Being a landlord puts your multitasking skills to the test. You’re responsible for everything, from finding great tenants and chasing rent collection to handling plumbing emergencies. The complex and changing housing regulations add another task to your already full plate. That said, property management can become a full-time job instead of a passive income source.
It doesn’t have to be this way, though. Property management companies can simplify the process. Real-estate moguls may depend on global companies like Cushman & Wakefield or GreyStar Real Estate Partners, but small investment property owners can turn to digital technology for help. Learn more about these tools below:
Option #1: Hemlane
Hemlane is a feature-rich property management software platform with an intuitive interface. It has tools for advertising a property, tenant screening and approval, tracking leases, and coordinating maintenance tasks. You can also set automatic rent collection and integrate your finances with its accounting feature. Add-on services are available for those who require specialized solutions.
It’s a great fit if you prefer to be involved in key decisions without being bogged down by the daily administrative tasks. The best part is that you can access its basic features for free. This could be your best bet if you’re a first-time landlord who doesn’t want to pay hefty property management fees.
Hemlane is also mobile-friendly and can be accessed by owners, property managers, and tenants even without downloading the app. On the flip side, some users cite limited customization choices and lack of integration capabilities. Non-techies may also need more time to explore the full version’s wide range of features.
Option #2: TenantCloud
Another all-in-one solution, this software provides rental management services from start to finish. Its strength, though, lies in its strong financial and communication capabilities. Apart from financial tracking and accounting, it has a communication portal that keeps everyone on the same page. The platform also offers a free plan with essential features and access to customer service.
While boasting extensive capabilities, some property managers report a steep learning curve. Others find the interface slightly cluttered. It can also fall short when integrating with other software that property managers use.
TenantCloud has four paid tiers, each with 14-days-worth of free trials.
Option #3: RentRedi
Want to stay on top of things from your phone? This platform may be up your alley. The mobile app version is a major selling point, and so is its automated rental collection and flat-rate pricing model. RentRedi also offers a unique feature that allows tenants to report prompt payments to credit bureaus, a nice incentive for those building their credit scores.
The mobile app is great, but some users can’t say the same for the desktop version. RentRedi’s navigation features can be confusing, and the occasional lags and technical glitches might frustrate you. Updates are available, though, to improve the user experience.
Option #4: Avail
Avail is a great choice for those who want a do-it-yourself approach to real estate management. Realtor.com®, one of the leading real estate websites, owns the platform. It’s known for its user-friendly features and simplicity, with a focus on finding tenants and automating collections and payment processing.
A free version is available, but go for paid subscriptions if you want advanced features. Availing of its Unlimited Plus package enables you to handle the entire rental lifecycle, from property marketing to managing maintenance and repair works, all in one place.
The downsides? The free plan has limitations and charges tenants with fees for Automated Clearing House (ACH) payments. Renters who want a smoother rental experience may also be disappointed with the slower payment processing times and customer support on the free plan. Moreover, the absence of a mobile version can be a dealbreaker to some.
Option #5: Rentec Direct
Another big name in the property management market, Rentec Direct, is known for its strong accounting features and good customer service. It’s a solid choice for landlords who want a reliable and easy-to-use system.
Strong accounting features make it a great fit for landlords who want to simplify their financial life. It automates income and expense tracking and provides helpful reports. Financials aside, the platform has online rent collection, tenant screening, and property marketing capabilities.
Unlike other options, though, it doesn’t have a free plan, only a free trial, which works well if you’re testing the waters. Also, less tech-savvy individuals may find that the tool is a lot to take in at first.
Option #6: Innago
Innago’s claim to fame is that it’s free for landlords, perfect for those who are starting with one or a few single-family homes. Its modern take on real estate management makes it particularly appealing to property owners. Users praise its clean and uncluttered design that works smoothly with document management and marketing apps. You can conveniently connect with tenants and handle requests from your phone with its mobile app version.
While free for landlords, tenants pay fess for screening reports and online rent payments. These are added costs that not all renters appreciate. Its less powerful accounting capabilities can also discourage landlords who want detailed financial reports for improving their financial strategy.
Option #7: TurboTenant
Landlords who want to automate their management tasks have another option in the form of TurboTenant. You don’t have to pay a dime out of pocket, as it boasts a free version. It’s a solid choice if your main concerns revolve around managing renters and you only have a few properties to take care of.
As with other “free for landlords” models, the platform can suffer from feature limitations. Its bookkeeping and maintenance management capabilities may be too basic for some managers. Useful features often require a paid plan to work. Users also cite that filtering information and navigating aren’t as smooth as they wish.
Option #8: DoorLoop
This software positions itself as a modern, fast, and scalable solution, ideal for managing a growing portfolio of vacation rentals or a big one like student housing. DoorLoop has tenant screening, lease management, and repair and maintenance handling. You can use its mobile app and clean interface without hassle.
It can be pricier than other options, and some users say it lacks integration options. If you’re looking for transparent fees, you may have to look elsewhere, as a few users report hidden charges. As it’s designed for growth, small landlords with only one or two rental residences may find it overwhelming.
Closing Words
Stepping away from the day-to-day grind of managing your property can feel liberating. And what better way to do it than using software. Switching to a platform doesn’t mean you’re giving control. It optimizes your financial potential by giving you more time to build wealth.
These tools work like property management companies that provide either extensive solutions or more focused services. As a small landlord, choosing the right partner means understanding your needs and anticipating future growth. Always consider the features that are most important to you to find the best solution.
