The real estate industry in the United States has continued to grow exponentially, generating almost 100 billion dollars annually. The real estate industry has never been as wide as it is or this demanding.
Property managers have had to deal with an avalanche of rental applications, marketing, and advertising, handling complaints and maintenance, and handling monthly payments, making property management a complex affair.
With the property management industry having so much foundation, software companies have delved into the field, making it easy for property managers, landlords, and investors to communicate and manage their tenants, taxes, and entire portfolio.
This article reviews the seven best rental property management software available and will help you make a decision based on your portfolio size, number of tenants, and budget.
Top 7 Best Rental Property Management Software Systems
Here are 7 top and best software for rental property management. Our team has worked hard on various parameters to come up with the list. For each software, we have mentioned the pros and cons. That will certainly help you.
Buildium remains one of the best property management software, and is specifically built for property managers with a comprehensive system. With a design that covers every aspect of property management, Buildium covers areas such as vacancy management, accounting, maintenance cycles, and rental payment, streamlining the entire process in one easy-to-use interface.
Its features include a lead-to-rent collection cycle, tenant and lease tracking, ledger accounting, automated rent and fee reminders, and on-demand reports.
Buildium does not have a free version, although it offers a free trial lasting 14 days. Buildium’s pricing begins with the essential plan, which costs $50 a month.
However, the more units you manage, the higher your monthly cost is, however they do have promos and discounts that you can opt into, typically giving around a 10% discount.
Buildium also integrates with several other software platforms such as Apartments.com, Lovely, TransUnion, Tenant Turner, Nelco, PayNearMe, RevSpring, Zumper and Happyco.
Pros of Buildium property management software
- It is specifically designed for property managers
- It possesses an automated system for rental collection through its tenant portal
- It has lots of materials for training hosted on the platform.
- It has a free trial.
- It is simple to use.
Cons of Buildium property management software
- It can be expensive.
- It is suited for single property managers.
- There are a few complaints from some customers.
TurboTenant is the best free property management software available. Several other software offers free trial options that limit the number of units and time; however, the TurboTenant is a free platform regardless of the number of units or the time. TurboTenant is easy to use and has a set-up and simple Interface.
Although TurboTenant is free for landlords, tenants have to pay an application fee of $55, a credit card rent payment fee of 3.49% and an optional rental insurance monthly fee of a minimum of $8.
Landlords also can make a one-time payment for certain services such as service lease agreements, electronic signatures and specific forms for property managers and landlords
TurboTenant is a comprehensive property management software specially designed for landlords through its managing application, online tenant screening, dedicated list page generation and bulk tenant message disbursement.
Pros of TurboTenant property management software
- It is free regardless of the time or number of units involved.
- It is great for landlords who manage their properties themselves.
- It has an active customer support system that runs 24/7.
Cons of TurboTenant property management software
- There are fees associated with tenant payments and applications
- Its advanced features are limited.
#3. Rent Manager
Rent Manager is arguably the best rental property management softwares you can get. It is a flexible software that can manage properties of different sizes through its simplified platform.
In addition, Rent Manager also possesses an integrated accounting system, contact management, asset management database, work ordering capabilities, and marketing solutions.
The platform is perfect for tenants and property managers to stay updated, access information and transactions, pay rent, and sign leases, all from their mobile phones. Additionally, it is easy to set up, possesses an built-in website creator, and is excellent for tenant use.
Re-leased is a property management software that helps you lease out commercial, industrial and retail properties, multi-family houses, and office buildings.
Re-Leased is a comprehensive and efficient system that allows you to see incoming tasks and have a total view of an automated workflow. With a unified dashboard, you can manage properties, collaborate appropriately, delegate specific user access and communicate with your tenants. Asides from getting reminders, the software is also integrated with Outlook, Google Calendar and Microsoft 365.
Advantages of Re-leased property management software
- It is ideal for a wide range of properties
- It is linked to Xero accounting software.
- It is integrated with Microsoft 365.
- It has an enterprise-level security feature.
#5. MRI Real Estate Software
Trusted by more than 10,000 clients worldwide, it is no surprise that the MRI real estate software is amongst the best property management software you can get. MRI real estate software is suitable for businesses, student properties and commercial and residential purposes.
This property management software includes extra features such as billing and invoicing maintenance, insurance management, expense management, lease management, landlord and tenant databases, late fee calculation, tax management, rent tracking and contact management. Although the software is paid, you can try it out to determine if it’s perfect for you with their free trial.
Advantages of MRI real estate software property management software
- It is perfect for enterprises.
- It is widely used by thousands
- It is simple to use.
Propertyware is the perfect property management software for single-family homes. It is an easy-to-use platform without complex commercial management features, making it ideal for single-family homes.
As a single-family landlord, you can enjoy online rent collection, make maintenance requests, and market vacant properties. You can also enjoy tenant screening services, accounting, lead tracking and follow up and portals for vendors.
There are different payment plans for you to explore, such as basic, plus and premium tiers. Propertyware is also integrated with platforms such as DocuSign for digital efficiency.
Advantages of Propertyware property management software
- It is suitable for managing huge portfolios
- It has a dynamic pricing tier
- It has a mobile app.
Disadvantages of Propertyware property management software
- Suitable for only one portfolio.
- It has a few customer support problems.
SimplifyEm finely combines pricing and its amazing features to give a comprehensive product. This way, landlords don’t have to worry about high software plans. SimplifyEm has a notary and flexible pricing system as low as $25 each month. You can also access a free 15-day trial without entering in your credit card details.
SimplifyEm has a wide range of features such as phone and email support, tenant and lease management reporting, renters insurance, as well as income and expense tracking.
Advantages of SimplifyEm property management software
- It can handle 1 to 2,000 units
- It possesses advanced features
- It was built by real estate professionals.
So, whether you’re a small-time landlord with a single property or an experienced investor with an extensive portfolio, there is rental management software out there to fit your needs.
Consider these steps when making your decision: What kind of properties do you have? How many tenants and units are in your portfolio? What is your budget? By answering these questions, you can begin to narrow down the options and find the best rental property management software for you.