As a landlord with a small property portfolio, you have a lot on your plate, juggling many responsibilities. And, when it comes to managing your rental property, you need every advantage you can get. That’s why choosing the right software is so important.
With so many options available, how do you know which one is right for you? Well, that’s where we come in! This post will walk you through the key factors to consider when choosing software. We’ll also recommend some of our favorite options to help make the process a little bit easier.
So read on, and find the perfect solution for managing your rental property.
- Make sure that the software is designed specifically for landlords with small property portfolios. There are a lot of software programs out there that are designed for larger businesses, and while they may work for you, they may also be more expensive and complicated than you need.
- Choose software that is easy to use and understand. You’re already busy enough as it is, so you don’t want to spend time trying to figure out how to use the software.
- Look for software that is affordable. There are a lot of great software solutions out there, but if you can’t afford them, they’re not going to do you any good.
- Look for software that is constantly being updated and improved. Technology changes quickly, and you don’t want your software to fall behind.
How to choose the right software
There are a few key factors to keep in mind when choosing software. Here are tips to help you choose the right software for your needs:
Decide what features you need
The first step is to decide what features you need in software. For example, do you need something simple for rent collection and financial reporting? Or do you need something more robust with property management features? Make a list of the must-have features you need, and then look for software that includes them.
Consider your budget
Once you know what features you need, it’s time to consider your budget. Software ranges in price from free to paid monthly and annual subscription plans.
Get recommendations from other landlords with small portfolios
Ask your fellow rental property owners for their recommendations. Chances are, someone you know has already gone through the same process you are.
Read online reviews
Another important factor to consider is online reviews. When looking at different software options, be sure to read what other landlords say about them. This can give you a good idea of the pros and cons of each option.
11 software options for landlords with small portfolios
Now that you know what to look for, here are 11 options to consider, along with the current pricing for each, where available:
Stessa is free, cloud-based software that helps landlords maximize profits through automated income and expense tracking, personalized reporting, and smart money management.
More than 100,000 investors already use Stessa to track over 250,000 properties with more than $60 billion in asset value. With Stessa, landlords can:
- Track unlimited properties and portfolios of single-family rentals, residential multifamilies, and short-term rentals.
- Collect rent online with Automated Clearing House (ACH) payments from renters and convenient automatic reminders with Stessa’s online rent collection tool.
- Automate income and expense tracking by linking bank, credit card, and mortgage accounts for free.
- Get comprehensive performance dashboards at the portfolio and property levels from anywhere, 24/7.
- Run numerous monthly reports, including income statements, net cash flow, capital expenses, tenant rent roll, and more.
- A rental property chart of accounts assigns income and expenses according to Schedule E to streamline year-end tax reporting.
- A real estate balance sheet periodically updates property values, mortgage balances, and owner’s equity.
- Scan and track expenses on the go with the iOS and Android apps.
- Organize and store all your real estate documents, invoices, and payment receipts to create a record that all investors need.
- Export tax-ready financials and access to the Stessa Tax Center to help make tax time a breeze.
Stessa, a Roofstock company, was also ranked as the best accounting software for landlords by Landlord Gurus. This website provides expert advice on the complex and important issues landlords and property managers with both small and large portfolios face.
2. Apartments.com (formerly Cozy)
Cozy (now Apartments.com) is a free, easy-to-use program that can help real estate investors with everything from marketing your rentals and screening tenants with background checks to signing lease agreements and collecting rent payments for residential properties.
Your tenants can also use it to make maintenance requests. Apartments.com also offers optional paid services such as premium listings, tenant screening, and application fees.
Avail (part of the Realtor.com network) helps landlords keep track of their finances, manage properties, and stay organized. The software comes in free and paid versions ($0/unit/month to $5/unit/month) and includes features such as marketing vacant property, tenant screening, a lease builder, online rent collection, and maintenance tracking.
The Hemlane platform automates tasks, such as advertising vacant properties and collecting rent and late fees. DIY landlords can connect with local leasing agents to take care of finding and placing a tenant while you manage the property. There are various pricing plans and packages, beginning at $30/month for one unit. Small landlords can be as hands-off or as hands-on as they choose, utilizing the company’s leasing and property management software features.
5. REI Hub
REI Hub specializes in accounting software for landlords who manage long-term and short-term rentals and multifamily rental properties. The company offers 4 pricing plans based on the number of units under management, with the cheapest plan starting at $10/month for up to 3 units.
In addition, users can connect bank, credit card, and mortgage accounts to streamline the accounting process, generate 3 reports, and generate a Schedule E for yearly tax reporting.
6. Rentec Direct
Rentec Direct is an online property management software system for landlords, apartment owners, and property managers. The company offers 2 pricing packages starting at $35/month.
The software provides features like tenant screening (at an additional fee), online property listing, tenant screening, uploading and signing lease documents, online rent payments, maintenance, and work order management, automatically tracking income and expenses, customized financial reporting, Schedule E tax reports, and QuickBooks data synchronization.
RentRedi offers a comprehensive property management software solution for landlords. Some key features included in the RentRedi platform are listing vacant properties on rental listing websites, tenant screening and online leasing, rent collection, maintenance request processing, and full financial reporting.
The company has 3 different pricing plans based on the billing cycle, starting at just $19.95/month. In addition, RentRedi partners with REI Hub to offer accounting plans for landlords who need financial reporting, with prices starting at $15/month for up to 3 units.
SimplifyEm is subscription-based rental property management software with 8 different pricing plans based on the number of units under management, beginning at $25/month for up to 10 units.
The software has a full suite of services, including advertising vacancies, screening tenants and signing leases online, rent collection and maintenance, and financial and tax reporting. SimplifyEm also provides extra optional features for an additional fee, including bank account management, coordinating tasks and work orders, and exporting data to QuickBooks and Excel.
TenantCloud provides an online payment system and leasing management system to help landlords with a configurable online platform to manage properties and tenants.
The company offers 4 pricing levels, including a free plan that starts at $15/month based on the features selected and a customized pricing plan for large landlords. Software features include listings, tenant screening, e-signing leases online, rent collection, QuickBooks online synching, and tax reporting.
11. Zillow Rental Manager
Zillow Rental Manager is a platform that helps landlords list their rental properties and find tenants. In addition to listing a property, landlords can create a free 3D home tour, screen tenants, upload leases, e-sign documents, and collect rent payments online.
Although income and expense transactions are not automated, landlords can download a free rental income and expense worksheet from Zillow and manually enter transactions for up to 5 properties or units.
Choosing the right software for landlords with small portfolios can be a daunting task. With so many options on the market, it’s hard to know where to start. However, by considering your specific needs and budget, you can narrow down the field and find the best landlord software for your property.
We’ve discussed 11 popular software options for landlords with small portfolios. We’ve also explained why free software from Stessa may be the best choice for you. With its robust features and intuitive interface, Stessa makes it easy to manage your rental properties and keep track of your finances. Plus, its free price tag makes it a great option for budget-conscious landlords.
So if you’re looking for software that’s both powerful and affordable, be sure to sign up for a free Stessa account.