Rental property management software is an investment in the success of your rental business. The right rental property management software can help you better manage and grow your rental enterprise. The right free rental software for small landlords can streamline your business and give you more time to do what you do best – run a successful real estate investment company.
Free rental software is somewhat of a misnomer because most commercial rental property software solutions are not actually free. However, there are many “free” real estate software solutions for small business landlords and small property management companies, though the term “small” can be subjective.
This is a no-nonsense guide to free rental management software. We will not be talking about any one specific piece of software that you should “try”. There are many out there for you to try, we’ll let you figure them out. Instead, we’re going to teach you what things you need to look for in rental management software as a whole and then you can pick whatever system works best for you. Remember that this is not a list of all of the systems available.
Renting out your house or apartment generates a good weekly income. In many urban areas, especially in Europe and the USA, renting is quite a popular alternative to buying. The problem most landlords have is keeping a close eye on who you are renting to, and making sure they pay the rent on time. Even if they do pay their rent on time, there’s always paperwork to do – rent receipts to write, forms to print and file, envelopes to stuff and send out. That’s why many landlords hire a property management company. This guide will show you just how much time and money you could be saving by using a free Rental Management software, rather than paying for one.
What Does Property Management Software Do?
The best property management software provides an integrated solution for rental property investors and property managers to organize rental properties, manage tenants, generate financial reports, and sync and reconcile bank accounts.
Many property management software solutions also offer features such as tenant screening, lease preparation, online rent collection, maintenance request management, and secure document storage.
TenantCloud
Free property management software TenantCloud packs a big punch. Landlords have access to a free listing website and can also screen tenant applicants at no charge. The free basic account—which is marketed as a free trial, but you can actually keep it for as long as you like—is designed for folks who manage up to 75 units. You have the ability to link up your PayPal or Stripe account to send and accept payments directly through the platform. Take it on the go with the app, which also allows you to manage maintenance responsibilities.
Free accounts unlock 10 notice templates, too. That means you won’t have to draft up entirely new documents for each new formal correspondence. Store them all within TenantCloud’s file manager. (The free version allows for up to 512 MB of storage space.)
Potential cons: Not surprisingly, additional perks come at a cost. TenantCloud’s upgraded memberships allow for eSignatures, CRM leads, QuickBooks syncing and more. Their paid options also open the door for more storage space and autopay functionality.
Rentec Direct
It isn’t heavily promoted on their website, but Rentec Direct extends their basic plan for free to landlords who manage 10 properties or less. This package includes accounting functionality that allows you to easily toggle back and forth between different properties and tenants. This includes a general ledger system that lets you view, edit, and print data specific to individual properties, tenants, and bank accounts. The idea here is to keep your numbers up to date and easy to read in the event of an IRS audit. It’s something you’ll thank yourself for if the day ever comes.
Rentec Direct’s unlimited file storage feature comes in handy, too. Each tenant and property has its own dedicated library where you can attach scanned receipts to all your expenses. The kicker is that each file is automatically backed up with encrypted cloud technology, so you won’t have to worry about a computer glitch wiping out your important documents. The free basic subscription allows you to generate property management reports, as well.
Potential cons: Depending on your needs, you may find the basic version limiting. Upgrading to Rentec Pro will set you back $90 a month, but it does go a few steps further in terms of value. Tenant screening, marketing tasks, and online rent payments are among the perks. Otherwise, the free basic plan is ideal for landlords managing fewer than 11 properties.
Innago
When it comes to free property management software (free being the operative word here), Innago is tough to beat. The platform makes it possible for landlords to create online leases, gather digital signatures, and even collect rent payments—all without charging you. Landlords can also generate customized or recurring invoices. What’s more, automated late fee settings and payment reminders are on the table, as well.
With regard to financial tracking, Innago touts dynamic reporting and exportable data. Screening new tenants is also free of charge. This includes criminal, credit, and eviction histories. (Background checks and online rent payment fees generally fall to the tenant, although landlords have the option to pick these up.)
Meanwhile, established tenants can make maintenance requests and upload photos and videos using the Innago portal.
Potential cons: Some users say that navigating through the Innago portal could be easier, but it isn’t enough to be a deal breaker.
Cozy
Next up, Cozy is a popular free property management software—and with good reason. Core services are free for landlords. This means you can screen prospective tenants and even compare them side by side to help you make the best decision for your investment. Free online rental applications are part of the deal, too. Since Cozy has partnerships in place with Doorsteps and Realtor.com, you can market your listings there for free.
Meanwhile, tenants pick up the tab for things like background checks and credit reports. They’re also responsible for a service fee if they choose to pay rent with a credit or debit card. What’s more, the app makes it simple to communicate about maintenance concerns, track expenses, share documents, and collect online rent payments from an unlimited number of roommates and tenants, among other things.
Potential cons: One downside is that ACH transfers from tenants may not be as fast as you’d like, which can be a drag. You can upgrade to three-day transfers for an extra $2.99 per month. And while you can share important documents like lease agreements, Cozy isn’t able to generate templates or process eSignatures at this time.
