As the demand for rental properties constantly grows throughout the years, the demand for rental property management software continues to increase as well.
Table of Contents
Despite the pandemic, the demand for property management services has grown significantly in the past couple of years. It is why becoming a property manager is a top real estate career path in the last few years.
However, managing rental properties comes with many responsibilities, including overseeing and maintaining rental units, screening tenants, marketing, accounting, and more. If you can’t handle them, your rental property management business is going to suffer. Unless, of course, you consider getting much-needed help from property management websites.
In this digital age, technology has changed the real estate game. And with the increasing competition in this field, property management software and tools have become even more beneficial.
There are lots of websites out there that help property managers streamline and automate tasks in order to operate more efficiently, reduce expenses, and, thus, increase profits.
Are you wondering which property management software is best for you? In this article, we present 10 of the best property landlord software, along with the tools and services they offer that’ll simplify your life as a property manager.
What Are Rental Property Management Software for?
Starting a rental property business is a lot of work and can be quite challenging, especially if you’re an out-of-town investor. Rental property investors typically employ the services of property managers to help them oversee the day-to-day operations of their business.
Property managers help rental property owners make sure their rental property businesses are running smoothly. They are tasked with different responsibilities, including:
- Representing the rental property owner to prospective tenants
- Ensuring the property is in good habitable condition at all times
- Showing and leasing vacant rental units
- Looking for and screening potential tenants
- Marketing the rental property
- Collecting and depositing rental payments
The best way to locate the right property manager that’s right for you is by comparing the different property management websites you can find. It’s always great to have options, especially where handling your property is concerned. You would want to have the best possible people watching over your property.
Why Should You Consider Working With a Property Management Company?
As a real estate investor, working with a property manager provides you with several benefits, such as:
Increasing Your Chances of Getting High-Quality Tenants
Tenant screening is often a complicated and time-consuming process. If you’re an out-of-town investor, it can be quite costly as well. Hiring a professional property manager minimizes the inconveniences of tenant screening without compromising the results.
Property managers look for and screen tenants on your behalf to ensure you only get the best tenants that will stay for longer periods.
Fewer Legal Concerns to Think of
Since property managers get to meticulously screen your tenants, you are spared of any legal issues that go with having a bad tenant. Seasoned landlords know how much of a headache a bad tenant can be. You are more likely to face legal issues with bad tenants.
With the help of a property manager, you weed out the bad from the good, which also leads to savings in the long run since you no longer have to pay for the services of legal counsel. In this case, paying for a property manager’s services is a lot cheaper than paying for lawyer fees and other legal expenses.
Shorter Vacancy Periods
Since part of a property manager’s duties includes marketing your property, it significantly lowers the chances of high vacancy rates. Property managers often start looking for potential tenants and market rental properties before a lease expires. It makes the transition period between tenants a lot swifter and more efficient.
Efficient Rent-Collection System
Speaking of efficiency, property managers have their own system of collecting rent on your behalf and making prompt deposits into your bank account. Collecting rent and late fees is an extremely important aspect of a property manager’s job. They willingly play the bad cop to your good cop to spare you the headaches of rent collection.
In cases when tenants are abusive or negligent, property managers also take care of the eviction process on your behalf. Not having to deal with evictions makes for a compelling reason to hire a property manager.
High-Quality Maintenance at Lower Costs
Professional property managers have a vast network of licensed and insured contractors. They can get you the best possible deals on repairs and maintenance without compromising the property’s integrity.
Property managers also inspect the property assigned to them regularly. Because of this, they are able to spot potential repairs and maintenance issues ahead of time and take immediate action. Regular inspections and swift actions increase your property’s value in the long run.
Lastly, on a more personal level, you get to enjoy the financial rewards of owning a rental property without having to deal with the stress of managing it daily. Thanks to property managers, you get more time for yourself and your personal endeavors.
As a rental property owner, you should explore your options by comparing which property management website offers more. A good investor will always shop around and make a comparative analysis – even with property management companies – before deciding on one.
The Top 10 Property Management Software
As far as property management websites go, the following are ten of the best websites you can visit. The websites have been selected based on their features and functionality, as well as reviews from their users.
