The Rental Property Management industry is one of the fastest-growing industries annually in the world. It is also becoming a profitable side-business for small property owners. All it requires is to take out an extra room or two granted or engaged at a price.
The living space of the property owned by a family can create extra space. Landlords can also prepare rental space for use by others without them living in the same building. Nowadays, when there is an app for everything, there are apps for these small landlords to manage their property efficiently.
What is Property Management Software?
A software that allows property owners to manage their business by keeping track of every detail & process of rental properties. The property management software proves efficient for both the landlords & tenants.
It allows the landlords to be in charge of their property by tracking down all the procedures of renting a property. The systematic method secures the rights of a tenant & ensures that they can enjoy their stay without worrying.
What can property management software do for you?
The property management software tools provide a way to advertise vacancies for a tenant, fill those vacancies & manage the lease of the property. You can note down the details of rent, lease, & property. This software is portal for the tenant to raise their request for maintenance or housework by the landlord.
Most of this property management software is a paid feature. Some of these may only charge by the property owner or the landlord. Other software that extends its services to the tenants levy them for it. Some applications provide an option to both the landlord & tenant to only pay for the services employed.
The property type may include residential units like apartments, separate houses, or condos. Small-scale commercial units like shopping centers & industrial units like a workshop may also come under management.
Advantages of Property Management Software for Small Landlords
There are several advantages to the property management tools leasing to accounting. Here is a comprehensive look at the benefits of owning competent property management software.
- The software provides a platform for both the landlords & tenants to communicate their demands & requests. The landlord can post their needs & where suitable candidates can negotiate & put forward their demands.
- These management programs help a landlord with tools by providing reference verification from many referees, background checks on the tenant, & history of before-rented places.
- Some software gives an option to include a third- party to check or verify the background details provided by the tenant. They can keep track of the source of the rents & job information of the tenant as well.
- You can handle the accounts & track the information on mortgages of the property, rental transactions by the owner, & banking information of the tenant with ease. Tenants can pay the rent online. Property owners can account for the excess rent for the month in the next month.
- The software can furnish a facility for debts or information on previous debts by the tenants. It can log any late or missing payments extending the last deadline.
- Another feature related to accounting includes recording expenses on maintenance, creating invoices, & automate complex accounting reports. Landlords can keep account of who paid the rent & to whom.
- The main benefit of this software is supervising maintenance records. The owner can either check the property online or in-person & register the maintenance request. They can also find many options related to service providers.
- It reduces the complexity & time-consuming administration work. Filling in data in files, spreadsheets & forms is a tedious job. Automation of manual work leaves room for the landlord to handle & expand their property.
List of Top 13 property management software for small landlords
The management tools will be advantageous during screening, communicating & maintaining the property. They can be in service when the time comes for filing the taxes. We present to you a list of 13 property management software:
1. Property Matrix
With the app Property Matrix, property managers can choose an impactful system that can do everything they need. It is a user-friendly system that offers a fully editable report designer. You can customize owner statements & include variable ownership percentages.
The new user interface utilizes the latest technology to optimize the entire interface to be fully functional from any mobile device. It can automate recurring transactions & break all transactions into line items.
Property Matrix includes easy credit card & Automated Clearing House (ACH) payment options for your tenants & owners.
Property Matrix is an app available on Insiderapps.com
AppFolio automates your priorities smartly so that you have the time to run your business & scale your vision. You do not need integrations or add-ons to contact residents. Appfolio provides smart bill entry & online & in-house maintenance requests.
They provide a separate portal for the resident, owners, & vendors. It boosts customer service with on-demand resident tools. You can store a system of records of numerous communications for easy retrieval.
You can start on Appfolio with a minimum monthly fee of $280.
Appfolio is an app available on Insiderapps.com
CompStak gathers & quality checks lease & sales comps from the professionals. It makes deals so you can focus on meaningful networking, accurate analyses, & closing business. You can access records of recent sales of each building, including price, seller, cap rate, & more.
CompStak Analytics is our market intelligence platform that delivers tailored insight into market trends, custom data sets, & comparisons of many markets nationwide. It allows you to view key building details such as building size & class.
CompStak is an app available on Insiderapps.com
VTS Market is the fastest adopted product in property technology history. It empowers leasing teams to drive on-site visits & fill spaces quicker with online marketing & virtual tours. You can reinvent your investment strategy using real-time verified data from VTS Data instead of anecdotes.
