There is sound logic to the widespread practice of real estate investors outsourcing property management. Just one rental property may be a lot to manage, what with tenant screening, repair needs, and lease and application processing. Fortunately, software designed specifically for managing properties may streamline these tasks so that everything runs smoothly.
The 8 Best Programs for Managing Properties
Software for managing rental properties is called property management software. Processing rent payments, tenant applications, maintenance requests, and document storage are just some of the back-office financial and administrative chores that may be automated using these systems. Many different sorts of real estate investors, property managers, and landlords may all profit from using property management software.
Find out who could benefit most from using each of the nine most popular rental property management software options in this overview.
1. Buildium
You won’t find a more all-encompassing cloud-based solution than Buildium. Buildium has a number of functions that are standard in property management software, and it also has several capabilities that are specific to managing community and homeowners associations.
In addition to providing award-winning customer assistance, analytics, and insight for a closer look at your company’s performance, Buildium’s solutions are intended to manage all parts of the rental property through a mobile site.
The Reasons Why We Selected This Property Management Software
Key features of the platform include the ability to handle online payments and the full leasing process, as well as manage and report on corporate spending. Buildium also allows you to host your own professional website, where you may advertise properties, track your company’s success, and set up private channels for interacting with clients, renters, and HOA board members.
This system works with any combination of assets and can communicate with other widely used programs. All parts of a rental property may be managed efficiently, whether the manager is present at the office or working remotely.
Who Benefits Most from It
Single-family homes, apartment complexes, student residences, low-income housing, homeowner’s associations, and commercial properties are all supported by Buildium.
How the Costs Are Calculated
The Essential plan’s low starting price of $52 per month covers up to 150 units. For those who have a limited number of properties, this may be a viable choice. The Premium plan starts at $479/mo when purchased annually and can protect up to 5,000 units. Buildium recommends getting in touch with their sales team for custom pricing if you have more than that.
The price of your membership will increase if you add on business-specific features and services. The cost of getting started might increase. Buildium also provides a free trial period of 14 days for all plans.
Pros
- Simple to navigate interface
- Different-sized portfolios might benefit from the tiered pricing structure.
- A suite that does it all
- Buildium Academy is an e-learning institution where you may learn at your own pace.
Cons
- The ticket-based customer assistance system might be inconvenient at times.
- Single-unit homeowners might not benefit from this.
- Depending on your specific options and services, plans might be rather pricey.
2. AppFolio
For managing their extensive rental properties, many investors use AppFolio. Maintenance requests, automatic payment systems, and digital leases are just a few of the features found in property management software that may be found on this platform. This program is appropriate for managers with 50 units or more and includes accounting and management capabilities to aid a wide range of users.
The Reasons Why We Selected This Property Management Software
AppFolio’s automation and AI tools are among the best in the business. Tools for mobile property management communication, accounting and reporting, and improved maintenance and utility management are all accessible via its user-friendly interface. This system helps you expand your portfolio by providing tools for advertising, leasing, and finding and training new employees. Property Manager Plus is a custom-built solution for complicated organizations in need of flexible processes and enhanced analytics, and it is available from AppFolio for those who manage thousands of units.
Who Benefits Most from It
Residential, business, and community associations are served by AppFolio. Any portfolio combination across a range of sizes is compatible with AppFolio. However, implementation calls for a minimum portfolio size of 50 units
How the Costs Are Calculated
AppFolio separates costs for different portfolios. There will also be an initial investment for each user, which will be proportional to the size of their portfolio.
Residential offers a Core plan with a minimum monthly cost of $280 and monthly costs as low as $1.40 per unit for small to medium-sized portfolios. The Plus plan has a minimum portfolio size of 500 units, costs $3 per unit each month, and has a $1,500 minimum monthly charge. The monthly minimum for the Core plan for Community associations is $280, and the cost per unit is $0.80. Each unit in the commercial real estate Core plan costs $1.50 per month, whereas each unit in the Plus plan costs $3.
Pros
- The option to set up a website just for your property
- Multiple property types can be managed simultaneously.
- Simple to use interface
Cons
- It is more costly than the equivalent program for managing properties
- Slow response time from customer service
- inappropriate for small portfolios
3. TurboTenant
TurboTenant is the best bang for your buck when it comes to property management software because it is free and can be used to advertise rental properties, accept online applications, screen tenants, and collect rent for an unlimited number of units. TurboTenant charges renters a fee to apply for a rental property, rather than the landlord, and it is free to use for the most part, and you may pay to have access to extra tools for managing your rental property.
The Reasons Why We Selected This Property Management Software
TurboTenant is an end-to-end solution that equips you with resources at each stage of the property management process. Its cooperation with TransUnion® throughout the application process allows for free tenant screening. Integrations with rental listing websites make it easy for property managers to post available units. The program also facilitates payment processing and the submission of service requests.
TurboTenant is a low-cost alternative for property managers with fewer than 100 units.
Who Benefits Most from It
TurboTenant serves the needs of both single-family and multi-family homeowners. Property managers on a low budget may benefit from this option, but managers of big or complicated properties may find that it falls short of their demands due to a lack of advanced capabilities offered in competing software.
