“Review of The Top Rental Property Management Software” written by Mike Marko
Looking to use rental property management software to help run your business?
There are a lot of things to keep track of when it comes to property management, rents, expenses, tenant contact information, etc. And then when tax season comes you need to be prepared.
That’s where rental property management can help, and more. A property manager should know the benefits of having this kind of software. It provides a lot of functions that can help you work efficiently, and can make the job easier.
That’s why today I want to share the list of the top 5 rental property management software you can use in your business.
Top 6 Rental Property Management Software
When running a property management business you need to find and incorporate all the tools you can, tools that can make your business run more efficiently and make tasks easier for your staff to manage. One of the most important tools on the market that can help to streamline your business is rental property management software.
What Is Rental Property Management Software
Rental property management software is a kind of software with features that can help a property manager and help to organize and streamline his daily business operations. Rental property management software, when added to your business operations, can simplify daily tasks, accounting functions, and any other notifications needed to make your business run more efficiently.
Apart from that rental property management software has tools and marketing software that can help property managers attract potential tenants and screen them. Property managers can also execute leases and get paid and process all rents and expenses through the rental property management software.
Rental property management software can also be used to oversee the financial status of the property and help to evaluate any repairs, increases in rents, or other things that can affect the property. This means stakeholders like financial investors, landlords and property managers will know the financial condition of the property through the software’s accounting and reporting.
Knowing what a rental property management software can do for your business is the first step to determining which software works best to help you run your property management business…
Identifying The Best Property Management Software
With the advent of technology in the rental management business, there are numerous options to choose from when determining the best rental property management software to buy and use for your company.
What Is Needed
A rental property management software is a software that covers all aspects of a rental business in a systematic way. The software should include an end-to-end functionality with detailed financials, tools to track and provide for equipment servicing, CRM, and a reporting functionality.
Having a rental property management software that is highly developed and proven allows property managers to achieve all of their business analytics in a single package.
What Else Should Be Included
A property management software should also have the ability to incorporate marketing software or have features that can simplify interactions between property managers and their tenants.
Some tools we would suggest would help to easily:
- attract prospective tenants
- execute leases
- get paid
The best rental property management software should have excellent tenant screening feature and tools. This helps in keeping the proper mix of eligible tenants. Additionally, the rental property management software that you choose should have strong accounting and report features and tools. This will let stakeholders know how the property they invested on is doing financially.
To help you choose the right rental property management software for your business we have reviewed the 6 top software on the market and our results are listed in the following article…
Buildium is considered one of the best rental property management software on the market. One of the main reasons that Buildium is so highly rated is because of the software’s excellent accounting and reporting features. The software package flawlessly tracks payments, easily produces reports, and is great for monitoring all areas of the property management business. The system is a great help especially with property managers handling a lot of tenants as there is no limit to the number of tenants that can be tracked by the software. The software has strong features and is still user-friendly which is helpful in training present and new employees to use the software.
With Buildium property managers can easily track rent payments from tenants. The software also allows you to track charges on units and create reports in very easy steps. The software provides a portal where you can connect with your tenants and other locations or employees. The system allows you to limit access to any of the data and allows owners and the investors in the properties to check the status of their properties.
Buildium is a good option for property managers who spend a lot of time checking accounts or money matters relating to the property. The software can help lessen your time focusing on these tasks because the system will do the job for you. Tracking any maintenance and tenant issues will be easy as it’s one of the software’s key features and benefits.
And since Buildium is reporting-based software, you are provided with an in-depth reporting feature. This ability to generate multiple detailed and custom reports actually lets you see which among the properties you handle needs more development. A cost basis analysis will also be provided so you know what building also needs more upfront work.
Propertyware is another of the rental property management software that provides a complete solution for property managers. The system is simple to us and has been streamlined with comprehensive reporting and other functions. Propertyware like Buildium offers property managers a complete integrated solution for managing their properties.
The main features of the system include marketing, management, and accounting of the property. Additionally, the software allows users to do some basic website design, tenant screening, and even lead generation. It has 24/7 access to anywhere on the web and an easy-to-use software package for property managers.
Propertyware is the kind of software that helps lessen workloads for property managers. This means you can have more time focusing on the important tasks while allowing the software to handle the routine-like tasks.
Basic tasks handled by the software include the following:
- Tenants paying their rent.
- Tenant’s renewing their lease.
- Creating a work order through an online portal.
The software is user-friendly and very comprehensive and is customizable so you can schedule and track things that are important. There is also a mobile app for the system that goes along with the software.
The mobile app can help you track and check any issues or inquiries even if you’re away from your office. It’s also a good way to communicate with your tenants and the owners.
Although some problems may arise as we found in some of the client reviews while using the software, Propertyware’s customer service is very reachable and helpful and seem to be able to solve the issues presented by clients.
ResMan is a cloud-based rental property management software. The ResMan software is good for property managers who handle mid-size to large properties. The ResMan specializes in larger properties and management of those units over smaller one-off units. The software reviews show the best responses from managers of properties apartments and multi-family size residences.
