourself or are part of a property management team that manages large numbers of properties, you'll quickly notice the limitations.

With QuickBooks, it's hard to work using multiple accounts, such as property management, business management, and deposits.

And both properties and tenants have to be imputed as customers, which requires a workaround to get everything to show up correctly.

These and other limitations can make QuickBooks a less-than-ideal choice for your property accounting if you have a mid-to-large size portfolio.

The solution?

Dedicated property management software (like DoorLoop).

With property management accounting software, you get much more than just robust accounting features.

You also get:

  • An owner portal where owners can check review key reports and payments can be issued
  • A tenant portal where you each can communicate about
  • Marketing tools such as automatic listing and templates
  • Maintenance order management, which automates much of the process

So, what is the best property management software?

Below, we'll break down the best property management software of various types depending on whether you manage rentals, commercial, HOA/condos, or any other or general.

For more on QuickBooks vs. property management software, including a full tutorial on how to set up QuickBooks for property management accounting, read: Pros and Cons: Can You Use QuickBooks for Property Management Accounting?

Property management accounting software: DoorLoop

doorloop property management accounting software

If you're looking for a great all-around option, DoorLoop is here to help.

DoorLoop is a complete rental property management software packed with features designed to help you manage your portfolio from anywhere– with ease.

Built to be highly intuitive and easy to use, you don't need any special training to get started with DoorLoop and begin taking advantage of the complete list of valuable features.

Features such as:

  • Robust accounting tools that can replace QuickBooks as your regular accounting software, including custom reports, a complete chart of accounts, and multiple payment options for tenants, including ACH and credit cards
  • Maintenance order dashboard that automates much of the process of handling work orders, as well as direct communication functionality with tenants on maintenance orders from within the platform
  • Built-in CRM and tenant portal that brings further automation to areas such as tenant screening and accepting rent payments
  • Owner portal that allows you to print checks and gives them the ability to access key reports
  • And even marketing tools such as listing properties right from within the dashboard

And if that isn't enough, DoorLoop's full-service rental property management software is free until 2022. After 2022, pricing will start as low as $49/month for your first 20 units.

Visit DoorLoop

Rental property accounting software

Rental property software is designed for landlords and property management companies who deal primarily in rental properties.

However, rental property software tends to be pretty robust, so chances are it will also work for commercial and other types of property management if you have a mixed portfolio.

Here are a few great options:

*For a more comprehensive breakdown of the best rental property management software tools, check out our guide on the Top 10 Rental Property Accounting Software of 2021.

And for a work order-specific solution, read our guide on the 10 Best Work Order Software Tools.

1. Rent Manager

RentManager

Rent Manager is a specialized rental property management software with a wide range of features and good accessibility. However, their pricing isn't as transparent as other tools listed here.

Try Rent Manager if: you're looking for a property management accounting software you can easily use on multiple devices.

2. Hemlane

Property management accounting hemlane

Hemlane is a robust rental property software with several unique high-end features centered around offering local agent support. The trade-off is a higher price point.

Try Hemlane if: Local support features such as agent support are worth the investment.

3. TenantCloud

property management accounting tenant cloud

TenantCloud is a great option if you want something more customized for property accounting than generic accounting software but don't have much of a budget.

They offer a 100% free plan of up to 75 units, though the trade-off is that they lack several of the features we've covered thus far.

Try TenantCloud if: You want property management accounting software but are on a tight budget.

Commercial property management software

Commercial property management tends to be a bit more specific in its features, often designed for large-scale property management companies.

If you strictly manage commercial properties, these are great options to look into.

Want more great commercial property management accounting software options? Read our guide on the 10 Best Commercial Property Management Software of 2021.

1. RealPage Commercial

Commercial property management software realpage commercial

RealPage Commercial is a robust commercial property management software with lots of features.

Depending on how many units you have, they can either be affordable or a bit pricey, as they use a square-footage pricing model instead of per unit.

Try RealPage Commercial if: You appreciate a good lease administration tool and want a robust set of features with pricing based on square foot.

2. Total Management

Total Management

Total Management offers a commercial-specific solution that's known for having an easy setup and intuitive interface.

Plus, if you have residential and commercial properties, they can handle both. However, it's priced higher than its average competitors by a good margin.

Try Total Management if: You want a property accounting software built for commercial property that's easy to use, and you have the budget to spend for a premium solution.

3. MRI Commercial Management

MRI

Our final commercial property accounting solution, MRI Commercial, is known for its robust features and leasing tools.

However, similar to Total Management, they have enterprise pricing, which might detract many from trying them out.

Try MRI Commercial if: You want strong leasing tools and have a high budget.

Condo property management software

Condo property management software is perhaps the most unique among all property management software.

That's mainly because of the community-centric nature and needs of an HOA.

With these options, you can expect some kind of community management feature in addition to some or most of the standard property management software features.

Want a more in-depth guide to the best condo and HOA property management software? Check out our guide: Top 10 HOA and Condo Management Software for 2021.

1. WildApricot

WildApricot HOA Management

Wild Apricot is a dedicated HOA management software for small associations.

It has a good balance of features, though it misses some critical features such as work order management and calendar management.

Try Apricot if: You don't need work order or calendar management, or you're looking for affordable HOA management software.

2. PayHOA

PayHOA Home

PayHOA is a dedicated HOA management tool with a wide range of features and notable customer support, though with no mobile functionality.

Try PayHOA if: You want a strong support team to turn to for help and don't need a mobile app.

3. Condo Control

Condo Control

Finally, Condo Control offers a good balance of features geared towards condo, co-op, and HOA managers.

Try Condo Control if: You're looking for a solution that offers good community management features without sacrificing any of the great property management accounting software features you'd see in one of the earlier solutions mentioned.

Try a free property management accounting software

There's a lot involved in getting your property management accounting up and running.

We hope this guide helps you take the first (or next) step in the right direction.

Want a partner that will make your accounting, and all property management operations, for that matter, smoother and more stress-free?

Try DoorLoop 100% free until 2022 and bring ease and efficiency to your property management accounting.

David Bitton

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his two children, he's writing articles here!