Managing rental properties involves more than just collecting rent. It includes attracting quality tenants, conducting screening processes, addressing maintenance requests, and maintaining detailed financial records for smooth tax reporting. Even a small portfolio can become overwhelming without the right tools. Property management software designed for property owners provides landlords with the efficiency and organization needed to run a successful rental business.
We’ve researched the top Property management software that is essential for the efficient management of rental applications and tenant relations options for 2024, comparing their costs, user reviews, features, and integrations to help you find the perfect solution for your rental business.
Table of Contents
Key Statistics Driving Property Management Software Growth
The accompanying pie chart visually breaks down these key statistics, clearly showing the significance of each factor in driving the property management software market’s growth.
- Market Size & Growth: The property management software market is experiencing steady growth with a CAGR of 5.73%, highlighting the increasing reliance on technology to streamline property management processes. This growth reflects the need for more efficient tools as landlords manage larger portfolios.
- Residential Property Management Demand: The residential sector holds a dominant 70.23% share of the market. This demonstrates the vital role property management software plays in managing residential properties, especially single-family and multi-family units. Landlords are using these solutions for features like automated rent collection, tenant management, and property maintenance.
- Key Market Drivers: The global real estate market is growing at a CAGR of 5.23%, fueled by urbanization, population growth, and increased real estate investments. This rising demand directly boosts the need for property management software that offers scalability and efficiency for landlords managing expanding portfolios.
These facts support the rising need for efficient property management solutions and the critical role they play in scaling operations, improving tenant relations, and driving profitability for landlords.
Methodology: How We Picked the Best Property Management Software for Small Landlords
To help small landlords find the best property management software in 2024, we conducted in-depth research on 12 leading platforms. We narrowed down the list to the top 7, evaluating each platform based on a comprehensive set of criteria. Here’s a breakdown of the methodology we used:
- Cost Analysis: We examined the pricing models of each software, including free trials, subscription fees, and additional costs. Affordability was key, ensuring each option suits landlords with smaller portfolios while offering valuable features.
- User Reviews: We considered feedback from real users by aggregating reviews from platforms like Capterra, GetApp, and Software Advice. Each software was evaluated based on overall ratings, the number of reviews, and the sentiment behind the feedback, helping us understand user satisfaction.
- Features: Each platform was assessed for its feature set, focusing on essential property management tools like lease management, tenant screening, accounting, and rent collection. We prioritized platforms that provided a balance of advanced functionality with ease of use for small landlords.
- Integrations: Many property management platforms offer integrations with popular tools to enhance efficiency in managing your rental property.: We evaluated the software’s ability to integrate with other essential tools, such as accounting software, listing platforms, and payment processors. Seamless integration allows landlords to efficiently manage their operations without juggling multiple platforms.
- Suitability for Small Landlords: Finally, we considered how well each platform is tailored to the needs of small landlords, ensuring that the solutions cater to smaller portfolios, are easy to use, and provide the best value for money.
By comparing these factors, we found the top 7 property management software options that can make your life as a landlord much easier. Let’s dive in and find the perfect fit for you regarding property performance and management tools!
Best Property Management Software for Small Landlords in 2024
Buildium
Frustrated by managing rental properties, Michael Monteiro and Dimitris Georgakopoulos founded Buildium in 2004. This award-winning software helps landlords streamline everything from rent collection to maintenance with integrations and a tenant portal.
- Features: Includes rental listing syndications, tenant screening, lease management, and online payments.
- Integrations: Supports platforms like Apartment List, Zillow, and others.
- Pros: Comprehensive features, wide integrations, and a user-friendly interface.
- Cons: Higher monthly fees; not ideal for small portfolios, especially for property owners managing fewer than 10 units.
- Who Should Use: Suitable for association and residential managers with mid to large-sized portfolios.
- Online Reviews:
- Capterra: 4.5/5 stars from 1,900+ reviews
- GetApp: 4.5/5 stars from 1,900+ reviews
- Software Advice: 4.5/5 stars from 1,900+ reviews
AppFolio
AppFolio is designed for large portfolio holders, offering robust accounting tools and custom plans that make it an excellent choice for residential and association landlords.