Founded in 2006, AppFolio is now one of the most popular property management websites as it covers all the basic needs of a property manager. It’s a cloud-based system that helps you automate your business and boost your rental property management career.
AppFolio offers rent collection tools, accounting tools, marketing tools, maintenance request systems, and more. Plus, all of its features can be used from any device on the go.
Property managers appreciate their services regardless of the type of properties they manage. Hence, whether you manage multi-family homes, single-family homes, student housing, HOA, condo, or commercial properties, AppFolio will help you streamline your workday and focus on your bottom line.
Of all the best property management software on this list, Mashvisor is the most unique. It is because the site offers various tools that a number of real estate professionals will appreciate. When it comes to rental property managers, Mashvisor created the Mashboard to help them use real estate data on the platform.
Aside from allowing you to stay in touch with your clients in an automated manner, it also allows you to scale your business. Instead of spending a lot of time chasing new leads, you can use Mashboard to identify which of your current clients are ready to buy a rental property to add to their portfolio.
Mashboard also comes with another tool called the Property Recommender. The tool allows you to access a vast supply of properties from the MLS, Auction.com, and off-market properties. It automatically matches your client with the right property.
Mashvisor pulls property data from reliable sources, including Redfin and Zillow, crunches the numbers, and then presents them to you with a comprehensive real estate analysis. Ultimately, it helps you succeed as a property manager as it saves time when evaluating properties and ensures that you’re showing your clients the perfect property for them.
To learn more about how Mashvisor can help you find profitable investment properties, schedule a demo.
3. Rentec Direct
Whether you’re a landlord managing a few properties or a professional property manager with thousands, Rentec Direct includes numerous features you need to make your operations more efficient.
The website comes with a set of tools that allows for automated clearing house (ACH) payments, accounting, tenant screening, and logins for both tenants and owners. It also allows property managers to publish vacancies online on third-party platforms.
Rentec Direct also offers a tenant screening tool that’s accessible to both landlords and property managers. With the click of a button, you can pull tenants’ credit and criminal background reports, conduct Social Security number and employment verification, and check their eviction history.
In addition, it also comes with a lead tracking tool, which helps match prospective tenants to your vacant rentals based on the tenant’s preferences and price range.
4. Property Matrix
If you’re a property manager looking for greater customizability, Property Matrix is the ideal website for you.
The company’s starting price is a bit high at $400 per month, but the rate stays the same for up to 250 properties. For those who are frequently on the go, the company provides a mobile app that you can easily download on your smartphone or tablet.
Property Matrix comes with several features like mobile apps, custom fields and reports, and user roles and permissions. However, the most common disadvantage users cite in reviews is how the software generally feels underdeveloped. Also, the invoice customizability isn’t as great for a software that claims to be the most customizable option online.
Property Matrix does not offer a free trial option, so a scheduled demo is in order to find out what it’s all about.
5. MRI Commercial
MRI Commercial is a leading provider of innovative real estate software applications and hosted solutions. The company offers comprehensive technology for managing rental properties for both commercial and residential properties. It includes marketing rentals, screening, and inspections.
It gives your staff the tools to improve engagement and communication, plus it allows you to manage and analyze your entire portfolio strategically. With the tools that MRI Commercial’s software provides, you’ll be able to transform your property management company and run your business without compromise!
The software’s top features include integrated accounting, online marketing, and resident engagement. Using the said tools, property managers can centralize their marketing, accounting, and management in one set of data that you can access whenever you want.
They will help you achieve greater accuracy by automating the screening and inspection processes, staying on top of rental property performance, as well as controlling and chasing down new opportunities all in one property management website.
6. Yardi Systems
Next up is Yardi Systems, a cloud-based accounting platform that provides integrated property management and investment management solutions for all real estate verticals. It helps investors and residential property managers become more effective, efficient, and competitive. To better meet your needs, you have the option to choose from two platforms:
- Yardi Breeze: A simple software designed for small to mid-sized property management companies and owners of single-family homes, multifamily and commercial properties. Yardi Breeze is ideal for property managers who are just starting.