VTS Lease allows leasing teams to access critical information from anywhere to strengthen tenant relationships, increase retention, & speed up new deals. With VTS, you can leverage proactive alerts & clear asset visualizations to stay ahead of upcoming expirations.
With VTS Marketplace, you will have access to virtual tours, digital renderings, & accurate floorplans for every space & with listings unavailable anywhere else. All of this will be verifiable by the landlords themselves.
VTS is an app available on Insiderapps.com
Brokermint helps you simplify & Streamline your business with powerful cloud-based automation. You can manage the transactions with checklists, notifications, forms, & eSignature.
Brokermint also allows automating all commission plans with splits, fees, & sliding scales.
You can create automated reporting & zoom in on the nitty-gritty details to track the metrics that matter. Accounting with Brokermint can handle your books, break down your ledgers, & let you record, organize and analyze financials in just a few clicks.
Their basic plan starts at $ 99 per month.
Brokermint is an app available on Insiderapps.com
HostHub lists as a top-rated channel manager & property management software (PMS) for short-term rentals. Hosthub was formerly known as Syncbnb.
They have direct API integrations with Airbnb, Vrbo, Booking.com, Expedia, & many more channels to offer you zero double booking guarantee. The rate management or pricing synchronization feature allows you to set the rates of your choice in Hosthub.
You can increase your revenue, improve your operations & save time & money. Hosthub’s Revenue Booster service provides you with many ways to increase bookings & revenue & listing on multiple channels.
They provide up to 10 active channels with the prices starting at $ 19 per month per rental.
HostHub is an app available on Insiderapps.com
The vacation rental management software by Lodgify provides you with everything you need to increase your occupancy and income. The property management software for vacation rentals by Lodgify allows you to manage all your bookings, tasks, finances, & guest communications from one online-centric platform.
The multi-calendar feature allows you to receive all bookings from your vacation rental website & any other external channels such as Airbnb, HomeAway, Expedia, or Booking.com.
You can also block off periods simultaneously on all the channels & automate your rates based on seasonality. Lodgify allows you to mark up your margins & create manual quotes for special guests.
They provide a 7-day free trial policy with no set-up fees. You do not need to fill in your credit card details.
Lodgify is an app available on Insiderapps.com
DoorLoop is a rental property management software that lets you manage & grow your portfolio. Landlords & tenants can get online rental applications with screening & further sign lease agreements electronically.
A built-in CRM & tenant portal makes it easy to automate rent collection using even a smartphone. DoorLoop helps you log into your bank, credit card, or debit card to pull & reconcile your transactions in just a few clicks.
Buildium provides you with a simple, unified platform that powers you to manage many properties together. Their payment collection feature allows a payment through credit card & ACH.0
The online payment option helps get paid faster & you can automate collections & payments to vendors, owners, & residents. Here residents can submit work orders, & attach videos, documents, & images.
10. Yardi Breeze
Yardi Breeze is a cloud-based property management software that simplifies your entire portfolio. It provides support for residential, commercial, affordable, self-storage, HOA/condo, & manufactured housing properties.
You can showcase available units on popular listing sites & communicate with prospects & residents via text & email.
Rentroom automates & streamlines rent collection, maintenance, accounting, communication, & leasing. You can issue maintenance tickets based on priority, & log notes & later track their statuses.
Rentroom makes it possible to have personalized conversations with your tenants using email and SMS text messaging.
12. Rentac Direct
Rentac Direct is a frequently recommended property management software with unlimited free US-based support. The software fully integrates with your software to quickly publish vacancies, allow tenants to pay rent online, & give tenants and owners one-click access to their portals.
Landlords can order instant credit, criminal, and eviction reports on their tenants. Their Prior Address Search portal shows the complete address history of the tenant.
RentRedi is an easy-to-use mobile landlord app to manage properties. Landlords can now offer credit boosting to tenants for reporting on-time rent payments. You can add as many payment accounts to each property to start collecting & tracking rent.
RentRedi helps you set a budget for maintenance requests & approve over-budget quotes.
In a nutshell
The Rental Property Management software empowers both the landlords & their tenants. Small landlords can access the manifold benefits of this software & expand their business. The ease of logging in the information & creating backups makes it simple to recover the files when needed.
Quick & hassle-free maintenance saves time & ensures satisfaction for all the parties included in the task. A satisfied customer makes property management easier & refers another tenant, bringing in more customers for the business. This property management software safeguards the interest of owners & holders of the property.