If you’re a landlord, you probably wonder if you need some great software to help with your rental property. And the truth is this: You can do it all yourself, but software will make it easier. There’s no need to purchase an expensive system that has every feature imaginable, however. You just need something that will help you manage your tenants and property better than spreadsheets or blank pieces of paper.
Rental Property Software for Landlords is a free property management software for landlords, landlords can manage all tenants and rents details directly from the rental property software.
Rental property software for landlords is a hot topic for those considering software to help with their business. You aren’t alone if you’re curious about rental property software. I’m guessing you are here because you read a blog post and/or listened to a podcast that mentioned landlord rental property management software and wanted to know more. That’s understandable. But, before we go ahead and say it’s the best thing ever, let me tell you what it is so that you can determine if it’s perfect for your situation or not.
Rental Property Software for Landlords is a complete property management system for landlords with one or more rental properties. This software will allow you to manage your real estate assets effortlessly and profitably, including tenant payouts, maintenance requests and work orders, accounting data, rent collection and reporting.
The benefits of rental property management software
A property manager’s daily routine involves juggling tasks such as tracking rent payments, sharing rent receipts, screening applicants, listing vacancies, and managing tenants. Property management software automates many of these processes and minimizes manual intervention, saving both time and effort.
- Automated tenant screening: Property managers must screen tenants before renting to them. Present-day tools provide built-in capabilities to screen applicants based on predetermined parameters such as age, income, credit history, etc. Some solutions can even run background checks, comparing applicant details against different databases and raising red flags. All these capabilities can save property owners from bad tenants and help them avoid fraud and scams.
- Bidirectional engagement: Rental property management software is not just for property owners and managers. It also provides an interface for tenants to pay rent, communicate with landlords, submit documents, raise requests and alerts, and submit applications. This allows property owners to be informed of the tenant’s concerns on a real-time basis and resolve them.
BEST FOR SINGLE FAMILY HOMESPropertyware
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
- Manage large portfolios
- 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. You’ll benefit from Propertyware’s management features, especially if you’re a single family home landlord. 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.
BEST FOR FEW PROPERTIESSimplifyEm
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
- 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 $25 per month if you’re starting out with fewer than 10 properties.
The price starts at $25 per month for 10 units. Then costs $35 for 20 units and $45 for 30 units. 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, renters insurance, and more.
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.
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. The company has clients across the U.S. and Canada and has been used to manage over $42 billion in property assets. Furthermore, it has been verified by Authorize.net and GeoTrust with high ratings from Capterra.
BEST FOR COMMERCIAL PROPERTYMRI Software
MRI Software wins our top recommendation for managing commercial properties like apartment communities with features not found in competitors’ programs like investment management, strategic planning & analysis, lease abstraction, space management, and affordable and public housing compliance.Pros
- Multiple advanced features included
- Reliable company with a long history
- Easy to use
Cons
- You need to contact the company to get a price quote
Commercial properties come with greater financial complexities, and the investors who own them have different information requirements of their properties, such as investment management reports and strategic planning and analysis. MRI Software was designed to meet these needs from the start and therefore wins our vote as the best rental property management software for commercial properties.
MRI Software supports both commercial and residential properties, but because of the design of its features, it’s better suited for the commercial sector or businesses owning large portfolios of residential properties. A smaller residential landlord would simply leave too many features paid for but unused. It’s best suited for managing larger portfolios of property and can be installed or purchased as Software as a Service (SaaS).
As it has a wide array of services for different types of clients, MRI Software doesn’t have specific pricing tiers, but rather it tailors the price for every client’s needs. This means that users can choose what to include in their package and whether they need some or all services, such as online rent collection, lease templates, integrated accounting, maintenance requests, tenant screening insurances, multifamily insurance, resident communication, investor relations, rent and vacancy tracking, manager compliance, and credit risk management.
There is no free trial, and to get a quote you must get on the phone with them so they can interview you to uncover exactly how you want to use the software. While this is an extensive process, quite different from competitors who simply publish their pricing online, there are many reviews from commercial property managers and owners on Getapp.com and Software Advice that have rated MRI as a good value for the price they were privately quoted.
Founded in 1971 and based in Cleveland, Ohio, MRI Software started by providing property management services and has expanded to cloud-based software and an app. They’ve had over 52,000 clients in over 170 countries and more than 300 partners supporting them, a testament to the reliability and quality they provide.
DoorLoop
Want an all-in-one rental property management solution with:
- All the features we mentioned above (and more)
- Stellar–and responsive– customer service
- Designed with ease-of-use in mind
- And at a price that easily fits your budget?
