Handling large multifamily portfolios isn’t easy. But property management software can help. These tools automate rent collection, lease renewals, maintenance tracking, and more - saving time and cutting costs.
Here’s a quick look at the top platforms for large operators:
- RealPage: Scalable with advanced integrations and AI-driven tools.
- Entrata: User-friendly with strong accounting and marketing features.
- Yardi Voyager: Great for integrations and compliance but limited mobile usability.
- MRI Living: Focused on core tasks, with flexible customization.
- AppFolio: Modern design with powerful automation, ideal for growing portfolios.
Quick Comparison
| Platform | Key Strengths | Weaknesses | Best For |
|---|---|---|---|
| RealPage | Advanced integrations, AI tools | Outdated interface | Revenue-focused large operators |
| Entrata | Easy to use, strong marketing | Workflow interruptions | Operators prioritizing usability |
| Yardi Voyager | 300+ integrations, compliance | Weak mobile experience | Complex operations needing connectivity |
| MRI Living | Flexible, handles basics well | Poor user experience | Budget-conscious operators |
| AppFolio | User-friendly, great automation | Payment fees, no mass texting | Growing portfolios seeking modern tools |
Each platform has strengths and trade-offs. Choose based on your portfolio size, needs, and budget.
Best Software for Managing Multifamily Properties 2023
1. RealPage
RealPage is a property management platform tailored for large multifamily operators. It brings together accounting, leasing, maintenance, and third-party integrations into a single ecosystem, capable of managing portfolios of any size. Let’s dive into how RealPage stands out in key areas like accounting, leasing, maintenance, integrations, and scalability.
Accounting
RealPage's Financial Suite offers advanced tools for budgeting, forecasting, vendor management, and real-time reporting [1]. By integrating seamlessly with OneSite Leasing & Rents, it automates processes and eliminates the need for manual data entry, boosting efficiency for enterprise clients [1].
"A financial workhorse as nimble as you need to be, with custom reporting and centralized processing for enhanced efficiency." – RealPage [1]
The platform also supports multi-entity financial planning, ensuring compliance and audit readiness for complex organizational needs [3].
Leasing
RealPage simplifies the tenant lifecycle with features like integrated online leasing, AI-driven screening, and automated support tools [4][5]. Its DemandX platform enhances demand forecasting and enables targeted advertising to help maximize occupancy rates. The Knock CRM, paired with an AI Virtual Agent, ensures 24/7 support for prospects and tenants alike [4]. Additionally, the LOFT resident platform makes moving and rent payments seamless, offering a smooth leasing experience [4].
Maintenance
Maintenance is streamlined through RealPage’s integration of work order tracking, financial reporting, and operational analytics. Updates happen in near real-time, and smart home technology integration further enhances efficiency [1][7].
Integrations
Through its Exchange App Partner Program, RealPage connects with partners like SmartRent and Leni to expand its capabilities in leasing, asset management, and financial operations [6][7][8].
"As a technology vendor for the multifamily industry, it is paramount for us to not only integrate with these property management systems to avoid duplicate data entry, but also provide a near real-time sync that truly streamlines day-to-day operations." – Mitch Karren, Chief Product Officer at SmartRent [7]
Scalability
Whether managing a small portfolio or overseeing thousands of units, RealPage is built to scale. Its OneSite platform, paired with tools like Lumina copilot, enables users to save up to 50% of their time on supported tasks. Advanced security measures, including encryption and role-based access controls, protect sensitive financial data, ensuring smooth operations across distributed teams [2][3].
2. Entrata
Entrata is designed to meet the needs of large multifamily property operators, bringing together accounting, leasing, maintenance, and resident services into one seamless platform. By consolidating these functions, it eliminates the hassle of juggling multiple software tools, making it a go-to solution for managing extensive property portfolios.
Accounting
Entrata simplifies accounting tasks with automation and centralized management, tackling everything from tracking income and expenses to generating detailed financial reports. Users gain real-time access to financial data, ensuring transparency and efficiency [10][13].
