Let’s accept the fact; rental property management is no easy task.
This often comes with a long list of challenges. For example, investors often have to keep track of tons of moving parts, maintenance, repairs, posting a rental payment, and much more. This can be overwhelming even for experienced landlords.
Sometimes minor things could make the tenant unhappy, resulting in larger vacancy levels and lower cash flow.
This is the main reason why real estate investors use good property management software so that they can effectively manage the property smoothly and effectively and maximise the return of investments in rental property.
What is Landlord Software?
Source: Habitat Ventures
These are software programs that allow the landlords or rental managers to perform various rental-related functions. Landlord software is usually cloud-based, computer-based, or a mixture of both.
The best software gives investors a choice and often includes smartphone apps designed for iOS and Android platforms to pay rent, monitor property performance, and ask for maintenance.
A well-designed property management software helps to
- Effectively schedule periodic inspections
- Compile cash and income flow statements at the end of the month
- Manage and screen tenants
- Track the overall operating expenses
- Process and track online payments
- Compile year-end tax ready financial reports
- Process repair and maintenance requests
- Pay utility and vendor invoices online
- Screen new tenants, including comprehensive background checks
- Advertise vacant property for lease to reach out to qualified prospects
What do tenants want landlords to offer?
Source: Get Set Home
As per the 2021 State of the Property Management Report released by Buildium, there are five technologies that tenants wants their landlord to offer
- Access to a resident portal
- Online payment of rent
- Communication through email or live chat
- Electronic leasing
- Submission of any repair or maintenance request online
Landlord software for small investors
Let us take a closer look at some of the commonly used landlord software.
Stressa
Source: Stressa
Real estate investors commonly use this software. The designers have developed this software intending to make rental property finances simple. It helps both novice and sophisticated investors maximise profit through intelligent investments, automated income, customised reporting, and expense tracking.
Avail
Source: Business Wire
The company provides software solutions that are specifically designed for the do-it-yourself landlord. Avail comes with a set of excellent tools and educational information to make a budding landlord into a professional one.
The software comes with two pricing options. The free version includes an unlimited number of rental units with various services for online rent payment, tenant screening, maintenance tracking, background checks, etc. The unlimited plus plan is a paid plan with a pricing of $5 monthly.
The extra services include custom leases and tenant applications, next-day rent payments, creation of property websites, etc.
Cozy
Source: Bigger Pockets
This is a perfect landlord solution for small investors. In addition, the company envisions helping rental property owners be better landlords giving peace of mind to both tenants and property owners.
Cozy provides many services such as rent collection, tracking of property expenses, document uploading and storage, providing online rental applications, etc. The pricing is free for the landlord, while the payment is $20 per month, offering credit card payments and tenant screening reports.
TenantCloud
Source: Smb Guide
This software comes in handy for property managers, landlords, and owners to manage one unit to 500 units. The free version of the software includes tracking rental information, maintenance management, sending and receiving rent payments, etc. TenantCloud is available in a plan of $9 per month for up to 150 units and an Advanced plan of $35 per for 500 units.
Rentec Direct
Source: PRweb
The software focuses on providing software-based solutions for property managers and landlords dealing with small rental properties. Landlords with ten properties or less can choose the basic version. The paid version can handle up to 5000 units. Rentec Pro is available for $35 per month, while Rentec PM, priced at $40 per month, offers an unlimited number of tenants and properties. Rentec Direct also provides a professional custom website for tenants to learn about available property, online rent collection, online file management, tenant screening before entering into a contract, etc.
Hemlane
Source: PR Newswire
The company offers complete property management solutions for landlords with one to 100 rental units. The application is designed with a bucketload of features to help landlords effectively manage rent collection, tenant screening, online application filing, etc. The basic version costs $2 per unit with a minimum monthly cost of $30.The essential version costs $12/unit with a monthly cost of $40. Finally, the premium version cost is $32/unit with a minimum monthly charge of $60.
Landlord software for property management companies
Here are some of the top landlord software applications used by businesses dealing with property management.
Booking Ninjas
Source: Booking Ninjas
This is an excellent property management software for those looking for an all-in-one solution to manage their workflow and suit their business needs in this digital era.
This software is a complete solution to rental property managers and owners who wish to have centralised control over all their properties, achieve more tasks in a short period, and deliver an excellent customer experience.
Booking Ninja is designed in a cloud-based architecture that provides digital transformation much more advanced than other PMS systems.
In addition, the developers have also embedded Einstein Analytics, an AI system capable of predictive analytics, which opens whole new possibilities for rental property managers and allows them to engage more clients and see the emerging trends.
This application comes with a range of functionalities, making it suitable for people who own landed properties such as resorts,co-working spaces, parking spaces, office space, event centres, storage facilities, etc. The pricing starts at $125.00/month.