Then DoorLoop is the pick.
DoorLoop is designed by property managers, for property managers, so it was crafted with many of the common pain points of other property management software (slow and clunky UI, lousy customer service) in mind.
Whether you deal strictly in rental properties or have a mixed portfolio, DoorLoop can handle any type of property.
DoorLoop features
- Manage your entire property accounting in one place: Including automatic rent payments, custom reports, bank reconciliations, multiple payment methods, and integrations with popular accounting software such as QuickBooks.
- Convenient tenant portal: Collect rent, communicate with tenants, even allow tenants to submit maintenance requests themselves directly from within the app.
- Streamlined work order management: After tenants submit their maintenance request from within the app, create the work order, attach notes and images, assign it to a vendor, pay that vendor, and communicate with the tenant.
- Owner portal: Print checks, run reports, and more.
- Marketing and screening made easy: Automatically list vacant units on top sites, screen tenants, and run background checks, all within the app.
- And much more
DoorLoop pricing
The most significant variance within the property management software space is easily price. Some are affordable, while some are way outside the average budget. A few offer free trials, most don’t.
Fortunately, DoorLoop has you covered on both ends.
Not only can you try DoorLoop for 50% off your first two months. After that, DoorLoop pricing starts at just $49 per month billed annually for up to 20 properties.
Rentroom
Rentroom is a complete property management solution that boasts good accounting features and an intuitive interface.
The software also boasts some unique community features, making it a decent option for condos, multi-family, and HOA properties.
Rentroom’s accounting reports are limited, though, so if that’s a key feature for you, this might not be the best option.
Rentroom features
- Online rent collection and payment reminders
- Other basic accounting features such as cash reconciliation
- Tenant portal
- Maintenance management
Rentroom Pricing
Rentroom offers a free trial to try out the software before investing. However, they don’t list their pricing publicly, so you’ll need to contact them directly to find out more.
A note on pricing Many property management solutions choose to price their software at enterprise-level pricing, or go with a more traditional sales process
For that reason, they don’t list their pricing publicly and instead choose to sign users up for demos to get them to commit
We’ll notate when a particular software uses said pricing method or another, and explain how it works.
Landlord Studio
Landlord Studio is a property management software that offers both a desktop and convenient iOS and Android app versions.
Unique features include a clean and modern UI as well as solid accounting features.
However, beyond its accounting features, Landlord Studio can feel a bit lacking compared to other tools on this list.
Landlord Studio features
- Robust accounting features such as rent and expense tracking and reporting
- Tenant screening
- Clean UI
Landlord Studio pricing
Landlord Studio uses a monthly pricing model with an additional cost per unit. Their Start plan is $5.99 per month for 1 unit, with each additional unit after the first being $1 per unit per month.
Their premium Scale plan starts at $19.99 per month when paid annually for 1 unit, with the same $1 per unit per month added after the first unit.
What Type of Buyer are You?
Before deciding on purchasing a solution, you should determine what type of buyer you are, as this will help you narrow down your requirements.
Property owners (1 – 9 units): Though managing a smaller number of properties can be done using the traditional methods, an automated system will help ensure accuracy, standardization and better maintenance of records and documents. It will also be scalable in case you plan to increase the number of units you manage in the future.
Owners and property managers (10+ units): If you are a solo owner or property manager in charge of multiple sites, rental software can help you monitor all of your properties from a centralized location, without having to visit the locations frequently. A rental management solution that supports electronic payments helps minimize difficulties related to rent collection, check processing, repair work tracking and documentation.
Property management companies/enterprise owners (50+ units): If you own a rental business and have to manage multiple residential or commercial properties, your best bet is a solution that offers a wide range of features and integrates with third-party software, such as QuickBooks or other accounting and CRM software. Such a solution will help automate important property management tasks such as screening tenants, collecting rent and managing your finances. It can also help track vacancies, manage renewals, create reports and maintain regulatory compliance.
Long-distance property owners: Rental software is especially helpful for owners who reside in foreign countries and rent out their properties. Such buyers should seek a solution that enables them to manage and track rentals, send notifications to tenants and receive payments without incurring additional travel or communication costs.
Conclusion
If you’ve been a small landlord for any amount of time, you know it’s not easy to keep up with all of the paperwork. If a tenant calls or emails to ask a question, there is no need to spend time searching for your notes. Simply search through your database using keywords from their name or email address.
Rental properties are a major part of many people’s investments. If you’re one of them, it’s important to know your options. Whether you have one rental property or a portfolio of houses that manage, you need to know what you’re getting into when it comes to rental property software.