Top Software Providers to Help You Manage Your Rental Properties

 

Managing rental properties can be a ton of work, especially if you have multiple units to handle. From attracting tenants and keeping up with maintenance requests to managing rental agreements and collecting payments, it can quickly become overwhelming. 

As a property manager, what options are available to help you with all these tasks?  The answer: investing in property management software to help organize your daily operations. By automating tasks and organizing data, property management software can save landlords valuable time and help to streamline their operations.

Top Software Providers in the US

Our Selection Criteria:

When selecting software options, several factors were considered to ensure suitability for various users:

• Number of properties: Software options were evaluated based on whether they catered to landlords managing a few properties or those with large portfolios.
• Budget: Affordability and pricing plans were analyzed to accommodate different budget constraints of users.
• Desired features: The availability of essential features such as rent collection, tenant screening, maintenance management, and accounting functionalities were assessed to meet the diverse needs of property managers.

Best Overall: Buildium

Overview

Founded in 2004 by Michael Monteiro and Dimitris Georgakopoulos, Buildium has grown rapidly, serving over 10,000 customers by 2014. It streamlines property management through accounting, business operations, leasing, and community association management features. It can also be integrated with various external platforms.

Who Should Use It: Property managers and owners of residential and association properties

Pros & Cons

Pros

• Automatic rent collection through a tenant portal
• Online ticket support during business hours
• Abundance of training materials

Cons

• Expensive pricing plans
• Some customer support complaints
• Not ideal for single-home property managers

Why We Selected It

Built by property managers for property managers, Buildium offers comprehensive services for controlling all aspects of property management remotely, making it suitable for both residential and association property managers.

Best Free Option: TurboTenant

Overview

With over 400,000 landlords using TurboTenant, its reliability and support are proven. Founded in 2015, it offers straightforward usage with simple interface and setup, catering to landlords with small portfolios.

Who Should Use It: Landlords with multiple residential units

Pros & Cons

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
• Charges fees for optional services

Why We Selected It

TurboTenant stands out as the best free option because it shifts costs to tenants, making it ideal for landlords with small portfolios. It offers basic features for DIY landlords, with 24/7 customer support.

Best for Large Portfolios: AppFolio

Overview

Founded in 2006, AppFolio boasts over six million units managed. It offers a wide range of features tailored for remote management and growth of rental business, making it ideal for large portfolio holders.

Who Should Use It: Large portfolio holders

Pros & Cons

Pros

• Plans for residential, community associations, and commercial landlords
• Supports all types of units
• Has a mobile app

Cons

• Has a minimum monthly fee
• Not fit for a small number of properties
• Not accredited by the BBB

Why We Selected It

AppFolio is tailored for landlords with large portfolios, offering advanced features for remote control of units. It supports all unit types and provides additional support and resources for business growth.

Best for Commercial Property: MRI Software

Overview

MRI Software, founded in 1971, provides property management services and cloud-based software. It's preferred for managing commercial properties due to its comprehensive features and reliability.

Who Should Use It: Owners of commercial properties

Pros & Cons

Pros

• Multiple advanced features included
• Reliable company with a long history
• Easy to use

Cons

• Need to contact the company for a price quote

Why We Selected It

MRI Software is our top choice for managing commercial properties due to its features like investment management and strategic planning, tailored for complex commercial portfolios.

Best for Single-Family Homes: Propertyware

Overview

Propertyware, owned by RealPage, is focused on single-family home property management. With over 20 years of industry experience, it provides comprehensive solutions tailored for single-family home landlords.

Who Should Use It: Landlords renting out single-family homes

Pros & Cons

Pros

• Manage large portfolios
• Has a mobile app
• Multiple pricing tiers

Cons

• Some customer support complaints
• Fit only for large portfolios
• Monthly fee

Why We Selected It

Propertyware is designed for managing single-family homes, offering features like online rent collection and tenant screening, making it ideal for landlords in this niche.

Best for User-Friendliness: SimplifyEm

Overview

Founded in 2006, SimplifyEm aims to provide a simple and easy-to-use software solution for real estate professionals. It offers features like income and expense tracking, tenant management, and more, suitable for small portfolio holders.

Who Should Use It: Small portfolio holders

Pros & Cons

Pros

• Supports one to 2,000 units
• Designed by real estate professionals
• Has advanced features

Cons

• Limited growth beyond 2,000 units
• Free trial is only 15 days

Why We Selected It

SimplifyEm is known for its user-friendly interface, making it ideal for landlords managing a few properties. It offers a balance of price and features.

Software Provider	Key Features	Pricing
Buildium	Automatic rent collection, online ticket support, comprehensive management features	Starts at $55/month
TurboTenant	Free for landlords, basic features for DIY landlords, 24/7 customer support	$0/month
AppFolio	Plans for residential, community associations, and commercial landlords, mobile app	Starts at $280/month
MRI Software	Advanced features for commercial properties, investment management, strategic planning	Must call for quote
Propertyware	Tailored for single-family home landlords, online rent collection, tenant screening	Starts at $250/month
SimplifyEm	User-friendly interface, supports small portfolio holders, advanced features	Starts at $25/month
Yardi Breeze	Cloud-based software, built-in accounting, online rent collection, unique features	Starts at $100/month (residential)

Key Features to Consider in Property Management Software

Core Features:

Listing and Marketing Properties:

Property management software helps landlords advertise their rental properties across multiple platforms, making it easier to reach potential tenants.

Tenant Screening and Application Processing:

With built-in tools for screening tenants and processing applications, landlords can quickly vet applicants and find reliable tenants.

Lease Agreements and Electronic Signatures:

Property management software allows landlords to create and sign lease agreements electronically, saving time and paper.

Online Rent Collection and Automated Payments:

Landlords can collect rent payments online and set up automated payments, reducing the hassle of chasing tenants for rent.

Maintenance Request Submission and Tracking:

Tenants can submit maintenance requests through the software, and landlords can track and prioritize them for efficient resolution.

Accounting and Financial Reporting:

Property management software helps landlords keep track of income and expenses, generate financial reports, and simplify tax preparation.

Communication Tools for Tenants and Landlords:

From sending announcements to addressing tenant concerns, property management software provides communication tools to keep landlords and tenants connected.

Optional Features:

Online Portals for Tenants:

Some property management software offers online portals where tenants can access lease agreements, pay rent, and submit maintenance requests.

Background Checks and Credit Reports:

Landlords can conduct background checks and obtain credit reports on potential tenants to assess their reliability and financial stability.

Renters Insurance Integration:

Property management software can integrate with renters insurance providers, making it easy for tenants to obtain coverage.

Online Lease Renewal Options:

Landlords can offer tenants the option to renew their leases online, simplifying the renewal process for both parties.

Work Order Management for Repairs and Maintenance:

Property management software helps landlords track work orders for repairs and maintenance, ensuring timely resolution of issues.

Integration with Accounting Software:

For seamless financial management, property management software can integrate with accounting software like QuickBooks or Xero.

By considering these key features, landlords can choose the right property management software to meet their needs and streamline their rental property operations.

Key Takeaways

Choosing the right property management software is crucial because it helps landlords and property managers stay organized and efficient. Each software option caters to different needs, whether it's managing a small portfolio or a large number of units. 

By selecting the software that best aligns with individual requirements, landlords can streamline processes, attract and manage tenants effectively, and optimize revenue. It's important to consider factors such as cost, features, ease of use, and scalability when making a decision.

For further research, individuals can explore software review websites like Getapp.com and Software Advice, where they can find detailed reviews and comparisons of various property management software options. These resources can provide valuable insights and help landlords make informed decisions based on their specific needs and preferences.