One of the most important software tools in commercial real estate is for property management.
The market offers a wealth of options for real estate owners, investors, and managers of all sizes.
In the sections below, we will review some of the best commercial property management software available for commercial, multi family, and hybrid portfolios.
Commercial Property Management Software
While some products are specifically tailored for commercial or residential/multi family portfolios, others can be used for any type of real estate assets.
Each platform comes with a slightly different set of features, although most include modules for accounting, billing, reporting, maintenance request management, online payments, and communication.
Pricing however does vary widely from one product to the next and is usually tiered by the number of units managed, user licenses, or other criteria.
It is worth mentioning that most platforms offer free demos, so before making a purchasing decision, it is wise to not only research the features of the product you are considering, but also to take it for a test drive to ensure it is going to serve your particular property management needs.
Let’s get down to it…
Property Management Software for Commercial Portfolios
RealPage Commercial is a comprehensive property management solution suitable for REITs, property management companies, real estate owners, and developers of office, industrial, and retail portfolios.
It offers a number of operational, financial, and reporting functionalities that cover every aspect of commercial real estate management.
Its lease administration component comes with lease boilerplates that make adding new leases easy.
The platform also features lease accounting calculations for CPI increases, percentage rent, late fees, recurring charges, and more that ensure accurate billing.
Its common area maintenance reconciliation engine can handle the entire recovery billback process.
RealPage Commercial also comes with a tenant portal that allows users to make payments online, send service requests, view lease balances, and more.
The platform uses a subscription-type pricing model based on your portfolio’s total square footage.
The plan for office and retail assets is $10/month per 10,000 square feet, and the industrial assets plan costs $5.83/month per 10,000 square feet.
MRI Commercial Suite
MRI’s commercial real estate management software is packed with features.
Its lease administration module serves as a centralized data repository allowing users to access the latest lease data for each tenant.
The platform also features advanced calculators for lease clauses, offsets, breakpoints, and recovery billbacks. It has robust reporting and data visualization tools that can help analyze and maximize the overall portfolio performance.
The included Tenant Connect portal lets tenants access account information, make online payments, and submit service requests anytime, anywhere.
MRI Commercial Suite is used by over 3,900 commercial clients, managing 30 billion square feet and over 2.3 million leases. The web-based version of the software is accessible across multiple devices.
CRESSblue is a commercial property management solution for net lease properties such as shopping centers, retail plazas, and industrial and office complexes.
It can streamline a variety of property management tasks and functions such as lease abstracting, budgeting, maintenance contracts and schedules, CAM reconciliations, lease options, work orders notifications, and a lot more.
The software can also help standardize document administration across the entire portfolio and produce various reports.
CRESSblue pricing is based on the number of leases and users managed, and it includes free upgrades. Introductory training is available for individual users or groups, and the company offers phone and email support.
SOFT4RealEstate is an all-in-one property management software for commercial, retail, and mixed properties.
Powered by Microsoft Dynamics NAV, the application has the look and feel of other Microsoft products such as MS Office.
It can be deployed on premises or used in the cloud.
The software is priced per user, and can be purchased as a monthly subscription or as a licensed stand-alone application.
Some of its more notable features allow users to create lease contracts from templates, store and track all tenant data, manage the entire portfolio of lease units, track current vacancies and sales leads, calculate accurate common area maintenance charges, and manage work order requests.
The software can also be used to create and send out invoices, generate various reports, and track maintenance schedules.
Additionally, it comes with a tenant self-service portal that allows users to see their contract details, submit work orders, and more.
The VTS platform specializes in leasing and asset management of commercial real estate portfolios.
The software has a network of over 35,000 users managing over 10 billion square feet of space.
Its business intelligence analytics allow landlords and agency brokers to close deals faster and increase their overall conversion rate. Additional features include inventory, tenant, and deal management.
VTS is also a great collaboration tool that allows commercial real estate teams to instantly share important data, move deal approvals through the pipeline faster, and communicate efficiently.
The platform has an iOS app for mobile and tablets and an API that allows integration with other commercial real estate management solutions such as MRI and Yardi.
Property Management Software for Multifamily Portfolios
Property Matrix is highly-customizable, enterprise-level property management software for apartment complexes and other multi-family properties.
