The Best Property Management Software for First-Time Landlords
Choosing a property management software can be another nerve-racking task that a first-time self-managing landlord must complete.
There are so many factors that go into a property management software and it can be hard for someone with no experience as a landlord to make the right decision for their first property.
Therefore if you are a first-time landlord and you are having trouble deciding which property management software to go with, we are here to help.
TenantCloud
Best Overall Property Management Software for First Time Landlords
TenantCloud is the best overall property management software for first-time landlords because it provides a free option to take care of all your essential needs from a landlord and tenant perspective.
If and when you need more features or capabilities, you can upgrade your plan.
Capabilities For Landlord
Mobile app
Receive online payments
Automate email reminders for tenants
Communicate with tenants
Handle maintenance request
Tenant screening
Free listing website
Capabilities For Tenant
Make online payment
Online applications
Sign paperwork electronically
Free for tenants to sign up
Using the free (Basic) plan of TenantCloud will allow the landlord to build a portfolio of the 75 units until they would have to upgrade their plan.
Using TenantCloud, you will be able to reach maximum exposure with the use of their automatic listing service. The software works with outside listing partners such as Apartments.com, Rentler, Trulia, and Zillow group, to keep your property occupied.
Another beneficial feature that TenantCloud has is its ability for landlords to have their own marketing website, free of charge. Therefore, if you lack the technical skills or background to create your own website, TenantCloud offers quick and easy options.
Landlords are able to create their marketing website and have it live and running within just minutes.
Price Structure
What makes TenantCloud a great platform for first-time landlords is that its basic plan is completely free!
As a first-time landlord, it is best to start out with the basic plan of the software. But please note that landlords using the basic plan of TenantCloud won’t be able to facilitate electronic signatures through the software as well as syncing their calendars with the platform.
If these features are extremely important for you as a landlord, you should consider upgrading to standard or advanced platform upgrades. Currently, the standard plan is $9 per month and the advance plan is $35 a month.
RentRedi
Best Paid Property Management Software for First-Time Landlords
RentRedi is another solid property management software, but it is important to note that there is no free option for a trial period, which may defer some landlords away.
In comparison to TenantCloud, many of the paid features RentRedi has to offer are in fact better and more functional for tenants and landlords.
For example, RentRedi has a fully functional mobile app that landlords and tenants can use to conduct all of their rental business. This is one of the many capabilities that makes RentRedi the best-paid property management software for first-time landlords.
Capabilities For Landlord
Full mobile app functionality
Receive online payments
Communicate with tenants
Handle maintenance request
Hands-off maintenance coordination with Latchel
Mobile prequalification for tenant
Tenant screening
No fees for additional units or tenants
Calendar syncing
24/7 customer support
Capabilities For Tenant
Automatic online payments
Tenant App for Android and Apple
Sign paperwork electronically
Free for tenants to sign up
The RentRedi mobile app is available on both Apple and Android devices. Not only is it very convenient for tenants to make rent payments, but also for landlords to collect rent, screen tenants and communicate with tenants all from their phone.
Unlike TenantCloud, RentRedi only allows landlords to post a vacant listing to Realtor.com and Doorstep for free.
Another beneficial feature that RentRedi has is a partnership with Latchel which provides hands-off maintenance coordination. This partnership will allow for first-time landlords to not have to worry about filling maintenance requests from tenants.
Latchel is a trusted service that will provide 24/7 maintenance support for your tenants if you opt-in for this program. If you are a little hesitant about being a landlord or you are not good with tools, this may be a good program for you.
You can get the first month of Latchel for free if you sign up through RentRedi, every month after that will cost $25 per month plus $4 per month per unit.
Price Structure
RentRedi is a subscription-based service with 3 renewal plans. The current rate for an annual renewal plan is $9 per month, the 3-month plan is $15 per month and the monthly plan is & 19.95 per month; therefore, it is cheaper to go with the annual plan to save over $132 per year.
Unlike TenantCloud, there is no free plan for RentRedi; however, within its subscription-based model, you will be guaranteed all of the features that it has to offer.
Buildium
The Best Property Management Software for Large Real Estate Businesses
Buildium is by far the best property management software for larger real estate portfolios between 50-500 units.
Just because you may be a first-time landlord does not mean you will be managing a small portfolio of residential properties. You may have just bought a 64 unit apartment complex as the first property in your real estate business.
If you are interested in truly building a real estate business with hundreds of units, then you are going to need software that will be able to handle both the growth and the current size of your business.
One of the unique features of Buildium is its ability to automate accounting for your real estate business. This property software has integrated accounting features into the app so that landlords can save time conducting the bookkeeping for their properties.
Capabilities For Landlord
Mobile app
Receive online payments
Automate reminders for tenants
Communicate with tenants
Handle maintenance request
Tenant screening
Free listing website
E-file 1099s for vendors
Automated accounting
Capabilities For Tenant
Automatic online payments
Sign paperwork electronically
Free for tenants to sign up
Buildium allows landlords to post vacant listings to Facebook Marketplace, Apartments.com, Zillow Rental Network, Zumper and Craigslist.
Similar to TenantCloud, Buildium will let you build your customized website for your tenants to use. The website will allow tenants to pay their rent and fees, accept rental applications, and serve as a hub for communication between your tenants.
Price Structure
The basic package (Essential) to use Buildium starts out at $50 a month. The next package (Growth) is 160 per month and the (Premium) package of Buildium is $460 per month.
Yes, Buildium is a very expensive software tool; however, if you are a first-time landlord with A LOT of units, it will make sense for you to invest in this tool.
If you want to learn more about real estate investing —head over to the Zelite app!