As a broker or agent, you have one priority: to help potential buyers find the right property. Isn't it? You might be surprised that your work time is dominated by accounting and reporting.
Don't get me wrong. Tracking and calculating commissions is crucial. Aren't commissions a great way to spice up your game? Accounting is a repetitive task. If you don't spend as much time on it, you will have more time for the work that brings you a commission.
Many real estate accounting software is available for brokers and agents. This will help to ease your burden and save you time. Here's a list of the top real estate accounting programs:
Best for medium-sized real estate businesses
Quickbooks is an excellent solution for all kinds of businesses, including real estate, provided you're willing to invest some money. Quickbooks can be used by any size business, whether you're a small army or a large group of agents.
You will be charged a little more for premium services. The plan starts at $25 per user and can go up to $90 for up to 25 users. They also offer a 50% discount for each project, but I am unsure if they will.
- Simple to use
- Payroll functionality is available
- Use the mobile app to automatically track mileage
- Limited tax assistance
Best Accounting Software for Single Real Estate Agents and Small Brokers
Freshbooks is simple accounting software that does not require technical knowledge and is very easy to use. It allows you to use core measures of real-estate businesses and enables you to add custom fields you wish to track.
Freshbooks offers plans starting at $15 per month for five billable customers. However, you can always upgrade to suit your needs. It currently offers a 70% discount in the first 3 months of any plan.
- It's easy to set up
- Automation and integration
- Good customer support
- Mileage tracking
- Payroll options are not available in the native language
- Mobile apps have limited reporting
All-around the best accounting program
Xero is a powerful and easy-to-use tool. There are no restrictions on the size or focus of your realty agency, nor what sector it is focusing on (commercial or residential). Xero, a real estate accounting program, is ideal for helping you with accounting regulations, taxes, expenses, and many other tasks.
Xero's 700+ integration options offer flexibility and scalability. Its pricing is based on your selected plan and can range between $12 to $65 per month.
- This is great for one agent but also for a group.
- Smooth contract management
- Great navigation
- Dependency on third-party apps for certain essential features
- Better customer service is needed
The best accounting software for start-ups
Wave is free accounting software anyone can use for as long as they like. Wave has a limited number of features. Wave, a robust accounting software, is available to small real estate companies.
Wave also offers a payroll solution that charges minimal fees. A wave is an option if you are tight on financial resources.
- Track expenses without any limitations
- All Rights Reserved
- Navigating is easy and quick
- Automation is an excellent tool for improving workflow
- Only limited features
- Poor customer support
This is specifically designed for real estate agents
Realtyzam was created to support real estate businesses and is therefore different from other products on this list. But it's ideal for agents and small groups in real estate.
Realtyzam can only be used for brokerage purposes, not for payroll for W-2 employees. This is because there are no integration options or built-in functions. Realtyzam is very affordable. The free plan is available, and the paid program can be purchased for $9.95 annually.
- Simple setup
- Automatically track commission
- Limited reports
- Is there no automatic mileage tracking?
These are some of the most powerful accounting software available for real estate businesses. Which one do you prefer?
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