What is a Real Estate Management System (+5 Best options)

You know how busy it can get if you’re involved in the real estate industry. Managing properties isn’t just about finding tenants or buyers, it’s about ensuring that everything functions smoothly, from repairs to rent collection.

That’s exactly where a real estate management system (REMS) can help your business. You can track all your properties, manage who’s renting what, which payments are due and what needs fixing.

So if you’re not using a real estate management system, it’s your cue to get one for your real estate business now!

In this guide, we’re diving deep into what a real estate management system is and how it can make your life easier. Plus, we’ll introduce you to some of the best options out there, so you can find one that fits your needs.

What is a real estate management system?

At its core, a real estate management system (REMS) is a software solution designed to assist property managers and real estate professionals in efficiently managing their operations.

It puts everything you need to handle your properties — like keeping up with tenants, dealing with leases, sorting out repairs and managing your finances — all in one place.

This system is all about making your work more straightforward and helping you get more done with less hassle, giving you a clear view of everything that’s going on with your properties.

What are the features of real estate management system

With REMS, you can manage the entire real estate management process — from property listings and team management to accounting, analytics and much more. Some of the top features of a real estate management system are:

1. Property listing management

This feature lets you list and advertise your properties across various channels from one platform. You can manage photos, descriptions and availability statuses ensuring your listings are attractive and up-to-date.

2. Tenant management and lease tracking

REMS keeps all your tenant info and lease details in one centralized location. So you won’t have to dig through files to find out information about who’s renting, how much they’re paying and when their lease is up — all of it can be done from one place.

3. Maintenance and repairs management

With property management software, you can efficiently manage maintenance requests and repairs. Tenants can report issues directly through the system, you can assign tasks to maintenance staff, track progress and ensure timely resolution keeping your properties in top condition.

4. Accounting and financial management

This includes tools for tracking all financial transactions, such as rent payments, maintenance costs and other expenses.

You can generate invoices, manage budgets and produce financial reports to keep your finances clear and under control.

5. Customer Relationship Management (CRM)

Real estate management systems like Salesforce, Zoho and Yardi normally have an in-built real estate CRM tool to manage interactions with potential and current tenants. This way, you can track interactions, manage leads, improve customer service AND streamline all the other business processes at the same time.

6. Reporting and analytics

Generate detailed reports and gain insights into various aspects of your property management operations. With the help of such reports, you can track financial performance, occupancy rates, property details and maintenance costs to make informed decisions about your properties.

7. Data security

A real estate management system contains information about properties, accounts, rent, customer relations, deals, revenue and much more. Losing any of this information can have dire consequences for your business. But worry not because REMS makes sure all your important info stays secure with robust data encryption. 

So only you and the people you trust have access to sensitive customer data, and you don’t have to worry about unauthorised access or hardware crashes. Plus, with most REMS being cloud-based these days, another advantage is that you can manage your data from anywhere, on any device.

Benefits of a Real Estate Management System

Adopting a Real Estate Management System (REMS) can transform the way you manage your properties, leading to significant improvements in efficiency, tenant satisfaction and overall business performance.

Here are some of the key benefits:

1. Increased efficiency and productivity

By automating routine tasks such as rent collection, maintenance requests and financial reporting, REMS saves you time and reduces the risk of human error. This allows you and your team to focus on more strategic activities that contribute to your business’s growth.

2. Improved financial management

REMS provides tools for better financial oversight, from tracking income and expenses to generating detailed financial reports. This comprehensive view of your finances helps in budgeting, forecasting and making informed financial decisions, ensuring the profitability of your investments.

3. Enhanced tenant satisfaction

Offering a portal for tenants to easily pay rent, submit maintenance requests and communicate with property managers can significantly enhance tenant satisfaction. Happy tenants are more likely to renew their leases, leading to lower vacancy rates and stable rental income.

4. Streamlined maintenance processes

With REMS, organizing and tracking maintenance tasks becomes more manageable. You can prioritize requests, assign tasks to maintenance staff and ensure timely completion keeping your properties well-maintained and reducing long-term repair costs.

5. Better decision-making

Access to real-time data and analytics allows you to understand the performance of your properties and real estate agents. Insights into occupancy rates, lead conversions, financial performance and tenant demographics enable you to make data-driven decisions to optimize your portfolio.

6. Scalability

As your portfolio grows, REMS grows with you. Whether you’re adding more properties or expanding into new markets, REMS can adapt to your changing needs, ensuring that you can manage your growing portfolio without sacrificing efficiency or control.

Pick the perfect real estate management software for your business

Choosing the right REMS isn’t just about picking the most popular one; it’s about finding a system that fits your business precisely.

Here’s how to make sure you pick the best one for your business:

1. Know what you need

Start by understanding what you need. Do you manage many residential properties, or are you into commercial real estate? Do you need something simple for just tracking payments, or do you want a system that handles everything from A to Z? Make a list of your must-haves.

2. Consider ease of use

A system that’s not intuitive can end up costing you more time than it saves. Look for a REMS that’s easy to understand and navigate. If you can, try a demo or a free trial to get a feel for how it works. If it makes sense to you, it’ll likely make sense to your team.

3. Assess integration capabilities 

You probably run ads on Google, you must have a website, and you are using various productivity software as well.

A real estate management system should integrate with all these platforms seamlessly so that you’re able to manage everything from one centralised platform, reducing your efforts manifold. 

Check that the REMS you’re considering can integrate smoothly with your existing tools. This can save you a lot of headaches down the line.

4. Should be scalable

Your business isn’t standing still; your REMS shouldn’t either. Choose a system that can scale up as your business grows, adding more properties or features as you need them. This way, you won’t have to shop for a new system just when things start to get busy.

