Best Real Estate Accounting Software Options for 2023
Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.
Mark has researched and reviewed accounting software at Fit Small Business since 2019 and has developed an extensive knowledge of accounting software features and how unique business needs determine the best accounting software.
This article is part of a larger series on Accounting Software.
The best real estate accounting software is easy to use and should include both general bookkeeping features, like invoicing and expense tracking, and real estate-specific functionality, such as rent collection and tenant management. We evaluated a range of real estate accounting software across different key metrics using an internal case study, and here are our top five recommendations:
- QuickBooks Online: Best overall accounting software for real estate companies and property managers (4.18 of 5 points)
- Buildium: Best for running day-to-day property management operations (3.63 of 5 points)
- Quicken: Best for landlords with around three rental properties (3.54 of 5 points)
- Wave: Best free real estate accounting software (3.03 of 5 points)
- Realtyzam: Best easy-to-use accounting software for real estate agents (2.73 of 5 points)
Best Real Estate Accounting Software At a Glance
| Pricing ($/Month) | Number of Users Included | Number of Units or Locations | Profit and Loss (P&L) Tracking by Class & Location | Real Estate-Specific Management Features | Accept Payments Online | |
|---|---|---|---|---|---|---|
 |
$30 to $200 |
1–25 |
Unlimited |
✓ |
✕ |
✓ |
| Visit QuickBooks Online | ||||||
 |
From $52 for 150 units |
Unlimited |
Up to 5,000* |
✓ |
✓ |
✓ |
| Visit Buildium | ||||||
 |
Home & Business at $9.99 per month |
1 |
Unlimited |
✓ |
✓ |
✓ |
| Visit Quicken | ||||||
 |
Free |
Unlimited |
N/A |
✕ |
✕ |
✓ |
| Visit Wave | ||||||
 |
$12 |
1 |
✕ |
✓ |
✓ |
✕ |
| Visit Realtyzam | ||||||
*Custom pricing for more than 5,000.
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QuickBooks Online: Best Overall Real Estate Accounting Software
While QuickBooks Online has no real estate-specific management features, you can use it to manage the accounting side of your business. For instance, it makes it easy for you to bill and collect payments from your clients with its bill pay feature and QuickBooks Payments integration. You can also set up unlimited classes and locations to see which among your buildings or types of rentals are the most profitable. QuickBooks Online also excels in other areas, including banking and inventory management, making it our best small business accounting software.
QuickBooks Online
Overall Score:
4.18 / 5
Pros
- Outstanding general bookkeeping features
- Track income and expenses by class and location with the Plus or Advanced plans
- QuickBooks Payments integration for scheduling automatic monthly e-payments
- Great mobile app with mileage tracking and receipt capture
Cons
- Can’t initiate a call to a customer support agent
- No integrated property management features
- Expensive for self-employed and independent agents
Features
- Lets you allocate invoices and expenses under a tenant/customer so that you can track profit and loss of each property easily
- Set up accounts and subaccounts for expense categories, such as land costs and renovations
- Enables you to create and send invoices to collect commissions
- Allows you to monitor trends in your portfolio
- Lets you track your business mileage automatically
QuickBooks Online Overview
Buildium: Best for Running Day-to-Day Property Management Operations
Buildium helps you simplify various workflows, such as rental listings, tenant screenings, and online payments. On the accounting side, it enables you to collect rent, manage bills, and classify transactions transferred from your bank account. Additionally, it offers flexible options for paying rent. For instance, it integrates with PayNearMe to accept retail cash payments from renters, which are then transferred to landlord accounts.
Buildium
Overall Score:
3.63 / 5
Pros
- Outstanding property management features
- Separate profit and loss by property
- Allocate common area expenses to properties automatically
- Leasing tools to streamline rental workflows
Cons
- Mobile app doesn’t include accounting functions
- Lacks common accounting features like mileage tracking and receipt capture
- Can be difficult to use for new users
Features
- Lets you track real estate-related transactions
- Allows you to record payments from tenants and collect fees and deposits or issue refunds if needed
- Enables you to connect your bank account to set up recurring payments
- Lets you record available or upcoming units in just a few clicks
- Allows you to manage and track tenant maintenance requests
Buildium Overview
Quicken: Best for Landlords With a Few Rental Units
Quicken is an accounting software designed predominantly to manage personal finances—but its Home & Business edition is capable of managing rentals. While that may be the case, we recommend a more complete software, like Buildium, if you have over three units.
You can manage and track tenants with Quicken, something you can’t do with QuickBooks Online. As our best QuickBooks alternative for managing rental houses, it has specialized real estate features, such as a property dashboard, rental agreements, and a report of income and loss formatted as the Schedule E required on your individual income tax return.
