Real estate has always been a lucrative investment. Even over the course of this past very unusual year, investing in real estate remained a profitable solution, particularly for those industry players who were focusing on single-family homes. 2021 is no exception. As single-family rentals have the potential to house more tenants than separate housing units, the chances are you’ll get timely rent payments regardless of external conditions.
At this point, mortgage rates will likely stay record low (at about 3%), so it’s no wonder interest in purchasing investment properties will continue to increase.
For landlords who have been in the business for a while, now is a good time to grow their rental portfolios and begin managing more properties. However, it’s nearly impossible to imagine running a rental business without cloud-based software services. Property management software has become a powerful mechanism for landlords and property managers to efficiently manage rental properties and stay on top of the rental market.Â
Property management software overview
TenantCloud has outlined the top seven property management software systems to help you make the best decision for you as you prepare to move your rental business online.
General overview
Buildium is a cloud-based software solution focusing basically on landlords of residential and commercial properties. Buildium allows you to manage up to 5,000 units, but if you have a larger portfolio or manage community associations, you can reach out for a custom quote.
Overall, Buildium provides advanced accounting, maintenance management, online payments, tenant screening, and much more.
Cost
The software offers three plans with customizable subscription features. An Essential plan starts at $50/mo with basic features included (such as accounting, maintenance, tasks, online portals, etc.), but you can upgrade and get additional tools within either the Growth (starting at $160/mo) or Premium (starting at $460/mo) plans.
Free trial
You can sign up for a free 14-day trial to see if the functionality meets your business needs.
General overview
TurboTenant is a free all-in-one rental management software system that is perfect for landlords and property managers managing between 1-100 units. The service provides online rental applications, screening services, lease management, payment processing, and more.
Cost
Though the service is free, it offers optional paid features. For example, for $99.99 you can purchase a Landlords Forms Pack of 45 landlord forms to better handle the documentation such as agreements, notices, and reports.
Free trial
Yes, TurboTenant has a free trial.
General overview
TenantCloud is a free property management software system ideal for both landlords and tenants. Due to its robust functionality, TenantCloud automates the rental management processes and provides the service features needed to effectively manage rental properties. TenantCloud features include online rent collection, maintenance requests management, tenant screening services, access to a customizable marketing website, and more.
Cost
The service is free up to 75 units (within the Basic plan) and has a few pricing plans with even more features available: the Standard ($9/mo), Advanced ($35/mo) and Premium ($99/mo) plans.
Free trial
The TenantCloud Basic plan is considered a free trial.
General overview
Appfolio is a cloud-based property management software designed mostly for property managers and property management companies. The service is perfect for managers who deal with mixed portfolios, as it allows management of residential, commercial, student housing, and community associations in one place.
Main features include digital payments, work orders management, online lease and applications, and online training programs.
Cost
The minimum monthly fee for residential portfolios is $280, meaning that a minimum of 50 units is required. The minimum monthly fee for larger residential portfolios and mixed portfolios is $1,500.
Free trial
Yes, Appfolio has a free trial.
General overview
Propertyware is an online property management tool focusing mostly on single family home portfolios with 250+ homes. The basic features include accounting, online rent collection, global customization and reports, and screening services.
Cost
Starting from $1 per unit ( $250 monthly minimum plus implementation fee of 2x the monthly subscription price), Propertyware also offers two more plans: Plus ($1.50 per unit) and Premium ($2 per unit) with a minimum $350/mo and $450/mo plus implementation fee of 2x the monthly subscription price, respectively.
Free trial
Propertyware does not offer a free trial.
General overview
Rentec Direct is an online rental management system suitable for landlords with smaller portfolios as well as self-managing homeowners associations.
Rentec Direct features include online rent collection, tenant screening, full accounting, reporting system, and online applications.
Cost
Rentec Direct software offers a free version for landlords who manage up to 10 properties. Two other plans are Rentec Pro and Rentec PM. Depending on the number of units managed, the pricing will vary. (You can get a price quote by entering the number of units you manage.)
Free trial
Rentec Direct has a free trial.
General overview
Yardi Breeze is an online property management tool built for small and mid-size portfolios. The main focus of Yardi Breeze is on residential, commercial, and mixed use properties.
Online payment processing, tenant screening, data import, maintenance requests management and many more features are available within the system.
Cost
Pricing can be viewed by property type. It starts at $1/mo per unit with the minimum monthly spend of $100 for residential landlords and $200 for commercial portfolios. Breeze Premier is a higher plan available for every property type. For more pricing details, you can reach out directly to customer service.
Free trial
Yardi Breeze does not offer a free trial.
The Bottom Line
Using a property management software system helps to automate and optimize daily tasks as well as keep your rental business organized. One of the most important things to pay attention to when choosing the right rental management tools is the type of portfolio the service specializes in. Additionally, it is always a good idea to test out a system’s functionality through a free trial prior to signing up for a paid version.
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