Yardi Breeze – for Landlords with Large Portfolios & Multiple Property Types
Yardi Breeze is the last property management software on our list and is aimed at landlords who have a larger portfolio to manage.
| Cost | $1 per unit. Minimum $100 per month. |
| Mobile app | Yes |
| Free trial | Demo available |
What Yardi Breeze can offer you (basic residential plan)
- Easy setup
- Property accounting
- Vacancy & prospect tracking
- Online payments
- Owner payments & reports
- Live chat support
- Renters insurance
- Tenant screening
- Free website
- Online maintenance
- Email & text communications
- Walk-in payments with PayNearMe
- Vendor payments
Where Yardi Breeze is a winner
No upfront fees
One of the biggest differences between Yardi Breeze and other software for large portfolios is that it doesn’t have any expensive onboarding fees. You can simply start whenever you want at a fixed price.
Live chat support
It’s always great to have instant customer support at the ready, and Yardi Breeze is one of the few software on the market that offers live chat support.
Easy to use
The software is pretty simple and easy to use once you get a hang of it. The interface is intuitive and you’ll find it hard to get lost in it.
Smooth online payments
Yardi Breeze has a great online payments system that tenants will find highly agreeable.
Great maintenance system
Tenants will have the option to include photos and videos in their maintenance requests – a feature that’s missing from most property management software for landlords in today’s market. You’ll also be able to add supporting documentation to maintenance requests to make the process smoother.
Where Yardi Breeze falls short
Onboarding can be a struggle
The onboarding process is one of the few weaknesses that this software has. You might have a tough experience with it and it might even trouble you down the line.
Cannot link to third-party apps
If you’re using Quickbooks for accounting, Yardi Breeze probably isn’t for you. The same goes for Gmail, and any other third-party apps that you might be hoping to integrate with this property management software. On the other hand, Yardi does have a robust ecosystem for all your activities, so it’s not a total loss if you choose to convert to it.
Minimum of 100 doors
This might be a dealbreaker for most DIY landlords. Unless you’re willing to spend a minimum of $100 a month on this software, it’s likely not for you. We have other cheaper software on this list that might be more to your liking.
Our verdict on Yardi Breeze
Yardi Breeze presents itself as an all-encompassing software, but its features are inclined towards residential properties. That’s not an issue for us, since we chose software that benefits landlords who own residential properties anyway.
For landlords who own a large number of properties, this might be something worth looking into. You’ll have to convert to the Yardi ecosystem for that, though.
SimplifyEm
Designed by real estate professionals, SimplifyEm offers the ideal balance of price and features, making it the perfect choice for landlords that need help managing a few properties and don’t want to pay the high cost of other software plans.Pros
- Supports one to 2,000 units
- Designed by real estate professionals
- Has advanced features
Cons
- High fees for online rent payments
- If you have more than 2,000 units, the platform can’t grow with your portfolio
While SimplifyEm supports any number of units from one to 2,000, it’s the best fit for a few properties, because you can keep your costs as low as $20 per month if you’re starting out with fewer than 10 properties.
The price starts at $25 per month for 10 units and increases by $10 for every 10 units after that. At 50 units it is $60, increasing to $75 for 75 units and 100 for $100 units. You can create a free 15-day trial account without needing to enter a credit card. It does not require a dedicated professional to manage this platform. Independent property owners should find this accessible regardless of their experience.
All packages include email and phone support, income and expense tracking, tenant and lease management reporting, and renters insurance.
SimplifyEm is designed to give a simple and easy way for landlords to manage their properties while also saving time and money. It allows users to track income and expenses, collect rent and tenant applications online, screen tenants, generate and analyze owner reports, track maintenance requests, store documents, and automate repetitive tasks. You can get started immediately because it is cloud-based.
SimplifyEm integrates with some of the leading names in the finance and real estate industry, including Zillow, Trulia, NARPM, ACH.com, Fidelity, TransUnion, and more.
Founded in 2006, SimplifyEm has a goal of utilizing the latest in user experience and web technology to develop a software solution that meets the needs of busy real estate professionals. With almost 15 years of experience and clients across the U.S. and Canada, SimplifyEm has been used to manage over $42 billion in property assets and has been verified by Authorize.net and GeoTrust, with high ratings from Software Advice and Capterra.
How to Choose the Right Property Management Software
All free property management software has its unique set of features that fall into one of three groups:
Marketing and Leasing
- Syndicated marketing of vacant property to high-traffic rental listing websites.
- Online rental application processing and tenant screening with no charge to the landlord.
- Screening reports including credit and background checks, rental history, and evictions.
- Lease documents and electronic signatures entirely online.
- Secure document storage including tenant applications and executed leases.
Property Management
- Online owner dashboard where landlords can communicate with tenants and monitor property performance on an individual and portfolio level.
- Ability to share documents and financial reports with business partners and professional service providers such as a financial planner, CPA, or real estate attorney.
- Option of creating multiple user accounts for remote access by different members of the real estate team.
- Track maintenance and repair requests from tenants, including a history of repairs and vendor notes.
Conclusion
Rental Property Software helps you manage your rental property from anywhere. Free or paid, it is easy to use and helps you reduce errors when calculating rent, maintenance costs and taxes for tenants.
Whether you own a handful of rental properties or run an entire management company, you’re going to need rental software that can organize your business. It may sound intuitive, but there will be situations where you might forget a bill is due or lose track of a tenant’s information. If you don’t have the right property management software in place, mistakes like these can cause bigger problems down the road and put your business in jeopardy.