The platform's Accounts Payable (AP) suite covers a wide range of functions, including vendor management, purchase orders, invoices, payments, and approval workflows [13]. Bank reconciliation is made easier through automated transaction mapping and clearing, cutting down on manual effort [13].
"Entrata will allow Passco to grow its business through the efficiencies of the software. It will make the process easier for the onsite staff, as well as produce more profit. We felt that Entrata was the best software for us." – Suzy Cottle, CFO, Passco Companies [10]
Automated workflows not only save time - potentially hundreds of hours annually - but also reduce errors in reporting. This makes auditing payments, resident billing, and revenue tracking more manageable [10][11]. The platform also offers unlimited, secure storage for financial records and provides customizable dashboards tailored to organizational needs [10][13].
Property managers find the system's detailed reports, such as Rent Roll and Income Statements, particularly useful for daily management tasks [12].
Next, let’s explore how Entrata enhances the leasing process.
Leasing
Entrata transforms the leasing experience, managing everything from marketing properties to securing electronic lease signatures [16].
Its Leasing Center serves as a full-service contact hub, handling inquiries, scheduling tours, and ensuring prospective tenants are followed up with. Impressively, this feature converts over 30% of new leads into scheduled appointments [15].
"Entrata encompasses all the best software under one platform with one login. The ease of use throughout the software from the ProspectPortal through to the online lease execution is a leasing office dream come true!" – Mary Rose Pukas, Westover Companies [11]
Marketing tools within Entrata help syndicate property listings across various platforms, increasing visibility and tracking leads effectively [16]. The platform also incorporates a Generative AI tool that creates personalized messages, review responses, and blog posts, streamlining marketing efforts and saving considerable time [14].
The results speak for themselves - some operators have seen a 40% boost in rent collection after adopting Entrata [9].
Integrations
Entrata extends its capabilities through a wide array of integrations, offering flexibility and enhanced functionality. Its partner ecosystem and open API connect to services like credit checks, payment processing, and electronic signatures [16][18].
One recent addition is NetVendor, introduced in October 2024, which enhances vendor compliance workflows. This integration allows property managers to manage third-party vendors directly within Entrata, streamlining operations [21].
"Partnering with Entrata allows us to deliver an even more robust solution for our customers, integrating vendor compliance into a seamless, all-in-one platform." – Dave Cooper, CEO of NetVendor [21]
Other integrations include TIDY, which automates cleaning and maintenance tasks [20], and Bottomline's AP Automation, which reduces time spent on invoice capture by 50% and invoice approvals by 40% [19].
Scalability
Entrata is built to grow alongside its users, whether managing a small portfolio or a large enterprise. Its unified platform simplifies operations as portfolios expand, removing the need for multiple software solutions.
For instance, its digital marketing automation tools highlight its scalable benefits. By automating reporting tasks, Entrata's marketing team has reclaimed hundreds of hours annually, allowing them to focus on improving performance. The platform supports 818 unique client dashboards with automated templates, saving nearly 30% of the team's time [17].
Entrata adapts to portfolios of any size, offering features like customizable journal entries, ledger management, and system-wide reporting, all while maintaining efficiency and ease of use [10][13].
3. Yardi Voyager
Yardi Voyager is a web-based platform tailored for large multifamily operators. Trusted by thousands of businesses around the globe [22][23], it brings operations, leasing, analytics, and resident services together into one unified system.
Accounting
Yardi Voyager simplifies financial management by centralizing accounts payable, receivable, general ledger, and reporting functions, all while adhering to GAAP and IFRS standards [24][25]. With interactive dashboards, users can access custom analytics and send reports with just one click. The platform also streamlines rent collection by enabling online payments, making it a go-to solution for tracking and managing finances [6][24]. This solid financial framework sets the stage for seamless leasing operations.
Leasing
The leasing and CRM module in Yardi Voyager makes the leasing process smoother and more efficient. It automates everything from marketing vacancies on multiple listing services to managing digital rental applications and customizable lease templates. Tenant screening is integrated, covering background, credit, and rental history checks [26][27]. Automated notifications reduce administrative work, while mobile access keeps leasing teams productive on the go [26].
