In today’s busy world, landlords can benefit from technology and specialized software. So, this is a great way to streamline processes, offer added conveniences, and free up valuable time. Therefore, whether your investment portfolio is commercial, residential, large, or small, there is a rental property management software for you! However, with more choices on the market than ever, how do you choose the right one? Join us below as we break down the benefits of going digital and discuss the best property management software out there, along with what sets them apart.
Choosing the Best Rental Property Management Software
Rental property management software offers various combinations of functions for landlords. Therefore, in addition to choosing the particular features that suit your business needs, landlords must choose the correct software type. That said, whatever you decide, the software must accommodate the needs of your portfolio. So, here are a few questions to ask yourself below to help you find the best property management software option for you.
What Type of Rental Property Do You Have?
- Residential — Examples of residential property include apartment buildings, student housing, single-family homes, condominiums, townhomes, and duplexes.
- Commercial — Examples of commercial property includes office buildings, warehouses, medical buildings, sports facilities, hotels, laboratories, restaurants, distribution centers, community centers, gyms, and retail stores.
- Mixed-Use – So, some rental property management software is specialized to either commercial or residential. However, others cater to landlords with multiple investment types such as residential, commercial, industrial, student housing, and community properties. So, if your portfolio contains mixed categories of real estate, ensure the product you pick accommodates all of your needs.
How Many Units Do You Own or Manage?
Rest assured that whether you manage 10 properties or 1,000, there is a rental property management software solution for you. That said, how many units you manage does matter when selecting which application to use. Additionally, a landlord’s needs will naturally vary depending on the volume they handle.
However, keep in mind that software built for thousands of units may not have the same features as one geared towards smaller operations. Also, premium software will likely have added features at a higher cost while more basic options still do the job, but for a fraction of the cost. So, shop for your rental property business’s current needs while also taking into account a plan for future growth.
What is Your Budget for Rental Property Management Software Services?
So, different applications will have different fee structures ranging from per-unit costs to a set monthly charge. Therefore, carefully consider how much you can afford to spend. Furthermore, it is essential to thoroughly research each option before making a final decision to ensure it is a good fit for your business.
Additionally, landlords want to make certain they are getting value for their money. So, check out online reviews, see what other customers say, and do not be afraid to ask questions. Additionally, landlords should not overextend themselves but consider the time savings that these software services provide when evaluating budget. After all, your time is valuable!
Top 10 Property Management Software Solutions
Options are both a blessing and a curse. However, while having a variety of customizable rental property software choices available is great, too many options can prove overwhelming. Therefore, only you can decide what combination of services best fits your business needs, and making an informed decision is crucial to success. So, continue reading as we help you narrow down the industry’s best property management software below.
- Tenant Cloud
- MRI Residential Management
AppFolio Rental Property Management Software
Pricing: $1.25/Residential Unit Per Month with a $250/Month Minimum Fee
Best For: Multiple Property Types, Independent Large Portfolios, and Management Companies
AppFolio Property Manager seamlessly integrates communication and operations for efficient property management and tenant experience. Also, they offer a scalable platform with functions in accounting, marketing, leasing, and reporting. Furthermore, the cloud-based software caters to a wide variety of portfolio needs, including multifamily, single-family, commercial, student housing, community association, and mixed real estate.
Key Benefits to Appfolio Rental Property Management Software
- Owner Communication & Management
- Resident Communication Center
- Built-In Marketing Tools and Lead Management
- Leasing Tools and Vacancy Posting
- Tenant Online Maintenance Request
- Leasing, Accounting, and Customizable Reporting
- Online Rent Collection and Payment Tracking
- Custom Training, Onboarding, and Support
Pricing: Monthly Plans ranging from $50 for a Basic Plan to $460 for Premium access.
Best For: Property Management Companies
Buildium boasts a cloud-based option for landlords to take control of every aspect of day to day operations. Also, in addition to tenant screening services and owner reports, Buildium makes marketing a breeze. Furthermore, they offer syndicated vacancy listing, lead to lease cycle management, and online rent collection. Additionally, the convenient owner dashboard keeps your business at your fingertips anytime, anywhere, and across all devices. So, not sure this is the option for you? Customers can take this rental property management software for a free 14-day test drive!