It comes with 120 features and 500 customizable reporting fields. Its user-friendly interface works seamlessly across all devices.
Subscription-type plans start at $400 per month depending on the number of units managed and features included, and come with a 30-day money back guarantee.
Property Matrix offers enterprise class accounting, comprehensive document management, customizable templates and reports, online payment options, and an integrated communications hub.
The software also enables you to build individual websites and tenant portals for each building in your portfolio.
The Shiftsuite property management platform is specifically tailored for condominium managers. It consists of separate applications that can be used individually or bundled together.
The available application modules include accounting, property management, community websites, certificate management, online proxies, and vendor vetting.
The platform currently supports 450,000 listed condo units and 1,600 community websites. Pricing for the various application modules differs, and the monthly fees are based on factors such as number of units managed and user licenses.
The online proxy application pricing is charged per each use, and it increases with the number of units managed.
The iManageRent is a cloud-based platform designed to automate and simplify property management tasks and renting.
It is suitable for do-it-yourself landlords, property managers, and industry professionals.
Landlords and property managers can use the platform to estimate market rents, find prospects, screen potential tenants, calculate security deposits and rent increases, collect rent payments online, and manage work order requests.
As a white label solution, iManageRent can be branded for each individual organization.
It can be shared by multiple users with various levels of access, and it can also be integrated with third-party websites allowing organizations to utilize some of the platform features on their company websites.
Pricing is based on the number of units managed, and a free basic plan with limited features is also available.
Rentmoji is an all-in-one property management solution for residential rental properties.
The platform offers numerous features including property accounting, payment processing, maintenance request management, document storage, lead harvesting, and vendor management.
It features a fully automated resident application and screening module, and a step-by-step move-in process. It also has individual portals for owners, residents, and vendors.
The platform is offered as a SaaS product, and it is completely customizable to the needs of each organization. It also works seamlessly on all mobile devices.
Property Management Software for Hybrid Portfolios
Yardi is one of the industry-leading property management software providers with more than 20,000 corporate and government customers.
The company offers two property management platforms – Yardi Breeze, tailored for smaller real estate firms and Yardi Voyager for medium to large size property management companies, owners, and investors.
Both platforms are suited for residential and commercial portfolios and come with features for managing accounting and operations processes.
In addition, Yardi Voyager includes comprehensive reporting, and lease renewal, construction and maintenance management.
The company also offers a number of add-on products that can be fully integrated with the Voyager platform.
AppFolio Property Manager
AppFolio is an all-in-one cloud-based solution that can be used by managers of single family, multi family, condos, HOAs, commercial properties, or mixed portfolios.
The platform features designed for residential property managers include online applications and screening, online leases, online payments, robust accounting, automated late fees, online maintenance requests, and one-click vacancy posting.
The commercial property management flavor of the platform comes with modules for common area maintenance reconciliation, rent increase schedule, commercial oriented reporting, online rent payment, and more.
AppFolio offers two monthly subscription pricing plans based on the type and number of units managed. The lower-tier plan starts at $1.25 per unit per month for residential, and $1.50 per unit per month for commercial.
The Property Boulevard real estate management solution can be used for commercial and residential portfolios, as well as HOAs and condominiums.
The software comes with a number of product modules including receivables, payables, accounting, banking, payroll, unit and tenant management, vendors, maintenance, and inventory.
The accounting and management modules can be used independently of each other.
Property Boulevard also comes with several productivity and security features such as automatic updates, paperless office, and restricted access options.
The platform can be deployed on-site or used in the cloud. The cloud-based version can also be accessed on smartphones and tablets via a special app. The on-site option can be deployed with or without a terminal server.
Total Management is a web-based property management platform that serves both the residential and commercial real estate markets.
The residential and multifamily property management and accounting tools include custom dashboards, work orders management, tenant portal and tracking, and are a perfect solution for apartments, single family homes, and student housing.
The features tailored for office, retail, and industrial properties include custom dashboards, notifications tracking, maintenance request management, CAM, tax and insurance reconciliation, correspondence management, and accounting functions.
Total Management’s monthly pricing is $1 per unit for residential portfolios and $2.50 per unit for commercial properties. There is a monthly minimum charge and a one-time setup fee.