Are you considering RealPage as your next rental property management software?
Considering there are dozens of other options to choose from, it may be difficult to know if your choice is the best one for you and your business.
If you are considering RealPage as your solution for property management, we are here to answer some of the questions you may have. Some of these questions include:
- What are the pros and cons of RealPage?
- Is it cost-effective?
- How do their features stack up to their competitors?
- Are they the best option?
Getting answers to these questions may provide some clarity for you as to whether or not you should choose to invest in this software.
Below we have outlined a full review of the RealPage software and whether or not you should consider it as your property management solution.
What is RealPage Property Management Software?
RealPage is a cloud-based leading property management platform that provides services for all kinds of properties. This software enables rental property owners and managers to produce and store various records and documents that pertain to their rental properties.
Some of the property types that RealPage offers property management tools for include:
- Apartment Complexes
- Multifamily Properties
- Commercial Properties
- Single-Family Properties
- Vacation Rental Housing
RealPage's comprehensive suite of tools allows its users to gain access to a plethora of resources to streamline their property management company and make it more efficient. This software is also backed by a Market Analytics data platform that allows users to maximize the value of the rental property.
Although you may already be hooked on RealPage's rental property service, it is important to know the pros and cons of the software. Also, you must factor in the price that you will be paying for this software to know if it is worth it for the features that you will be getting.
Since property management software can have such a huge impact on your business, we have outlined everything that you will possibly need to know about to help you make your decision.
One of the best parts of the RealPage software is the large collection of features that it provides. With these features, you will be able to transform your property management company and provide exceptional service to your clients.
Some of the most notable property management services provided by RealPage include:
- Accounting Suite
- Budgeting Tools
- Property Maintenance (allowing you to manage maintenance requests)
- Document Management and Production
- Full Property Management
With all of these helpful features, you can easily do some of the tasks that would have taken you hours any other way.
In the long run, software like this will transform how you and your team conduct business.
Now, let's go through the features in more detail so you know exactly what you are investing in.
RealPage offers its users a complete accounting suite with a plethora of tools at their disposal.
Some of the most notable features of RealPage's financial suite include vendor payments, budgeting, corporate accounting, financial reports, and variance analysis.
The software also provides property accounting, which is vital for property managers trying to grow their property management company or analyze their performance.
Another useful feature of the RealPage software is that it provides a collection of budgeting tools for helping you keep track of all of your expenses.
Some of the most significant advantages of these budgeting tools are that it saves time, improve accuracy, increase visibility, and reduce costs.
Also, RealPage makes it quick and easy to integrate their software with your business, so you can begin using these tools almost immediately.
Another helpful feature that RealPage offers is that you can keep track of maintenance requests from your rental properties. These tools make it easy to submit and assign work orders for any of your properties, as well as monitor the progress.
Apart from that, you can also generate a detailed report of maintenance requests, making it easy to keep track of everything. By doing so, you can shorten response times to a maintenance job while also cutting down on the costs of these requests.
One of the key features that RealPage offers is its full document management suite. With these tools, you can maintain a constant flow of documents in your portfolio and offer your clients consistent paperwork.
Also, these services reduce the amount of time it takes to handle physical documents and store everything in the cloud. Since it is stored in the cloud, you can access your documents from anywhere and share them with anyone who needs access.
Another very helpful feature that RealPage offers is a full property management suite. These tools are meant to drive productivity and increase profitability while reducing the cost of doing so.
This end-to-end solution is also completely customizable, offering you, the property manager, full control over how the software works. This also makes it very easy to integrate with your daily workflow.
Now that we know about some of its most useful features, let's discuss how much RealPage's services cost.
One of the biggest deciding factors for people when choosing a property management solution for their company is the price.
RealPage's pricing is actually different from most software, as it is based on the square footage of your properties. There are also two different options, one is for Office and Retail Assets and the other is for Industrial Assets.
For the Office and Retail Assets plan, the price is $10 per month for every 10,000 ft2. This plan grants you most of the features that the software provides.
The next plan is for Industrial Assets, which costs $5.83 per month for every 10,000 ft2. With this plan, you get all of the features from the previous plan, plus some other ones geared towards industrial real estate.
Does RealPage offer a free trial?
Unfortunately, RealPage does not offer any free trial for the software. However, they do have a large collection of videos that you can watch before investing that goes over every aspect of the software. Apart from going over how the software works, these videos can also be used as a sort of training if you decide to choose RealPage.
RealPage Pricing Overview
Overall, many users claim that the price for this software is pretty steep for the services that it offers. Since it is priced per square foot, one property can easily cost a lot of money per month, just to have it managed by RealPage.
However, if you have a large company with many industrial properties, the price may not be as bad, as there is no other fee to worry about.
RealPage Pros and Cons
Now that we know all about RealPage's features and its pricing, let's discuss the general pros and cons of the RealPage software.
These are pulled mostly from 2021 RealPage user reviews found on the company's website as well as on other websites reviewing the software.
Pro: Comprehensive List of Features
RealPage's software does offer a robust set of features that allow property managers and owners to have full control over financial processes and every transaction. They also have full control over their rental properties and other accounting tasks.
Pro: Document Management System
One of the things that RealPage prides itself on the most is its top-of-the-line document management system. This system helps its users keep track of all their important documents while also keeping them stored in a secure cloud where they can be accessed anywhere at any time.
Con: Confusing Reports
Some users claim that the reports generated by the software are confusing and difficult to read. They report having to thoroughly search through every report. When pulling a report, it brings up a ton of information from the past that may not be relevant to what the user is searching for, making the reporting feature difficult to work with.
Con: Hidden Fees
Apart from the price charged by the square footage of your properties, some users also claim that there are some fees that are charged afterward. Most of these fees are reported to be coming from new representatives for the units that are being managed by the software.
Now that you know everything you need to know about RealPage, there are other property management software options out there, so let's go over an alternative to it.
Whether you are searching for a more comprehensive list of features or a cheaper price, we have got you covered with this alternative.
If RealPage does not sound like the best option for you, DoorLoop may have some of the things you are looking for.
With DoorLoop, you get all of the features that come with most property management software tools, plus a whole lot more.
- Full Accounting Suite: Make DoorLoop your all-in-one accounting solution for all financial processes
- Tenant Portal: DoorLoop's full tenant portal allows for seamless communication between the tenant and the property manager. It also provides a convenient place for rent payments and other fees and tenant screening, all in one place.
- Maintenance Management System: DoorLoop's maintenance request management also allows you to create and track maintenance requests across all of your properties.
- Marketing Tools: A full suite of tools allows you to list vacant units and fill them up as quickly as possible.
- Stellar Customer Support: Around-the-clock customer support that makes the onboarding process a breeze with one simple call.
DoorLoop has great pricing, starting at $49 per month for up to 20 units. This means that you can gain access to all of these features at an amazing price.
Do you want to see DoorLoop's amazing features all for yourself? Schedule a free demo to experience what it can do for you.
You should already know how much of an impact rental property software like this could have on some companies, but the difficult part is choosing the best property management software for you.
Hopefully, by now you have been able to refine your decision of which software to go with, whether it be RealPage or the all-in-one solution DoorLoop. So, if you want to take your portfolio management to the next level, be sure to look into DoorLoop to help you simplify and streamline the entire process.