Benefits and Services with Buildium
- Online Owner and Tenant Portals
- Maintenance Management
- Accounting Tasks
- Free Marketing Website
- New Client Leads, Powered by All Property Management
- Property Inspections
- Tenant Screening
- Electronic Leases – Fees May Apply
- Online Payments – Transaction Fees May Apply
- Standard Reports
- Performance Analytics and Insights
- Business Analytics and Insights
Pricing: FREE – with Customizable Features Starting at only $5/Month per Unit
Best For: DIY Landlords and Property Managers searching for screening, leasing, and rent collection assistance.
Avail ticks all of the most important boxes for landlords. That said, their easy to use rental property management software allows owners to easily track applicants, rent, and even maintenance all on a free platform. However, paid plans start at only $5 per unit and allow owners to customize lease templates based on their specific needs.
Best Features with Avail
- Marketing – Easily publish listings, and Avail will post them across multiple websites. In turn, helping landlords reach more potential tenants in less time.
- Screening – Providing online rental applications, Avail screens via credit reports, and background checks. Furthermore, owners can customize the free standard application, choose specific reports they want, and instantly compare applicants.
- Management – Digital leasing, automatic rent deposits, and maintenance tracking: So, protect your investment with an attorney-reviewed, state-specific lease, then request payments, add a bank account, and get paid.
TenantCloud Rental Property Management Software
Pricing: FREE – with Paid Plans Ranging from $9 to $35 per Month
Best For: Both DIY Landlords and Property Management Firms
Offering a one-stop-shop for landlords, TenantCloud has everything you need to get the job done. Therefore, this is one of the best property management software platforms that allows landlords to manage postings, rent collection, and screening. Also, landlords can take advantage of the many synchronized services such as QuickBooks, TransUnion, Assurant Rental Insurance, and RentRange to maximize their business efficiency.
Key Features of TenantCloud
- Free Trial for New Landlords
- Cloud-Based Rental Property Management Software
- Online Rent Collection
- Accounting Services
- Automatic Listing Syndication and Marketing
- Lead Generation
- Online Rental Applications
- Tenant Screening
- Maintenance Requests
- Online Rental Agreements and Notices
- On-demand Reports
- Renters Insurance Tracking
Pricing: Monthly Subscription $1.00 to $2.00 per Unit plus Implementation Fee and Monthly Minimums
Best For: Property Management Companies Specializing in Single-Family Property
Propertyware is a customizable rental property management software ideal for companies looking for security and automation. However, unlike some of the other options, Propertyware is specially designed for single-family property management. That said, it does a great job covering every aspect a landlord could need. So, if you are looking to grow your business, Propertyware grows with you!
Best Features of Propertyware for Landlords
- Global Customization & Reports
- Owner and Tenant Portals
- Maintenance Tracking
- Accounting Services
- Tenant Screening
- Online Rent Payments
- Unlimited Support and Storage
- Online Training
- Vendor Portals
TurboTenant Property Management Software Solutions
Pricing: FREE – yes, really!
Best For: Property Managers or Landlords Looking for Comprehensive Service on a Budget
For landlords looking to bring their business into the digital age, TurboTenant is a great place to start. In other words, landlords can rent units faster by using this software to create custom listing pages. Also, in addition to standard services such as marketing, online rent collection, and screening, TurboTenant makes communication a breeze. Furthermore, they have simplified the landlord-tenant communication channel allowing landlords to send both individual and bulk messages with ease.
The Downside to TurboTenant
So, how does a rental property management software manage to keep their services free to landlords? Well, they pass the cost on to the tenant. Therefore, whether it is screening and application fees, or a charge for some online payment types, these fees could add up for residents. That said, depending on your client base, this is worth considering before choosing Turbo Tenant as the best property management software for you.
Pricing: Monthly and Annual Plan Options Starting at $9/Month
Best For: Independent Landlords to Professional Property Managers
So, if you are looking for a one-click screening process and all-in-one owner dashboard to keep up with your rental business, RentRedi can provide it. Additionally, this rental property management software prides itself on enabling landlords to receive mobile-submitted rent, list properties to Realtor.Com and Doorsteps, send in-app notifications, screen tenants with prequalification, applications, and TransUnion-certified background checks.
