Unveiling the Top 7 Lease Management Software Solutions of 2023

Effective lease management is essential for companies of all sizes and sectors in today’s dynamic business environment. The pressure on businesses across all industries to keep meticulous records automate mundane tasks, and increase profits has never been higher. This is where lease management software comes in — it’s a game-changer that gives companies complete command over their leasing processes. 

In this piece, we’ll look at some of the best lease management software options available. With powerful features and easy-to-use interfaces, these software options have been carefully chosen to improve lease management processes, increase productivity, and ensure compliance. Join us as we explore the world of lease management software and identify the best options that may completely change your lease management experience.

▶ What is Lease Management Software?
▶ Innago
▶ Entrata
▶ Avail
▶ AppFolio Property Manager
▶ Buildium
▶ ResMan
▶ Guesty
▶ Wrapping Up

What is Lease Management Software?

Imagine you’re the boss of a booming enterprise, like a real estate conglomerate or a rental equipment firm. As your business grows, keeping track of all your leases and rental deals becomes harder. Many moving parts in a lease, rental payment, and maintenance plan may rapidly become complicated and time-consuming. That’s where lease management software swoops in.

To help corporations and other organizations keep track of their leasing obligations, a number of companies have developed specialized computer programs and applications known as lease management software. It’s a one-stop shop for keeping tabs on a lease’s moving parts, from paperwork and payments to tracking and reporting.

Most lease management software typically offers several features, such as:

  1. Lease tracking: This enables customers to keep track of and arrange leasing agreements, including crucial dates, terms, and conditions. This function is helpful for keeping tabs on lease renewal dates and other important dates.
  2. Document management: The program lets users keep track of and organize lease-related documents such as contracts, modifications, and tenant data. Some functions it may contain include versioning, file sharing, and digital signatures.
  3. Financial management: Rent collecting, invoice creation, and payment monitoring are just a few of the monetary tasks often handled by the software. Additionally, it has the potential to provide analytical reports and data about rent, outgoing costs, and occupancy levels.
  4. Tenant management: Users may keep track of their tenants’ names, addresses, phone numbers, and lease terms. It’s an excellent tool for keeping in touch with tenants, negotiating leases, and managing those relationships.
  5. Reporting and analytics: You will be able to create individualized reports, lease summaries, and financial statements. Lease analytics, occupancy rates, and revenue forecasts are all valuable metrics to look into.
  6. Compliance and regulatory support: Accounting standards (such as ASC 842 and IFRS 16), lease accounting, and taxation rules are only a few examples of the regulations the program might help users adhere to.

Now, let’s look at the seven best lease management software programs available on the market.

Innago

Innago is a program that helps property managers and landlords of small and medium-sized properties manage their lease agreements. It’s an all-in-one solution made to make managing rental properties more accessible and more efficient. 

See also  Small Business Warehouse Tools for Effective Storage Management

Innago Lease Management Software is widely regarded as a leading solution for real estate professionals because it perfectly synthesizes functionality, accessibility, and innovation. 

Property managers can keep better tabs on lease terms, rental payments, maintenance requests, renewals, and expirations with the help of Innago, which provides a user-friendly platform for doing all of these tasks and more.

Key features

  • Lease tracking
  • Online payments
  • Tenant tracking
  • Tenant portal 
  • Accounting
  • Credit check
  • Financial reporting
  • Vacancy management
  • Tax management

Best for

Private owners, property managers, rental management companies, residential property management companies, self-storage, HOAs, community managers, military housing, port management, and more.

Pricing

The software is free. However, in order to get access to a few features, you’ll have to pay a fee. Features you’d have to pay for are:

  • Criminal, Credit, and Eviction History -$30-35
  • ACH Payments – $2*
  • Credit / Debit Card Payments – 2.99%

Entrata

This company was formed in 2003. Its founders, all students at the time, were frustrated by the ineffectiveness and inconvenience of the current methods used to manage apartment complexes. They started working on simplifying property management by making it easier for tenants to pay rent and report maintenance issues online.

