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ContinueProperty management software for small landlords should be cost-effective, feature-packed, scalable, and easy-to-use.
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Written by
Ben Luxon
PUBLISHED ON
21
Sep
2023
The transition from traditional paper-based systems and spreadsheets to cutting-edge property management software has proven to be a game-changing move for thousands of real estate investors. The right software can help you enhance tenant experiences, optimize workflows, and increase overall profitability. But, unless you’re a seasoned investor with a large portfolio already, knowing which software is best for you can be a challenge.
For the same reason that a general accounting solution like QuickBooks might not be right to manage your rentals, not all property management software is suitable for all portfolios.
In this article we explore what to look for in property management software for small landlords, and how it's designed to be more affordable and less complex than software that caters to larger property portfolios.
A property management software tailored to your specific needs can be a game-changer, amplifying your capabilities and simplifying your operations. In this guide, we delve into the essential aspects to look for in property management software for small landlords.
Managing a smaller portfolio of between 1 and 50 units requires you to keep a keen eye on your operations and expenses. Opting for a cost-effective property management software to ensure that you're optimizing your finances without compromising on essential features.
Cost-effectiveness isn't solely about the initial price; it's also about the long-term value the software provides. Striking the right balance between affordability and functionality is crucial.
While your portfolio might not look like Warren Buffet’s (yet), using professional tools will help you streamline operations, plan for scale, and mitigate risks. The software you select should offer a robust suite of features that cater to the various aspects of property management. From tenant screening to rent collection to financial management and reporting.
When you choose your property management software you should be thinking long term. It should have all the features you require now and enable you to easily add more units as your portfolio grows.
Responsive customer support will help ensure you get set up correctly and make the most of the software’s potential. This support should be paired with comprehensive help documents.
A user-friendly interface and straightforward navigation can significantly reduce the learning curve, allowing you to start reaping the benefits of the software without a prolonged adjustment period or expensive onboarding.
Landlord Studio comes out on top when compared to similar property management software for small landlords as it offers a full range of features, the most comprehensive accounting and reporting tools, and a free plan.
When it comes to property management software for small landlords, Landlord Studio emerges as a standout option that ticks all the boxes.
This comprehensive solution is designed to address the unique needs of individuals managing small to medium portfolios, offering an array of features that streamline every facet of property management.
Landlord Studio is a cloud-based property management software that has gained acclaim for its user-friendly interface, robust feature set, and unwavering commitment to aiding small landlords in their endeavors.
The platform's intuitive design ensures that even those new to property management software can navigate it with ease. With a focus on automation and organization, Landlord Studio seeks to alleviate the administrative burdens associated with property management, enabling landlords to invest more time in growing their portfolio and cultivating tenant relationships.
Financial Tracking: Landlord Studio provides comprehensive financial tracking tools with powerful automation that’s invaluable during tax season.
Reporting: Generate comprehensive reports that provide insights into property performance, financial trends, and more.
Rent Collection: Reduce the chance of late rent with automated online rent collection.
Tenant Management: Find and screen tenants and track tenant details, lease agreements, and rental payments seamlessly.
Maintenance Tracking: Effectively manage maintenance requests and repairs by logging and tracking them within the software.
Document Storage: Store and organize essential documents related to your properties in a centralized location.
Landlord Studio offers two plans. GO, which is FREE for your first 3 units. And PRO which comes with access to all features and starts at $12 per month.
Pros:
Cons:
Landlordy is a simple and straightforward mobile application designed for landlords. Landlordy comes with an acceptable user interface, however, in comparison to some of the alternatives in this article, Landlordy's range of features is relatively modest.
Nevertheless, if your primary requirement is to effectively manage rent payments on the go and you're open to sacrificing some of the more advanced capabilities found in standard property management software, it might be worth considering Landlordy.
Landlordy provides a limited free version. Or you can pay $14.99, to upgrade to premium, which has basic accounting features. For users with up to 10 units there is a tier priced at $49.99, and for users with more than 10 units, you will need to pay $99.99.
Avail stands out as another favorable alternative, boasting a broader array of features compared to Landlordy, all the while providing a free plan for users.
However, for users with a larger unit count the paid plan quickly becomes more costly than others on this list. One of Avail's strengths lies in its listing syndication feature, which is designed to make it as easy as possible for you to secure new tenants.