Benefits of Using RentRedi Rental Property Management Solutions
- Receive Mobile Rent Payments via Credit Card or Bank Account
- Unlimited Properties, Units, Tenants, and Listings
- Track, Screen, and Manage Applicants
- Free listings on Realtor.com, Doorsteps, and RentRedi
- Communicate with Tenants and Team with App
- Owner Dashboard
- 24/7 Custom Support
- Easily Bill Late Fees
- Send Automated Receipts or Rent Reminders
- Lease Management with Cloud File Sharing
MRI Residential Property Management Software
Pricing: Subscription Required – Pricing Varies by Portfolio Size and Services
Best For: Professional Residential, Multi-Family, Affordable Housing, and HOA Management
MRI rental property management software was a 2020 recipient of the Business Partners Council Partnership Award by the National Association of Housing and Redevelopment Officials. That said, they seamlessly integrate every facet of a rental business to provide owners with end-to-end functionality. Additionally, MRI includes increased visibility and efficiency thanks to role-based dashboards for owners, property managers, and leasing agents!
Why Choose MRI Residential Management?
- Effortlessly Attract Tenants – MRI makes your property visible. Therefore, easily convert website visitors into qualified leads using personalized communications.
- Simplify the Day-to-Day – Provide self-service tools such as online portals, recurring payments, and conveniences that keep tenants happy. So, simplify your day-to-day operations by accessing everything you need on one comprehensive platform.
- Stay Informed – Use customizable accounting analytics to stay informed and monitor the financial health of your business.
Pricing: Plans Starting at $10 per Month
Best For: Small to Large Residential Portfolio Managers
SimplifyEm does just that, simplify! So, including many of the services other options have, SimplifyEM takes it one step further with one-click tax preparation. That said, they provide an easy alternative to spreadsheets and help owners save time tracking financial health along with marketing, tenant, and lease management.
Key Features of SimplifyEM Property Management Software
- Customer Support through Phone and Email
- Full Income and Expenses Tracking
- Detailed and Professional Owner Reports
- Integrated Renters Insurance
- Easily Manage Vendors and Year-End Taxes
- Unlimited Document Storage
- Tenant and Lease Management
Pricing: Plans Starting at $1.25/Unit per Month
Best For: Single- or Multi-Family Residential Portfolios
Rental property management software solutions offer many features but focus more predominately only on some functions. However, not PropertyVista. Instead, they have managed to balance functionality by providing equal importance to all aspects of property management. Furthermore, this integrated software enables owners to advertise vacancies online and to resident portals automatically.
Services Offered with PropertyVista
- Leasing and Marketing Functions
- Residential Portal
- Tenant Communications
- Legal Help
- Accounting Systems
- Property Inspections
- Work and Purchase Orders
What Should Every Great Rental Property Management Software Have?
Every owner and rental property are different and may not always need the same type of help. That said, every landlord can benefit from streamlining the framework that makes up all successful rental businesses. So, before you decide which is the best property management software for you, check out this list of common rental software features.
- Comprehensive Tenant Screening — Tenant screening is one of the most important tasks a property manager must perform. Therefore, credit history and background checks are needed for every prospective tenant.
- Accounting — Built-in accounting functions or streamlined integration with third-party accounting software is essential to facilitating helpful financial monitoring.
- Marketing — The best property management software offers built-in vacancy management, integrations with real estate websites so owners can easily advertise upcoming available units.
- Online Rent Collection — Online payment processing is no longer a want but a need for modern tenants. Therefore, choose a rental property management software with a built-in or integrated rental payment solution.
- Lease Management — Lease management provides customizable lease templates and enables creating, processing, and storing tenant applications.
- Maintenance Management — Allowing tenants and owners to handle service requests efficiently is critical. Therefore, software should enable the management of maintenance requests, scheduling of vendors, as well as track communication between parties about upcoming maintenance activities.
- Tenant Portal — In the digital age, convenience is key. So, the best property management software needs to have a portal for tenants to communicate with management, pay their rent, and submit maintenance requests.
- Investment Management — A rental business’s health relies on a good return on investment. Software that allows owners to forecast, report, and manage their ROI is ideal.
As with every decision, landlords make, choosing a rental property management software takes careful consideration of the facts. Therefore, while these digital solutions offer time-saving benefits, they do not eliminate every stress that landlords commonly deal with. So, is there a stress-free solution to managing rental properties? Yes!
Bay Property Management Group is a local rental management company providing services throughout Maryland, Pennsylvania, Virginia and Washington D.C. We offer the vast experience needed to make owning rental property the rewarding endeavor it should be. That said, our all-in-one owner portal provides real-time updates on financials while your dedicated property manager answers any questions you may have. Rest assured that our in-house leasing and maintenance staff are looking out for you and your property’s best interest. So, give us a call today for a free no-obligation rental evaluation to learn what Bay Property Management Group can do for you.