Since 2003, Entrata’s cutting-edge technology has helped owners of multifamily, student, military, commercial, and affordable properties manage their rental portfolios. 

Key features

  • Rent tracking
  • Financial management
  • Property database
  • Document management
  • Lease management
  • Maintenance management
  • Credit check
  • Contact management
  • Billing & invoicing
  • Insurance management
  • Tax management
  • Residential properties

In general, everything in the system works together well and is incredibly user-friendly, even for novices. Its intuitive design makes it simple to use, even for those who aren’t tech-savvy. Everything is well organized into tabs, and most things can be found precisely where one would expect them to be.

Best for

Entrata provides enterprise-level property management solutions for the entirety of the lease lifecycle and gives owners, property managers, and tenants the tools they need to build better neighborhoods. The data in an Entrata database is solid and can be tailored to fit any business’s specific requirements. 

Pricing

Entrata has no free trial.
As rates recommended by Entrata Pricing are optimized over a wide range of factors, you’d have to contact the company directly to determine the most suitable price for your specific properties using a combination of enhanced algorithms and user-defined rules. 

Avail

The Chicago-based business was established in 2012 under the name Rentalutions. Avail, by Realtor.com, is a property lease management software that streamlines property management for landlords with 50 units or less. This software for landlords is well-known for the many resources it provides to private landlords and tenants. 

With Avail, landlords can quickly find tenants by posting a listing on the most popular rental websites, vetting them with reliable screening reports, creating and sending lawyer-approved rental applications, and digitally creating, signing, and collecting rent for state-specific leases. By the way, Avail is now used by over 400,000 landlords.

See also  Food Inventory Software to Optimize Your Restaurant and Bar Business in 2023

Key features

  • Free rental listings
  • Tenant screening – credit, history, and eviction reports
  • Easy-to-use tenant applications
  • State-specific digital leases
  • Ready-to-sign leases
  • Secure online rent collection
  • Maintenance requests tracking
  • Rent analysis reports
  • Rental property accounting tools

Best for

Avail will be perfect for independent owners who manage their properties themselves and the people who rent from them. A majority of Avail’s landlords manage between 1 and 50 units and are looking to improve their tenants’ lives, save time, and increase profits.

Pricing

Avail has a simple, two-tiered pricing system for businesses: 

  • Unlimited $0/month (includes features like Syndicated Listings, Credit & Criminal Screenings, Online Rent Payments Maintenance Tracking, and more)
  • Unlimited Plus $7/unit/month (except all the Unlimited plan features, it offers FastPay Rent Payments, Waived ACH Fees, Customizable Applications, etc.)

AppFolio Property Manager

AppFolio, founded in 2006, is a full-featured, cloud-based real estate lease administration software designed to simplify and automate the essential tasks that keep your business running smoothly, from accounting to marketing and leasing to maintenance. You and your team can take charge of your company and quickly put insights into action because you have access to the same data and reports whether you’re in the office or on the road. With AppFolio, you may increase your team’s efficiency and streamline operations by integrating the software with your preferred property management systems through the expanding AppFolio StackTM integration marketplace.

Key features

  • Property management
  • Document management
  • Portfolio management
  • Accounting
  • Contact management
  • Billing & invoicing
  • Lease origination
  • Commercial leases
  • Residential leases

Best for

AppFolio will be the best option for managers of 50 or more rental units, whether single-family homes, apartments for students, businesses, condos, or a combination of these types of properties.

Pricing

  • Residential – $1.40/unit/month
  • Commercial – $1.50/unit/month
  • Student Housing – $1.40/unit/month
  • Community Associations – $0.80/unit/month A $280/monthly minimum applies.
  • Pricing includes: Online Applications, Automatic Data Backup, Bank-Grade Security, Company-Wide Training, Dedicated Support, Ongoing Upgrades, Unlimited Users, Unlimited Data Storage, Complete Accounting, Integrated Vacancy Posting, Professional Website, Online rent collection.