Quicken
Overall Score:
3.54 / 5
Pros
- Very affordable
- Track P&L by property
- Manage lease terms, rental rates, security deposits, and maintenance
- Monitor personal finances, retirement accounts, and self-employed income
Cons
- Doesn’t track assets and liabilities so it can’t print a balance sheet
- Supports only one user
- Software must be installed on your computer
Features
- Lets you plan and manage your personal or household expenses
- Enables you to store and manage property-related documents
- Allows you to manage rental information, including agreements, security deposits, and move-in and move-out dates
- Lets you report income or loss from rental real estate on Schedule E (Form 1040)
Quicken Overview
Wave: Best Free Accounting Software
Wave, a free accounting and invoicing software, is a great option if you have a limited budget or are just starting out. While it lacks premium accounting features that you’d find in other similar programs, like class and location reporting and a mobile app, you’ll still get some decent functionality, such as the ability to send and track invoices and connect your bank account to track income and expenses.
Wave
Overall Score:
3.03 / 5
Pros
- Free forever for unlimited users, transactions, and customers
- Connect bank account to import transactions
- Set up automatic monthly e-payments
Cons
- Cannot track profit and loss by property
- No property management features
- Cannot track automobile mileage
Features
- Lets you track income and expenses on your real estate properties
- Allows you to generate month-to-month or year-to-year comparisons to determine cash flow trends
- Enables you to create recurring invoices to simply tenant payment collection
- Lets you accept rent payments online through Wave Payments (paid service)
Wave Overview
If you can’t afford QuickBooks, you might find Wave a low-cost alternative. Check out how Wave compares against QuickBooks.
Realtyzam: Best Easy-to-Use Accounting Software for Real Estate Agents
While Realtyzam didn’t score well as accounting software for real estate companies, it’s still a very useful app for real estate agents wanting to track expenses and commissions by listing. You can set up your account in just a few clicks, connect your bank account easily, and run the reports you need. Also, it has an automatic transaction categorization feature that speeds up data entry.
Realtyzam
Overall Score:
2.73 / 5
Pros
- Affordable for even part-time agents
- Easy to use
- Good mobile app
- Tracks automobile mileage
Cons
- Cannot speak or chat with customer service
- Lacks some accounting features like invoicing
- Doesn’t track assets and liabilities, so it can’t produce a balance sheet
- Cannot reconcile your bank account
Features
- Lets you manage and track your sales activities and commission payments
- Allows you to record all the real estate transactions that you’re working on
- Enables you to run real-estate reports, such as average commissions, miscellaneous stats, and listing/buyer expenses
- Lets you store and manage client information with the optional customer relationship management (CRM) module
- Lets you log your mileage with its built-in mileage tracking feature
Realtyzam Overview
How We Evaluated Real Estate Accounting Software
Using a unique scoring methodology, our experts evaluated a range of accounting software that could be tailored to real estate companies. We looked at the features that are useful specifically to real estate businesses, such as the ability to track profit and loss by class and location and accept payments online. Our evaluation boils down to five criteria: pricing, ease of use, general features, real estate features, and expert evaluation.
20%
Pricing
20%
Ease of Use
20%
General Features
20%
Real Estate Features
20%
Expert Evaluation
20% of Overall Score
The most important factor in our pricing score is the monthly cost of the program. However, we also considered any limitations on transactions, vendors, or customers. Finally, we scored programs higher that offer a month-to-month option versus an annual license.
20% of Overall Score
Along with a subjective evaluation by our accounting expert, the ease-of-use score includes the availability of customer service by telephone or direct message. Other components include whether online payments require third-party integration and the likelihood of finding third-party accountants familiar with the program who are able to assist.
20% of Overall Score
General features include bookkeeping features typically found in modern bookkeeping software, including online payments, mobile apps, and receipt capture. We also determined whether the software is a double-entry system, which means it tracks both assets and liabilities as well as income and expense. Double-entry systems are the standard for bookkeeping and provide checks and balances to ensure accuracy.
20% of Overall Score
The most important real estate feature evaluated is the ability to track profit and loss by property. Other features include the ability to track automobile mileage, automatic monthly e-payments, tenant portals, and maintenance management.
20% of Overall Score
Our expert evaluation is a subjective analysis of the software’s features, mobile app, and reports. It also includes the availability of bookkeeping assistance from third parties.
*Percentages of overall score
FAQs
What are the important features of good real estate accounting software?
In addition to general bookkeeping features, good real estate accounting software will have real estate-specific features, such as the ability to manage rental applications, collect tenant payments, and perform background checks.
How do I determine the best real estate accounting software?
The best real estate accounting software for your business depends on the size of your portfolio and your specific needs. If you only have a few rental properties, Quicken might be a great option. Large-scale property managers should consider more sophisticated software, such as Buildium.
Can I use general bookkeeping software for my real estate business?
Yes, you can, as long as you only need general accounting features, such as invoicing and income and expense tracking.
Bottom Line
Ultimately, the best real estate accounting software depends on your budget, the size of your business, and your specific needs and priorities. For instance, if you own a multilocation business and you want to stay on top of your profitability, then you can benefit from QuickBooks Online’s profit and loss tracking by location feature.
If you’re a property manager or landlord who needs custom features for managing your properties, go with Buildium. However, landlords with a few rental properties may be best served by Quicken. If you have a limited budget and you don’t have much time to learn how to use real estate accounting software, there’s Wave or Realtyzam.
