The days of Excel spreadsheets, notebooks, and manual tracking are long gone in property management. From DIY proprietors to major property managers, every landlord needs an online property management solution to coordinate and streamline their rental processes. Fortunately, there are plenty of cloud-based solutions available that offer professional features without a professional price tag.
Cloud-based rental software helps both individual landlords and property management companies like ICC Property Management coordinate every aspect of their rental operation:
- Tenant Management
- Leasing
- Maintenance and work order management
- Marketing
- Customer support
- Bookkeeping
Most online portals offer some combination of these functions. But the question is, which platform will align with your needs? Let’s review a few options.
1. AppFolio Property Manager
AppFolio offers a comprehensive selection of features ideal for landlords who manage multiple properties. For a monthly fee, users gain access to an owner portal that makes it easy to review portfolio details, post vacancies, collect online rent payments, and communicate with residents. It also provides detailed reporting features (such as year-over-year comparisons of cash basis and income reports) that give landlords more insight into their operations.
AppFolio is intended for property managers and landlords who have many units to keep track of rather than individual landlords with just a few properties. There is a minimum monthly cost of $250, meaning that for smaller landlords, there are more affordable options out there. But for those with extensive rental portfolios, AppFolio offers a great all-in-one platform for property management.
2. Buildium
Buildium is another option designed for property managers and landlords with extensive rental portfolios. The platform offers the essential rental functions you’d expect from a cloud-based platform, including online rent payments, maintenance management, and accounting. But Buildium also comes with some unique features that let landlords streamline their lead-to-lease processes, such as vacancy management.
Landlords can sync rental vacancies with Buildium’s approved listing partners (such as Zillow or Trulia) to automatically populate listings on rental websites. This simple feature streamlines vacancy marketing and helps fill openings faster. Plus, Buildium offers tiered pricing plans that let landlords select the service offerings most suitable for their budgets.
3. Tenant Cloud
Tenant Cloud is a great option for landlords who are just starting out or who manage smaller rental properties. This platform is free to use for the first 75 units, with the option to upgrade to premium plans that start at just $9 per month.
This platform is ideal for landlords with limited resources or those who don’t want to commit to more complicated property management software. Basic features include online options to collect rent, accept rental applications from prospective tenants, screen candidates, and more. When you’re ready, upgrade to the Standard or Advanced plans to unlock more advanced reports, team management tools, and integrations with third-party software platforms, such as QuickBooks.
4. Turbo Tenant
Turbo Tenant is the most affordable property management option on this list. The software is 100% free to use, making it an attractive choice for DIY landlords. Turbo Tenant lets users create online listings, manage applications online, and screen potential tenants – everything you need to get properties filled.
The free price tag does come with a few drawbacks, though. Costs are passed to applicants who must pay a $34-$45 application fee, and the software feature set is more limited compared to other options on this list. Still, it’s an easy way for landlords to fill vacancies without investing too much in a property management solution.
The Best Software for Landlords and Property Managers
Each of these software platforms offers a different approach for managing residential and commercial property. The choice comes down to the size of your rental portfolio, your budget, and which management features you’re looking for. Think about your needs now and what they’ll be as your business grows. If you need help making the decision, contact us at ICC Property Management for a more detailed rundown of your options.
Learn More:
- How to Improve Condominium Security with Cloud Software
- How Cloud Property Management Software Is Transforming the Industry
- What is a Cloud Based Property Management System?
- The Most Popular Cloud Software in Real Estate
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