With the help of rental property software for small business, you can streamline debt collection, increase cash flow and enhance your bottom line. With a complete set of features and functionalities, the small business software from Homebase is easy to use and creates an efficient workflow in a matter of few weeks. Though it is one of the best solutions for small business, but still you must know what kind of a right software will work best for you as every small business has different type of industry. If you are running a small rental property business, in that case these are just the right rental property software that can provide you all kinds of useful functionalities making your job easier and less complicated. You might find free rental property software online which promises almost everything, but once you go through its user manual and start working on it, then you would realize how useless it was.
Choosing an Rental Property Software for your small business can be a tough and confusing process. Should you outsource your software in the cloud? Or is that expensive? Should you purchase a one time license and host it on your own server? Maybe use Google Apps and Drive or Dropbox…. I explain everything you need to know about Landlord Software in this guide. Even if you are just planning to DIY a home made software.
If you’re a small business owner with real estate holdings, then you need to consider the software that you’re using for your rentals. It’s important to be able to track income, expenses and key statistics for your rental business in order to keep costs low and maximize gains. SMB owners who use property management software will also benefit in other ways, such as increased cash flow and lower taxes, as well as some peace of mind knowing that their investments are being properly managed.
For small business owners that are looking to cut down the amount of time managing their property portfolios, this post will cover several different options for software. I’ve used just about all the different rental management software, and this is my take on each of them.
Benefits of property management software
Property management software applications can lead to several key benefits, including:
- Tenant and lease tracking. Helps landlords keep track of tenant details, such as rent payments or contact information, and lease dates. Lease tracking can also automate the leasing process from prospect to move-out.
- Maintenance management. Assists property managers in keeping buildings and utilities in operating condition so tenants find value and comfort in their homes. Residents can submit work orders, and a landlord can assign work and track schedules so that important property maintenance tasks are completed in a timely fashion.
- Accounting. Allows users to track rent payments, use a general ledger, and generate reports to visualize the financial health of properties.
- Tenant portal. Enables tenants to pay rent, make maintenance requests, and communicate with landlords at any time. This portal can also send alerts and notifications about upcoming rent dates or important messages from managers to residents.
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.
AppFolio
AppFolio, popular among landlords with large rental portfolios, offers the best advanced features to control your units remotely, and additional support and resources to grow your business and maximize its efficiency.Pros
- Pay only for the features you need and use
- Supports all types of units
- Has a mobile app
Cons
- Has a minimum monthly fee
- Not fit for a small number of properties
Besides supporting all types of units, AppFolio has developed à la carte features a landlord would need to operate and grow their business remotely, earning our top vote for best for advanced features.
Because it doesn’t have tiered pricing, but rather an onboarding fee and then a monthly fee based on the number of units, AppFolio is best for those that have multiple properties. Although each advanced feature is pay-as-you-go, there is a minimum monthly fee of $280, which means smaller property managers would have to pay a higher cost per unit if they manage fewer than 166 commercial units or 200 residential rentals.
To set up an AppFolio account, you would need to pay a at minimum $400 onboarding fee, after which the cost of each property is as follows:
- Residential: $1.40 per unit monthly
- Commercial: $1.50 per unit monthly
- HOAs: $0.80 per unit monthly
- Student Housing: $1.40 per unit monthly
AppFolio supports multiple property types, including residential properties, commercial buildings, student housing, and community associations. Each of the features is designed for the specific property type you’re using, so AppFolio has everything a landlord would need—accounting software, rent collection features, maintenance requests, marketing tools for multiple platforms, utility billing, and customizable online leases.
Optional advanced features include a leasing assistant powered by artificial intelligence, professional websites for your properties, premium leads, tenant screening, insurance for landlords and renters, online payments, maintenance contact center, utility management, automated accounts payable, and tenant debt collections.
Founded in 2006, AppFolio has over a decade of experience in providing property management services to clients. Their property management software was the first product they developed, so it’s what they take the most pride in and continuously develop. With over $140 million in revenue in 2017 and an additional $60 million of investment in 2019, AppFolio is confirmed to keep developing and growing in the future.
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.
Competitive advantages of using property management software
Whether managing a single apartment complex or dozens of commercial facilities, property management software provides the functionality needed to handle daily tasks, letting a landlord focus on their business in other ways:
- Grow your business. Automation, such as built-in tenant screening to find the best residents or renters, allows a property manager to spend more time marketing properties and managing applicants. Marketing tools give users the ability to post vacancies to various sites, such as Craigslist or Apartments.com, with just a few clicks.
- Offer increased convenience. With an online tenant portal, residents can pay rent any time of day, which adds convenience for them and makes rent collection easier for landlords. In addition, the portal opens a line of communication amongst tenants and office and maintenance staff, so everyone can be quickly notified about important announcements.
- Gain financial oversight. Reporting and analytics tools help landlords gather financial, tenant, or marketing data to identify trends that could be harming their business or opportunities to make improvements.
Conclusion
In the realm of small business, you typically have a lot going on. There is already plenty to handle before adding a rental property to the mix. With your primary business to tend to, it can be downright impossible to properly take care of all of your property needs without the right software tools. You need something that will enable you to handle everything from rent collection, reports and statements, maintenance requests and upgrades, and records management at an affordable price.
Property management software is used to manage matter relating to real estate rights and property. The software can help manage a particular property or multiple properties at the same time. It is used by a number of businesses across the globe. There is a variety of specialized property management software that serves a specific purpose in their business functions and are created accordingly.