Finding the right multifamily property management software is like searching for a needle in a haystack, but instead of a needle, it’s that one tool that won’t have you waking up to tenant texts at 3 AM.
Summary:
- The quest for the perfect property management software.
- A no-nonsense comparison of the top 11 tools out there.
- Why your choice of software could be the difference between a good night’s sleep and becoming a nocturnal creature.
The Quest for The Holy Grail of Property Management Software
In the world of property management, having the right software is more than a convenience—it’s your lifeline. It’s what stands between you and a barrage of tenant calls and texts at all hours. Here, we dissect the top 11 multifamily property management software tools that promise to make your life easier in 2024. Let’s see if they live up to the hype.
KeKu: Your Shield Against Late-Night Calls
KeKu steps in as the superhero of communication for property managers. Choose a local or toll-free number (or keep your old one), and keep your personal life as guarded as Fort Knox. It’s the go-to for managing communications without blurring the lines between your professional and personal life. Imagine sending out rent reminders or scheduling property tours as effortlessly as flipping through a comic book. Plus, with shared numbers, your whole crew can manage the influx of calls and texts, ensuring no tenant’s plea goes unheard.
KeKu, a VoIP company based in New York City, was launched in April 2010 by Michael Choupak under its parent company Stanacard, which was formed on March 20, 2007. Stanacard’s website had been launched in January 2005, providing services for prepaid service cards with patented Smartdial capability. By August 2012, KeKu reached 500,000 users for its free and paid services.
AppFolio: The Big Fish
For managing a Gotham City-sized portfolio, AppFolio is your go-to. It’s packed with tools that let you run your empire remotely, but it comes with a price tag that might make even Bruce Wayne raise an eyebrow. While it’s rich in features, it’s not the best at playing nice with other software, which could leave you wishing for a Batcomputer that’s a bit more cooperative.
AppFolio was founded in 2006 by Klaus Schauser and Jon Walker. It’s headquartered in Santa Barbara, California, and provides SaaS applications for the real estate industry. The company went public in 2015 and has made several acquisitions, including MyCase in 2012 and Dynasty Marketplace, Inc., in 2019 for $60 million. AppFolio reported a revenue of $620 million in 2023.
DoorLoop: The David to Your Goliath
DoorLoop is the slingshot for the smaller guys, proving you don’t need a Goliath-sized budget to manage properties efficiently. It’s user-friendly and doesn’t require a Batcave’s worth of space to operate. However, it might leave you wanting more, especially if you’re planning to grow your portfolio faster than a speeding bullet.
DoorLoop was founded by a group of property managers and landlords who were seeking an efficient, affordable, all-in-one software solution for property management. Focused on saving time, increasing profitability, and facilitating portfolio growth, they launched DoorLoop with the mission of simplifying property management. The company has received $30M in investments and boasts a world-class team, achieving high satisfaction ratings and widespread acclaim for its software solutions.
Yardi Breeze: The Middle Ground Marvel
Yardi Breeze is like the Spider-Man of property management software—flexible, reliable, and ready for action whether you’re dealing with commercial high-rises or cozy residential units. But, like Peter Parker’s photography career, it has its limitations, especially if you’re looking to seamlessly swing between properties.
Yardi was established in 1984 and has grown into a leading provider of high-performance software solutions for the real estate industry. The company, renowned for its quality software and customer satisfaction, now employs over 9,000 professionals across more than 40 offices globally. Yardi’s philosophy focuses on building strong relationships with both clients and employees, emphasizing responsiveness, technical innovation, and community involvement.
Buildium: The Tenant Whisperer
Buildium helps you keep tenants happier than a landlord at a rent-paying contest. It’s great for retention, allowing tenants to build their credit by paying rent on time. Just be ready to fork out extra for some of its cooler tricks, like rent payment reporting that costs more than a cup of coffee in Gotham.
Buildium was co-founded by Michael Monteiro. It emerged from the founders’ experiences as small-property landlords, aiming to serve small to mid-sized property management companies. The journey to success was challenging, taking two years to secure their first 50 customers. Now, Buildium serves 14,000 customers across more than 40 countries, demonstrating significant growth from its early days.
Entrata: The Customizable Cyborg
Entrata offers flexibility that would make even a cyborg jealous, letting you mix and match features like you’re at a candy store. It’s great for those who know exactly what they want, but be warned: there’s no free trial, so you’re taking a leap of faith without a safety net.
Entrata, initially known as Property Solutions, was founded in 2003 by David Bateman, Johnny Hanna, and Ben Zimmer. It was rebranded as Entrata in 2015. The company focuses on cloud-based property management software for apartment owners and operators. In 2021, Entrata raised $507 million, marking it as Utah’s newest software Unicorn, with the investment led by notable figures including Silver Lake and Ryan Smith.
Rentec Direct: The Budget-Friendly Buddy
With Rentec Direct, managing properties doesn’t have to cost an arm and a leg—maybe just a finger. It’s perfect for those watching their pennies, but remember, you get what you pay for. And in this case, you might be missing out on some of the flashier features offered by the other guys.
Rent Manager: For the Boutique Brigade
Rent Manager is for those who prefer a more tailored approach to property management. It’s like having a custom suit: looks great, fits well, but requires a bit more work to maintain. Plus, if you want to text your tenants without causing a scene, you might need to upgrade.
Rentec Direct was founded by Nathan Miller in 2007 to offer cloud-based property management software and tenant screening solutions, designed with small to medium landlords in mind. The company distinguishes itself by being self-funded, without venture capital backing, focusing on customer-driven software development and maintaining award-winning customer service.
MRI Living: The Condo King
MRI Living is your go-to for managing condos and HOAs with the precision of a brain surgeon. It’s a bit like using a sledgehammer to crack a nut, though—powerful, but maybe overkill for smaller operations.
ResMan: The Affordable Housing Hero
ResMan stands up for affordable housing management like a superhero for the underserved. It’s user-friendly and doesn’t shy away from complex tasks, but getting to grips with all its features might feel like learning to fly without a cape.
In 2021, Mainsail Partners announced that ResMan, a property management software company, would join Inhabit IQ, a collective of tech-forward companies. Elizabeth Francisco, President of ResMan, highlighted this as a significant milestone, emphasizing the partnership’s role in scaling the business and expanding market share. Mainsail’s involvement included executive team recruitment and product development to enhance customer experience. ResMan, acknowledged for its workplace culture, continues to focus on property management innovation under Inhabit IQ.
RealPage: The Vacancy Vanquisher
RealPage is your ally in the battle against empty units, wielding vacancy management tools with the ease of a seasoned warrior. But, navigating its interface might have you wishing for a magic lasso to guide you through.
RealPage was founded in 1998 following the acquisition of Rent Roll, Inc., and it specializes in property management software. The company expanded through multiple acquisitions, including Axiometrics and Lease Rent Options, and was acquired by Thoma Bravo in 2020 for $9.6 billion. RealPage has been involved in controversies regarding its rent-setting algorithm, leading to an investigation by the DOJ for potentially contributing to higher rent prices.
Choosing Your Weapon Wisely
When hunting for the best multifamily property management software, consider these three must-haves: scalability, vendor management capabilities, and time-saving features. After all, even superheroes need a little help managing their day-to-day.
The Final Verdict
In the end, the best software is the one that fits your unique needs like a glove (or a spandex suit, if that’s your thing). Whether you’re managing a sprawling empire or just a few units, there’s a tool out there that will help you sleep like a baby—without fear of those 3 AM tenant calls.