- Features: Includes leasing assistance, maintenance requests, and accounting tools.
- Integrations: Works with services like 30 Lines, Amazon, and AvidXchange.
- Pros: Custom plans, excellent accounting tools, great support.
- Cons: High monthly fees; not ideal for smaller landlords.
- Who Should Use: Designed for large portfolio holders, including residential landlords and associations.
- Online Reviews:
- Capterra: 4.5/5 stars from 1,903+ reviews
- GetApp: 4.5/5 stars from 1,903+ reviews
- Software Advice: 4.5/5 stars from 1,903+ reviews
TurboTenant
TurboTenant, a free rental property management software, has become popular among landlords since its launch in 2015. It is a free, cloud-based platform trusted by over 650,000 landlords. TurboTenant provides essential tools such as tenant screening and rental marketing without limits on the number of units managed.
- Features: Provides tenant screening, rental marketing, and online applications.
- Integrations: Integrates with Zillow, Apartments.com, and Facebook Marketplace.
- Pros: Free for landlords, user-friendly, strong marketing tools.
- Cons: Tenants bear some costs; fewer advanced features may limit the effectiveness of rental property accounting.
- Who Should Use: Best for landlords with multiple residential units.
- Online Reviews:
- Capterra: 4.6/5 stars from 53+ reviews
- GetApp: 4.6/5 stars from 53+ reviews
- Software Advice: 4.6/5 stars from 53+ reviews
TenantCloud
TenantCloud delivers an affordable, feature-rich platform tailored to small landlords and property managers, offering a user-friendly interface for lease management, tenant screening, and property listings.
- Features: Lease management, tenant screening, and property listings.
- Integrations: Supports integration with Apartments.com, QuickBooks, and Google Calendar.
- Pros: Comprehensive platform with tiered pricing plans.
- Cons: Limited listing syndication; some advanced features are missing.
- Who Should Use: Perfect for tenants, small landlords, and property managers with modest portfolios.
- Online Reviews:
- Capterra: 4.3/5 stars from 376+ reviews
- GetApp: 4.3/5 stars from 376+ reviews
- Software Advice: 4.3/5 stars from 376+ reviews
Propertyware
Propertyware excels in managing single-family home portfolios with its mobile-friendly platform, customizable reports, and robust leasing tools, making it ideal for landlords with larger portfolios.
- Features: Online leasing, maintenance tracking, and property management tools.
- Integrations: DocuSign, QuickBooks, and other efficiency tools are commonly integrated into all-in-one property management solutions.
- Pros: Ideal for large portfolios, mobile-friendly, customizable reporting.
- Cons: Some customer support complaints; not suited for smaller landlords.
- Who Should Use: Best for landlords managing single-family homes with larger portfolios.
- Online Reviews:
- Capterra: 3.9/5 stars from 309+ reviews
- GetApp: 3.9/5 stars from 309+ reviews
- Software Advice: 3.9/5 stars from 309+ reviews
Yardi Breeze
Yardi Breeze provides simple and affordable property management solutions for small to medium-sized portfolios, with built-in accounting and easy-to-use tools for managing daily operations.
- Features: Built-in accounting, online rent payments, and maintenance management.
- Integrations: FloQast, RentCafe, ResidentShield.
- Pros: Easy to use, free support and training.
- Cons: No mobile app; customer service issues reported.
- Who Should Use: Ideal for property managers with small to medium portfolios.
- Online Reviews:
- Capterra: 4.1/5 stars from 235+ reviews
- GetApp: 4.1/5 stars from 235+ reviews
- Software Advice: 4.1/5 stars from 235+ reviews
SimplifyEm
SimplifyEm is an intuitive platform designed for small portfolio holders, offering essential property management tools at a reasonable price while supporting up to 2,000 units.
- Features: Lease management, tenant tracking, and accounting tools.
- Integrations: Integrates with Bayeast, SDAR, and Fidelity.
- Pros: Supports portfolios from 1 to 2,000 units; designed by real estate professionals.
