Top Real Estate Accounting Software

The Estate Skyline Team

July 5, 2024

Editorial Note: We sometimes earn a small commission from partners listed.
This never affects editor opinions or evaluations.

Our team carried out an exhaustive research and evaluation process, examining each real estate accounting software based on critical factors such as functionality, user experience, integration capabilities, and overall value. We focused on solutions that offer specialized tools tailored specifically for real estate accounting, addressing the unique financial needs of agents and brokers. By consulting with industry professionals, conducting thorough tests, and analyzing authentic user reviews, we have identified the top software that can significantly enhance your real estate accounting operations.

Top 5 Real Estate Accounting Software

Software
Rating
Why Choose It
Free Trial
Our Review
Automated, cost-effective
Free Trial
Mobile-friendly, integrates well
Free Trial
Efficient bookkeeping
Free Trial
Real estate-specific
Free Trial
Rental property management
Free Trial
Automated, cost-effective
Wave
Price

Starting at free, optional paid services available ($16/month)

Users

Ideal for real estate agents, brokers, property managers

Advantages

Easy expense tracking, automated bookkeeping, intuitive interface, robust reporting

Best For

Pocket- and small business-friendly

Overview

Apply Design was selected for its blend of affordability, efficiency, and high-quality output, making it an invaluable tool for real estate marketing.

Its unique combination of fast service and a robust feature set positions it among the top virtual staging solutions.

Features
  • Expense categorization
  • Invoicing
  • Payment reconciliation
  • Financial reporting
  • Payroll
Pros & Cons
  • Mobile app
  • Advisors
  • Comprehensive financial reports
  • Free to use
  • Limited advanced features
  • Optional paid services can be costly
How It Stands Out

Wave excels in providing a cost-effective solution for real estate professionals with its user-friendly and automated accounting tools.

Its robust features, including detailed expense tracking and financial reporting, simplify bookkeeping without needing extensive training.

The mobile app enhances accessibility, ensuring users can manage their finances on the go.

Security is a priority, with web-based, encrypted services. Wave also offers optional paid services for payroll and personalized bookkeeping, providing flexibility and scalability.

Final Grade:
Mobile-friendly, integrates well
Xero
Price

Starting at $29 per month

Users

Real estate agents, brokers, property managers

Advantages

Mobile access, detailed reporting, easy client management, extensive integrations

Best For

Mobile accounting, client management

Overview

Xero’s comprehensive features, mobile accessibility, and extensive integration capabilities make it a standout choice for real estate professionals.

Its ability to provide detailed financial insights and streamline expense management ensures it meets the complex needs of the industry, securing its place in our list of top real estate accounting software.

Features
  • Pay bills
  • Claim expenses
  • Bank connections
  • Accept payments
  • Track projects
Pros & Cons
  • Mobile accessibility
  • Detailed financial insights
  • Easy expense tracking
  • Strong integration capabilities
  • Monthly subscription fee
  • Potential complexity for beginners
How It Stands Out

Xero provides a robust accounting solution for real estate professionals, enabling seamless financial management on the go.

The software allows users to track performance, manage expenses, and view client records with ease.

Its mobile app ensures you stay on top of bookkeeping from anywhere, making collaboration with your team and accountant straightforward.

The ability to snap photos of receipts and automate transactions simplifies expense management.

Additionally, Xero integrates with over 1000 third-party apps, enhancing its functionality and adaptability to various business needs.

Final Grade:
Efficient bookkeeping
Bench
Price

Starting at $249 per month

Users

Realtors, brokers, property managers

Advantages

Accurate financials, unlimited support, integration with tools, expert team

Best For

Accurate, timely bookkeeping

Overview

Bench’s specialized bookkeeping services, tailored to the needs of realtors, make it an essential addition to our list of top real estate accounting software.

Its combination of expert support, accuracy, and real estate-specific features ensures comprehensive financial management, freeing realtors to focus on their core activities.

Features
  • Monthly bookkeeping
  • Tax advisory & filing
  • Catch up bookkeeping
  • Powerful financial reporting
  • Real-time insights
Pros & Cons
  • Real estate-specific support
  • In-house bookkeeping
  • Tax-ready financials
  • Timely financial updates
  • Higher cost compared to basic software
  • Limited to bookkeeping and tax services
How It Stands Out

Bench excels by offering tailored bookkeeping and tax services specifically for realtors, addressing industry-specific financial challenges.

Their dedicated bookkeepers provide accurate monthly financial reports, ensuring compliance with real estate tax laws and optimizing deductions.

The platform integrates seamlessly with key financial tools, automating data input to minimize errors.

Unlimited support and personalized service ensure realtors can focus on their business while Bench manages the financial details, maintaining accuracy and efficiency.

Final Grade:
Real estate-specific
Realtyzam
Price

Starting at $11.58 per month billed annually

Users

Real estate agents, brokers

Advantages

Fast setup, zero data entry, tax-ready reports, mobile app

Best For

Quick tax reporting

Overview

Realtyzam’s unique focus on real estate professionals and its user-friendly design makes it an excellent addition to our list of top real estate accounting software.

Its automation and efficient tax reporting capabilities cater specifically to the needs of real estate agents, providing a valuable and time-saving accounting solution.

Features
  • Automatic expense tracking
  • Tax report generation
  • Receipt upload via mobile app
  • Bank and credit card integration
  • Customizable expense categories
Pros & Cons
  • Simple and intuitive interface
  • Time-saving automation
  • Accurate tax reporting
  • Free trial available
  • Limited to real estate
  • No payroll features
How It Stands Out

Realtyzam is designed exclusively for real estate agents, offering an intuitive and simple solution for managing expenses and preparing tax reports.