5. Check the price tag

REMSs come in all price ranges, so find one that fits your budget. Remember to look beyond the initial cost and consider long-term expenses, like subscription fees or charges you might incur when you opt for add-on features. Think of it as an investment that you’re making to improve your business’s efficiency and for peace of mind.

6. Offers best-in-class support

Even the best system might not work properly or require technical assistance. Make sure the REMS provider offers good customer support. Whether it’s a detailed help center, responsive customer service or training materials, knowing help is at hand can make a big difference.

5 top real estate management systems to watch out for

While there are many REMS options out there, here are a few that stand out for their features, reliability and user satisfaction. Remember, the best choice for your real estate company depends on your specific needs and business goals.

1. Propertyware

Propertyware offers a comprehensive suite of management tools and is ideal for those managing single-family and low-density residential properties. It’s one of the best property management software available in the market, which is known for its robust accounting features, maintenance request tracking and customizable reports.

Pricing

Propertyware has three pricing plans. Apart from the monthly subscription fee, you’ll also be charged an implementation fee which is twice the monthly subscription for each of the respective plans.

• Basic: $1 per unit per month, with a $250 monthly minimum 

• Plus (most popular plan): $1.50 per unit per month, with a $350 monthly minimum 

• Premium: $2 per unit per month, with a $450 monthly minimum

Note: ‘Monthly minimum’ here means that regardless of the number of units you manage, you’ll have to pay a minimum of $250 dollars for the basic plan.

If you manage 200 properties, you’ll still have to pay $250 as that’s the minimum fee needed to access the basic plan. If you manage 250 properties or more, the pricing will vary depending on the number of properties you manage above the base number. 

Look at the pricing for different pricing models to get a better understanding:

• $250 if you manage 250 or fewer properties

• $270 if you manage 270 properties

• $300 if you manage 300 properties

Pros

• User-friendly interface

• Effective customer service

• Comprehensive feature set for property management needs

Cons

• Issues with the ePayments system

• Limitations in search functionality within platform documentation

• Some dissatisfaction with customer support and online training effectiveness

2. Buildium

Great for property managers of residential and association properties, Buildium streamlines operations from rent collection to maintenance management. It also includes features for business growth, such as property marketing tools and a portal for tenant communication.

Pricing

Buildium has three pricing plans. Basic features like accounting, maintenance, standard reports, etc., are present in all the plans.

• Essential: $55/month

• Growth: $174/month

• Premium: $375/month

Pro Tip: Visit Buildium’s website and compare different pricing plans. Take the free trial to assess if it fulfils your business needs.

Pros

• Bill pay and expense tracking

• Easy to read and navigate

• Good for day-to-day and general database management

Cons

• Customer service is below par

• Email feature is difficult to use

3. AppFolio

AppFolio provides a user-friendly interface with powerful features and it is suitable for residential, commercial, student housing and community association management. These include online rent payments, maintenance requests, accounting and property marketing.

Pricing

AppFolio’s pricing structure is as follows:

• Core: $1.49 per unit per month, $298 minimum spend per month and 50 unit minimum

• Plus: $3.20 per unit per month, $960 monthly minimum

• Max: $5.00 per unit per month, $7500 monthly minimum

Pros

• User-friendly interface

• Multi-entity accounting management

Cons

• Even simple tasks are time-consuming

• Lax customer support

4. Yardi Breeze

Yardi Breeze’s real estate management system caters to smaller portfolios of residential and commercial properties. It’s known for its simplicity and ease of use, offering essential features like accounting, lease management and maintenance tracking in a cloud-based platform.

Pricing

Yardi Breeze has classified various types of properties and charges according to the type of property:

• Residential:

  • Breeze: $1 per unit per month, $100 minimum per month

  • Breeze Premier: $1 per unit per month, $400 minimum per month

• Commercial:

  • Breeze: $2 per unit per month, $200 minimum per month

  • Breeze Premier: Custom pricing

• Affordable: $3 per unit per month, $400 minimum per month

• Associations: $1 per unit per month, $400 minimum per month

Pros

• User-friendly and great customer support

• Customer service chat feature is outstanding 

Cons

• Time-consuming configuration 

• Some accounting features don’t work very well

5. RealPage

Designed for a wide range of property types, RealPage’s real estate management system offers solutions that cover the entire real estate management lifecycle. Its features include leasing and rent, budgeting and forecasting, spend management and resident services.

Pricing

Pricing for RealPage is based on per square foot:

• Office and retail assets: $12.50 per month per 10,000 ft2

• Industrial assets: $7.30 per month per 10,000 ft2

Pros

• User-friendly interface, easy to navigate

• Comprehensive reporting capabilities

• Good customer service

Cons

• Challenges with merging accounts 

• Potential slow performance on older devices or devices with weak internet connections

• Integrating with other systems is a long-drawn process 

Choosing the right REMS can make a significant impact on your real estate management efficiency and success. Take your time, do your research and pick a system that will grow with your business and help you achieve your goals.

Conclusion

A real estate management system is a comprehensive tool to manage and track:

• Properties (residential and commercial)

• Property listings (who’s renting what and where)

• Financial transactions (rent due, paid, etc.)

• Prospect and customers

• Agent performance tracking

• Business performance reporting and analytics

So you’d really be missing out if you don’t get one for your business.

Before getting a REMS, understand your needs, consider the size of your business, pinpoint the features you want in the software and then consider the aforementioned options accordingly.

Also Read:
Real Estate Sales Processes- How The Best Salespeople Do It
9 Tried and Tested Real Estate Marketing Strategies