- Cons: Limited to portfolios under 2,000 units; lacks some advanced features.
- Who Should Use: Best for small portfolio holders.
- Online Reviews:
- Capterra: 4.1/5 stars from 129+ reviews
- GetApp: 4.1/5 stars from 129+ reviews
- Software Advice: 4.1/5 stars from 129+ reviews
Comparison of Leading Software Solutions
Below, you’ll find a comparison table highlighting the essential details to guide you in finding the perfect fit for your property management needs.
| Platform | Who Should Use It | Cost | Ease of Use (Pros) | Pricing Model |
|---|---|---|---|---|
| Buildium | Association and residential managers with medium to large portfolios | $55/mo 14-day free trial |
Comprehensive features, multiple integrations, user-friendly interface | Subscription-based |
| TurboTenant | Landlords with multiple residential units | Free to use for landlords Or upgrade to Pro $9.92/mo and Premium $12.42/mo |
Free for landlords, easy to use, good marketing tools | Free |
| AppFolio | Large portfolio holders and residential landlords | Starts at $1.49 per unit per month Free trial available |
Advanced plans, excellent for accounting, great support | Subscription-based, Pay-per-property |
| Yardi Breeze | Property managers and landlords with small to medium portfolios | Pricing varies by property type. For residential, starts at $1 per unit/mo Free trial available |
Unique features, free training and support, easy interface | Per unit, Subscription-based |
| Propertyware | Landlords managing single-family homes with larger portfolios | Basic starts at $1 per unit/mo No free trial |
Manages large portfolios well, mobile app, customizable reports | Subscription-based |
| SimplifyEm | Small portfolio holders | Starts at $40/month Free Trial: Available (No Credit Card required) |
Supports up to 2,000 units, designed by real estate professionals | Subscription-based |
| TenantCloud | Tenants, small landlords, and property managers with modest portfolios | Starter plan $12/month Free Trial: Available |
Comprehensive platform with tiered pricing, easy to use for small landlords | Tiered pricing |
Before diving into the details of each software, it’s important to know what key features to prioritize.
Key Features to Look for in Property Management Software
Here’s a summary of essential features that property management tools should offer and their benefits for small landlords looking to streamline property management tasks:
| Feature | Benefit |
|---|---|
| Rent Collection & Accounting | Automated payments, late fee tracking, financial reporting |
| Tenant Communication Tools | Online portals, messaging features, and document sharing for landlords and tenants |
| Maintenance Management | Work order tracking, service provider coordination |
| Legal Compliance | Lease agreements, rent control, tenant rights, regulations tracking |
| Lease Management | Lease creation, renewals, rent escalation tracking |
| Marketing & Advertising | Tenant screening, property listing, advertisement management |
| Scalability | Adaptability as the number of properties grows |
| Security Features | Data encryption, disaster recovery, secure access controls |
| Customer Support and Training | Technical support, training resources |
What Is Property Management Software?
Property management software is designed to help landlords automate and simplify the daily tasks of managing rental properties. These tasks include rent collection, tenant communication, maintenance tracking, financial reporting, and more. The software consolidates everything into a single platform so you can manage your properties more efficiently and improve tenant relations without being bogged down by administrative tasks.
Why Small Landlords Need Property Management Software
Small landlords often face unique challenges, including limited time, resources, and property management experience. Here’s how property management software can help:
- Increased Efficiency: Instead of manually tracking rent payments or maintenance requests, the software automates these processes, freeing you up to focus on other aspects of your rental business.
- Improved Tenant Satisfaction: Features like online portals allow tenants to easily pay rent, submit maintenance requests, and communicate with you. This convenience enhances their overall experience and makes them more likely to renew leases.
- Enhanced Financial Management: The software tracks income and expenses for property owners, helping you budget and generate accurate financial reports. You’ll also be prepared with effective property accounting when tax season begins.
- Time Savings: With automation handling rent collection, reminders, and maintenance scheduling, you’ll save monthly hours.
- Data-Driven Decision Making: Property management software gives you real-time data and insights about your properties, allowing you to make informed decisions about rent adjustments, maintenance needs, and tenant relations.