Its automation features eliminate the need for data entry, integrating with over 15,000 banks and credit cards to download and categorize transactions automatically.

The mobile app allows for easy receipt uploads, ensuring all expenses are tracked accurately.

With its focus on real estate, Realtyzam streamlines accounting tasks, making it a time-efficient tool for busy professionals.

Final Grade:
Rental property management
Quicken
Price

Starting at $9.99/month

Users

Landlords, property managers, real estate investors

Advantages

Detailed tracking, tax optimization, document organization, comprehensive reports

Best For

Comprehensive, secure, integrated management

Overview

We included Quicken in our list of top real estate accounting software for its comprehensive features that cater specifically to rental property management.

Its ability to streamline income tracking, expense management, and tax preparation, coupled with secure data handling and detailed reporting, makes it a standout choice for property managers and landlords.

Features
  • Rental income tracking
  • Tenant management
  • Expense categorization
  • Tax preparation tools
  • Financial reporting
Pros & Cons
  • Easy tracking of rental income and expenses
  • Integrated tax preparation
  • Secure data management
  • Comprehensive financial insights
  • Monthly subscription fee
  • Learning curve for beginners
How It Stands Out

Quicken provides an all-encompassing solution for managing rental properties.

It combines rental income tracking, tenant management, and expense categorization with robust tax preparation tools.

Users can generate detailed financial reports to gain insights into their property performance.

The software ensures data security with industry-standard encryption, and its user-friendly interface simplifies managing multiple properties.

Quicken’s integration with other financial tools and the ability to handle both personal and rental finances in one platform enhances its utility for real estate investors.

Final Grade:
What is an Accounting Software in Real Estate?

Real estate accounting software is a specialized tool designed to manage the financial aspects of real estate businesses.

It streamlines processes such as tracking income and expenses, handling property management accounting, generating financial reports, and ensuring compliance with industry regulations.

This software provides real estate professionals with accurate financial insights, helping them make informed decisions and maintain efficient operations.

Key features of real estate accounting software include:

  • Income and expense tracking: Monitor all financial transactions related to properties.
  • Property management integration: Seamlessly manage property-specific financial data.
  • Financial reporting: Generate comprehensive reports, including profit and loss statements and balance sheets.
  • Tenant and lease tracking: Keep records of tenant payments, leases, and rent schedules.
  • Budgeting and forecasting: Plan and predict future financial performance.
  • Tax management: Simplify tax calculations and ensure compliance with tax regulations.
  • Automated invoicing: Create and send invoices automatically to tenants and clients.
  • Bank reconciliation: Match and verify transactions with bank statements.
  • Multi-property support: Handle financial data for multiple properties within a single platform.
  • Compliance and security: Ensure data privacy and adherence to industry standards.
Our Team's Recommendations

We recommend selecting a real estate accounting software that offers comprehensive features tailored to the unique needs of the real estate industry.

Look for software that excels in income and expense tracking, financial reporting, and tenant and lease management.

Ensure it integrates seamlessly with your existing property management systems and provides robust budgeting and forecasting tools.

Prioritize options that offer automated invoicing and efficient bank reconciliation to streamline operations.

Security and compliance are paramount, so choose a solution that guarantees data privacy and adherence to industry standards.

By selecting the right software, you can enhance your financial management, improve operational efficiency, and make more informed business decisions.

Our Methodology

Our methodology for selecting the top real estate accounting software tools involved a rigorous and comprehensive evaluation process.

We began by identifying a wide range of available software options, focusing on those specifically designed for the real estate industry.

Each software was then assessed based on several key criteria: feature set, user-friendliness, pricing, integration capabilities, customer support, and scalability.

We analyzed user reviews and feedback from real estate professionals to gauge real-world performance and satisfaction.

Additionally, we conducted hands-on testing to verify the functionality and reliability of each tool.

By combining these quantitative and qualitative measures, we ensured a thorough and objective evaluation, resulting in a list of the most effective and reliable real estate accounting software solutions available.

Frequently
Asked Questions
Why do I need real estate accounting software?

A real estate CRM system is specialized software that helps professionals manage interactions with clients and prospects. It is a centralized platform for information on leads, clients, and properties, streamlining business operations.

How do I choose the right real estate accounting software for my business?

Consider your specific business needs, the software’s feature set, user-friendliness, pricing, integration capabilities, customer support, and scalability. Reading user reviews and feedback from other real estate professionals can also provide valuable insights.

Can real estate accounting software integrate with other property management tools?

Yes, many real estate accounting software solutions offer seamless integration with various property management tools, allowing for a unified and efficient management system.

Is real estate accounting software suitable for small businesses?

Absolutely. There are real estate accounting software options designed for businesses of all sizes, including small businesses. These tools can help small businesses manage their finances more effectively and scale their operations.

How secure is real estate accounting software?

Security is a top priority for real estate accounting software providers. Look for software that offers robust security features, including data encryption, secure user authentication, and regular software updates to protect your financial information.

Is training available for real estate accounting software?

Yes, many software providers offer training resources such as tutorials, webinars, and customer support to help you get the most out of their product.

How much does real estate accounting software cost?

The cost varies depending on the software’s features, the number of users, and the size of your business. Some providers offer tiered pricing plans, allowing you to choose a plan that fits your budget and needs.