Integrations
Yardi Voyager excels in integration, offering connections to over 300 vendors and systems [6]. With Yardi Data Connect, users can securely integrate Voyager data with Microsoft Power BI, allowing for customized reporting and the inclusion of third-party data [24]. Yardi Replicate ensures real-time data transfers to cloud environments, enhancing reporting capabilities by incorporating external insights. Its interface solutions make it easy to link Yardi software with third-party vendors, giving it the flexibility to handle an extensive range of APIs, units, and square footage [24].
Scalability
Designed to meet the demands of large property portfolios, Yardi Voyager uses automation to improve collaboration and reduce repetitive tasks [24]. Its SaaS delivery model ensures mobile access, allowing property managers to oversee operations and view real-time analytics from any device or browser [24]. The platform’s unified database approach eliminates data silos, ensuring smooth scalability as portfolios expand.
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4. MRI Living
MRI Living is a trusted solution for large multifamily property operators, tackling complex property management challenges. Impressively, nearly 90% of the top 50 property management firms rely on MRI's tools, as do 80% of the top managers listed on the 2022 NMHC 50 rankings [29][33].
Accounting
MRI Living simplifies financial management by automating tasks like budgeting, forecasting, general ledger management, job costing, reporting, and accounts payable [28][29]. This automation provides clear insights into Net Operating Income (NOI) and helps property managers make informed financial decisions. By streamlining payment tracking and ensuring transparency, the platform reduces manual effort and boosts accuracy across large multifamily portfolios [30].
Leasing
The platform handles the entire leasing process through its integrated MRI Engage CRM, which brings together prospect management, resident communication, and leasing workflows [31][32]. This CRM empowers multifamily teams to efficiently engage with potential renters, applicants, and current residents - all within a single system.
"MRI Engage CRM delivers the unified prospect, resident and communications tools that property and leasing teams need, without sacrificing the features that help them deliver the right messages at the moments that matter." - John Ensign, President and Executive Managing Director, North America at MRI Software [31]
MRI Engage also features an AI-powered leasing chatbot designed to answer questions, nurture leads, and guide prospects to schedule tours or submit applications online [31]. With real-time notifications and lead engagement tools, leasing teams can follow up quickly, while automated processes like lease signing and deposit collection reduce administrative headaches [29][30].
Integrations
MRI Living’s open architecture supports seamless integration with a wide range of tools, including payment systems, utility billing software, and access control solutions [30][32][35][36]. For example, its integration with ButterflyMX automatically updates resident access permissions by syncing rent roll data, eliminating the need for manual updates [36]. This interconnected system reduces duplicate data entry and cuts down on operational inefficiencies.
Scalability
Built with large multifamily operations in mind, MRI Living offers the flexibility to scale and adapt to specific needs [34]. Organizations can integrate both proprietary and third-party technologies, tailoring the platform to their unique operational goals. Additionally, property management firms can customize portal designs and branding, ensuring a consistent experience for owners and tenants across their portfolios [32][34].
The platform’s scalability is evident in real-world applications. In June 2022, Harbor Group Management maintained nearly 97% compliance with its enhanced resident insurance program by leveraging MRI’s multifamily insurance and Intelligent Insurance technology, which incorporates AI [33]. This example underscores MRI Living’s ability to handle the demands of large-scale operations while seamlessly integrating advanced tools, making it a standout choice for multifamily property management.
5. AppFolio
AppFolio is a comprehensive platform that combines accounting, leasing, and maintenance tools tailored for large multifamily property operators. With over 19,000 customers managing more than 8.3 million units, AppFolio has earned high marks for customer satisfaction [42][43].
Accounting
AppFolio simplifies financial management by offering a centralized system for real-time financial reporting. Every transaction is recorded in one place, providing instant insights to support confident decision-making [37][39]. Key accounting features include:
- Online payment processing
- Automated accounts payable
- Corporate accounting tools
The platform's automation not only saves time but also reduces errors [40]. Additionally, property managers can access flexible, real-time reporting and data, enabling smarter decisions [37].
