Between screening tenants and accounting for expenses, property management involves managing multiple tasks at once. Rental property management software offers automated solutions to keep you on track with all the admin. You’ll not only be able to handle communication with tenants more efficiently, but also keep your financial elements organized – and the IRS happy. Here’s our choice of the best rental property management software for 2022.
If you’re looking for free rental property management software, TurboTenant provides a great entry-level option. While tenants pay to use it, it’s free of charge for landlords no matter how many units you have. TurboTenant offers 24//7 customer support to help you get started. It also integrates with rental listing sites like realtor.com and rent.com, making it easy to advertise any vacant units across multiple platforms at once. The program’s well-suited to screening tenants, who pay a charge to submit their application.
If you’re looking for more advanced management and accounting features, Buildium offers a comprehensive list of features. It was designed by property managers who understand the problems colleagues are most likely to face. Features include automated rent collection, a tenant portal, and training materials. Buildium helps you find new clients with advertising and marketing features. Once they’ve signed a lease, tenants access a convenient portal that lets them make easy online payments with automated reminders. This rental property accounting software also handles general ledger accounting and generates all required reports.
As you grow your property empire, you’ll need advanced features to manage multiple units at a distance. This is where AppFolio steps in. It’s capable of supporting a high volume of units for landlords with larger portfolios, but you only need to pay for the features needed. It supports many different types of property rentals, including residential, commercial, student, and community housing. You’ll find accounting software, marketing tools, and rent collection features all in a central dashboard.
While AppFolio is great for landlords with mixed portfolios, Propertyware is specifically designed for those who manage single family homes. You can manage over 250 properties, choosing from several pricing tiers depending on the complexity of service needed. At the most basic level you can advertise vacancies, manage your property from owner and tenant portals, and accept rent payments. There are also accounting features built into this software as well as tenant screening. Upgrade to the Plus or Premium levels for added tools including inspections, maintenance portals, and verified eSignature capabilities.
Based entirely in the cloud, Yardi Breeze is perfect for on-the-go landlords. It’s a good fit for those with smaller portfolios, as there aren’t any minimum unit requirements. Track rental property management expenses, collect online rent payments, and screen tenants with online applications. You can also take maintenance requests and automate communications with your tenants. Tenants can take photos using a smart device to accompany their online maintenance requests, for a speedier and more efficient process.
How to choose the best rental property management software
With so many different options to choose from, how can you find the right software for rental property expenses and management? You’ll need to first consider your own portfolio. For those just starting out, a scalable option like Yardi Breeze or free service like TurboTenant might be best. For a more comprehensive option, tools like Buildium help with managing rental property management expenses, maintenance, screening, and generating financial reports. Look at price, features, and user-friendliness to find the best fit.
If you’re not ready for a full-service management software, you can still save time and money automating a few tasks. GoCardless lets you collect rent payments automatically by setting up bank debit with your tenants. You can do this either directly with GoCardless’s recurring payments feature or integrated with accounting software like Xero, Zoho Books, and other partners.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.