Best software for small landlords: Investing in property is a great strategy to increase your net worth over the long-term. It can also be a lot of fun! As you build up an investment portfolio, there are a lot of different decisions to make. One of the biggest ones, however, should be what software to use for managing your properties. When it comes to finding the best software for small landlords, you need to make sure it’s scalable so that you can continue growing over time.
Are you a small landlord looking for the best rental property management software? Rental Guardian is here to help. With competitive pricing and a variety of useful features, we’re confident that we have the ability to help you succeed as a landlord.
When you run a small property management company, you are likely only using some of the functions provided by your business’s software. You have to decide which features you need and which ones you don’t. That makes it important to learn about the many different property management software options available so that you can pick an affordable system that provides for your needs with as few functions as possible.
Looking for a simple and inexpensive property management software for your small rental business? Quicken Rental Property Manager is the easiest way to track tenants, manage your finances, and organize all the details of your rental business from one central location.
What is landlord software?
Landlord software allows rental managers to control all aspects of a rental property including:
- Screening and managing tenants
- Responding to maintenance requests
- Scheduling periodic property inspections
- Processing online rent payments
- Tracking operating expenses
- Generating monthly P&L and cash flow statements
- Compiling year-end tax-ready financial statements
Landlordy
If you’re looking for a simple solution that you can take with you on your smartphone, Landlordy is a good option.
They have both an iOS and Android app version and a decent enough UI (though not the best), but as you’ll see, compared to some of the other options we review later, the feature set of Landlordy is minimal.
Still, if you’re simply looking for something that helps you manage rent payments and you’re willing to give up some of the more powerful features in the typical property management software, it’s worth a look.
Landlordy pricing
Landlordy offers a 100% free version, though it’s limited to only a few basic features.
For $14.99, you can pay for a premium version and get access to a few more basic accounting features and data backup.
However, Landlordy still doesn’t come close to some of the more robust features on this list, even with those add-ons.
Avail
Avail is another good option that offers a more comprehensive feature set than Landlordy while also offering a free plan.
Unlike Landlordy’s affordable premium plan, however, Avail’s paid plan isn’t cheap.
Other pros and cons include a decent UI that’s easy to maneuver. It can be challenging to get started because Avail doesn’t offer good tutorials or a competent knowledge base for learning how the software works.
Features include:
- Online rent payments
- Work order management
- Tenant screening
- Automatic listings
Avail pricing
Avail offers a free plan with an unlimited number of units. However, their Unlimited Plus paid plan is pricey even compared to some of the higher-end options on this list. If you want to get many of their more valuable features, it will cost you $5 per unit, per month.
TenantCloud
TenantCloud offers a free plan most similar to Landlordy’s, being free up to 75 units. It’s not unlimited, but it will suffice just the same if you have a small portfolio.
If you’re looking for a convenient app you can take with you on the go– that offers a free plan– Landlordy is likely still the best option.
However, the one benefit TenantCloud has over Landlordy is that its feature list on both its free and premium plan is better.
Features include:
- Online rent payments
- Work order management
- Vendor payments
TenantCloud pricing
TenantCloud has a free plan of up to 75 units. If you need something more or are looking for more features, they offer a Standard plan for $12 up to 150 units and a Growth plan for $40 up to 150 units.
However, you’ll need to opt for their $40 Growth plan to get a decent list of features comparable to the other options on this list.
Buildium
Built by property managers for property managers, Buildium’s comprehensive service allows property owners to control every aspect of their business remotely, making it the best overall choice for both residential and association property managers.Pros
- Built by property managers for property managers
- Automatic rent collection through a tenant portal
- Online ticket support during business hours
- A lot of training materials offered
Cons
- Expensive pricing plans
- Some customer support complaints
- Not a fit for single property managers
Buildium, our overall best, is a comprehensive software that allows rental managers to control everything from online rent payments, vacancy management, maintenance cycles, and accounting. Through accounting, business operations, leasing, and community association management features, Buildium streamlines the whole property management process. It facilitates the lead-to-rent collection cycle through tenant and lease tracking, automated rent and fee reminders, complete general ledger accounting, and on-demand reports. Among its features, Buildium also has a specialized tenant portal that allows property managers to receive online payments automatically.