- Yardi Voyager: A more comprehensive platform that supports medium to large-sized property management companies, owners, and investors in commercial and residential real estate.
Both options give you access to solutions that cover every aspect of property management. If you’re using Yardi as a property management tool, you’ll be provided with an integrated accounting system, comprehensive reporting, lease renewal workflow, rent payment monitoring system, maintenance, automatic monitoring of landlord insurance policy, and much more.
Buildium is known as one of the best, easy-to-use, affordable rental property management software. Some of the platform’s top features include accounting tools to track budgets, rent, vendor payments, and more with powerful reporting.
It also comes with a range of business operations, including document storage, maintenance request tracking, property inspections, and renter’s insurance. Moreover, you’ll also get a number of leasing features that’ll help you find better tenants with customizable rental applications, comprehensive tenant screening, and a showings coordinator tool.
Users can also monitor business expenses, file 1099s during tax season, and create their own professional websites to host rental listings.
Buildium also comes with portals for board members, residents, and property owners, thus making it easy for you to communicate with all the stakeholders. Furthermore, it has a mobile app that lets you do important tasks like managing work orders, manually entering payments, and others while on the go.
8. Rent Manager
Rent Manager comes with just as much functionality as one of our top ten picks for the best property management software. What’s special about it is that it’s the most customizable and user-friendly software out there.
Property managers can tailor everything to their needs, down to what icons appear on the dashboard and what choices are available in drop-down menus. What’s more, Rent Manager is available as a cloud-based product and a desktop and mobile app that can be used to manage all types of real estate properties.
The property management website’s top features include accounting, e-payment, work order management, online portal tools, report automation, and more. Its voice recording and broadcasting tool allows you to record a message and send it to all your contacts.
Rent Manager is also mobile-friendly and will help you create a website that is integrated with the software.
SimplifyEM is another reliable, easy-to-use online property management website designed to save you time, fill vacancies quickly, and streamline every phase of tenant interaction. The site’s goal is to help you simplify your property management tasks with its simple and straightforward design.
The site’s low cost and user-friendliness make it a top choice for beginner property managers. Those with a few rental properties and are looking for an affordable tool will find SimplifyEM useful as well. When you subscribe to SimplifyEM, you’ll get access to a number of must-have features, including:
- Automatic billing and online payment for tenants to easily transfer rent payments into your bank account
- Track different types of transactions and expenses to make your life simpler
- Tenant screening to get a clear understanding of their background and make informed decisions
- Tenant portal for tenants to manage their information and allow for efficient communication
- Manage year-end taxes
Lastly, ResMan is a property management software that focuses on multi-family and commercial properties. The website is specifically designed for multi-family properties. A ResMan property manager mostly specializes in accounting concerns and lease and insurance management.
According to user reviews, ResMan is user-friendly. It also has a clean user interface that makes navigating the site a lot easier. It helps users streamline and digitize their operations in order to achieve greater productivity, cost savings, and transparency.
Owners and residents can also view available amenities and book and pay for deposits completely online. All you need to do is scan and pay.
As for its pricing, ResMan offers to schedule a demo with a company representative but doesn’t post any prices online. You will need to contact them directly to find out about their subscription plans.
The Bottom Line
Given the expanding property rental market, new technologies have been finding their way into property management solutions. These modern platforms are sure to cover just about every property management process and task there is.
However, while many property management software offer similar features, it’s best that you choose the one that is right for YOU. It is especially important if you’re new to the business. These tools are not free and come with a price you’ll need to account for in your expenses and finances.
Consider the services you provide, the number and types of rental properties you manage, and your goals. This will help you find the right property management tool.
When it comes to rental property investing, no other site comes close to Mashvisor. It’s not just a good website for its property management functionality. It also helps investors level up their game.
It offers very efficient real estate investing tools like its property search tool, real estate heatmap, and Airbnb calculator. The tools help investors locate the right investment properties in the most profitable neighborhoods all across the US housing market.
To get access to our real estate investment tools, click here to sign up for a 7-day free trial of Mashvisor today, followed by 15% off for life.