Running a small property management business can be challenging, especially when you’re trying to balance daily tasks with managing multiple properties. The right property management software can streamline operations, improve tenant satisfaction, and save you time and money. However, finding a solution that fits your budget without compromising on features can be tricky. Here’s a rundown of some affordable and effective property management software options for small business owners, along with their key features and pricing.
1. TenantCloud
Best For: Independent landlords and small property managers looking for a cost-effective, user-friendly solution.
TenantCloud is a great option for small property managers because it offers a comprehensive suite of tools without breaking the bank. The platform supports both residential and commercial properties and provides a variety of features to simplify day-to-day management tasks.
Key Features:
- Tenant and Lease Management: Manage tenants, track leases, and handle renewals effortlessly.
- Online Payments: Enable tenants to pay rent online via ACH or credit card.
- Maintenance Requests: Track and manage maintenance requests with a built-in communication tool.
- Accounting Tools: Basic accounting features include income and expense tracking, reporting, and tax preparation.
- Marketing Tools: Post vacant units to popular listing sites directly from the platform.
Pricing:
- Free Plan: Manage up to 75 units with limited features.
- Starter Plan: $12 per month, includes up to 150 units, with more robust accounting and management features.
- Advanced Plan: $40 per month, adds advanced accounting, marketing, and premium support.
Pros:
- Free plan available with decent features.
- User-friendly interface and easy setup.
- Mobile app for on-the-go management.
Cons:
- Limited customization options.
- Advanced features require higher-tier plans.
2. Avail
Best For: DIY landlords with smaller portfolios and those looking for a straightforward, easy-to-use platform.
Avail offers a range of essential tools for managing rental properties, from listing and tenant screening to lease management and maintenance tracking. It’s particularly suited for landlords managing just a few properties and those who prefer a simplified, intuitive interface.
Key Features:
- Online Rent Collection: Tenants can pay rent online via bank transfer or credit card.
- Tenant Screening: Includes background checks, credit reports, and eviction history.
- Lease Agreements: Customizable digital lease agreements with e-signature capabilities.
- Maintenance Tracking: Tenants can submit maintenance requests through their online portal.
- Listing Syndication: Post rental listings to popular websites like Zillow, Apartments.com, and more.
Pricing:
- Basic Plan: Free, includes basic listing, screening, and rent collection features.
- Unlimited Plus Plan: $7 per unit per month, includes all features plus next-day rent payments, customizable applications, and lease agreements.
Pros:
- Affordable and straightforward pricing.
- No setup fees and free basic plan.
- Easy-to-use interface ideal for non-tech-savvy users.
Cons:
- Limited scalability for larger portfolios.
- No built-in accounting tools (requires integration with QuickBooks).
3. RentRedi
Best For: Property managers looking for an all-in-one solution with mobile capabilities.
RentRedi is designed for landlords and property managers who want a mobile-friendly platform with robust features. It offers tools for tenant screening, online rent collection, and maintenance management, all accessible through an intuitive mobile app.
Key Features:
- Tenant Screening: Includes credit, background, and eviction checks.
- Online Payments: Tenants can pay rent through ACH, credit card, or cash.
- Maintenance Management: Tenants can submit maintenance requests with photos, and you can assign tasks to vendors.
- Document Storage: Store and share lease agreements, receipts, and other important documents.
- Mobile App: Full-featured mobile app for both landlords and tenants.
Pricing:
- Standard Plan: $19.95 per month, supports unlimited units.
- Annual Plan: $9 per month (billed annually), with all the features of the Standard Plan.
Pros:
- Affordable, flat-rate pricing for unlimited units.
- Robust mobile app for both landlords and tenants.
- Simple, straightforward setup and use.
Cons:
- Limited reporting capabilities.
- Basic accounting features compared to more comprehensive platforms.
4. Buildium
Best For: Small to medium-sized property managers looking for a comprehensive solution with strong accounting features.
Buildium is one of the more popular property management platforms due to its wide range of features. While it’s more suited for managers with a growing portfolio, it still offers affordable plans for those just starting out.
Key Features:
- Full Accounting Suite: Includes accounts payable, bank reconciliations, and financial reporting.
- Online Payments: Tenants can pay rent and fees online, with automated reminders.
