Best Rental Property Management Software
Technology is not only transforming your daily life but also changing the real estate game. Are you reluctant to invest in rental property because of management complexities? Worry no more. Rental property management software will automate and streamline all your management responsibilities.
As of 2020, the real estate industry in the US was at $ 1208 billion. There is a projected growth with a compound annual growth rate (CAGR) of 5.45% between 2020 t0 2027. With such money in circulation, it is a booming opportunity for several software companies.
They have developed more software to ease investors, property managers, and landlords with the burden of property governance. Choosing software that fits your property can be arduous and mind-boggling. To help you make an informed decision, let’s dig deep into rental property management software.
Resources:
- Real Estate Investing School: How to Retire on Passive Income
- How to Increase Your Income and Master Your Money (Saving, Investing, Taxes)
What is Property Management Software?
This is a program designed to perform all key property management responsibilities, giving you time to focus on growing your real estate business.
Features of rental property management software
Property management software offers a variety of features. The features vary because they fulfill the business needs of all property types and sizes. They provide the following functionalities:
- Rental payment- provides rental payment and collection functionality.
- Accounting- avails a built-in accounting functionality or integration with other accounting solutions.
- Lease management- offers customizable lease templates for easy lease contract management.
- Maintenance management- enables request maintenance and scheduling of service contractors.
- Tenant portal- offers a communication platform for tenants and owners.
- Rental listing- provides rental listing management with syndication to other listing sites.
- Tenant screening- facilitates screening of potential tenants.
- Space management- tracks vacancies in your property.
- Insurance management- provides a feature to ensure compliance with insurance real estate policies.
Learn –> How to Increase Your Income and Master Your Money (Saving, Investing, Taxes)
Why you need rental property management software
#1: Financial management
Rental Property management software will watch your financial health by automating your accounting and bookkeeping tasks.
#2: Reporting
With a property management solution, you will maintain accurate and compliant records.
#3: Facility management
Property management software will ensure you keep track of all maintenance requests, set up recurring work orders, and make timely payments to vendors.
#4: Tenant communication
It will ensure improved communication between you and your tenants, leading to resident loyalty and a management reputation.
How do you choose suitable software?
For better performance, consider the following factors before settling on property management software:
- Property type
Is your property commercial or residential or both? Depending on the property you want to manage, select software that will accommodate all your management needs.
Learn –> How to Invest in Real Estate, Make More Money and Retire Early
- Number of units
If you are managing a few properties don’t go for software with so many features you don’t need. You can even take advantage of free software and scale up with time.
Equally, with several properties, don’t use cheap software with little functionality that will not make a big difference in your operations.
- Features and customization
What does your real estate business need? It might be you want better maintenance or even marketing. Choose the software you can personalize to solve your most urgent need.
- Data security
Is your software installed or cloud-based? Your business data is very crucial. It must be safe and easy to retrieve. Cloud-based software offers more security.
- Pricing structure
There are free to very expensive rental property management software. Select one that will work for you at a minimum cost to optimize returns.
- Tenant and owner portal
Property management entails dealing with people at all levels. Be it a property management company with several employees or a landlord with a few tenants. All parties should access the software and communicate effectively.
Resources:
- Real Estate Investing School: How to Retire on Passive Income
- How to Increase Your Income and Master Your Money (Saving, Investing, Taxes)
Top rental property management software
Not sure which software to adapt for your real estate business? Here are the best to select from.
#1: Appfolio Property Manager
Do you manage 50+ units and want an all-in-one solution with marketing, accounting, leasing, and management functionality? Use Appfolio. The 4.6 rated software is suitable for single-family homes, multifamily houses, student housing, condominiums, and commercial properties.
This cloud-based property management software will automate all your operations by enabling you to access all your reports and statements through an owner portal. Post your vacancy advertisements to your website and sync other real estate listing platforms.
You can accept online rent applications and leases, screen your tenants, and have an online portal for residents to pay rent, submit maintenance requests, ask for inspections, and communicate with you effectively.
To enjoy these services, you will choose to pay for either the core or plus package. The core package that is recommended for small and mid-sized portfolios has a minimum monthly fee of $280 and $1.40 per unit per month.
