Managing rental properties is only easy at first glance. The reality is that making a real estate fortune doesn’t happen overnight and for serious investors, purchasing a few rental properties is not enough. The landlording business is dependent upon a couple of crucial factors- including the current economy, which is especially relevant right now during the coronavirus-related crisis and temporary eviction moratoriums proclaimed throughout the country.
For that reason, it makes perfect sense to find the right tools to keep your rental business competitive and finally make your dreams about money-making properties come true.
Since the world is going digital, so should your property management business. For that, we analyzed three top-notch online platforms that will simplify and optimize your business processes and will make daily tasks easier.
Here they are:
Buildium is focusing more on multifamily property managers with larger portfolios. It’s suitable not only for residential, but for commercial property management as well. With a bunch of scalable solutions, Buildium allows you to easily manage up to 5,000 units.
The platform also provides advanced accounting, property maintenance, tenant screening services, and secure online payments. Vacant units can be advertised on popular listing websites, including Craigslist and Facebook Marketplace. Regardless of extra fees for additional features, Buildium is still one of the most popular software systems for landlords with larger portfolios.
The coolest Buildium features:
- Easy accounting
- 1099 e-Filing
TenantCloud is a cloud-based solution for DIY landlords and property managers that covers literally every step of the property managing process. TenantCloud has developed four portals for landlords, tenants, property owners, and service pros so they can each have a separate role in the system. This helps when working inside the system and optimizes time spent on business interactions.
The software is free up to 75 units and has a few pricing plans with even more features included.
It’s easy to navigate and it provides a robust set of features, from unit listing and tenant screening to online payments and maintenance management. Plus, TenantCloud software has full accounting, automatic invoicing, online payments, a built-in messaging service, lease agreement templates, E-signature, financial and rental reports, maintenance requests functionality, reusable rental applications, detailed background checks, phone customer support, and much more.
A TenantCloud free marketing website allows you to advertise units on other partner listing platforms and therefore shorten vacancy periods. At the same time, maintenance request management helps keep track of home repairs and resolve maintenance issues instantly.
The coolest TenantCloud features:
- Robust accounting
- QuickBooks sync
- Tenant Portal
- Customizable marketing website
Appfolio – customizable property management software designed for property managers and property management companies. This software tool allows an unlimited number of units and is great for managers with mixed portfolios since you can manage residential, commercial, student housing, and community associations in one place.
Appfolio provides features like online applications and leases, digital payments, maintenance requests management, accounting, vacancy and insurance tracking, and many more. You can request a free demo to get acquainted with the system and the benefits it provides.
The coolest Appfolio features:
- Performance insights and tracking
- Online training program
- Real-time reporting
To keep your rental property business up and running, choosing an effective online tool should become your priority. No matter how many units you manage and whether you delegate most of your tasks or rely solely on yourself, the right property management system makes the whole process seamless and less stressful.
The tried-and-tested method of finding the perfect system for your rental business is to go through the main features a platform has and see how they can be beneficial to your business development.
We’re more than sure that you’ll find your perfect property management software in the list above!