Keeping track of rental payments, maintenance requests, tenant communications, and financial reports can quickly become overwhelming if you’re managing multiple properties. That’s where property management software comes in, but with so many options out there, choosing the right tool can be a challenge. Whether you’re managing a handful of units or hundreds, having the right software to track and manage your properties will streamline your workflow, reduce errors, and give you more time to focus on growing your business.
Here’s a breakdown of some of the best tools that will help you track and manage your property management operations with ease.
1. Buildium
Buildium is one of the most popular property management tools, and for good reason. It’s designed to handle all the core aspects of property management: rent collection, expense tracking, tenant communication, and even maintenance management. The software is cloud-based, so you can access it from anywhere, and it scales whether you have a few units or hundreds of properties.
Some standout features include:
- Automated Rent Payments: Tenants can pay online, and Buildium automatically tracks who’s paid and who hasn’t. No more manual rent collection or paper checks.
- Maintenance Management: Tenants can submit maintenance requests online, which are then tracked through the system. You can assign tasks to vendors and monitor the status until completion.
- Financial Reports: You’ll get clear, detailed financial reports that help you track income and expenses, making tax time much easier.
It’s user-friendly and offers great customer support, making it a solid option for both beginner and seasoned property managers.
2. AppFolio
If you’re managing a large portfolio of properties, AppFolio is one of the best tools on the market. It’s tailored for property managers who handle a range of property types, including residential, commercial, and even student housing.
Key features of AppFolio:
- Mobile-Friendly: One of its biggest selling points is that it’s designed with mobile use in mind, so you can manage your properties on the go with ease.
- Maintenance and Work Orders: Tenants can submit work orders through an online portal, and you can track everything from start to finish, including communication with vendors and contractors.
- Tenant Screening: Built-in tenant screening services help you find high-quality tenants, including background checks, credit reports, and eviction histories.
- Customizable Reporting: AppFolio offers advanced financial and operational reporting, making it easy to track property performance, rent rolls, and owner reports.
While AppFolio is a bit pricier than some alternatives, the depth of its features and customization makes it well worth the investment for property managers with growing portfolios.
3. TenantCloud
For smaller landlords and property managers looking for a budget-friendly option, TenantCloud offers a strong set of features at a much lower cost. It’s ideal for those managing anywhere from one to a few dozen units, and offers everything from rental tracking to maintenance management.
Key features include:
- Online Rent Payments: Tenants can pay their rent online, and you can track payments in real-time. TenantCloud also allows you to set up automatic late fees.
- Tenant Screening: Like AppFolio, TenantCloud offers tenant screening services to help you find reliable renters.
- Expense Tracking: You can easily track expenses and create financial reports. The tool allows you to store receipts digitally, making it easier to manage deductions and taxes.
- Customizable Templates: TenantCloud comes with lease templates and forms you can customize to fit your rental agreements.
TenantCloud offers a free tier that covers basic functionality, but even its paid plans are affordable, making it a great option for small landlords who want professional features without breaking the bank.
4. Rentec Direct
For property managers looking for a balance of affordability and robust features, Rentec Direct is a strong contender. It’s suitable for small to medium-sized portfolios and comes with powerful tools to manage rent payments, maintenance, and tenant communication.
Some of Rentec Direct’s key features include:
- Rent Tracking: Like other tools, Rentec Direct allows tenants to pay online, and it tracks all payments. It also integrates with accounting software like QuickBooks to streamline bookkeeping.
- Tenant Portals: Tenants have access to a secure portal where they can submit payments, view their lease agreements, and file maintenance requests.
- Property Marketing Tools: Rentec Direct offers integrated marketing features, allowing you to list available units on popular rental sites like Zillow, Craigslist, and Trulia directly from the platform.
- Reporting: You’ll get access to customizable financial and operational reports, helping you track rent collection, expenses, and maintenance requests in real-time.
Rentec Direct is known for its responsive customer service, making it an attractive option if you’re new to property management software and need extra support.
5. Propertyware
Designed specifically for managing single-family homes, Propertyware is a property management tool that shines when it comes to customizability and depth. Propertyware is ideal if you manage scattered-site properties or have a portfolio of single-family homes spread across different locations.
Notable features of Propertyware:
- Advanced Customization: Propertyware offers highly customizable workflows, allowing you to adapt the software to your specific needs. If your operation requires specialized processes, Propertyware can be tailored to match.
- Maintenance and Vendor Management: You can assign tasks, communicate with vendors, and track all maintenance requests from tenants. Tenants can also submit requests online, and all progress can be monitored through the dashboard.
- Owner Portals: If you manage properties for others, Propertyware offers a dedicated owner portal where owners can log in, check on the status of their properties, view financials, and communicate with you directly.
- Inspection Management: Propertyware helps you track property inspections, ensuring nothing falls through the cracks when it comes to maintaining properties.
It’s a bit more expensive than some of the smaller-scale solutions, but it’s ideal if your business is growing or if you manage properties for other investors.
6. Hemlane
Hemlane is a newer tool in the property management space but is quickly becoming a favorite for small-to-mid-sized property managers. It’s a cloud-based software that focuses on automating routine tasks and offering transparency for property owners and tenants alike.
Features of Hemlane include:
- Automated Workflows: Hemlane helps automate rent collection, lease tracking, and tenant communication. You’ll receive notifications when rent is late, when leases are expiring, and when maintenance is requested.
- Leasing Tools: You can market vacant units directly from Hemlane to popular listing sites, and track all inquiries, applications, and lease agreements within the platform.
- Local Support: If you’re an out-of-state or hands-off landlord, Hemlane partners with local agents and maintenance professionals to assist with in-person tasks like property showings and repairs.
- Cloud-Based: Because Hemlane is cloud-based, you can manage your properties from anywhere, whether you’re in the office or on the go.
Hemlane’s automation and scalability make it a great choice if you’re looking for a system that will grow with your business.
7. Cozy (Now Apartments.com)
Cozy, which has since been integrated into Apartments.com, offers a simple, user-friendly platform for landlords and tenants. It’s perfect for smaller landlords who want an easy solution for rent collection and tenant screening without a steep learning curve.
Some of Cozy’s top features:
- Online Rent Payments: Tenants can pay via ACH or credit card, and payments are automatically tracked in the system.
- Expense Tracking: Cozy allows you to track your property-related expenses, making it easier to stay on top of finances.
- Tenant Screening: Cozy provides background checks and credit reports, so you can screen tenants directly from the platform.
- Listings: With its integration into Apartments.com, Cozy now allows you to list your rental on one of the most widely visited apartment search sites, boosting visibility for your property.
While Cozy lacks some of the more advanced features of other property management tools, it’s great for landlords looking for a simple, cost-effective solution.
Choosing the right property management software comes down to understanding your specific needs. If you’re managing a few properties and want an easy, low-cost solution, tools like TenantCloud and Cozy (Apartments.com) can get the job done. For larger portfolios or those with more complex needs, platforms like AppFolio or Buildium offer the features and customization that make scaling your business seamless. Whatever your portfolio size, the right tool will simplify your life and help you manage properties more effectively.