The plus package designed for managing 1000+ units has a minimum monthly fee of $1500 per month and $3 per unit per month. Get this software app and use it on any device.
Check out Appfolio Property Manager
#2: Buildium
This is a cloud-based management solution for residential and association property managers who want to be fully in charge of their business. It simplifies rent management through online rent payments, automated rent and fee reminders, general ledger accounting, and other reports when needed.
With Buildium your marketing is sorted. Vacancies are advertised on Buildium’s free marketing website and syndicated to its listing partners like Craigslist and Trulia. The software has an application for dealing with lease applications, screening tenants, and handling lease renewals.
Through the software, residents can purchase renter’s insurance, set recurring payments, and submit maintenance requests. As a property manager, you can convert maintenance requests to work and assign them to workers, who will update and confirm the completion of work.
To improve customer satisfaction, the software introduced business analytics. With this feature, you can track the performance of your business in relation to your local market. To make the deal sweeter, export your data to other business tools and systems for analysis.
Buildium has three service tiers. An essential package that begins from$50 per month, a growth tier that starts from $160 per month, and a premium package that begins at $460 per month. Grab any of the packages and save on property management costs.
#3: Tenant Cloud
Finally! Here is free rental property management software. This is a gratis and exhaustive user-friendly interface that ensures the smooth running of your rental business. It is best for new landlords, a property manager from one five hundred properties who are on a budget.
As a landlord or property manager, you will receive online payments and full accounting service. Vacancy marketing and listing syndication to other listing websites is a feature of Tenant cloud.
Learn –> How to Invest in Real Estate, Make More Money and Retire Early
Other services include online tenant screening, contacts and team management, rental agreements and notices on a need basis, printable reports, and the ability to track renter’s insurance.
Your tenants will make online rent applications and rent payments. Access rental agreement templates and E-Sign and quickly submit maintenance requests. The free package is suitable for managing a maximum of 75 units.
To get better services like CRM leads and quick books sync, upgrade to a standard tier at $9 per month or an advanced package at $35 monthly. Pay annually and enjoy 2 free months.
#4: Propertyware
It is the most powerful, customizable software for single-family homes. Its online leasing feature includes; lead tracking, marketing with listing syndication, rental application portal, tenant screening, and an electronic signature.
For effortless property management, it provides tenants with various payment options, either cash or online, this reduces late rent payment and fraud. The software has tenants and owner portals and supports text messaging for efficient communication.
Use its mobile app to conduct property inspections. With Propertyware you have an accounting solution with records on account payables, account receivables, bank reconciliations, and other reports.
Propertyware has 3 pricing tiers. The basic package goes for $1 per unit per month with a minimum of $250 and an implementation fee of 2x the monthly subscription price. The plus payment option at $1.5 per unit per month with at least $350 plus implementation fee and a premium package for $2 per unit per month with $ 450 plus minimum implementation fee.
#5: MRI Software
It is best for managing commercial properties. It has unique features such as space management, strategic planning and analysis, affordable and public housing, and lease abstraction. MRI software provides a solution for the financial complexities of commercial properties.
The software has a wide range of services for many clients. It doesn’t have a specific payment package. You select the services you pay for according to your needs. Some of its services include merged accounting, rent collection, lease templates, credit risk management, investor relations, rent and vacancy tracking, manager compliance, and resident communication.
The platform is easy to use with resourceful customer service agents. If you managing a good number of commercial properties, use MRI software.
#6: Yardi Breeze
The cloud-based software aids small and mid-sized landlords or property managers to oversee their business.
Its unique features include; tasks and activities calendars, maintenance requests with attached photos, outsource payments with check writing, move in and out workflow sheets, marketing with Rentcafe, online rent applications, and collections, state-based lease templates, accounting, and renter’s insurance.
Pricing varies with your property type. It starts at $ 1 per unit per month with a minimum of $100 for residential properties and $200 for commercial properties. To know the exact pricing for your property contact Yardi Breeze. They offer free customer support services.
Final Thoughts
Good rental property management software will ensure there are no empty units by vacancy tracking, timely response to maintenance requests, and proper accounting.
Use property management software to increase efficiency and cut operational expenses. Choose the software that is cost-friendly and can serve all your property management needs. A property owner or a landlord, it is time to upgrade and automate rental property management.
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