You have held a variety of property management and investment property management functions, but now you want to know about accounting software for real estate developers. People tell me all the time they have difficulty learning about new things. It’s the same thing with real estate bookkeeping, if it’s been a while since you’ve taken a look at any of this information and software, and need some fresh and concise info on real estate bookkeeping.
Wondering how to get the most out of your real estate business software? Wondering which real estate software is going to help your company grow? Check out these free download real estate accounting software for a list of the best options on the market, and ideas that will give you a head start.
Xero
Best overall accounting software for real estate agents and brokerages. Xero excels at integrations, offering more than 700 of them. A double-entry accounting option, Xero can be as lean or robust as the real estate agent or broker needs, providing essential accounting tools, commission and payroll management through seamless integration with Gusto, a wide array of contract management options via integrations, and more. Plus, it’s affordable and easy to use.
Cloud-based accounting applications such as Xero enable users to synchronize data with accountants and bookkeepers, which enable businesses to run smoothly. Xero is especially useful for portfolio management where most functions are automated and easily managed remotely.
Additionally, like Back Office, Xero comes with QuickBooks integration that lets you sync data between Xero and QuickBooks.
FreshBooks
FreshBooks is an intuitive program that can be incorporated into real estate, offering tools for real estate income generation, customer lists, property tracking, and more. The interface makes it easy to manage expenses, revenue streams, banking, cash flows, invoices, taxes and receipts. Each of these can be applied in all real estate categories. Add a number of custom fields in FreshBooks for property tracking and easily manage, sort, and store critical information such as floor plans, property descriptions, lease dates, due dates, current rent, appraisal value, and maintenance. FreshBooks can be easily complemented by other accounting and budgeting software to sync with credit cards, investments and bank accounts among others.
Realtyzam
Realtyzam is a cloud-based real estate accounting software that is popularly used to manage receipts and track expenses, which helps provide an indication of a business’ financial health. It enables real estate agents to track income and keep tabs of marketing and listing fees, commissions, and broker fees.
It is also quite useful for generating reconciliation and tax reports in order to file tax returns at the end of the financial year. As well, Real Estate agents use it to track conversion rates on a monthly or annual basis and also to provide insights into productive sales leads over a given period.
Realtyzam is available for both desktop and mobile-based platforms, including Android and iOS devices on a flat monthly subscription fee.
QuickBooks Online & Enterprise
QuickBooks Online- This software comprises of really helpful real estate accounting tools and irrespective of your position as a broker or an owner; you can use it flawlessly. On the other hand, QuickBooks Enterprise is apt for managing accounting operations for mid-sized businesses across industry verticals like distribution, retail, real estate, construction, and more.
One can easily manage inventory workflows, multiple users, transaction data, locations, and more. In the USA, QuickBooks dominated the accounting software market in 2017, with 2.55 million subscribers worldwide.
| Pros | Cons |
| Provides ease of access (multiple locations and different platforms). | Spike in prices overtime. |
| Cloud-based functionality. | Limited number of users. |
| Data is always backed up. | ‘Combined reporting’ feature not available. |
| Integrates with many third-party applications. | Not so effective payroll product |
Sage Intacct
The applications of this software provide real-time operational and financial insights, along with the option of automating processes which are critical.
It helps you effortlessly manage some of the prominent accounting operations like order and cash management, accounts payable and receivable, general ledger, and more.
| Pros | Cons |
| Very flexible & easy to use. | Comparatively pricey. |
| Offers custom reports. | Not as versatile and offers less options compared to QB. |
| Cloud-based system. | No mobile app. |
| Provides many features. | Additional modules budgeting, interactive reporting cost extra. |
Wave
Best accounting software for start-up real estate agents. The only totally free option on this list is Wave, which provides the strong double-entry accounting new agents will appreciate without a financial investment. Payroll can be added for a low monthly cost, and contract management requires integrations. Tracking commissions requires some additional configuration, but it can be done.
Buildium
Pros
- Outstanding property management features
- Separate profit and loss by property
- Allocate common area expenses to properties automatically
- Inexpensive for companies with 20 units or less
Cons
- Mobile app doesn’t include accounting functions
- Lacks common accounting features like mileage tracking and receipt capture
- Not very easy to use
Buildium Pricing
- Essential: Monthly from $50 for 20 units or less to $235 for 150 units
- Growth: Monthly from $160 for 50 units or less to $5,400 for 5,000 units.
- Premium: Annual from $4,968 for 150 units or less to $159,000 for 5,000 units
If you have more than 5,000 units, custom pricing applies. Try out Buildium’s features by signing up for a free 14-day trial with no credit card required. The trial includes preloaded test data to see how Buildium works.
Buildium Standout Features
- Tenant evaluation: Buildium can help you screen tenants during the application process. This evaluation feature includes credit screening, criminal records, and eviction information. It also lets you customize credit score requirements.
- Specialized accounting functions: Buildium has all the necessary accounting functions you’ll need for real property management. It also features recurring invoices and automatic expense allocation, such as trash removal, among tenants.
- Marketing tools: Buildium can help you create listings that can be posted on managers’ websites, to Craigslist or to the entire Zillow network.
Quicken
Pros
- Very affordable
- Track P&L by property
- Manage lease terms, rental rates, security deposits, and maintenance
- Track personal finances, retirement accounts, and self-employed income
Cons
- Doesn’t track assets and liabilities so it can’t print a balance sheet
- Cannot include more than one user
- Software must be installed on your computer
PricingQuicken Pricing
- Starter: $35.99 per year for Windows and Mac
- Deluxe: $51.99 per year for Windows and Mac
- Premier: $77.99 per year for Windows and Mac
- Home & Business: $103.99 per year for Windows only
Quicken Standout Features
- Necessary accounting functions: Quicken features all the necessary accounting functions to help you manage your real estate transactions. It has invoicing templates, estimates, receivable and payable tracking, and a tax deduction finder.
- Market value tracker: Quicken can also give you quick insights on the current market value of your property portfolio that can be classified by type, sector, or the integrated Morningstar’s Portfolio X-ray tool.
- Tenant management: Quicken can help you manage your tenants in one software program, keeping track of their accounts and managing their payments easily.
- Online document storage: Quicken also has cloud storage for saving receipts and other business documents. We like this because you can keep copies of lease contracts in the cloud.
Lone Wolf Back Office
Lone Wolf Back Office is a real-estate focused option that can also serve the needs of a range of entities from the small brokerage to the larger real estate firm, including those with multiple locations. Its basic accounting functionality keeps the books in order, but its real strength is in commission management and calculation, along with contract management.
Conclusion:
Accounting is one of the most vital tasks to every business. For every business, financials are important for making relevant decisions to maintain or grow their businesses. The financial statements are income statement, balance sheet, and cash flow statement. These statements will help you to set your budget and to find out the things that are working well in your business and the ones that need proper attention.