What Is the Best Accounting Software for Real Estate Agents?

Finding the right place for a client to lease or buy is a top priority for any real estate agent or broker. The last thing you want is to spend a lot of time trying to get through accounting tasks. However, realtors understand that without real estate agent bookkeeping, they couldn’t track and calculate essential information like commissions and other real estate accounting entries.

The software solutions on this list are the top options in terms of accounting for real estate transactions and implementing more comfortable options for balance sheets for a real estate agent. Depending on your accounting needs, some products will work better than others. We’ve outlined the target users for the different products and the pros and cons of each.

1. Quickbooks online

They offer a variety of real estate services, from small to large. It’s considered one of the best accounting software for multi-agent groups and larger brokerage firms. 

Pros: 

• Industry-leading general bookkeeping features
• Keeps track of expenses and income according to class and location
• A helpful mobile app that tracks your mileage and captures receipts

Cons:

• Doesn’t include an integrated property management feature
• No customer service contact number
• Can be expensive for self-employed or independent agents

2. CORE BackOffice

Formerly BrokerSumo, this software is excellent for managing commissions and an industry-leading solution that simplifies accounting for real estate transactions.

Pros:

• Handles commission disbursement 
•  Tracks commissions and manages agent billings
• Features integrations with other programs like QuickBooks and Zoho Dashboards

Cons:

• Basic accounting functionality
• Expensive for small agencies or independent agents

3. Realtyzam

This software does an excellent job of keeping track of commission income and other real estate agents’ expenses. It’s easy to use, and when it’s tax time, you can print cumulative profit and loss statements that reflect the whole year. 

Pros:

• Tracks mileage
• User friendly
• Cost-effective for part-time or full-time agents. 

Cons:

• No option for customer support
• No bank account reconciliation
• Can’t track assets and liabilities

4. FreshBooks

Offers a fast and efficient way to invoice clients, helps track time, and runs your real estate business in a cloud. 

Pros:

• Eliminates the need for paper accounting
• Enables users to send and manage invoices
• Tracks billable time and collects online payments

Cons:

• A limited mobile app, no option to access reports on the go
• Invoices not automatically transferred from other systems like QuickBooks

5. LoneWolf Back Office and Accounting

Formerly brokerWOLF, this is a top choice for those looking to combine accounting and real estate transactions from accounting to agent management.

Pros:

• All-in-one accounting software
• Easy to use

Cons:

• Some elements may be hard to navigate
• A bit of a learning curve in understanding functionality

6. Account Edge Pro

Helps to organise, process, and report all your financial information for your real estate business. 

Pros: 

• User-friendly
• Easy to customise for real estate account needs

Cons:

• Lacks copy/paste and “share functionality”
• Problematic for those running software updates off Mac OSX
• Not useful for larger real estate brokerages

7. Buildium 

Property management software that also comes with accounting capabilities. Provides both resident and owner portals, making it easier to create and track property communications.

Pros:

•  Amazing property management features
• Inexpensive for smaller companies
• Separates your profits and losses

Cons: 

• Not user friendly
• Lacks basic account features like mileage tracking
• The mobile app does not include functions for accounting.

Keeping track of how much you earn, what your expenses are, how many miles you drove to open houses or show properties, and other similar details are essential parts of accounting for real estate agents. Finding the right software for your needs is vital for any real estate agent or broker and should include some type of integrated contact management.