Top 5 Property Management Software For Investors In 2021

Key Takeaways


Managing a rental property yourself may seem like an overwhelming responsibility at times. However, if you have chosen to go this route, property management software is a trick of the trade that could greatly improve your business operations.

Property management software can enable you to streamline your management process, organize your listings, and take control of your time. Keep reading for more information on how to choose the right software for you.

How To Choose The Best Property Management Software

Before choosing rental property maintenance software, it is important to identify your needs. As a property owner, how to select property management software will depend entirely on what you intend to use it for. I recommend going through your daily, weekly, and monthly responsibilities as a property manager and identifying which tasks you need the most assistance with.

To choose a property management software that’s right for your business, be sure to consider all of the options available. While some software focus on income and accounting, other platforms will let you communicate directly with tenants. The best rental property management software will keep all of this information and more in one place. Note that organization is one of the most significant benefits associated with implementing property management software.

Some other key factors to look at as you consider your options may include its scalability and ability to work with existing systems. The scalability of software refers to the number of units you can manage and whether or not it can grow with your business. If your business is constantly expanding or taking on new units, look for scalability as a feature. The ability to work with existing systems refers to the transition process of implementing new software. Chances are, you already have several systems in place for managing your business that you do not want to throw away. In this case, look for software that can integrate with and improve your existing systems.

As you select property management software, you should consider where you will be doing the bulk of your operations. There are several mobile-friendly options available if you like to check in on your business regularly. On the other hand, choosing an on-site property management software can help you keep all aspects of your business in one place.

It is important to be patient as you learn how to use property management software. The right one will improve your day-to-day tasks, not worsen them. That being said, there may be a learning curve when you first implement a new program. Ask yourself if you are someone who needs written directions or virtual assistance setting something up. By analyzing your learning process, you will be able to effectively identify a property management software with the right support features for you.


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best property management software

5 Best Property Management Software

There are seemingly limitless options when it comes to choosing the best property management software — but a few choices stand out from the rest. As you review the needs of your real estate business, consider the features offered by the following property management softwares:

  • Buildium

  • AppFolio

  • TurboTenant

  • TenantCloud

  • Propertyware

Buildium

Buildium is a residential property management software that was designed by real estate professionals. Its features aim to make all aspects of property management smoother and more efficient. Buildium allows property managers to collect rent, lease units, oversee maintenance requests and vacancies, and manage accounting. They also offer tools to help with property inspections, marketing, and lead generation.

Property managers can access Buildium directly from their phones through the app. There are also numerous training and support materials available to help users adapt to the software. The most significant con for new property managers is the pricing structure, which is available in three tiers andcan be steep for managers with a low number of units. That being said, they offer 14-day free trials so you can decide for yourself if the features are worth it.

AppFolio

If you are looking for property management software for commercial properties, AppFolio is an excellent option. This software includes rent collection tools, accounting help, utility billing, tenant screening, and customizable leases. It can be used for residential and commercial real estate and offers pricing plans based on the number of units. There is an onboarding fee that is also determined by the number of units. Appfolio also offers support and resources to help real estate investors grow their businesses through an investment management branch of the company.

There is a learning curve associated with incorporating Appfolio into your property management routine. Reviews of the software claim it can take some time to learn how to use. However, AppFolio offers video tutorials and customer support to help new customers adapt. Overall, it is thought to be best suited to investors with a high number of rental units.

TurboTenant

Property managers with a low number of rental units may be excited to see a free option on our list. TurboTenant is free for property managers and instead earns income through tenant application fees and renters insurance costs. There are also document add ons that landlords can pay a one-time fee to access, such as state-specific lease agreements or other property management forms.

TurboTenant integrates with several popular property listing websites and allows property managers to market rental units directly from the platform. Property managers can communicate directly with tenants, collect rent online, and screen applications. While TurboTenant does not have as many advanced features as other programs on this list, it can be an easy-to-use tool for property owners with a limited number of rental units.

TenantCloud

TenantCloud is a property management software geared towards property owners with anywhere from one to 500 units. This is due to the software’s wide variety of features, making it suitable for owners with diverse real estate portfolios. TenantCloud allows users to collect rent, generate lease agreements, market units, manage accounting, and more.

This property management software has different tiers available based on your needs and budget, with a free option available as well. TenantCloud markets itself as the best option for new landlords, though many property owners have also adopted this software. The biggest complaint users have for TenantCloud is the amount of time it takes to become comfortable using the software.

Propertyware

Propertyware is a property management software known for catering to single-family property owners. The software offers rent collection, maintenance request management, accounting features, and property marketing. Propertyware also comes with lead tracking and follow-up features to help landlords find quality tenants and fill vacant units.

The pricing for Propertyware is offered in tiers based on the number of units owners have. The platform is best for owners with large portfolios, as the costs can be steep for owners with a low number of units. Propertyware is compatible with Docusign and Mail Merge, making it a great option for property managers looking to improve their existing systems.

rental property management software

How Much Does Property Management Software Cost?

As you choose a rental property software, be sure to cite your budget. The right rental property management software will ensure simplified operations for your business and will help more of your profits return directly to you. After all, you likely decided to manage your own property to save yourself some money. Software costs can vary depending on the number of features you rely on. If it takes some of the weight off your shoulders, the cost will be worth it. However, if you select software that adds on more responsibility, the cost may seem like an extra expense.

That being said, free property management software is not hard to come by; although, it may not always be the right software for you. It is important to weigh both the costs and the benefits when making a decision. At the very least, you should make use of the free trials offered by several of the above companies. Remember, by investing in property management software, you will be able to free up some of your time and direct your attention to improving or expanding other aspects of your real estate business.

Summary

Property management can be an overwhelming responsibility no matter how many units you have. At times it may seem easier to simply hire someone else to take care of the day-to-day operation; however, this can cut into your bottom line. If you are committed to managing your own rental units, then property management software may be what you’ve been looking for. Review the above options and consider how they might help your unique needs and responsibilities.

Which property management software sounds most helpful to you? Let us know in the comments below.


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