How the Costs Are Calculated
With TurboTenant, you can manage an infinite number of properties for free, but some add-on features will cost you a one-time fee. Lease agreements tailored to a given state cost $39 on TurboTenant, electronic signatures cost $9 each, and a landlord forms pack costs $145. There will be a $15 fee for any lease modifications. There are no additional costs associated with the use of TurboTenant Premium, which costs either $8.25 per month or $99.00 per year.
The application and screening fee of $55 is paid by the renter. Rent paid with a credit card incurs a 3.49% fee, and renters insurance is available for an additional $8 per month.
Pros
- No-cost property management program
- 24/7 client assistance
- unified platform
Cons
- Tenants pay for costs.
- A few select advanced features
4. Propertyware
Propertyware is explicitly designed for managing single-family homes. Everything a property manager needs is included in the all-inclusive platform with none of the complexities of commercial real estate property management software. Because of this, even novices may quickly and easily start using Propertyware.
The Reasons Why We Selected This Property Management Software
Landlords of single-family homes have access to accounting and financial reporting, online rental payments, requests for maintenance, property marketing with leasing agencies, tenant assessment, and lead monitoring, as well as a gateway for vendors, owners, and tenants.
Users may create customized workflows and automated procedures using elements that are easily adaptable.
Without any complex add-ons, Propertyware includes everything a single-family home property manager needs to operate their business.
Who Benefits Most from It
Propertyware is aimed at firms that manage several single-family homes and can handle big portfolios. However, the monthly cost starts at a certain threshold, so it may not be suitable for managers who are responsible for fewer than 250 properties.
How the Costs Are Calculated
You may choose from the Basic, Plus, or Premium version of Propertyware. The monthly cost of the Basic plan begins at $1 per unit, with a $250 minimum charge each month. Propertyware’s most popular package, Plus, costs $1.50 per unit, per month, with a $350 minimum, each month. The Premium plan has a $450 monthly minimum and a price of $2 per unit each month. There is a one-time setup cost equal to two months’ worth of payments for each pricing tier.
Pros
- Capacity to manage extensive portfolios.
- There are a variety of price points available.
- Simple and straightforward UI
Cons
- A minimal monthly cost applies.
- Minimal integrations with external parties
5. SimplifyEm
SimplifyEm was developed by industry experts with the goal of giving property managers and investors more control over their properties. The number of units this program can manage ranges from one to two thousand, however, users in charge of less than fifty may not have access to all of its functions. Owner and renter interfaces, account management, and recurring payment notifications are all examples of useful tools.
SimplifyEm’s intuitive interface and focus on ease of use make it ideal for inexperienced investors or property managers looking to streamline administrative processes. Subscriptions often provide access to customer care channels like phone and email for when you have questions.
The Reasons Why We Selected This Property Management Software
Tenant, vendor, owner, and lease management, as well as revenue and spending, online rent payment, monitoring, owner reports, storage of documents, and insurance,
are included in all subscriptions. You can keep tabs on service requests, vet potential renters, and manage your business in general.
SimplifyEm’s user interface is meant to be intuitive, making it accessible to property managers of all skill levels. The business claims that the entire process may be completed in under five minutes.
Who Benefits Most from It
Any form of property management with a portfolio of less than 2,000 units can use SimlifyEm.
How the Costs Are Calculated
Pricing begins at $25/month for 10 units, $35/month for 20, $45/month for 30, $60/month for 50, $75/month for 75, and $100/month for 100. After the first 100 there is a $8 surcharge for every additional 10 units purchased. The highest possible monthly rate is $1,620 for 2,000 units.
If you have fewer than 50 units, SimplifyEm will charge you a per-use fee for access to tools like advertising vacancies and managing online rental applications.
Pros
- Options that won’t break the bank for small-scale property managers
- The most recent technology is supported.
Cons
- There is a 2,000-unit cap on the platform.
- If your order quantity is less than 50, you won’t have access to some options.
6. MRI Software
When it comes to commercial property management, MRI Software is unrivaled. Investment management reports and strategic planning and analysis are just two of the many comprehensive features available in this program that set it apart from other property management software.
The Reasons Why We Selected This Property Management Software
Management of finances, insurance, leases (including rent monitoring and late fee computations), and upkeep (including a database of landlords and tenants)
are just some of the powerful capabilities offered by this program. Investors may better optimize pricing and discover suitable tenants with the aid of market research and data included in MRI software.
Who Benefits Most from It
It’s useful for a wide range of real estate pros, but especially commercial enterprises and major property-holding businesses. MRI Software’s expensive price and extensive capabilities may not be worth it for small-scale property owners with only a few properties to manage.
How the Costs Are Calculated
MRI Software does not list rates on its website because of the wide range of customers it services in the real estate industry; for a quote, you will need to get in touch with the company personally.
Pros
- Exposure to market information
- Compatible with many different kinds of real estate
- The most recent technology is integrated.