Avail offers two plans. Their free plan has limited features and additional costs for features like rent collection. Their Plus plan costs $7 per unit per month. This includes the cost of rent collection fees and gives you full access to all of their features.
TenantCloud offers a comprehensive range of features with a focus on finding and managing tenants. They no longer support a free plan.
TenantCloud’s free plan has been discontinued. However, their Starter plan comes at a reasonable cost of $15 per month.
To access a set of features comparable to alternatives the $50 per month Growth plan is recommended.
Rentec Direct offers a comprehensive feature set encompassing everything from online rent payments to robust reporting tools. Notably, its accounting functionalities are well-received, though fall short against some of the others on this list such as Landlord Studio.
Nevertheless, users have reported challenges in navigating Rentec's interface and locating specific functions, which can lead to difficulties in its regular use.
Rentec Direct starts at $45 per month for up to 10 units, with costs escalating in accordance with a tiered model.
For instance, the pricing stands at $65 per month for up to 50 units, $110 per month for 100 units, and $550 per month for 500 units.
RentRedi’s user-friendly mobile application centralizes communication, documentation, and notifications for all parties involved.
One mentionable feature of RentRedi is its ability to aid small landlords in reducing vacancy rates and minimizing turnover time. The platform offers complimentary syndicated listings on Realtor.com and Doorsteps, facilitating broader exposure for rental properties.
Monthly Plan: $19.95 per month
Annual Plan: $9 per month
6-Month Plan: $15 per month
SimplifyEm's primary focus revolves around simplifying rent tracking and collection, offering several handy features such as payment reminders.
SimplifyEm's plans start at $35 per month. This initial price covers up to 10 units. If your needs extend beyond this, additional costs will apply.
TurboTenant is a well-established property management software for small landlords aiming to streamline their property management procedures. TurboTenant offers a holistic toolkit with listing syndication, tenant screening and lease agreement tools.
TurboTenant offers a free tier and a premium tier which costs $99 annually. However, if you want to use their accounting tools you will need to pay for this on top of your base subscription. It starts at $15 per month with each additional unit costing $5 more per month.
Rentler aims to help landlords simplify tenant interactions and property-related tasks, making it an excellent option for property owners and managers seeking streamlined operations. The software excels in features like rent tracking and collection, as well as enabling communication between landlords and tenants within the platform.
Rentler is free to use. They make money through a variety of product upsells including, Rentability Report - $19.95 per report, Forms - $25 for access to legal forms, Online Rent Payments - $1.95 ACH Fee, 3.5% + $0.30 for debit and credit cards, Listings from $15/day, Application Subscription - $39 for 30 days of use. Applications include a credit & background screening.
Stessa empowers landlords with the ability to seamlessly collect rent, automate rent reminders for tenants, and offer real-time notifications upon rent payment.
With its user-friendly interface and a basic range of property management features. The software’s primary focus is on its financial management tools and offers rental property banking options as well.
Stessa offers two pricing plans. A free tier which comes with basic features. And a PRO plan which starts at $20 per month.
Property management software for small landlords packs all of the powerful professional features you’d expect in the tools used by pros, into a cost-effective and easy-to-use platform.
Landlord Studio is an all-in-one property management solution purpose-built for investors and property managers with small to medium-sized portfolios. Automate time-consuming tasks like collecting rent, issuing receipts, and tracking income and expenses, use templated emails to automate tenant communications and stay on top of your financials with ease.
Landlords that use Landlord Studio to help them manage their properties reported saving weeks of time in admin and as much as $500 more per property at tax time in additional deductions.
Plus, Landlord Studio pricing starts at free, no credit card required.
Landlord Studio is an easy property management and accounting software and app designed for landlords.
Track income and expenses, run reports, collect rent online, find and screen tenants, manage property maintenance, and more.
In this free webinar, Landlord Studio's Logan Ransley and Zumper Co-founder Taylor Glass-Moore discuss essential strategies for creating and marketing your rental listing, so you can fill vacancies faster.
Hosted by: Logan Ransley, Landlord Studio Co-Founder and Taylor Glass-Moore, Zumper Co-Founder.
When: May 8th 2024, 1:00pm (MT)
Location: Online event
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