Rental property management software small business can be one of the best investments you can make to your property. Every year the land prices increase, and more people are in need at their right place. Property management is the only thing that is going to help you with these tasks. But finding it is not as easy as it sounds to be, especially because there are so many companies out there which offer different kinds of services for rental property management. You need to know about any suitable property management software before signing a contract with a specific company.
Rental Property Management Software In a small business package, our property management software gives you the freedom to manage your business in real time while enjoying the security of keeping your data safely in the cloud.
The rental property management software has been designed for small to midsize real estate firms. These companies can avail this regardless of the size of their business and use it for effective management activities that involve any kind of property. It is mainly used for rental property management software small business and residential property portfolio managers.
For landlords who manage multiple properties, this rental property management software for small business is an excellent tool for keeping track. The software offers multiple ways to track rent payments and rent credits, as well as discounted tenant passes on future rentals to encourage on-time rent payment
Benefits of Property Management Business Software
- Scalability
This software helps you manage to properties of all types and sizes. Moreover, modern platforms are easily upgraded and enhanced so that you can grow effortlessly while meeting expanding needs and demands.
- Save money
By investing in a top property management software for small business, you are effectively lowering the need for additional manpower and are saving wages. A lot of software solutions in the market are cost-effective options.
- Save time
Thanks to the software, you are able to automate complex tasks and processes, which help you save a ton of manpower and time. You’re able to do pretty much anything, like send reminder emails and notifications, create documents and reports, communicate with your staff, and more. Automating all your manual processes helps you save time so you can focus on the big picture.
- Information access in real-time
You don’t have to be at your desk to complete your work because property management software is available anywhere and at any time, and probably on your mobile device too. When all key data is available in one place and is available at any time, you have a simple and accessible platform to manage your business and employees.
- Easy to use
It’s a bit of a no-brainer that the solution you choose should be easy to use and to implement. If it’s time-consuming and complicated then you won’t use it and neither will your team. Make sure the training is short or is just that easy you don’t need to train a single person on the software.
- Security
Keeping all your confidential information secure in a trusted property management software solution is a must. Many top solutions have advanced security measures like encryption, firewall, and backup/recovery modules.
With all the above in mind, you know have all the information needed to choose the best property management software for your small business. We have separated the solutions by the tools your business would benefit most from – management, business software, and other necessary tools.
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.
DoorLoop
DoorLoop is a rental property management system created to manage all types of properties such as residential, commercial, student housing, affordable housing, and community associations. It is designed to serve as a one-stop for your operations which can be accessed by owners, tenants, accounting, marketing, maintenance, and other stakeholders. Whether you manage a small community of renters or lead an entire company with various commercial properties, DoorLoop can handle it for you.
Try out DoorLoop with their free trialVISIT WEBSITEFREE TRIAL
As a centralized system, it provides numerous functionalities, so you never have to pay for multiple, disconnected applications. It comes with a CRM where you can keep track of tenants, automate rent collection, and even offer renters insurance. Owners can access practically all information related to your operations, from detailed transactions to financial reports. DoorLoop also allows various payment methods which go directly to financial statements that accountants can access.
Key Features of DoorLoop
- The platform is designed to be a centralized platform where you can manage your entire operations.
- It houses functionalities for tenants, property managers, owners, landlords, and other stakeholders.
- The software comes with powerful accounting features which allow you to accept payments, generate financial statements, and create custom reports.
- You can list your properties within DoorLoop and attract tenants online through custom-branded websites and listings.
- It can centralize all of your tools through open API and Zapier.
Condo Control Central
Condo Control Central is a unified property management software for condominiums. It comes with a comprehensive set of features that go beyond screening applicants, preparing their leasing agreements, and processing their rent payments. The platform also comes with a task calendar that helps managers get a better view of their day-to-day responsibilities as well as a file library that makes it easier to store important leasing documents. Moreover, it facilitates interaction among the management, tenants, and other stakeholders through its built-in communication tools. In fact, it comes with proxy voting tools that let you achieve a quorum at important meetings such as passing a new bylaw and amending declarations.
Try out Condo Control with their free trialVISIT WEBSITEFREE TRIAL
Condo Control Central also has quite a few auxiliary functionalities that make it easy to aggregate all the possible situations you might encounter in handling a condominium. These tools include package tracking, amenity reservations, event management, and security checkpoint management. Lastly, in case you still feel that this platform has limited features, Condo Control Central is built to integrate with various third-party payment gateways, accounting systems, security systems, and other software.
Key Features of Condo Control Central
- It is designed to help you fully digitize your property management processes for condominiums.
- It supports multiple types of online payment methods which makes transactions more convenient.
- It is equipped with strong security features and consolidates your security logs, key records, parking permits, entry requests, and the like.
- It has a dedicated online portal where managers can communicate with tenants and other stakeholders.
- It comes with automated package processing for recipients residing in your condominium.
- It is designed to help you fully digitize your property management processes for condominiums.
- It supports multiple types of online payment methods which makes transactions more convenient.
- It is equipped with strong security features and consolidates your security logs, key records, parking permits, entry requests, and the like.
- It has a dedicated online portal where managers can communicate with tenants and other stakeholders.
- It comes with automated package processing for recipients residing in your condominium.
What Is Accounting Software for Rental Properties?
Accounting software for rental properties captures day-to-day income and expenses while enabling users to run insightful reports to help them scale their business. The software saves landlords hours, if not days hunting for receipts to assemble their tax returns at the end of the year. It also saves them from potentially paying many fee hours to bookkeepers and accountants; while these professionals may still be necessary to have on your team, accounting software can make their jobs easier, and thus the invoices they send you lower.
Conclusion
Rental property management software business is simple, but not easy. It requires that you have a good deal of organization so you don’t lose track of any paperwork or details of your operations. That part is actually quite important, regardless of whether or not you use rental property management software. Most rental property real estate management companies use this type of software because it directly effects the amount of money they make from their rental properties. You see, an organized company is a company that makes more money.
Being a property owner can be tricky and scary. Knowing the right way to manage your house, keeping the rent from being too high, spending too much money on repairs, dealing with tenants that don’t pay their rent – these things take a lot away from you and your time.