10 Rental Property Software Tools To Use (With Tips)
By Indeed Editorial Team
Published 28 May 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Landowners and brokers may find it difficult to manage a portfolio of rental properties. Using rental property software can help automate and digitise many tasks, such as maintaining a database and tracking tenant information, billing, vacant listings, property inspection and maintenance. When choosing a software program, it is imperative to examine a variety of options to find a suitable choice. In this article, we discuss 10 rental property software along with their key features and benefits and share some tips for choosing one.
10 Rental Property Software to use
Before exploring various rental property software solutions, it can be beneficial to learn their purpose and find which suits your preferences. Managing properties or real estate, finding tenants and performing a background check on them, collecting monthly rent, maintenance, vacancy listing and inspection can be tedious and time-consuming. Using software to automate these tasks can make it more convenient for landowners. The following are some tools that you might use to automate and streamline your tasks:
AppFolio's intuitive and user-friendly interface provides tools to manage multifamily apartment complexes, single-family homes or communities. Some of their features include online application and leases, maintenance requests, automated screening of tenants, cash flow management, property listings management and services pertaining to landlord insurance tracking and customised reports. You can benefit from its advanced marketing tools and insights for managing properties. It also provides you with a training guide and access to a support team.
2. MRI Software
Though MRI software provides services for residential properties and community home associations, this package is more popular amongst real-estate owners and investors. It offers several real estate software applications to support accounting, investment modelling, property management and analytics.
If you are a real-estate owner or an investor, you can benefit from using the investment managing module, which lets you manage portfolio performance using graphical dashboards. You can also schedule maintenance tasks, communicate with contractors and manage your assets.
3. Rent Manager
Rent Manager can handle many properties, including residential, commercial and short-term stays. Its extensive customer care helps you onboard and train and provides you with continued support. This feature allows you to track expenses and predict future projections. It provides standard services such as accepting payments, running reports, listing vacancies, screening tenants and property inspections. Other features include accounting, reporting and marketing tools for rental properties.
4. Yardi Breeze
Yardi Breeze is simple to use and employs cloud services to serve its users. It provides standard features such as rent collection, invoice management, background screening, vacancy listing and AI-driven customer support. You can make use of this tool to market your property, lease it and manage your portfolio from anywhere.
TurboTenant is a rental property management software that bills tenants instead of landlords. It is an affordable option for landlords on a strict budget while increasing tenants' accountability. The platform allows landlords to collect payments, screen tenants and send bulk messages from a single inbox.
Besides contacting landlords, tenants can also share listings with friends and apply online. Using the information and images of vacancy listings, the program creates flyers that users can print and distribute. Help is available through an online knowledge base and a support ticket system.
Buildium is a cloud-based property management tool that enables landlords of residential and association properties to manage their properties more efficiently. It provides the standard features, which include fee reminders, rent collection, invoice management, tenant screening, vacancy management and ledger accounting. It also provides a feature that lets you use a pre-existing inspecting checklist or create your own to evaluate a property before and after the move-in and move-out date.
Although TenantCloud is suitable for a wide range of users, new landlords may find it particularly helpful. This software lets you store and retrieve basic accounting information, such as tenant payments and late fees. The platform also allows you to hire vendors to handle maintenance requests, ensuring tenants receive high-quality service. You can easily access this software using their desktop or mobile apps to streamline their processes from anywhere. The platform offers several functionalities, such as property management, leasing, accounting management and marketing.
Propertyware is suitable for landlords who manage single-family properties. Using this software, landlords can view insights through customised dashboards and it allows them to manage properties across multiple regions. It comprises several features, such as automated rent collection, background screening and vacancy management. It also provides advanced training to assist you in streamlining your management practices.
It offers marketing tools for advertising your property, contacting tenants to fill vacancies swiftly and creating a website to boost business.
9. Total Management
Total Management is a cloud-based property management platform suitable for mid-size and large enterprises that manage apartments and commercial and retail properties. It comprises several features, such as online rent payment, tenant screening, vacancy listing, maintenance, accounting and invoice management. You can also contact Total Management through the software's live chat support system to resolve any queries or seek technical assistance.
Simplifyem meets the needs of small and midsize landlords and property managers. The web-based solution includes features such as property accounting, tenant management, lease tracking, schedule management and vendor management. You can use this tool to manage tenant information, track insurance information, manage lease agreements, monitor deadlines, generate invoices and receive rent payments online.
Using bulk notices or group emails, you can share rent reminders, maintenance schedules and other relevant information with all the tenants. The solution also includes free training and support via email and phone calls.
Benefits of using software for rental property management
Here are some benefits of using tools for rental property management:
Cost: Since all the tools include features such as automatic rent collection, tenant screening, record keeping and vacancy advertising, owners do not require to rely on third parties or a variety of apps for these services, which saves cost.
Backup and recovery: Since all the information is present in the cloud, it is accessible from anywhere and has multiple backups in case of an outage. This ensures that the data is secure.
Automation: Manually managing properties could be time-consuming. Using software can automate several activities, such as sending notifications, rent collection, advertising vacancies, processing applications, tracking additional expenses and record management.
Rental advertising: Some tools enable property owners to market their rental properties to potential tenants. Using this tool, owners can upload pictures of their property and set their own prices without needing to rely on third-party agencies and pay commission.
Online payments: Most tools contain features to streamline rent collection and send reminders to both parties prior to the due date and notices in case of delays. This prevents the hassle of maintaining separate records and setting reminders.
Tips for choosing the right software
You can use the following tips to select the right package to meet your needs:
Identify your needs
Prepare a list of features that you would like in the software. If you manage multiple properties or commercial spaces, you may require tools that offer additional features and components compared to ones that are meant for small-sized homes. Use the trial version to get familiar with the software before purchasing it.
Assess your skills
Many products have sophisticated features that require some training. It is essential to determine your skill level and how comfortable you are using the product. With a single property, you may not utilise many of the advanced features. In that case, you can select basic tools that provide the standard features. If you manage multiple properties, select a product with more features.
Consider your budget
Budget plays a major role in selecting software. A few packages offer a trial period, after which you require a monthly subscription or a full-time payment. Using the trial pack, you can determine if the software meets your needs and then opt for a paid subscription.
Please note that none of the companies, institutions or organisations mentioned in the article are associated with Indeed.
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