While there is no free version, they offer a free 15-day trial. Pricing is based on the number of units you manage and starts at $50 per month for up to 150 units. The more units you have, the lower the cost per unit with a maximum number of 5,000 units. Buildium also has a 10% discount for anyone that signs up for annual billing.
As it streamlines the whole process, Buildium is fairly simple to use, although basic users may not be able to maximize all of its features. To help users find their way through it easier, Buildium has a ticket-based customer support system, although there were some complaints about the slow responses clients received from it.
To support its features, Buildium integrates with several outside software platforms, including Apartment List, Apartments.com, Forte, HappyCo, HotPads, Lovely, TransUnion, RevSpring, MSI, Nelco, Tenant Turner, Happy Inspector, PayNearMe, Trulia, Zillow, and Zumper.
The idea began between 2002 and 2003 when Michael Monteiro & Dimitris Georgakopoulos started their rental property business and realized they needed software that will help them manage their properties easier. In 2004 they founded Buildium, which quickly grew to 10,000 customers by 2014, receiving many awards and recognitions to date from G2, SoftwareAdvice, and Capterra.
TurboTenant
TurboTenant’s pricing model puts all of its costs on the tenants, making it the best free option for landlords.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
A lot of rental property management software platforms have free trial options, but often for only a limited number of units or a limited period of time. This is not the case with TurboTenant, which will remain 100% free no matter the number of units you manage. While many free rental property management software platforms leave a lot to be desired, TurboTenant is pretty straightforward to use with a simple interface and setup.
While TurboTenant is free for landlords, tenants pay a fee of $45 for application and screening, a credit card rent payment fee of 3.49%, and an optional renters insurance monthly fee starting as low as $8. Landlords can purchase a few optional services for a one-time fee, such as state-specific lease agreements for $29, an unlimited number of electronic signatures for $9, and 32 common landlord forms for $99.
TurboTenant has several features designed to facilitate tenant management for landlords, including managing applications and screening tenants online, creating dedicated listing pages, and sending bulk tenant messages from one inbox. By integrating with Craigslist, Meta, Realtor.com, Rent.com, Apartments.com, and other rental listing sites, landlords can advertise a vacant property with a single click across multiple platforms.
You can then screen tenants through TransUnion, send and sign all documents online via the platform, and send payment and maintenance requests online. Payments are made through ACH with no fees or by credit card for a 3.49% charge.
Although it’s a free, cloud-based platform, it has been featured and praised by Reuters, USA Today, and Forbes. Considering there are over 400,000 landlords using their software, the reliability and support provided by TurboTenant’s online tools have been proven and endorsed since their founding in 2015.
The company’s strong reputation has earned them three rounds of venture capital investment from four different firms, totaling $10 million.
Hemlane – for Landlords who want to Market their Properties
Hemlane sets itself apart right from the get go since it allows users to market their properties. It’s a simple platform that’s easy to get around.
| Cost | $30 per month. Extra units cost $2 per month. |
| Mobile app | No. However, the software is mobile friendly. |
| Free trial | No |
What Hemlane can offer you (basic plan)
- Marketing Syndication
- Online payment
- Income and expense tracking, online payments, automatic late fees.
- Online Maintenance
- Advertising to 30+ listing websites.
- Tenant Screening
- Applicant tracking, credit, criminal, and eviction report.
- Lease Tracking & Management
- Document storage, lease renewal reminders, tenant communication.
Where Hemlane is a winner
Option to pay monthly
The monthly payment is slightly greater than what you’d pay per year, but it’ll help you realize if this software is a good fit for you. That’s a huge plus in our eyes. You can use it for a month or two and then cancel when you feel like it.
