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It’s no secret that investing in real estate can be extremely rewarding. However, whether on a large- or small-scale, overseeing a portfolio of rental properties can quickly become overwhelming without the right strategy and tools in place.
The good news is there are numerous tools available on the market today for multi-family property managers to help streamline some of the tedious daily tasks associated with managing rental properties. And they aim to simplify the job, allowing you to run your business more efficiently and effectively.
What is Rental Property Management Software?
In the property rental world, landlords and managers must secure and vet tenants, ensure timely payments, deal with maintenance issues, and stay on top of expenses. One of the most valuable technologies – rental property management software – is designed to enhance and streamline the property management process.
For starters, it can make tracking property income and expenses easier for those in charge. It also provides users with a broad range of helpful features that span the screening and applicant process, marketing properties, maintenance, and reporting.
Additionally, the software features owner and tenant portals that significantly improve communication between the two parties, including useful messaging tools that send out automated rent reminders and the ability to collect rent online easily.
However, before you hit “purchase” on the first option you find online, it’s essential to understand that rental property management software can vary significantly in scale, features, and cost.
For example, some software packages are designed for large-scale firms that manage hundreds – or even thousands – of units, while other technology is aimed at smaller operations, such as individual landlords that may have just a couple of rental properties.
The key is to choose the best property management software that suits the size of your specific needs.
Types of Property Management Software & Their Key Features
If you’re unfamiliar with the technology, property management software can be desktop- or cloud-based.
The benefits of desktop, an on-premise property management software option, include complete ownership and control of the hardware and credible data security, which is a critical consideration for any business. In addition, desktop software delivers customization opportunities depending on your business needs.
An increasingly popular option, cloud-based property management software, allows users to access crucial information remotely from different devices, making it possible to oversee various tasks on the go.
Best Property Management Software – Our Top Picks
As noted above, there are numerous software solutions available for property management companies and landlords that vary in scale, functionality, and price tag.
Here’s a peek at just some of the many offerings available today and what type of users may benefit from each option.
ResMan is designed for multifamily and affordable housing and delivers robust operational and accounting features and a wide range of solutions for users.
If you own or manage multi-family rental properties with over 300 units, ResMan could be the right fit for your needs. This platform manages everything from accounting to screening to affordable compliance seamlessly, giving users a solid end-to-end solution.
- User-friendly and easy to learn
- Excellent customer service
- Reasonable price tag with ability to integrate easily with other apps
- Limited drop-down menu for options
- Reporting layout slightly complicated
One of the most comprehensive cloud-based programs, Buildium delivers tools designed to manage all aspects of a rental property via a mobile portal. It also provides top-rated customer support, analytics, and insight for an insightful perspective into your business performance. Flexible pricing also allows users to pay for only what they need.
Buildium’s platform, which touts numerous capabilities for effectively managing rental properties, helps companies oversee daily business operations, conduct the leasing process online, make and accept payments, and manage and report on business expenses. It’s the all-in-one package that many property managers are looking for.
Buildium is ideal for different types of portfolios, from single- or multifamily properties, commercial properties, community associations, and more, and you can easily customize your subscription based on what you need for your business.
- User-friendly interface
- All-in-one suite
- Various subscription plan options allow a customizable fit for diverse portfolio sizes
- Self-guided online training program
- Ticket-based system for customer service
- May not be ideal for single-unit property owners
- Depending on budget, tiered subscription plans may not be affordable (depending on desired services/features)
With an intuitive user interface, DoorLoop stands out in the sea of competition thanks to its affordable price and comprehensive suite. Users rave about the software’s short learning curve, prompt onboarding process, and rapid start. We like that all of DoorLoop’s subscription tiers provide the same core capabilities. Even better, they come with unlimited training and customer support.
This platform’s flexibility and customizability are ideal for a wide range of residential and commercial rental property users, from single-property landlords to those with hundreds of properties in their portfolio.
- Easy-to-use, intuitive interface and quick learning curve
- All plan levels allow access to core capabilities
- Fast onboarding process and top-notch customer service
- Doesn’t include advanced software capabilities
Boasting a reputation as one of the most user-friendly software offerings on the market today, Rent Manager is fully customizable and provides three price levels with a comprehensive menu of features for marketing properties, screening potential tenants, managing current tenants, and business analytics.
Rent Manager caters to businesses that handle residential and commercial of any size and delivers some of the best property management software solutions available. It can be used from anywhere and on any device and is ideal for landlords and property managers who are on the move.
- Offers a free trial period
- Extremely user-friendly
- Website-building tools for properties
- Requires a call to get a price quote
- Costly minimum monthly fee
Yardi Breeze is known in the industry as an easy-to-learn, straightforward rental property software – and its easy to learn how to use. It offers tools and features to maintain and manage numerous rental properties, from residential to commercial and self-storage and affordable housing.
With a web-based suite of tools that enables property management companies and landlords to transform the way they manage their properties, this technology can transform the way you run your business and increase efficiency for daily tasks.
- Intuitive, user-friendly software
- Responsive, helpful customer support
- Seamless third-party integration
- Can be difficult to cancel subscription
How Much Does Property Management Software Cost?
Pricing for rental property management software varies from free to costing several thousand dollars. Sound confusing?
To better understand, the cost often depends on the pricing model and number of units. Typically, the three different pricing models in property management software include:
- Per unit, per month – Charges a flat rate for each unit monthly, typically anywhere from $1-5
- Feature-based tiers – A hybrid per unit, per month mode that uses base pricing tiers based on collections of features
- Per square foot, per month – Often seen in commercial property management software, instead of per unit, per month, this model charges a set amount monthly per X number of square feet
To Sum Up…
Software solutions that allow property management companies and landlords to keep track of tenant information have been around for many years. However, an increased desire for valuable data analytics and lowering overhead costs is driving rental property owners to take a more digital approach. Many are shifting from antiquated business methods to adopting more efficient, streamlined approaches.
With the support of property management software, you can more easily manage your rental portfolio, save headaches, time, and money, and, most importantly, get back to focusing on what’s most important – growing your business.