Best Property Management Software For Small Landlords
As a small landlord, managing your rental properties may not be easy. Having a few tenants or one can make it difficult to realize the extent of time and effort put into day-to-day things such as rent collection, lease management, maintenance requests, and financial tracking. This is where property management software comes in.
With this property management software, small landlords can effectively streamline operations, reduce error opportunities, and provide landlords and tenants with a better experience. Of course, this isn't the case with all property management software applications. The best solutions for small landlords tend to be well-balanced in terms of affordability, ease of use, and the most vital features that streamline the landlord-tenant relationship.
We explore some of the most important criteria that determine why Best Property Management Software For Small Landlords is good for a small landlord, as well as look at some of the best on the market today.
Why Small Landlords Need Property Management Software?
Managing rental properties entails numerous chores that may prove both hectic and tedious for landlords running a small number of units. Among such tasks could be:
Rent Collection: Ensuring rent is paid on time and keeping track of payments.
Lease Tracking: Keeping an eye on lease agreements, renewal dates, and legal requirements.
Maintenance Requests: Managing repairs and responding to tenant maintenance requests.
Financial Management: Tracking expenses, and income, and preparing for tax season.
Communication: Maintaining clear communication with tenants about rent due dates, policy changes, or maintenance schedules.
Property management software helps to automate and organize these tasks, saving landlords valuable time and reducing human error.
Key Features of the Best Property Management Software for Small Landlords
The best property management software for small landlords should offer a balance of functionality, simplicity, and affordability. Here are some key features to look for:
Online Rent Collection
Rent collection is the most time-sensitive task for any landlord. Look for software that allows tenants to pay rent online through a secure portal. This not only makes it easier for the tenant but also reduces paper checks and manual tracking. Many platforms also offer automatic reminders for tenants who may forget or be late with their payments.
Tenant and Lease Tracking
Multiple leases will soon overwhelm you if not managed automatically, including renewal dates, security deposits, and specific lease terms. Tenant and lease tracking software helps you keep track of the most important dates while remaining compliant with any regulations or terms specified in lease agreements.
Maintenance Management
Handling maintenance requests can be a nightmare, especially if you do not have an organized system in place for tracking them. The best property management software allows the submission of maintenance requests from the platform by tenants. From this platform, you will follow up on their status, and inform tenants of any progress. Most of them also integrate with local contractors, which makes the whole process of scheduling repairs, among other tasks, pretty efficient.
Financial Reporting
Income and expenses need to be followed so the little guy can manage the finances effectively while showing profit to the IRS. Any good property management software is designed to provide easy-to-follow, simple, and concise reports of rental income, expense, and overall profitability in one report. Features that help track expenses, present profit-and-loss statements, and provide tax-ready reports are a godsend for tax time.
Tenant Screening
A good property management platform may include tenant screening tools to help you assess potential renters. Features like background checks, credit reports, and eviction history checks can give you a clearer picture of the applicants and help you avoid problematic tenants.
Document Storage
Keeping vital documents organized is always in the interest of a property owner. The best property management software offers safe, digital storage for all your leases, receipts, inspection reports, and any other necessary paperwork.
Mobile Access
For landlords who are on the go, mobile access to the property management software is a must. Whether it is tracking payments, processing maintenance requests, or even sending messages to tenants from a mobile app, flexibility in managing properties without being glued to a desk is crucial for landlords.
Customer Support
Most of the property management software is designed to be user-friendly, so when problems or questions arise, there is solid customer support. Always look for platforms that are known for good customer service and easy access to help resources.
Best Property Management Software for Small Landlords
Now that we know what makes a property management system ideal for small landlords, let's take a look at some of the top options available today.
Rentec Direct
Rentec Direct is an affordable choice for small landlords, with a wide list of features to make property management simplistic. Some of the functionalities offered include online rent payments, tenant and lease tracking, financial reporting, and maintenance management. The user interface is considered friendly and even manages residential and commercial properties.
TenantCloud
TenantCloud is ideal for small landlords who want a free or cheap solution for managing their rental properties. It features online rent collection, maintenance management, and tenant screening. The platform also stores documents in the cloud and offers customizable reports to manage properties better.
Buildium
Buildium is one of the most popular property management software that offers a full range of features for small landlords. From online rent payments to tracking leases, financial reporting, and tenant communications, Buildium is designed to simplify property management tasks. Though it tends to be on the pricier side, its comprehensive features make it an attractive option for those with multiple properties.
AppFolio
Another good alternative for small landlords seeking all-around property management software is AppFolio. AppFolio has many different features like online payments, tracking tenant and lease details, maintaining requests, and report-building tools that keep everything easily organized. In addition to all this, they have 24/7 support available, which would really help landlords out of some serious binds.
Cozy
Cozy is a free property management software that is primarily simple and easy to use. It offers online rent collection, tenant screening, tracking of maintenance, and financial reporting. Cozy might not be as feature-packed as some paid services but is a great choice for landlords who only need some basic tools to manage just a few units.