AppFolio
Source: G2
The company offers landlord software suitable for property managers and real estate investors managing many properties. AppFolio is designed to handle a wide range of property types, including large apartment buildings,single-family rentals, townhomes and condominiums,mixed-use commercial estate, student housing, etc. The software is robust and has a range of features such as tenant screening and background checks, marketing the vacant units, customised tenant leases and rental applications, maintenance requests, rent collections, lease preparation, and online signing, etc. The pricing starts at $280.00 per feature every month. They do not have a free version. However, if you wish to try it out, this application is available on a trial basis for a limited period.
Buildium
Source: Buildium
This is a cloud-based property management application that allows owners and rental property managers to have firm control over all aspects of the business. Buildium can effectively perform a range of rental management functions such as vacancy management, accounting, maintenance cycles, online rent payments, etc. In addition, this application can also perform tenant screening services with ease after filling out the online application form. Tenants can request maintenance through the resident portal. The property managers can then assign these maintenance requests to maintenance managers and staff. The pricing of the essential version starts at $50/month. The intermediate growth version is $160/month, and the advanced premium version is $460/month.
MRI Software
Source: MRI software
The software focuses on commercial managers and landlords, and large professional property managers to increase occupancy and reduce operating expenses to the maximum possible extent. This software is highly recommended for effortlessly managing commercial properties such as flats and apartment communities with several features not found in competitors' programs, such as lease abstraction, strategic planning, and management, space management, public housing compliance, etc.
Propertyware
Source: Propertywave
This application is mainly focused on single-family home property management. Propertyware comes with a simple interface with easy-to-use features without too many technicalities involved in large commercial property management software. Propertyware allows a high level of customisation, portfolio level accounting, and reporting, two-way data exchange, etc allowing the managers to effortlessly foresee the various rental-related operations. The application’s management feature comes in handy whether you are starting with a single-family home or growing into a portfolio of 250 of them. The software has everything that a landlord needs, including accounting, maintenance requests, tenant screening services, marketing of vacant accounting, etc. The basic version costs $1 per unit with a minimum monthly cost of $250.The plus version costs $1.50/unit with a monthly cost of $350. Finally, the premium version cost is $2.00/unit with a minimum monthly charge of $450.
YardiBreeze
Source: Yardi breeze
This software comes with advanced features coupled with cloud-based computing technology. Property managers and landlords dealing with various properties, from small rental apartments to large commercial housing blocks, can use this. YardiBreeze provides all functionalities necessary for smooth property management such as maintenance requests, rent collection, and leasing, accounting, property management, etc. The pricing starts at $1 per unit every month. For residential portfolios, the minimum monthly fee is $100. The premier version pricing is $2 per unit every month. The minimum monthly fees will be $200 for commercial apartments.
Landlord Studio
Source: Landlord Studio
Landlord Studio simplifies rental property management and accounting for DIY landlords. This end-to-end solution offers a range of functionalities, including online rent collection, tenant screening, etc. The basic subscription costs $5.99 with $1/month for extra units, while the standard subscription costs $9.99 with $1/month for extra units and the premium version costs $9.99 every month with $1/month for extra units.
Who Should Use Rental Property Management Software?
Property management software comes in handy to budding investors and large commercial property management firms alike.
There are several different property management software available with varying features and functionalities. You can choose the right one based on your requirements.
However, the functionalities significantly differ depending on the user and the specific need at hand. Specific software that works best for a firm might not be the best for you.
Ensure that you go through all the features and analyse your requirements before choosing one.
How to choose the right property management software?
Before deciding to choose a property management software, you need to establish your need in using the software. Ask yourself the questions
- What features are you looking for in rental management software?
- Who are all your clients?
- What difficulties are you currently facing in managing your rental business?
Choosing the apt property management software for your rental business will make a property manager’s life easier by giving him a bird’s eye view of all the requirements and managing them with a few simple clicks.
The following are the important things to keep in mind while choosing the right property management software.
- Identify what you need the software to do for your business-tenant screening, online accounting system, support multi-user platforms, effective communication, flexible reporting, etc.
- Leverage your network: You can start by asking your fellow property managers what all software they have tried, their experience with those, and what software they recommend.
- Compare the various functionalities presented by the software.
- Determine whether it will help it be scalable and supported with your current software, partners, etc.
- Ascertain whether it is easy to use and whether the staff will like it.
- Check the pricing options to ensure that it is affordable for your business.
- Go for a free trial to ensure that the application suits your business in all ways.
Bottom Line
Landlord software is an excellent boon to tenants and landlords alike. Property owners and rental managers no longer need to keep track of different accounts and bulky files.
With well-designed property management software, it is possible to manage all the affairs of the rental business with ease.
This article presents you with a range of software solutions that are highly useful for your rental business. However, good software for your competitors doesn’t mean that the same one will work well for your business.
So make sure that you keep into consideration various aspects of your business before choosing one.
