Top 5 Rental Property Management Software ( No.1 is Impressive)
Rental Property Management Software:
The global property management industry generates billions of dollars each year and a huge part of that money comes from real estate rentals. With all that money in circulation software companies have created amazing technologies to help property managers, investors, and landlords stay organized.
This software helps users to stay on top of daily communication with their tenants and keep them ready for tax-related activities.
Having good property management software helps to attract, screen, and manage tenant affairs and account for all revenue and expenses.
What Is Rental Property Management Software?
A rental property management software is a collection of tools designed to help property owners attract new tenants, screen them and manage all other affairs relating to their estate.
This software is used to communicate information to tenants. This information can be in form of announcements like scheduled maintenance or an increase in the rent fee. Another feature of rental property management software is that they come with an accounting component.
This makes it easier to receive and record payments and generate income, expenditure, cash flow reports, and other strategic and financial planning interests.
Top 5 Rental Property Management Software
Buildium
TurboTenant
AppFolio
Propertyware
SimplifyEm
Top 5 Rental Property Management Software of 2022
Buildium
Buildium is software built by property managers for property managers. It has a comprehensive service that allows property owners to control every aspect of their business entirely remotely. This makes it the best choice for both residential and association property managers.
Buildium is the best because it is a comprehensive software that allows property owners to control everything from rent payments, maintenance cycles, vacancy management, and accounting.
Buildium streamlines the entire estate management process through accounting, leasing, communication, business operations, and management features.
It facilitates the lead-to-rent collection cycle through tenant and lease tracking, on-demand reports, automated rent, complete general ledger accounting, and free reminders.
Buildium also comes with a specialized tenant portal that allows property managers to receive payments online automatically.
They offer a 14-day free trial and pricing is based on the number of units you manage. It starts from $50 monthly for their essential plan.
Your cost per unit is reduced when you have higher units but the total cost will be higher. Buildium also offers a $10 discount to anyone who signs up for their annual plan.
Buildium streamlines the whole process making it very easy to use although some of it features may be difficult for new users. That is why they have a ticket-based customer support system to help users find their way around the software.
Pros
Built by property managers for property managers
Automatic rent collection through an inbuilt tenant portal
Comes with online ticket support during business hours
Lots of comprehensive training materials offered
Cons
Expensive pricing plans
A few customer support complaints
Not fit for single property managers
TurboTenant
Turbo Tenant is a property management software that is free for landlords. It puts all the costs on the tenants so it is the best free option for landlords.
Tenants pay a fee of $55 for application and screening. Landlords can purchase a few optional services for a one-time fee, such as state-specific lease agreements for $39, an unlimited number of electronic signatures for $9, and 32 common landlord forms for $145.
There are several property management software companies that have free trial options for a limited number of units or time but that is not the case with TurboTenant.
It remains 100% free for property managers no matter the number of units you manage. Its interface is also simple and straightforward and very easy to set up.
TurboTenant has many onboard features that are geared to facilitate tenant management for estate owners. These features include an online screening of tenants, creating dedicated listing pages, and sending bulk messages from one inbox.
It also integrates platforms like Realtor.com, Facebook Marketplace, Apartment list, Rent Path, and other rental listing sites to enable property managers to advertise vacant properties with just a single click across multiple platforms.
Tenants can then be screened online through TransUnion and their documents signed and sent through the platform. Also, payments and maintenance requests are made through the platform. All payments made through ACH are free but there is a 3.49% fee on all credit card payments.
Pros
Free regardless of the number of units managed
Great for DIY landlords
24/7 customer support through phone and online
Cons
Tenants have to pay for it
Limited advanced features
AppFolio
AppFolio is popular among property managers with large rental portfolios. It offers the best-advanced features to control all your estates remotely with additional support and resources to help grow your business and maximize profit and efficiency.
AppFolio was created in 2006 and has over a decade of experience in providing property management services to its clients. The company has over six million units under its management and it supports all types of units.
The software has a wide range of features that it offers to landlords who need to operate and grow their business remotely making it one of the best for advanced features.
They offer two different tiers of plans for residents and property owners as well as plans for community associations and commercial landlords. Each plan has a minimum cost per unit and starts from $280 monthly for its core plan for residential landlords.
