Guide to Property Management Software

Posted by Hannah Lapin on Apr 7, 2020 9:00:00 AM

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Property management software is a critical component when managing any property or group of properties. It helps with efficiency in handling different tasks that would otherwise be challenging and time-consuming. Such duties include financial management, marketing, tracking of inventory, and rental application screening, to name a few.

At Visio Lending, we partner with investors across the nation and have financed over $1 billion in rental loans. We are a relationship-based business and provide great service and solutions for our clients’ financing needs. Due to the nature of our business, we get first-hand information and insight about tools landlords and investors are using. The best property management software ultimately depends on each investors’ business needs.

Best Options for Property Management

We collaborated on this overview of the big players in the industry, their pricing, and their pros and cons with Scanlans Property Management, a leading Residential Block Management company.

Appfolio

Appfolio is a rental property management software that you can use for commercial, lease, student, and council properties. It helps with tasks such as marketing, financial, and asset management. You get reports on different business metrics, financial statements, and more.

  • Pricing: You have the option of different monthly plans, depending on the type of property. However, there is a $250 minimum fee.
  • Pros: The cloud-based software is easy-to-use and features include a dedicated owners portal and helpful reporting tools.
  • Cons: The monthly fee is a bit high.

Avail

Avail is perfect for new landlords and rental investors. Their property management platform was designed for small investors who own 1-5 properties. Like Appfolio, you can upgrade your package if you own more than 5 units. As a new landlord, Avail can provide you with countless resources including templates, guides, and even detailed information on the laws that are subject to you in your state.

  • Pricing: The basic plan is free with the option to upgrade to $5 per unit per month.
  • Pros: The platform is designed for DIY landlords with a clean and user-friendly interface, access to an on-hand digital rental property calculator, and a library packed with landlord resources including customizable digital templates.
  • Cons: The program is better-suited for mom-and-pop portfolios than for professional investors with large portfolios.

Buildium

Buildium streamlines your property management processes such as maintenance, rent collection, vacancy announcements, and accounting. Rent collection is easier because of their tracking system, can get reminders on late fees, and can generate relevant reports. The Buildium Academy also has excellent resources for anyone who wants to learn about Property Management.

  • Pricing: Depends on the number of units, and starts at $45 for 20 units per month. You can get more information on the pricing scale on their website.
  • Pros: Easy-to-use software, accounting capabilities, guided tours feature, and excellent customer support.
  • Cons: Suitable for small and medium portfolios only and not equipped for mobile.

Pendo

The basic package on Pendo is free and will give you tons of functionalities if you own one property. All you need to do is develop a website for your property and Pendo provides access to many digital applications. You can screen tenants, advertise, report, or use the analytics dashboard. You can also collect rent online.

  • Pricing: The basic packages are free. The Indie and Pro come in at $29 and $99 per month, respectively.
  • Pros: The basic package is free and offers tons of functionalities.
  • Cons: The free package restricts you to only one property.

Rentec Direct

The basic platform on Rentec Direct is free and works well for small property owners. Some of the functionalities include expense and income tracking, tenant and property accounting, as well as tenant screening.

  • Pricing: The basic package is free. The pro and premium packages cost $35 and $40 per month, respectively.
  • Pros: It will help you streamline your Property Management services, and the software is easy-to-use.
  • Cons: The task organization and Financial Reporting features need improvement, and you can only manage up to ten units on the free version.

Tenant Cloud

Tenant Cloud has the advantage of being free for the first 75 units. For numbers above that, you will need to pay a minimum of $9 per month, which is still very affordable. You get help with different property management tasks such as vacancy listings, handling maintenance requests, collecting rent, among others.

  • Pricing: Free for up to 75 units.
  • Pros: Includes lots of features to help you and is easy to use.
  • Cons: The accounting and reporting features need improvement.

Managing Your Properties is What Makes or Breaks a Successful Investment

A reliable property management software could be key to your success as a landlord and could provide a seamless experience for tenants as well. Start your investment journey with the nation’s leader in rental loans. Contact us today for a competitive quote.

 

Related: Landlord Vs. Tenant: Who Takes Care Of Repairs?

Topics: Landlording