"AppFolio goes beyond accounting software. Property managers can answer their own questions, which makes our team more productive."
– Kathleen Schearing, Director of Finance and Administration, Commercial Facilities, Inc. [41]
AppFolio's Plus plan enhances budgeting and accounting capabilities, while the Max plan, designed for larger operators, includes an API for customization and deeper data insights [37]. Other advanced features include Smart Bill Entry and customizable dashboards through Performance Insights, empowering strategic decision-making [40].
Leasing
AppFolio takes leasing to the next level with tools that automate tasks like inquiries, scheduling, and e-signatures [45]. The AI Leasing Assistant and Leasing CRM streamline the entire leasing process by handling prospect activities, scheduling showings, and managing inquiries [43][45]. The platform also features real-time vacancy dashboards and Leasing Signals, which help property managers make data-driven pricing decisions [45].
"Having the leasing data, and the source data, and the traffic data that the AppFolio AI Leasing Assistant Lisa provides, has completely changed the game for us."
– JC Castillo, President & CEO, Velo Residential [37]
"AppFolio has allowed us to centralize our accounting, marketing, maintenance and investor functions in one online program, accessible from anywhere. And the software just keeps getting better!"
– Laura Parducci, Vice President at Concept Property Management [40]
Integrations
AppFolio connects with trusted third-party solutions through the AppFolio Stack™ Marketplace and its API, streamlining workflows and enhancing operational efficiency [46][37]. For example, LB Property Management, Inc. uses AppFolio Stack to integrate additional tools seamlessly into their operations [46].
"With AppFolio Stack we can seamlessly connect the additional solutions we rely on for all that we do and truly unite our proptech stack."
– Brian Theobald, Chief Administrative Officer, LB Property Management, Inc. [46]
Scalability
AppFolio’s pricing plans - Core, Plus, and Max - are designed to grow alongside businesses [37][44]. The Max plan, in particular, offers advanced features like Leasing CRM and Leasing Signals to support expanding multifamily portfolios [37][44].
"AppFolio has changed the day-to-day dynamic of our property managers. It's allowed them to be away from their desks more than they usually would be."
– Danielle Miner, Chief Operating Officer, Sunbelt Properties [38][37]
Strengths and Weaknesses
Let’s break down the strengths and weaknesses of each platform, highlighting what they do well and where they fall short. Knowing these trade-offs can help you make a more informed choice.
RealPage stands out for its robust revenue management and extensive integration options through its Exchange App Partner Program [6]. However, its interface feels outdated, making it harder to learn and use effectively.
Entrata is known for its intuitive interface and strong recurring invoice templates [49]. It also integrates seamlessly with tools like Zillow, Google Analytics, and Adobe Analytics [6]. On the downside, frequent updates and buffering issues can interrupt workflows [49].
Yardi Voyager offers over 300 integrations, enabling smooth information sharing [6]. It strikes a good balance between functionality, usability, and cost [47]. Still, its reporting features are limited, and the mobile app experience leaves much to be desired [49].
MRI Living handles core property management tasks efficiently but lacks a user-friendly design and offers limited customization options [48].
AppFolio impresses with its clean, easy-to-navigate interface and powerful automation, including bulk emailing, which contributes to high customer satisfaction [49]. However, online payment fees and the absence of mass texting capabilities are notable drawbacks [49].
| Platform | Key Strengths | Primary Weaknesses | Integration Capability | Best For |
|---|---|---|---|---|
| RealPage | Advanced revenue management; industry expertise | Outdated interface; steep learning curve | Strong – Exchange App Partner Program | Large operators focused on revenue optimization |
| Entrata | Easy-to-use interface; recurring invoice templates | Workflow disruptions due to updates | Excellent – Marketing, analytics, billing | Operators prioritizing usability and integrations |
| Yardi Voyager | 300+ integrations; balanced functionality | Limited reporting; weak mobile app | Outstanding – Broad integration options | Complex operations needing extensive connectivity |
| MRI Living | Handles basic tasks efficiently | Poor user experience; limited customization | Moderate | Budget-conscious operators with basic needs |
| AppFolio | User-friendly design; strong automation features | Online payment fees; no mass texting | Good – AppFolio Stack™ Marketplace | Growing portfolios seeking modern solutions |
While platform features are important, broader challenges within the industry also influence decisions. High upfront costs, long training periods (legacy systems often require 2–4 weeks [50]), and the complexity of data migration can be major hurdles. Additionally, operators must navigate evolving compliance rules and address rising rental fraud, which impacts about 75% of multifamily property owners [51].