Buildium

Professionals in the property management industry rely on Buildium to manage all aspects of their company and increase income per tenant. The company was founded in 2004 and has its headquarters in Boston.

It’s a comprehensive online lease management program offering much more than you can imagine. You can rely on award-winning support and take advantage of an ecosystem of proven integrations when you use Buildium Marketplace to provide additional services to your residents and generate additional money. Buildium was designed to work with any portfolio.

Key features

  • Accounting, maintenance, tasks, violations,
  • Resident & board member communications and online portals
  • Free marketing website
  • New client leads, powered by all property management
  • Property inspections
  • Tenant screening
  • Signatures
  • Online payments
  • Bank account set up fees
  • Standard reports
  • Performance analytics, insights and more

Best for

It will work best for managers of private residences, managers of mixed-use properties, and HOA administrators.

Pricing

  • Essential starting at $52.00
  • Growth starting at $166.00
  • Premium starting at $479.00

ResMan is the top choice for owners, operators, and investors in the multifamily, affordable, and commercial real estate sectors when it comes to commercial lease management.

ResMan is a must-have for everyone involved in managing more than 100 units of multifamily housing. With ResMan’s real estate lease administration, owners and operators have a turnkey solution that consistently increases NOI and provides a remarkable experience for residents. ResMan handles everything from accounting to tenant screening to cost-effective compliance. 

Key features

  • Property management
  • Document management
  • Portfolio management
  • Accounting
  • Contact management
  • Billing & invoicing
  • Residential leases etc.

Best for

ResMan is a property management tool made for multifamily, affordable, and commercial operators and business owners. It offers users and buyers strong operating and accounting features and solutions.

Pricing

ResMan has three pricing plans: Conventional housing, Affordable housing, and Marketing suites. The prices depend on specific features and the plan you choose. You have to contact the company for detailed information about the pricing for your properties.

Guesty

Guesty was established in 2013 as a property management platform for businesses with four or more listings. The powerful software has various features for channel management, automated guest contact, accounting, job management, payment handling, and more, making your guests’ stay in your hotel less stressful and more enjoyable. Guesty connects with a wide variety of third-party applications, allowing users to control all aspects of their business from a single dashboard.

In addition to managing listings on sites like Airbnb, Booking.com, Agoda, and TripAdvisor, customers of Guesty also have access to the company’s suite of guest-centric solutions, such as a centralized inbox, automation resources, guest communication support around the clock, payment processing, and more.

Key features

  • Point of Sale (POS)
  • For vacation rentals
  • Reservations management
  • Front desk management
  • Online booking
  • GDS/OTA integration
  • Marketing automation
  • CRM
  • Employee management
  • Rate management
  • Maintenance management
  • Extended stay
  • Multi-property

Best for

This service is ideal for Airbnb and short-term rental managers with four or more units wanting to streamline their operations, increase their visibility, and expand their businesses.

Pricing 

The pricing for Guesty starts from $100/month. You can contact the company to find out the pricing for your properties.

Wrapping Up

In conclusion, innovative leasing software solutions have completely changed the landscape of lease management by giving businesses the tools they need to optimize processes, maximize productivity, and propel rapid expansion. 

We have researched seven of the most effective lease management software programs in 2023, each with its own set of features and perks that can be adjusted to match the specific requirements of a wide variety of enterprises.

By using the features of these software choices, businesses can gain valuable insights, automate boring tasks, and ensure they are keeping up with constantly changing requirements. 

Choose the best leasing management software for your business by considering its features and performance and how well it fits your organization’s specific needs. Look for a system that is flexible, scalable, and adaptable to meet the needs of your business. 

Good luck!

Effective lease management is essential for companies of all sizes and sectors in today’s dynamic business environment. The pressure on businesses across all industries to keep meticulous records automate mundane tasks, and increase profits has never been higher. This is where lease management software comes in — it’s a game-changer that gives companies complete command over their leasing processes.  In…