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Yardi Property Management Software: BiggerPockets Review
Jun 18, 2020
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Yardi is best for property management companies with at least 100 rental units and is expandable for companies that bring in thousands of unique rental streams. Yardi’s customizable features pinpoint the needs of multiple types of real estate management companies, including –– but not limited to –– residential and commercial properties.
Quick facts
Yardi software covers a broad range of usability, some of which go beyond the scope of what a general property management or real estate investment company would require. With that in mind, these tools are available at the introductory Breeze and Breeze Premier levels.
Yardi Breeze features include:
LISTINGS
Showcase available units on websites, including RENTCafe.
Showcase available units on websites, including RENTCafe.
APPLICATIONS AND SCREENING
Online applications and screening help to qualify potential tenants and streamline the approval process.
LEASES
Standard online leases follow relevant state laws.
RENT COLLECTION
Tenants can pay using ACH, debit cards, or credit cards.
AUTOMATED FEES
Set up recurring fees and payments.
Set up recurring fees and payments.
CASH PAYMENTS
Accept walk-in cash payments at retail locations with PayNearMe.
WORKFLOWS
Allow multiple users to interact with data. Access can be limited based on login or property.
COMMUNICATION
Create and record emails, texts, and automated reminders.
ACCOUNTING
Manage payables, receivables, and general ledger accounts. Generate financial reports with clickable transaction details.
ESCROW
Set property-based escrow/trust accounts.
TAX ACCOUNTING
Prepare and file 1099s directly.
BUDGETING
Track, compare, and project spending data.
DIRECT PAYMENTS
Pay vendors via check or EFT. Attach invoices to payments for accounting purposes.
OWNER PORTAL
Share financial reports by owner, by property, or by fraction ownership.
MAINTENANCE
Tenants can report issues online with photos or video. Progress notes and records attach to each job.
RENTERS INSURANCE
Require integrated or third party insurance. Coordinate claims.
Yardi Breeze
Yardi Breeze Premier features include all of the above, plus:
ADVANCED APPOINTMENT
Track both property and corporate general ledgers.
Track both property and corporate general ledgers.
INCREASED SPECIALIZATION
Additional tools help optimize functionality for businesses that perform more unique roles.
PROPERTY WEBSITES
Attract leads at the property level.
AUTOMATION
Set up automatic workflow tasks along with move-in and move-out dates.
CUSTOMIZABLE REPORTS
Advanced controls increase financial accounting effectiveness.
FULL-SERVICE INVOICE PROCESSING
Option to outsource data entry and scanning.
APPROVALS
Set payment approvers and limits. Approve payables on any device.
Yardi Voyager
Yardi Voyager products are outfitted with tools which expand upon Yardi Breeze capabilities. As such, if a property management company begins with Yardi Breeze, it’s simple and natural to move up to Yardi Voyager when necessary. Specifics on Yardi Voyager tools must be discussed with a representative due to the diverse nature of the products. Connecting with a specialist will ensure the right fit for each corporation.
In addition to their comprehensive tools, Yardi offers client support in the form of live chats, product demos, video tutorials, webinars, conferences, and more. Eight free hours of live phone support is included with each contract to help with setup, and additional hours are billable as needed.
Pricing
Yardi Breeze
- Residential properties: $1 per unit per month, with a $100 monthly minimum
- Manufactured homes: $1 per unit per month, with a $200 monthly minimum
- Self-storage: $.50 per unit per month, with a $200 monthly minimum
- Associations: $.50 per unit per month, with a $100 monthly minimum
- Affordable housing and commercial properties: $2 per unit per month, with a $200 monthly minimum.
Yardi Breeze Premier
- Residential and manufactured homes: $2 per unit per month, with a $400 monthly minimum
- Self-storage and associations: $1 per unit per month, with a $400 monthly minimum
- Affordable housing: $3 per unit per month, with a $400 monthly minimum
PROS
- No startup costs
- Easy to upgrade as business grows
- Comprehensive and expandable list of tools
- Optimized for numerous real estate sectors
- Accounting integration at all levels
- Good training and support
- Time-tested performance
- Continual upgrades
- Cloud-based access from anywhere
CONS
- Annual contract
- Monthly minimums create a potential cost barrier
- Limited free phone support
- New users may experience a steep learning curve
Yardi and real estate investors
Yardi is a cloud-based software system designed to support a wide variety of markets. Since 1984, Yardi has demonstrated excellence within the real estate software sector and beyond. With a comprehensive suite of functionality for both field and administrative purposes, Yardi was created to be the hub of all business activities throughout the corporation.
Yardi Breeze products are optimized for a variety of property management needs, including residential, commercial, self-storage, association, affordable housing, and manufactured home management. Two tiers of services—Yardi Breeze and Yardi Breeze Premier—allow companies to choose the package that fits best with their current operations.
Yardi Voyager products bring software support to a broader range of management markets. In addition to large-scale property management companies, Voyager software can be tailored for other markets, including senior living, student housing, military housing, retail facilities, airports, ports, and parks.
Even the most basic Yardi software package is really only designed for property managers with 100-plus doors—or those who plan to grow to that level quickly. Companies with fewer properties risk investing a significant amount of money and effort into software that could end up being overkill.
In addition, Tim Hackett from Ashtabula, Ohio, refers to Yardi’s popularity in the large commercial sector. He says, “Yardi was originally intended for residential and it remains strong to those roots. That said, the majority of the larger commercial world is with Yardi.”
Yardi Voyager is made for even larger companies with 500-plus rental units or complex real estate portfolios. Voyager has niche services and functions, so companies need to have a business model that prepares them to pay the price for that level of exclusivity.
Nick Condie, a forum user from the Bay Area, says, “Yardi Voyager is relatively ubiquitous in the industry. I'd also offer that the willingness to invest in an industry-standard (albeit not cheap) software like Voyager is the sign of a high-quality property management company.”
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