Cons
- No trial offer or transparent pricing
- Better onboarding and sales process
- Focusing more on serving multi-family managers than single-family
7. DoorLoop
DoorLoop’s easy-to-navigate interface sets it apart from the competition by requiring less time to get up and running. To ensure that all of our subscribers are satisfied, we offer limitless training and support across all of our membership tiers. After installing this program, you may add new properties in a matter of minutes.
The Reasons Why We Selected This Property Management Software
Doorloop is user-friendly and provides a full feature suite at a reasonable price. Tools for promoting, marketing, collecting rent, and keeping financial records are all included in this suite of applications.
Who Benefits Most from It
Customers ranging from those with a single investment property to those with a portfolio of hundreds may all be accommodated because of its adaptability and customization options. Doorloop serves a wide variety of clients, including private homeowners, HOAs, community associations, and housing authorities. Inquire about Doorloop’s viability if you handle more than 5,000 units.
How the Costs Are Calculate
Doorloop’s three tiers of service are dubbed “Starter,” “Pro,” and “Premium.” The base price of the Starter plan is $59/month or $49/year, while the base price of the Premium plan is $139/month or $109/month/year. Training and onboarding costs vary in price depending on the size of your portfolio.
Pros
- Excellent ease of use and minimal learning time required
- With any of the packages, you’ll have access to the tools you need to run a profitable real estate company.
- Quick and easy sign-up
- Excellent service to the customer
Cons
- Lacking sophisticated software capabilities
8. Rent Manager
Rent Manager is one of the most user-friendly software packages available, with three different pricing tiers delivering a full set of tools for advertising rental units, screening potential tenants, managing current tenants, and analyzing financial performance. The ability to build responsive websites for individual properties gives property managers the flexibility to stay on top of things while on the go.
The Reasons Why We Selected This Property Management Software
Although it’s user-friendly, Rent Manager offers advanced tools for tenant support. Property managers who are often on the go will find this tool to be indispensable due to its portability. Whether it’s accepting money, filing repair orders, taking photos, or recording videos, property managers have instant access to anything they need, whenever they need it.
Who Benefits Most from It
Rent Manager is designed for businesses of all sizes that deal with residential and commercial properties. All product characteristics can be altered to suit individual needs.
How the Costs Are Calculated
With monthly minimums ranging from $200 to $450, You may choose between Rent Manager Basic, Rent Manager Plus, or Rent Manager Premium, all of which are paid monthly and are priced from $1 per unit per month to $2.25 per unit per month. the monthly charge is doubled for the implementation package. Additionally, there are other add-on services available for a fee.
Pros
- You may try it out for free.
- Super simple app
- Property-specific website creation software
- Compatible with any provider thanks to an available API
Cons
- Calling in for a quotation might slow down the sales and onboarding process.
- Monthly minimums can be rather pricey.
Choosing the Optimal Rental Property Management Software: Our Approach
The roster of the finest property management software for investors in 2023 was formulated through a multifaceted assessment process. Each company garnered commendable ratings and affirmative feedback from clients due to its user-friendly nature, simple setup, responsive customer service, comprehensive offerings, and integrative capabilities that contributed to enhanced business efficacy. This compilation encompasses software alternatives tailored to landlords with a limited number of properties as well as extensive property management firms overseeing hundreds or thousands of units.
These enterprises enjoy a reputable standing within the property management software sector and furnish the foremost property management software currently accessible.
Frequently Asked Questions about Property Management Software
Outlined below are some of the most commonly asked queries about property management software.
What constitutes property management software?
Property management software is designed to facilitate the organization and supervision of rental properties. Property managers and landlords employ this software to automate and streamline tasks encompassing administrative, financial, and back-office functions.
How does software for rental property management operate?
This software typically presents an array of tools unified within a single platform catering to residential and commercial properties, as well as community associations. Its capabilities encompass managing maintenance requests, lease administration, tenant screening, rent payment processing, and more.
Is it advisable to utilize property management software for my rental properties?
Property management software can enhance the management and arrangement of your rental properties, irrespective of your budget. Certain companies offer tiered pricing models based on your requirements and the volume of units under your purview. Some options even extend free trial periods.
What factors should I weigh when selecting rental property management software?
Before making a decision on rental property management software, it’s crucial to ascertain whether the software aligns with the property types you oversee. Additionally, evaluating its capacity to handle your unit volume and checking for essential features and integrations pertinent to your business is recommended.
What cost should I anticipate for property management software?
Property management software is available across a spectrum of budgets. Basic property management tools essential for business operations can be obtained through free software. For more extensive portfolios or intricate property arrangements, costs might range from hundreds to thousands per month.
Rental property management software empowers landlords to oversee a spectrum of tasks encompassing marketing, leasing, payments, maintenance, accounting, and reporting, regardless of their portfolio’s scale. Certain platforms are tailored for managing modest portfolios of single-family residences, while others are better suited for sizeable mixed-use commercial portfolios.
No matter your stage in the realm of real estate investment, there exists rental property management software that aligns with your requisites and financial parameters.
