Using property management software is a great way to streamline your rental property management business. However, with all the applications available today, it’s crucial for landlords to find one that suits their business needs. If you’re wondering what property management software will benefit your business best, read along as we go over some of the top services available today.
How to Choose the Best Rental Property Management Software
There are tons of options for landlords to choose from when it comes to property management software. However, it’s important to know your business needs to select the best software for your rental business. After all, the software you choose should meet the needs of your rental portfolio. As such, it’s crucial to analyze the following aspects of your business.
- What Types of Properties Do You Own?
- How Many Units Do You Manage?
- What’s Your Budget for Property Management Software?
What Types of Properties Do You Own?
The type of property management software may depend on what types of rental properties you own. For instance, there are residential, commercial, and mixed-use properties.
Residential properties typically consist of apartment buildings, student housing, single-family homes, duplexes, condos, and townhouses. On the other hand, commercial properties may include office buildings, medical buildings, warehouses, hotels, sports facilities, restaurants, distribution centers, retail stores, community centers, and more.
Some property management software is specialized for either commercial or residential properties. However, some software is catered to landlords who own multiple types of properties, including residential, commercial, industrial, student housing, and more. When you choose property management software, make sure that it will accommodate your business needs.
How Many Units Do You Manage?
With all the different software available today, whether you own one rental property or 1000, there’s one that will benefit you. The number of units you own or manage plays a role in which software will work for you. Additionally, your needs will depend on how many units you handle.
Remember that software for larger businesses may differ from those geared toward smaller operations. For instance, premium software will have more features and often have a higher price tag. Overall, it’s crucial to recognize your business needs before choosing property management software.
What’s Your Budget for Property Management Software?
Most rental management software charges monthly, per-unit, or annual fees for using their features. However, most applications have different pricing structures, so landlords can choose one that works best with their budget.
Additionally, landlords want to ensure they’re getting their money’s worth of benefits. As such, look for online reviews, talk to other landlords, and ask questions if you’re unsure about management software.
Property Management Software For Landlords
Several applications offer various combinations of functions for landlords when it comes to general property management. While most landlords opt for professional Baltimore property management, it’s essential to understand how these property management tools work. Here are five of the top property management software tools for landlords.
One of the most commonly used property management tools is AppFolio. This cloud-based property management software is great for any rental portfolio, offering accounting, marketing, leasing, and reporting. Additionally, this application caters to multifamily rentals, single-family, commercial, student housing, community centers, and mixed-use real estate.
Buildium is another cloud-based software that allows landlords and property managers to take control of several business aspects, including tenant screening, marketing, and owner reports. Additionally, Buildium offers a convenient platform that works across all devices, allowing landlords to check up on their business at any time, anywhere.
This property management software is a more affordable option for landlords and budget-conscious property managers. TenantCloud allows landlords to manage postings, collect rent, and screen tenants. Additionally, several synchronized services, including Quickbooks, TransUnion, and RentRange, can help maximize efficiency.
Propertyware is a software that specializes in single-family homes. This platform works best with landlords and property managers with 250 units or more in a residential portfolio. Some of the standout features of Propertyware include rent collection, maintenance requests, accounting features, vacant property marketing, and tenant screening services.
TurboTenant is a great property management tool for landlords looking for a comprehensive service on a budget. This application offers marketing, online rent collection, and tenant screening and allows landlords to easily send individual and mass messages. Additionally, TurboTenant is free for landlords.
5 Tools to Find and Analyze Property Deals
A large part of managing a rental business is finding and analyzing the current rental market. Most landlords and property managers utilize some of the following resources to find current market information.
Zillow is a great place to start with real estate research pricing trends. Landlords can search for specific areas and specific properties to buy. Additionally, you can compare home values easily with Zillow, with millions of listings featured.
Another great way to get current rental market information is by looking at Realtor.com. This website is similar to Zillow, where you can find homes for sale or rent anywhere. Additionally, you can compare home values and property deals by looking at listings or properties that were recently sold.
DealMachine is a software that helps rental investors research individual properties and obtain accurate and up-to-date information. Additionally, it allows landlords to dig deeper and find more information, like a property owner’s phone number or contact information. Finally, DealMachine plans provide direct mail marketing, allowing landlords to instantly send direct mail and customize sequences.
Rentometer is an efficient way to perform a basic rent analysis. This tool allows you to type in a property address and monthly rent price to see if the rent is below, above, or at a fair market rent price. It’s a great way to observe rent competition and figure out reasonable prices for your rentals.
For investors interested in data on home and apartment rentals, RENTCafe can give you some great insight. This website allows you to search for apartments and homes in popular U.S. cities, such as Philadelphia and Washington DC. It also enables property managers to gain increased exposure, leads, and chances to fill vacancies.
Property Management Software to Manage Finances
Finally, managing the finances of your rental business is another significant task for landlords and property managers. Luckily, the use of property management software makes it more accessible. Here are five of the most popular management applications to manage finances.
- MRI Software
- Property Matrix
Stessa is a free finance software that makes tracking your rental property performance and finances simple. With this application, you can track unlimited rental properties, automate income and expense tracking, and export tax-ready financials. Overall, Stessa is excellent for investors who want to track their properties and finances using basic metrics.
This accounting software is excellent for rental investors who want to track their assets in a portfolio and track profit and loss by property. In fact, Xero is similar to Stessa, but it’s not free. However, it has several beneficial features and can be accessed from anywhere.
Another free accounting software service that’s great for small investors is Wave. This software allows landlords to perform essential accounting functions and view balance sheets and income statements. However, note that you can’t separate profit and loss by each property using Wave.
MRI Software is a great software solution for commercial management seekers. Since they’ve partnered with over 200 companies, MRI can provide a unique financial solution using integrations for any rental business. Additionally, they offer several features, including online rent collection, rent tracking, credit risk management, and more.
Finally, another excellent accounting software for rental investors is Property Matrix. Since this application is designed for all levels of accounting experience, it’s simple for first-time or experienced landlords to navigate. Additionally, this software is equipped with advanced customizable features with excellent automation capabilities.
Maximize Your Rental Business With Property Management
With all the property management software tools available today, it’s important to choose one that best fits your rental business. If you’re not sure how to streamline your rental business, reach out to the property management professionals at Bay Property Management Group.
With our team of dedicated individuals, we provide full-service management to investors with various rental portfolios. Contact us today if you need management services in Baltimore, Philadelphia, Northern Virginia, or Washington DC.