Choosing the Right Software for You
When selecting property management software, it’s important to weigh pricing and ease of use. These two factors can greatly impact your experience as a landlord, especially if you manage a small portfolio and need efficient tools without breaking the bank. Here’s what you should consider:
Pricing Considerations
Property management software costs vary based on features, the number of properties you manage, and each platform’s pricing model. Most tools offer flexible pricing structures to suit small landlords and property managers:
- Subscription-Based: Many platforms charge a monthly or annual fee, offering different levels of access based on the subscription tier you select. This is ideal if you need access to advanced features and ongoing updates.
- Pay-Per-Property: This pricing model can benefit property management companies with fewer than 10 units.: This model may be more cost-effective for landlords with a smaller portfolio, as pricing scales based on the number of properties you manage.
- Tiered Pricing: Some software offers different packages depending on your required functionality, including advanced property management features. For example, entry-level tiers might cover basic features like rent collection, while higher-tiered plans include advanced tools such as tenant screening and accounting reports.
Budget Tip: If you’re starting with a few properties, consider taking advantage of free trials or platforms like TurboTenant, which offers a completely free solution regardless of the number of properties. As your portfolio grows, you may want to invest in more feature-rich software with advanced tools to help streamline management.
Ease of Use
Managing rental properties shouldn’t be complicated, especially for small landlords who may not have a background in property management software solutions or technology. User-friendly software with intuitive interfaces, drag-and-drop navigation, and clear documentation is essential for managing your properties efficiently.
Look for platforms that offer:
- Onboarding Guides and Training Resources: Some platforms, such as Yardi Breeze, provide free training and customer support to help you set up and navigate the features of their rental management software easily.
- Responsive Customer Support: It’s important to have a support team that can answer your questions and help troubleshoot any issues quickly.
- Simple Interface: Software like TurboTenant and TenantCloud offer user-friendly setups, making it easy to manage your properties even if you’re not tech-savvy.
User-Friendliness Tip: For small landlords without much technical expertise, prioritize platforms with straightforward, easy-to-navigate interfaces, and take advantage of customer support options and onboarding tutorials to get the most out of the software.
To maximise your property management strategy, don’t miss our 12 Best States for Landlords guide, highlighting top high-ROI locations and landlord-friendly policies that can significantly boost your profitability.
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FAQ
Can you use Excel for property management?
Yes, Excel can be used, but it lacks the automation, communication tools, and ease of use that a dedicated property management software solution provides.
What are the disadvantages of using property management systems?
Learning curves, subscription costs, and sometimes unnecessary features for small landlords with only a few properties.
What are the top features to look for in property management software?
Rent collection, tenant communication, maintenance management, and legal compliance tools.
How can property management software improve tenant satisfaction?
By providing an online portal for rent payments, communication, and maintenance requests, tenants enjoy more convenience and quicker service.
What is a property manager?
A property manager is a professional who oversees the day-to-day operations of a real estate property. They handle tenant management, maintenance, finances, and legal compliance tasks, simplifying property management tasks.
Can I try property management software for free?
Many providers of property management software for small landlords offer a free trial or a free plan that allows potential users to explore the software’s features before committing to a subscription. This is particularly beneficial for small landlords who want to find the best rental management solutions for their needs. rental property management software that meets their needs without any financial risk.
How does accounting software fit into property management?
Accounting software is a critical component of comprehensive property management software. It enables small landlords to track income and expenses related to their rental properties, generate financial reports, and prepare for tax season. A robust property management solution will integrate property accounting features to simplify financial management, ensuring that landlords can effectively track their finances.
Conclusion
Choosing the right property management software is crucial in streamlining your rental business and ensuring long-term success. Whether you’re managing a small portfolio or planning to expand, the right tools can simplify everything from rent collection to tenant communication. Each platform we’ve reviewed offers unique strengths, whether you’re looking for advanced features with Buildium or affordability and ease of use with TurboTenant. By understanding your needs and balancing features with your budget, you’ll find the perfect software that can save you time, reduce stress, and help you manage your properties more efficiently in 2024.