- Lease Tracking: Manage lease terms, renewals, and expirations.
- Maintenance Management: Create, track, and manage work orders and vendor payments.
- Resident and Owner Portals: Tenants can pay rent and request maintenance, while owners can view property performance.
Pricing:
- Essential Plan: Starts at $52 per month for up to 20 units.
- Growth Plan: Starts at $166 per month for up to 150 units, with additional features.
Pros:
- Comprehensive feature set for property management and accounting.
- Scalable as your business grows.
- Professional support and training resources.
Cons:
- Higher starting cost compared to simpler solutions.
- Some features are only available in higher-tier plans.
5. Propertyware
Best For: Small property managers who focus on single-family homes or have a mix of different property types.
Propertyware is a flexible, cloud-based solution ideal for property managers who need customizable features. It offers strong accounting tools and integrates well with other property management systems.
Key Features:
- Customizable Dashboards: Tailor the platform to your specific needs.
- Accounting and Financial Reporting: Advanced accounting features, including custom reports and bank reconciliations.
- Maintenance Management: Create, track, and complete maintenance requests.
- Owner and Tenant Portals: Separate portals for tenants and property owners to manage payments and view reports.
- Marketing Tools: Syndicate listings to popular rental websites.
Pricing:
- Basic Plan: Starts at $1 per unit per month, with a minimum monthly fee of $250.
Pros:
- Highly customizable for specific business needs.
- Strong single-family home management features.
- Advanced reporting and workflow automation.
Cons:
- Higher minimum cost, making it less ideal for very small portfolios.
- Requires some setup time to customize.
6. Stessa
Best For: Small-scale property owners looking for free financial tracking and reporting.
Stessa is a unique option because it offers a robust financial management tool completely free of charge. It’s designed for rental property owners who want to streamline income and expense tracking without complicated property management features.
Key Features:
- Income and Expense Tracking: Automatically imports transactions from linked bank accounts.
- Financial Reports: Generate key financial reports like income statements, balance sheets, and cash flow.
- Document Storage: Store property documents like lease agreements, receipts, and tax records.
- Performance Dashboards: Visual dashboards provide insights into property performance.
- Tax Preparation: Simplifies tax season with organized financials and easy exports.
Pricing:
- Free: Access to all features without any cost.
Pros:
- Completely free to use.
- Great for financial tracking and reporting.
- Easy-to-use interface with visual dashboards.
Cons:
- Limited property management features (no tenant screening or online payments).
- Best suited for financial tracking rather than full property management.
7. Hemlane
Best For: Small property managers looking for a hybrid management solution with local support.
Hemlane combines property management software with local agent support, making it ideal for landlords who want to handle some aspects themselves but need help with others, like leasing or maintenance.
Key Features:
- Tenant Screening and Leasing: Comprehensive tenant screening and digital lease signing.
- Rent Collection: Tenants can pay rent online, and funds are deposited directly to your account.
- Maintenance Coordination: Manage maintenance requests with vendor coordination and communication tools.
- Local Support: Access to local leasing agents and maintenance coordinators.
- Document Management: Store and manage all property-related documents securely.
Pricing:
- Basic Plan: Starts at $30 per month for up to 5 units.
- Essential Plan: $2 per unit per month, plus a $28 base fee, includes all management features and local support.
Pros:
- Flexible hybrid model with local support options.
- Strong tenant screening and leasing tools.
- Affordable pricing with scalable features.
Cons:
- Local support can increase costs significantly.
- Limited to U.S. markets only.
How to Choose the Best Software for Your Business
When choosing the best property management software for your small business, consider the following:
- Portfolio Size: Select software that fits your current number of units but can scale as you grow.
- Features: Prioritize must-have features like rent collection, maintenance management, and tenant screening.
- Budget: Choose software that fits your budget without sacrificing essential features.
- User Experience: Look for software that is easy to navigate and use, with good customer support.
- Integrations: Ensure the software can integrate with other tools you use, such as accounting software.
Final Thoughts
Finding the right property management software can make a world of difference in how efficiently you run your business. The options listed above provide a range of affordable and effective solutions for small property managers. Consider your specific needs, budget, and growth plans when selecting the best software for your business. With the right tools, you can streamline your operations, improve tenant satisfaction, and focus on growing your property portfolio.