Managing a rental property can be a daunting task, especially for small landlords. There are many things to keep track of, from rent collection and tenant communication to maintenance and bookkeeping. Without the right tools, it can be easy to get overwhelmed.
That's where property management software comes in. This type of software can help you streamline your operations, save time and money, and avoid common mistakes.
In this blog, we will discuss the benefits of using property management software for small landlords. We will also provide a list of some of the most popular and affordable options on the market.
What is Property Management Software?
Property management software is a specialized platform or application designed to assist landlords, property managers, and real estate professionals in efficiently managing various aspects of property-related tasks.
These real estate software solutions are designed to streamline and automate processes associated with property management. This makes it easier to oversee multiple properties, handle financial transactions, communicate with tenants, and track maintenance tasks.
Statistics Related to Property Management Software for Small Landlords
- Recognizing the financial significance of property management software, their need among small landlords, realtors, and investors grew by 4.3% from 2019 to 2021.
- The global property management software market is expected to reach $2.70 billion by 2030.
- 80% of property managers handle a wide scope of activities like rent payments, tenant management, maintenance requests, and vetting prospective clients. We’ll see later in the blog how property management software can help in all these activities which makes it an essential part of your business.
- 45% of landlords manage their own properties.
- Landlords handle approximately 6 repair calls a year from tenants.
6 Best Property Management Software for Small Landlords
Although the importance of custom software development can’t be overlooked, there are still many ready-made options that offer excellent flexibility and customization.
Let’s take a look at them.
Landlordy
Landlordy is a user-friendly and affordable property management software solution designed for small landlords. It offers a variety of features to help you manage your rental properties, including tenant management, lease management, maintenance management, financial management, document management, and communication tools. That makes it one of the best property management software.
Landlordy also has a mobile app so you can manage your properties on the go.
Price of Landlordy
Landlordy offers a free version which is limited to a single rental property/unit, single tenant lease and has limitations on number of expense/payment records.
The full-featured version of Landlordy is available through a one-time purchase with no subscription fees.
The paid versions are-
Mini
Plus
Pro
👉 Find out more about Landlordy
TenantCloud
TenantCloud is another popular property management software solution that is known for its ease of use and affordability. It offers a similar range of features to Landlordy, including tenant management, lease management, maintenance management, financial management, document management, and communication tools. TenantCloud has a mobile app.
Price of TenantCloud
TenantCloud comes with different paid packages depending on the size of your business and your needs. These are the monthly charges but you can save 10% by opting to pay annually.
They also have the option to give you a demo on request so you can understand if TenantCloud is the right fit for you or not.
Here are the ratings of TenantCloud on some popular review websites:
- Capterra: 4.3/5 (347 reviews)
- GetApp: 4.3/5 stars (347 reviews)
- Software Advice: 4.3/5 (347 reviews)
- SelectHub: 67% (193 reviews)
- G2: 4.3/5 (144 reviews)
- Trustpilot: 3.9/5 (54 reviews)
👉 Find out more about TenantCloud
Doorloop
Doorloop is a top property management software that is more robust and is designed for landlords and property managers of all sizes. It offers a wider range of features than Landlordy and TenantCloud, including marketing tools, vacancy management, and performance reporting. Doorloop also has a mobile app.
Price of Doorloop
DoorLoop offers flexible pricing plans to accommodate various property management needs.
Whether you're a small-scale landlord or managing a large portfolio, DoorLoop provides options that align with your budget and requirements.
Here are the ratings of Doorloop on some popular review websites:
- Capterra - 4.8/5 (429 reviews)
- GetApp - 4.9/5 (429 reviews)
- Software Advice - 4.9/5 (429 reviews)
- SelectHub - 65% (192 reviews)
- G2 - 4.8/5 (71 reviews)
- Trustpilot - 4/5 (17 reviews)
👉 Find out more about Doorloop
Buildium
Buildium is a cloud-based property management software solution that is used by a wide range of landlords and property managers. It is a powerful and scalable solution that can be customized to meet the needs of businesses of all sizes.
Similar to previous property management software, Buildium offers a comprehensive set of features.
Price of Buildium
Buildium comes with 3 types of paid plans. Each has a different set of features (apart from a few common ones) that you can choose from according to your business requirements.
Here are the ratings of Buildium on some popular review websites:
- Capterra - 4.5/5 (1.9K reviews)
- GetApp - 4.5/5 (1.9K reviews)
- Software Advice - 4.5/5 (1.9K reviews)
- SelectHub - 86% (1.6K reviews)
- G2 - 4.4/5 (195 reviews)
- Trustpilot - 3.4/5 (446 reviews)
👉 Find out more about Buildium
Appfolio
AppFolio is a leading provider of property management software solutions. Its flagship product, AppFolio Property Manager, is a cloud-based solution that is used by a wide range of landlords and property managers.
AppFolio Property Manager also offers a wide range of features that will make your job of managing multiple properties a piece of cake.
