The property management industry is continuously changing and growing. For property management businesses to succeed, property managers need to stay updated with the latest trends to stay ahead. The property management industry in the US generates about $88.4 billion in revenue annually and is growing each year.
With that much growth from property management and rentals, many software companies have emerged to help landlords, and property managers stay ahead and get organized. Including automation for daily tenant communication and management to help save time.
A good rental property management software allows property mangers and owners to perform several essential daily tasks automatically. This includes responding to repetitive tenant inquiries, booking tours, posting vacancies online, accounting and billing and maintenance.
A rental property management software should help all operations run smoothly for each rental property. A good rental property management software also generates reports like monthly rent payments, income, and expenses, to help you monitor the financial health of your property.
And even though a leasing team can perform all these tasks it takes much more time to perform everything manually. With all this extra time the team’s focus can be ok company growth.
When deciding on a rental property management software, it is important to consider the type of property you manage. There are many factors that are the same for both residential and commercial properties, such as: Pre-screening renters, property maintenance requests, scheduling tours and collecting rent. However, there are always more specific concerns depending on what properties you manage and what exactly you need from a software.
Some essential features to look for in any rental property management software include:
Different rental property management software have different prices and the most popular pricing models are pay-per-unit, a tiered model, pay per transaction or paying per feature you use.
Monthly prices for rental property management softwares can range from about $15 to upwards of $300, depending on the number of units you manage. Many advanced features like online bill payment and additional listing tools can usually cost a little extra. You often will also have to pay a one-time setup fee of up to $500.
Sometimes there are discounts available if you are a new user or sign a multi-year agreement. Monthly payments for a one-year agreement can go up to $200. However, each software will have a different price and to help you figure out what is the best fit for you we have listed the price of each rental property management software in this review!
LetHub provides an AI Leasing Platform to landlords and rental property managers. Their intelligent Leasing Assistant, River, responds to renter inquiries, pre-screens prospective tenants, and books tours, saving up to 75% of your time and your leasing team’s time.
LetHub aims to help landlords and property managers grow their portfolio by automating communication between prospective renters and leasing agents.
MRI rental property management software is a comprehensive solution for property managers with commercial properties. The platform encompasses both front and back-end functions, integrating accounting and analytics with end-to-end tenant management.
Rent Manager is a rental property management software for both residential and commercial real estate businesses with portfolios of more than 100 units. Rent Manager is an all-in-one rental management software for busy property managers. With the software’s tools, daily tasks can be simplified while focusing on growing your business. This rental property management software prioritizes integrations more than anyone else.
Landlord Studio is a rental property management software that provides all the accounting and property management tools needed in one place. Providing the perfect solution for landlords who are self-managing their rental properties
This is an all-in-one rental property management software designed by property managers, for property managers. Doorloop’s rental property management software deals with all types of properties no matter if you deal in rental properties or have a mixed portfolio.
Rentroom is a complete rental property management software with good accounting features and an intuitive interface.
The rental property management software also has unique community features and is a decent software for condos, multi-family, and HOA properties.
This rental property management software has a all-in-one rental management platform specifically built for landlords with 1 to 100 units. Hemlane has several unique features that make it different from many other rental property management softwares. Such as the agent match feature which matches you with local agents for showings and other leasing tools.
This is a powerful cloud-based rental property management software for apartment complexes and multi-family unit properties. both commercial and residential property managers can use this very customizable rental property management software.
Property Matrix costs $1.5/unit, with a $400 per month minimum and a 30 day money-back guarantee.
Rentmoji is a cloud-based rental property management solution designed for small and midsize property management businesses.
Rentmoji does not list their pricing structure publicly and need to be contacted to get a quote. However their pricing is on the higher side as compared to other rental property management softwares.
This is a cloud-based rental property management software and Yardi Breeze differs from other rental property management softwares because of all the additional features it comes with.
This rental property management software starts at $1/unit for residential and $2/unit for commercial, with a minimum monthly cost of $100 for residential and $200 for commercial.
Property management software is designed to help and expedite the responsibilities of a property manager. By reducing the number of tasks, it allows for more efficient management of operations, finances, team, and gives you more time for growing your portfolio.
Do you know that 157 US companies with $50M liabilities filed for chapter 11 bankruptcy due to COVID-19? If you don’t want to be on that list, keep reading our article, and learn the best ways to manage your property management business remotely.
A quick response to rental inquiries is the first step in ensuring that your vacant units are filled with qualified renters. A failure to do so could risk property managers losing out on leads and accumulate lost rent.