Platforms like Yardi Voyager and Entrata, known for their strong integration capabilities, are particularly valuable for large operators managing complex systems. However, these benefits often come with trade-offs like increased operational complexity or less modern interfaces.
Conclusion
Selecting the right software depends heavily on your operational needs and the size of your portfolio. With so many options available in the market, the abundance of choices can sometimes make the decision process more challenging.
Your portfolio size plays a key role in narrowing down your options. For instance, if you're managing over 50 units or handling commercial properties, you'll likely benefit from enterprise-level solutions that offer the scalability and advanced tools needed to support growth. Think about whether you need an all-in-one platform or something with specialized accounting capabilities to suit your specific requirements [52].
The long-term success of your software choice often hinges on its integration capabilities and ease of use. Platforms that integrate seamlessly with your existing tools can cut down on manual data entry and streamline your operations. At the same time, a user-friendly interface is critical, especially in an industry with high turnover rates. To make an informed decision, map out your current technology stack and involve your frontline team in the evaluation process - they're the ones who will interact with the system daily. It's worth noting that about 69% of real estate investors have already adopted either property management software or professional property managers [52].
Pricing models vary widely, so it's important to weigh your options carefully. These can range from per-unit monthly fees to tiered flat rates or even percentage-of-rent structures [52]. Start by calculating your current per-unit management costs to establish a baseline. Don’t forget to include additional expenses like implementation, training, and integration when assessing the total cost of ownership.
To measure the return on investment, establish baseline metrics such as administrative time spent, vacancy rates, and rent collection efficiency. When scheduling software demos, use real data from your operations to identify any potential usability challenges. This approach will help ensure the software aligns with your day-to-day needs.
FAQs
What should large multifamily operators look for in property management software?
When choosing property management software, large multifamily operators need tools that can grow alongside their portfolio while simplifying everyday tasks. Key features to prioritize include automated rent collection, maintenance request management, and smooth integration with third-party tools. A platform with a user-friendly interface for both staff and tenants is a must, along with detailed reporting and analytics to guide smarter decisions.
It's also important to ensure the software complies with U.S. regulations, offers strong data security measures, and provides mobile access for flexibility and secure operations. The right platform should not only streamline daily workflows but also support future expansion, making property management more efficient and effective.
Why are integration capabilities important in property management software for large multifamily portfolios?
Integration capabilities are a major factor in how effective property management software can be for large multifamily portfolios. By linking with third-party tools and systems, these integrations streamline data sharing and establish a centralized hub of information, which helps minimize errors and inconsistencies. This is particularly important for staying compliant and adhering to operational standards.
On top of that, integrations take care of time-consuming tasks like data entry, lease tracking, and scheduling maintenance. By automating these processes, property managers can save valuable time and focus on higher-level responsibilities, making it easier to manage large-scale portfolios efficiently.
What challenges might large multifamily operators face when adopting new property management software?
Switching to a new property management software often comes with its fair share of challenges, especially for larger multifamily operators. One of the biggest obstacles is data migration - transferring vast amounts of information securely and without errors can be a tricky process. On top of that, staff resistance to change can slow down progress, as can the need for thorough training to get everyone up to speed.
Other hurdles include making sure the new software works well with existing systems, managing initial costs, and addressing any inefficiencies in manual processes that might arise during the transition. To tackle these issues, careful planning is key. Allocating time and resources for training and adopting strong change management practices can make the process much smoother.