The software is based on the internet so you pay a cloud access fee and everything is kept for you in the online secure cloud access. The software allows real-time access to data through any internet-connected device. ResMan provides its user the core modules needed for managing a property. It’s on one platform and one database accessible through cloud access.
The modules include the following:
- Budget and Forecasting
- Custom Financial Report Writer
- Custom Operations Report Writer
- Move-Out Collections
- Document Management
- SMS Messaging
The interface of the software is very user-friendly and the software has training videos to learn the system and software completely. The training videos are readily available online so any problem that you’ll encounter along the way can be answered as soon as possible through videos or customer support. There are also training videos and additional paid for with the system training provided before you start working on the software.
If there are still questions that need to be answered, ResMan’s support team is very responsive and knowledgeable. And they will give you detailed information on what you should do when you encounter a problem.
If you are managing a residential or commercial real estate companies Rent Manager is an excellent option. It’s a rental property management software that is meant for residential and commercial real estate properties.
The software has a financial accounting component like Buildium and PropertyWare with full integration and standard functionality.
The Software includes the following functions:
- A general ledger with accounts receivable and accounts payable.
- Payroll import
- Budget management
- Financial reporting
Rent Manager is also offered in two versions, one is the stand-alone version and the other is the online version. The online version has all the functionality you can get from the standalone version. One of the main differences is that with an online version you get to be updated with everything immediately when available. The stand-alone version will be mailed updates that need to be installed by on-site administrators of the system.
The online version biggest positive is that it has an automatic update upon releases. The software and the data are also saved with a bi-hourly data backup operation. Another positive of the software is having web-based modules with an online version with a technical support team that can easily help you through screen sharing.
The software has customizable options. The base system comes with pre-programmed features like reporting, costing, and integration. The customizable part of the system is very hands-on and needs training and support to use effectively.
Rentec Direct is another web-based rental property management software. The software is designed with full features for property managers handling large amounts of units. The software doesn’t have startup fees and term commitments. Rentec Direct includes an unlimited US-based training and customer support.
The following are some of the features the software offers:
- A general ledger accounting.
- Financial reporting that has optional Quickbooks synchronization.
- Online portals specifically for tenants and owners.
- A custom website and website hosting that can help promote your company and properties online.
- Tracking of work orders.
- Automated ACH and credit card payment processing.
- Syndication of vacancy listings.
- Online rental applications.
- Electronic signatures with DocuSign.
- Electronic 1099 filing.
- Utility billing integration.
- Tenant background screening for credit, criminal, and eviction records.
Rentec Direct provides features that are user-friendly and if you encounter hiccups along the way the customer service is very approachable. Compared to its competitors, this software is cheaper and in the long run for web-based cloud services more affordable.
Rentec Direct provides good functionality and helps track tenant payments easily. This function like all of the software that we have reviewed allows you to save time and focus on other things you need to do for the property as the property manager.
Rentec Direct data input is also very easy and the software provides different ways to view data stored. This means when data is analyzed it’s always immediately available in pre-programmed reports.
TenantCloud is the newest rental property management software that was reviewed. It is also a web-based software that is offered for free. This software is designed to meet the needs of property managers, landlords, and even real estate professionals. For more detailed and customizable reporting there you can upgrade to the paid version.
Some features that the software offers are the following:
- Property management
- Tenant management
- Marketing Functionality
The software has a dashboard that displays its core features for a quicker access. Through this dashboard, users can create new transactions, add new tenants, properties, and work orders.
The software also tracks total occupancy of the property with lease expirations and recent property listings. Tenant payments and outstanding payments are also shown on the dashboard and payments are processed online.
The major holdback or complaint of this system is that is only online and does not have the feature of onsite administration.
The software also has features for tenant screening and reports. Your tenants and properties profiles can be accessed easily.
TenantCloud’s software is free and its customer service is very reachable and they have reviews that show that they respond to any inquiries as soon as they can.
Final Thoughts On The Top Rental Property Management Software
Rental property management software can help property managers run their business more efficiently (and more easily). The software can lessen the workload of property managers. It can help them focus on other tasks that need to be done.
If you are interested in knowing the top rental property management software, then this blog post can help. You can use this review of the top 6 rental property management software as a reference guide.
Be sure to comment below with any questions or thoughts you may have on this review.
1. Responsibilities Of Property Managers During The Term Of A Commercial Lease Agreement
2. Understanding Property Management Training
3. What You Need To Know About A Property Manager
If you need help marketing your business online then check out IM Consultant Services.
Disclaimer: This commentary is a matter of opinion provided for general information purposes only and is not intended to be taken as investment or trading advice under any circumstances. Information and analysis above are derived from sources and utilizing methods believed to be reliable, but we cannot accept responsibility for any losses any person may incur as a result of this analysis. Individuals should consult with their personal financial advisers. By using this website or any information contained in it, the user specifically and expressly agrees that no advisor-client relationship is created between said user and any author, owner, executive, or principal of this web site by either use of this web site, or by any information, product, or service offered by or on this web site. No express or implied guarantees or warranties as to investment or trading results are made, and any perceived insinuations of such are hereby expressly disclaimed.