Rental property management software is significantly more than just an expense tracker. In fact, it is a powerful tool that can help run any rental property business with ease and efficiency. But finding the best rental management software is not easy if you don’t know what to look for. With so many options available online, it’s hard to decide which one will provide you with the best value for your money.
A rental property business is quite different from running a general business. This is why you need small rental property software to keep track of everything. If you don’t have the latest technological advancements, it will be hard for you to succeed, or even survive in this field.
For all new landlords or experienced, there is a really choice of software products out on the market designed to help small rental property owner manage their business. But most cost quite a bit and are overly complicated for the typical landlord that owns less than 4 properties. Here is a review of some free, low cost and paid options you have to consider when thinking about the best software for your small rental property management business.
The software I go over focus entirely on small rental property management. You do not need to be a large landlord or manage hundreds of units while collecting rent. There are plenty of features that are great for smaller landlords like yourself, but may not be needed by larger real estate management companies. Internet security is a huge concern these days and should be a big focus when it comes to running any business. With the right property management software, you can remain compliant and reduce your risk.
What Is Rental Property Management Software?
Rental property management software is a suite of tools to help landlords attract leads to fill vacancies, screen tenants, and manage leases. There are typically communication features so that managers and tenants can discuss maintenance requests or send global announcements such as when snow removal is scheduled. Last but not least, rental property management software has an accounting component to it as well. You’ll be able to receive and record payments and generate reports for income, expenses, cashflow, and other strategic and financial planning interests.
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.
Rentec Direct – For Landlords with over 10 Properties
Rentec Direct is a robust property management software for all sorts of landlords. It doesn’t matter if you have 10 properties under your management or a thousand of them; this software will likely leave you satisfied.
| Cost | $35 per month |
| Mobile app | Yes |
| Free trial | Yes. 2 weeks free trial. |
What Rentec Direct can offer you
- Free Training & Support
- Property & Tenant Accounting
- Tenant Screening
- Online Payments
- Cash Payment Network
- Online Property Advertisement
- Tenant Email & SMS Notifications
- Property Management Website
- Automatic Reminders
- Customizable Income/Expense Reports
- Detailed Rental and Vacancy Reports
- Online File & Attachments Storage
Where Rentec Direct is a winner
No upfront fees
Rentec Direct doesn’t require any upfront fees for you to hop on and get started with your property management.
Free website
As part of the package, you’ll also receive your very own website from where you can promote your business. Keep in mind that you might need a professional web developer to adjust your website if you ever feel the need to, because doing it yourself might throw things off a bit.
Quickbooks compatibility
If you use Quickbooks to keep track of your accounting, you’ll be glad to know that Rentec Direct offers complete support for it. You won’t have to migrate any data – you can continue to work on your favorite accounting software.
Landlord training
Something that not every property management software offers – free training on how to be a good landlord! Rentec Direct was created by a landlord with a software background, and it’s great the company is now training other landlords on how they can maximize their profits while keeping their tenants happy.
Automatic late fees
Late fees can get quite uncomfortable, which is why Rentec Direct’s automatic late fee deduction is a great feature. You won’t have to approach your tenants about the matter all!
Low cost per unit
As you continue to add more properties under your management while using this software, your management fees per property will be some of the lowest in the market.
Where Rentec Direct falls short
Minimum door limit
It’s not like Rentec Direct doesn’t allow less than 10 properties, but they have a minimum fee per month regardless of how many houses you’re managing. If you have less than 10 properties, we’d recommend that you stick with another software because you’re simply losing money here.
Screening costs money
While most property management software expect the tenants to pay for screening, Rentec Direct also requires you to pay $7 per screening report – and that’s just the basic version. A premium screening costs $15, which is quite a letdown and an expensive one at that.
Our verdict on Rentec Direct
Rentec Direct offers a multitude of features that we’d normally expect a far more expensive software to have. However, it is a tad bit expensive. It’s mostly ‘directed’ towards homeowners who’re really serious about making headway into the property management business and isn’t recommended for landlords who simply want to automate the management of a single property they own.
TenantCloud – for Landlords who want a Free Property Management Software
TenantCloud is one of the most popular property management software in the industry. That’s not surprising, considering that you’re getting property management software free of cost.
| Cost | Free up to 75 units. |
| Mobile app | Yes. |
| Free trial | Yes. Unlimited free trial for up to 75 units. |
What TenantCloud can offer you
- Online payments
- Full accounting
- Maintenance requests & equipment tracking
- Rental agreements, notices & e-sign
- Lead generation
- On-demand printable reports
- Renters insurance tracking
- Automatic listing syndication
- Vacancies marketing
- Online rental applications & tenant screening
- Contacts management
Where TenantCloud is a winner
Absolutely free
You won’t have to pay a dime to get access to this software. You’ll be able to communicate with your tenants and keep track of your property professionally, and that’s more than we could ask for from a free service.