Price of Appfolio
The price of different Appfolio plans are interesting as they are priced per unit. Therefore, all you need to do is figure out the features you want that are clearly mentioned on their website.
Here are the ratings of Appfolio on some popular review websites:
- Capterra - 4.5/5 (1.8K reviews)
- GetApp - 4.5/5 (1.8K reviews)
- Software Advice- 4.5/5 (1.8K reviews)
- SelectHub - 93% (1.8K reviews)
- G2 - 4.5/5 (407 reviews)
- Trustpilot - 2.5/5 (590 reviews)
👉 Find out more about Appfolio
Stessa
Stessa is a cloud-based property management software solution that is designed for real estate investors. It offers a unique set of features that are specifically designed to help investors track and analyze their property performance.
Stessa also integrates with a variety of other real estate tools, such as QuickBooks and TurboTax.
Price of Stessa
The price plan of Stessa is quite simple. It has a free plan to get you started and if you need the feel to upgrade, it has just one paid plan. That means more benefit and less choice paralysis!
Here are the ratings of Stessa on some popular review websites:
- Capterra - 4.7/5 (86 reviews)
- GetApp - 4.7/5 (86 reviews)
- Software Advice - 4.7/5 (86 reviews)
- G2 - 3.8/5 (10 reviews)
- Trustpilot - 3.7/5 (1 review)
👉 Find out more about Stessa
If you still want a software that will focus on your specific business needs, you can opt for custom software consulting for digital transformation of your real estate business.
Features of Property Management Software
Now that we know about all the major property management software, let’s discuss their features in detail.
Tenant Management
Within property management software, tenant management is centered around fostering efficient communication and interaction between you and your tenants. The software often includes tenant portals, empowering tenants to access lease agreements, payment history, and submit maintenance requests directly.
Additionally, it centralizes essential tenant information, lease terms, and contact details, facilitating proactive management of lease expirations and renewals. Integrated communication tools further streamline direct interactions between you and tenants, ensuring quick response times and effective issue resolution.
Lease Management
A pivotal aspect of property management software is the automation and organization of lease management processes. The software automates the tracking of lease terms, renewal dates, and other critical milestones. It facilitates the creation of digital lease agreements, customizable to property-specific terms and conditions.
Automated alerts and reminders notify you of upcoming lease expirations, enabling timely actions such as lease renewals or marketing the property for new tenants. This ensures that you stay organized and proactive in managing lease agreements across your portfolios.
Maintenance Management
A property management software facilitates efficient maintenance management, ensuring well-maintained properties and prompt addressing of tenant requests. The software typically includes a centralized maintenance request system where tenants can submit requests.
You can then efficiently track, prioritize, and assign tasks to maintenance staff or contractors. The software can also support the scheduling of routine maintenance tasks, allowing you to proactively address property upkeep and minimize potential issues.
Financial Management
Within property management software, financial management tools are designed to streamline the tracking of income, expenses, and overall financial health of properties. Online rent payment options and automated rent collection simplify the payment process.
The software also enables you to record and categorize property-related expenses, providing a comprehensive view of financial data. With the generation of detailed financial reports, you gain insights into property performance, profitability, and areas for potential improvement.
Document Management
Document management features in property management software play a crucial role in organizing and accessing essential documents related to properties, leases, and maintenance. The software provides secure document storage for lease agreements, inspection reports, insurance documents, and other critical paperwork.
This centralized repository ensures easy retrieval of documents when needed, reducing the time spent searching for crucial information. Some platforms also support secure document sharing, enabling you to collaborate with tenants, contractors, or other stakeholders.
Communication Tools
Effective communication tools embedded in property management software foster collaboration and transparency among you, tenants, and stakeholders. Built-in chatbots or communication hubs facilitate direct communication within the platform. Automated notifications and alerts keep stakeholders informed about important events, such as lease renewals or pending tasks.
The software also includes tools for you to communicate important information, announcements, or updates directly to tenants, ensuring timely and clear communication channels.
Customizable Reports
Customizable reporting features in property management software empower you to analyze data and make informed decisions. These tools allow you to tailor reports to focus on specific metrics or performance indicators relevant to their goals. The software often includes data visualization options, presenting information through graphs, charts, and tables for easy interpretation.
You can export reports in different formats, such as PDF or Excel, facilitating seamless sharing of information with stakeholders and enabling further analysis of property performance.
Benefits of Property Management Software for Small Landlords
Time-Saving Efficiency
As a small landlord, time is one of your most valuable resources. To help you with this, property management software steps in to automate tasks like rent collection, lease renewals, and maintenance requests. This automation not only frees up your schedule but also ensures that these critical tasks are handled efficiently and without error.
By utilizing the software's automation features, you'll find that you have more time to focus on higher-level strategic activities. This could mean exploring new investment opportunities, improving existing properties, or simply enjoying a better work-life balance.