No upfront costs
Like Landlord Studio, there aren’t any onboarding fees, so you’ll be able to register whenever you want and pay a monthly fee to get started. You don’t have to have a minimum amount of properties either.
Tenant screening
You’ll get a full report on your tenants, which includes their credit and criminal history. It’s not as great as what you’d get by paying a third party for proper screening, but if you’re going with the DIY approach, Hemlane’s solution is good to have by your side.
Phone support for tenants
Not every property management software for landlords goes to the point of having inbuilt support for tenants. Tenants often get overlooked in this software, which is why we find it refreshing that
Efficient maintenance system
If you choose the $40 essential package, you’ll be a lot happier with Hemlane’s customer services because they offer 24/7 maintenance without you ever having to deal with any of it. However, their basic plan is also great as it allows you to track maintenance requests and assignments.
Late fees setup
You won’t have to contact your tenants and tell them how much late fees they owe because Hemlane will handle it for you. Late fees can often be a tricky subject, and having the process automated will certainly help out.
Automatic online payments
Like most property management software that we’ve chosen for you, Hemlane comes with fully automatic online payments to accommodate you and your tenants.
Where Hemlane falls short
Somewhat costly
It doesn’t cost nearly as much as the property management juggernaut software out there, but a minimum of $30 a month is a jump up from the first item on our list. On the flip side, Hemlane offers some unique features that Landlord Studio doesn’t, which some landlords might consider worth the extra dollars.
No mobile app
Not having an app really sets Hemlane behind. Yes, it’s platform is mobile friendly, but there’s a huge difference between working from a browser and an app on your phone. We’re hoping that Hemlane is working on a better mobile solution.
Our verdict on Hemlane
Hemlane is a balanced software that offers good value for the money it charges. What a lot of landlords will appreciate is that it has no caps on how many properties you’re managing. If you’d like to grow your rental empire, their fees won’t change because of it.
How landlord software works & the benefits of using It
Landlord software comes in two different versions: 1) Computer-based software is downloaded and run on your desktop, laptop, or tablet. 2) Web-based landlord software operates in the cloud and offers online access from any internet-connected device anywhere in the world.
Some landlord software systems also offer smartphone mobile apps that securely connect with web-based software to track expenses and monitor property performance with iOS and Android applications.
According to the 2021 State of the Property Management Report recently released by Buildium, there are five top technologies renters expect landlords to offer:
- Communicating via text or email
- Paying rent online
- Submitting maintenance repair requests online
- Electronic leasing
- Access to a resident portal
Even though the demand for rental property is at all-time highs, with average single-family rental occupancy rates at 95.3%, the race to find good and keep good tenants is even stronger. The average length of time a tenant stays in a single-family rental is three years, and landlords are investing in technologies to earn the best rents and keep tenants even longer.
The best landlord software applications help you efficiently run your rental business, meet the needs of your tenants, and maximize the financial performance of your investment real estate:
- Improve your online tenant application process to reduce application errors, manage the entire leasing process online, and update applicants on their application status.
- Online rent collection including a variety of rent payment options, schedule recurring monthly payments for tenants, and automated rent payment reminders to reduce late payments and improve cash flow.
- Track maintenance requests for tenants and schedule repairs with vendors to increase tenant satisfaction, keep occupancy levels high and tenant turnover low.
- Automating your real estate business with landlord software allows you to spend less time on paperwork and routine matters and more time growing revenues by scaling up your rental property portfolio.
Conclusion
If you are a small land lord with only few properties to manage, if you don’t have a team of property managers working for you, if your requirements and needs aren’t very complex, then you should take a look at these property management software solutions.
If you own rental properties and are considering switching to a rental management software, there are several reasons to do it. You can use professional software not only to cut down on costs but also simplify your work. While many owners think of residential tenancy software as a solution they can manage their property without involving an expensive outside help, there can’t be a single one who wishes to give up such an opportunity.