The paid version is cheap
Automatic online payments for up to 150 units? That’s pretty much the best pricing we’ve seen throughout the market and it’s worth getting. Seeing that the free trial doesn’t have a time limit, you could easily work with the software until you feel sure that you want to step things up and move to the premium version – no pressure!
Free website
Just like Rentec Direct, TenantCloud offers you a free website where you can publicize your business and grow your client base.
Great interface
Most free software have this old-school look and feel, but TenantCloud doesn’t fail to impress whatsoever. The interface is smooth and easy to understand.
Where TenantCloud falls short
The app isn’t as good as the browser software
It’s hard to pick on a software that’s available for free, but it could definitely improve its mobile app. You’ll have a much better experience with the browser version, and a lot of users prefer working with their mobile apps instead.
No phone support
If you have any issues with the software, you’ll have to go through a ticketing system, which might be frustrating for some users.
Tenant screening is expensive
Tenant screening will cost you $25 a pop, which is pretty high in comparison to competing software.
The paid version has limited templates
Even if you sign up for the $9 a month service, you’ll still be limited to 30 templates for communicating with your tenants. While 30 should be enough for most, if not all, of your basic needs, we’d be happier if TenantCloud didn’t put a cap on it for premium customers.
Our verdict on TenantCloud
TenantCloud is the perfect solution for landlords who want a barebones structure to lean on as they manage their rental property. You’ll be able to communicate with multiple tenants comfortably.
This software’s paid version is also quite worth the money as it comes with valuable features. The only downside is that additional services like tenant screening are quite expensive. If these services are a must, then we suggest sticking to other software on this list, like Landlord Studio.
Propertyware
Designed with single family home landlords in mind, Propertyware has earned its place as our best rental property management software for single family homes.Pros
- Mange over 250 properties through it
- Has a mobile app
- Multiple pricing tiers
Cons
- Some customer support complaints
- Fit only for large portfolios
Focused on single family home property management, Propertyware is fairly simple to use, without complicated features commercial management software can have, making it the best choice for single family home management, whether you have few or many. You’ll benefit from Propertyware’s management features whether you are starting out with your first few single family homes or growing into a portfolio of more than 250 of them. It has everything a landlord needs including online rent collection, accounting, maintenance requests, vacant property marketing with leasing agents, marketing with listing syndication, tenant screening services, lead tracking and follow-up, and a portal for vendors.
Propertyware currently has three pricing tiers: Basic, Plus, and Premium, with costs starting at $1 per unit, 1.50 per unit, and $2 per unit, respectively. With the Basic plan, you can run reports; advertise your vacancies; manage the properties with owner and tenant portals; and streamline maintenance work orders, accounting, tenant screening, and rent payments. The Plus plan adds conveniences like two-way text messaging, eSignatures, and inspections. At the Premium level, you can manage your maintenance projects and add portals for your vendors. Each respective tier has a minimum monthly fee of $250, $350, and $450, so to optimize your unit costs, this program is best for managers of at least 250 homes.
Integrations for efficiency include Mail Merge and DocuSign, but aside from those, Propertyware has chosen an in-house approach for marketing, lead generation, and tenant screening rather than integrate with third-party software.
Propertyware is owned by RealPage, a Texas-born company founded in 1998 that currently serves more than 12,400 clients from North America, Europe, and Asia. All members of Propertyware’s management team have over 20 years of experience working in real estate, which means users get software designed by people who understand the industry and how it works.
SimplifyEM
SimplifyEM is an excellent option if you’re primarily looking for an accounting tool for managing your properties.
SimplifyEM mainly makes tracking and collecting rent easier, with some unique features such as payment reminders.
They have a free trial version of the software that’s unique among other property management software tools in that you can test out the complete software for a limited time without putting any sensitive information in.
Features include:
- Robust accounting features
- QuickBooks integration
- Reminders
- Automated rent payments
SimplifyEM Pricing
SimplifyEM has a free trial version of the software. Their paid plans start at just $20 per month, making it one of the most affordable paid plans on this list, though it only covers up to 10 units.
Who Should Use Rental Property Management Software?
Beginning investors with small rental portfolios (fewer than 10 units) and large commercial property management firms can use rental property management software. Different companies create software with specialized features that work best for certain categories of landlords, property types, and portfolio sizes. These programs can be useful to a DIY investor, as well as to a team of users made up of owner, property manager, facility maintenance, and leasing agent, to name a few.
Conclusion
Rental property business has been in existence since the ancient ages. There is no denying of it. It’s been developed a lot in the past several years and this trend will continue for quite some time. The best rental property management software should be distinguished based on particular factors.
If you’re a small owner, property manager or even a small business owner you are always looking to save money and keep your operation as streamlined as possible. That can mean a lot of different things depending on what you do. There are a LOT of different programs out there designed for almost everyone.