Improved Tenant Communication
Effective communication is the cornerstone of successful property management. That’s why you need a platform equipped with features like messaging and notifications. This empowers you to respond promptly to tenant inquiries and concerns, creating a positive tenant experience.
These communication features help you foster strong tenant relationships, which can lead to longer lease terms, lower turnover rates, and ultimately, a more stable and profitable rental business.
Rent Collection and Financial Management
Ensuring consistent and timely rent payments is essential for maintaining a healthy cash flow. Therefore, it is essential that you receive payments on time. By using a property management software, you can offer a secure and convenient platform to your tenants for online rent collection. Additionally, it assists in tracking income and expenses, providing a clear financial snapshot of your properties.
By leveraging the software's rent collection and financial tracking capabilities, you'll have a better grasp on your property's financial health. This knowledge will enable you to make informed decisions about pricing, expenses, and investments.
Lease and Document Management
A property management software can help you prevent misplacing or losing critical documents that can lead to costly mistakes and legal complications. It acts as a central repository for all lease agreements, tenant information, and important documents. This organized approach ensures that you have quick and easy access to all necessary paperwork.
With the software's document management system, you'll never have to worry about misplacing a lease or important document again. It provides a reliable and secure location for all your property-related paperwork.
Maintenance and Repairs Tracking
Regular maintenance and prompt repairs are essential for keeping your properties in top condition and ensuring tenant satisfaction. This proactive approach helps you stay on top of necessary repairs, reducing the likelihood of costly issues down the line. If you utilize property management software, you’ll get tools for scheduling and monitoring maintenance tasks which will make your job easier.
The software's maintenance tracking features enable you to create a proactive maintenance schedule, ensuring that your properties remain in excellent condition. This not only keeps tenants happy but also helps maintain the long-term value of your investments.
Expense Tracking and Reporting
A clear understanding of your property's financial performance is crucial for making informed decisions. Property management software generates detailed financial reports, offering insights into income and expenses for each property. This transparency empowers you to make data-driven choices to optimize your investment strategy.
With access to comprehensive financial reports, you'll have a powerful tool at your disposal. You can analyze the data to identify areas for improvement, allocate resources effectively, and ultimately, maximize the profitability of your rental properties.
Organized Property Records
Access to organized and up-to-date information is critical for efficient property management. Property management software maintains a comprehensive database of property details, including tenant histories, lease terms, and maintenance records. This centralized hub ensures that you can quickly retrieve the information you need, when you need it.
With all your property data organized and easily accessible, you'll have the confidence that you're managing your properties effectively. Whether it's reviewing tenant histories or tracking maintenance tasks, you'll be able to do so with ease and efficiency.
Tenant Screening and Onboarding
Selecting reliable tenants is one of the most important aspects of property management. Doing that requires thorough tenant screenings, including background checks and credit reports. But trying to perform these tasks manually can be quite daunting.
Again, property management software can help you with the screening process by performing the necessary steps. This rigorous screening process minimizes the risks associated with problematic renters and helps you find tenants who are a good fit for your properties.
You'll be equipped to make informed tenant selection decisions by utilizing the software's screening tools. This leads to a more stable and reliable tenant base, reducing turnover and potential issues down the line.
Accessibility from Anywhere
In today's fast-paced world, flexibility is essential in managing your properties. You need a solution that will help you manage your business from anywhere. Property management software allows you to access your management system from any device with an internet connection. This level of accessibility provides you with the freedom to manage your properties from wherever you are.
Whether you're at home, in the office, or on the go, you'll have the ability to oversee your properties and respond to any situations that arise. This flexibility ensures that you're always in control and able to address any property management needs, no matter where you are.
Enhanced Property Value
Property management software helps you stay on top of maintenance and compliance, ultimately contributing to higher property values and attracting quality tenants. Also, well-maintained properties that are compliant with regulations tend to have higher market value.This leads to a more profitable and sustainable property management business.
By using the software to ensure your properties are in top condition and compliant with regulations, you're not only providing a better living experience for your tenants but also enhancing the overall value of your investments. This ultimately leads to a more successful and profitable property management business in the long run.
Build an Affordable Property Management Software with Narola Infotech
Juggling the responsibilities of managing rental properties can be an overwhelming task, especially for small landlords with limited resources. Property management software offers a much-needed solution to streamline operations, enhance tenant relations, and safeguard against legal issues.
However, the high cost and complexity of many property management software solutions can deter small landlords from adopting this valuable tool. That might prompt you to build your own software that makes it pertinent for you to carefully choose the right custom software development company.
At Narola Infotech, we understand the unique challenges faced by small landlords, and we are committed to providing affordable, customized property management software solutions that meet their specific needs. Our team of experienced developers is adept at creating user-friendly, scalable software that empowers small landlords to manage their properties efficiently and effectively.
If you're seeking an affordable, customized property management software solution, we are here to help. We invite you to contact us today for a personalized consultation and discover how we can empower you to manage your properties with ease, efficiency, and cost-effectiveness.