AppFolio account costs are listed below:
Residential Core: $1.40 per unit monthly (min $280)
Residential Plus: $3 per unit monthly (min $1,500)
Plans for community associations and commercial property owners are also available.
The software supports multiple types of property including residential buildings, commercial properties, student housing, and community associations. Each feature is designed for the specific property type you have.
AppFolio has everything a property manager needs such as accounting software, rent collection, maintenance requests, utility billing, marketing tools for multiple platforms, and customizable online leases.
Some of its advanced features include an artificial intelligence leasing assistant, premium leads, tenant screening, professional websites for your properties, online payments, insurance tracking, utility management, tenant debt collections, and maintenance contact center
Pros
Plans for residential landlords, community associations, and commercial real estate landlords
Supports all types of units
Has a mobile app
Cons
Has a minimum monthly fee
Not fit for a small number of properties
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Top 5 Rental Property Management Software ( No.1 is Impressive)
Propertyware
This software was designed with single-family homeowners in mind. Property ware is focused on single-family home property management. The software is simple to use with no complicated features of commercial management software.
This makes it the best choice for single-family home management. It comes with management features like online rent collection, accounting, tenant screening services, maintenance requests, lead tracking, vacant property marketing with leasing agents, and a portal for vendors.
Propertyware currently offers three pricing options ranging from Basic, Plus, and Premium. Prices start from $1 per unit, $1.50 per unit, and $2 per unit for the three pricing options.
Their basic plan allows you to run reports, advertise vacancies, manage properties using owner and tenant portals, and streamline maintenance work orders, tenant screening, accounting, and rent payments.
The plus plan adds features like two-way text messaging, inspections, and e-signatures. The premium plan lets you manage your maintenance projects and portals for your vendors. Each plan has a minimum monthly fee of $250, $350, and $450 respectively, so to optimize your unit costs, this program is best for managers with at least 250 homes.
Pros
Manage large portfolios
Has a mobile app
Multiple pricing tiers
Cons
Some customer support complaints
Fit only for large portfolios
SimplifyEm
SimplifyEm was created in 2006 and its goal is to use the latest user experience and web technology to develop a software solution that meets the needs of busy real estate managers. The company has clients across the US and Canada and it has managed over $42 billion in estate property.
It was designed by real estate professionals and it offers the ideal balance of price and features making it the best choice for property owners that need to manage a few assets and don’t want to pay the high cost of other software plans.
SimplifyEm is best for a few properties but it supports up to 2000 assets because you can keep your costs as low as $25 monthly if you’re starting out with less than 10 assets.
The pricing plan starts from $25 for 10 units monthly then goes up to $35 for 20 units and $45 for 30 units. When it gets to 50 it is $50 then $75 for 75 units and $100 for 100 units. They have a 15-day free trial that allows you to test their features without you adding your credit card details.
The software is easy to use, hence there is no need for hiring a professional. Independent property owners can easily find their way around the software even without any experience.
The software comes with features such as email and phone support, renters insurance, income and expense tracking management reporting, and more.
SimplifyEm is designed to aid property owners to manage their properties effectively while also saving time and money. It allows its users to track income and expenses, store documents, collect rent and tenant applications online, screen tenants and generate and analyze owner reports. It is cloud-based so you can get started once you sign up.
Pros
Supports one to 2,000 units
Designed by real estate professionals
Has advanced features
Cons
If you have more than 2,000 units, the platform can’t grow with your portfolio
Conclusion
Rental property management software is mostly cloud-based services that make it easier for property owners with small or large portfolios to manage their processes right from lead generation, tenant occupancy, maintenance, insurance, and financial accounting and reporting.
Before going for anyone, it is important to look at the features and make sure it agrees with what your portfolio looks like today and what you expect it will become in the future.
Will the platform be able to grow with your future demands and is it affordable while your portfolio is still small?
Buildium is a good option because its features are robust, its platform can scale with your portfolio’s growth, and at just $50 per month to manage up to 150 units, It is a low-cost solution when you are starting out.
Top 5 Rental Property Management Software ( No.1 is Impressive)