If you’re looking for property management software that will help streamline your business, and allow you to spend more time serving your clients, the above solutions are worth exploring. They offer a variety of features depending on their price point, so it’s important to choose one that fits within your budget and needs. If you have any questions about choosing the right software solution for your company or would like more information about how these products can help optimize processes and workflow in today’s competitive market, feel free to contact us at anytime!
In this guide, we review the aspects of Professional Property Management Software, Which is the best rental portal, property management software for single family homes, and What percentage do most property managers take?
Professional Property Management Software
Property management software is a powerful tool that helps you keep track of data for your business. It can automate tedious tasks and help you gather important information about your properties. You can also use it in conjunction with accounting software to manage your finances in a more efficient way. Here are just some of the ways that property management software can improve your business operations:
Gather all of your information in a centralized location.
At its core, property management software is designed to make it easier for you to manage your properties. Gather all of your information in a centralized location so that you can easily access and update it from anywhere. This way, if you ever need to make changes or add more information about a property, you don’t have to scramble around looking for documents or files—it’s all right there.
You can also use this feature on the go with your mobile device!
Analyze data to help you make smarter business decisions.
- Analyze data to help you make smarter business decisions
- Use analytics to improve your business
- Analyze data from all of your properties
- Analyze data from specific properties
- Analyze data from specific tenants
- Analyze data from specific vendors
Create invoices and receive payments quickly and securely.
Invoice your clients quickly and securely. With PropertyMain, you can create invoices in seconds. Your clients can pay by credit card or bank transfer, or they can receive a copy of their invoice by email, fax or post.
Automate accounting processes so that you can easily manage the books.
Accounting software for small businesses is a great way to automate accounting processes so that you can easily manage the books.
This means that you can use accounting software for small business owners to automatically collect, track and report on all aspects of your company’s financial activity. This helps you identify areas where changes need to be made so that you can improve profitability, meet regulatory requirements and reduce tax liability.
Manage data across multiple properties in real time.
Manage data across multiple properties in real time
You can easily manage your entire property portfolio on a single platform. With the help of our Property Management Software, you can:
- See all your properties in one place.
- Easily share information with other team members.
- Access the software on any device, whether you’re at home or on the go!
Track lease expirations, renewals, and contingencies.
- Track lease expirations and renewals.
- Track contingencies.
- Track lease extensions.
- Track lease terminations (and their causes).
- Monitor the status of renewal options, such as option to extend or exercise.
Keep track of maintenance requests.
You can also manage maintenance requests from the software dashboard. You can create a new request by clicking on the “Create New Request” button and then entering in information such as the tenant name, property address, type of request, date and time requested, location within a unit or common area (if applicable), status (not yet completed or completed), priority level (high or low), cost associated with each request.
When you click on any given maintenance item in your list you will see additional details about it including who submitted the request and what status it has been given along with other useful information.
Generate work orders quickly and easily with the click of a mouse or mobile device.
You can create work orders from the front-end of your website and have them show up in your tenant’s user dashboard. Once a work order has been created, you’ll be able to track its status on both the property management side and the tenant side.
WorkorderHQ makes it easy to send out work orders by email or text message using only the click of your mouse or mobile device. You’ll also be able to set up automated reminders for tenants who haven’t submitted their work orders yet!
The last step is reviewing completed work orders so that they show up properly as finished tasks on each property owner’s dashboard (and don’t get lost).
This software is designed for the property manager who wants to optimize processes and workflow for their business.
This software is designed for the property manager who wants to optimize processes and workflow for their business.
- The software is designed for those managing multiple properties, but it can also be used by single-property owners.
- You can use this software on any device you have, from a desktop computer to your smartphone or tablet.
- This software will help you manage all aspects of property management, including accounting and maintenance.
Which is the best rental portal
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Vacant properties don’t generate money, so it’s critical for landlords or property managers to market and fill vacancies as quickly as possible. In the digital age, rental listing sites get maximum exposure to attract potential renters. But which sites are the most effective at attracting and landing good tenants? Keep reading and discover the best rental listing sites available.
What to Consider When Choosing the Best Rental Listing Sites
A property owner can have a gorgeous, affordable, well-kept property for rent, but if no one knows about the property, it will sit vacant for months—perhaps even longer. Choosing rental listing sites that don’t get a lot of traffic (or don’t get the right kind of traffic) can also mean a property won’t get filled promptly. When selecting the best property rental website, here are some essential things to keep in mind.
Cost to List
While many listing sites are free to use, a few may charge a small monthly fee or a fee per additional unit. A small fee may seem affordable, but these fees can add up the longer a listing is on the market. On the flip side, the fact that a site charges a fee doesn’t automatically make it superior. If a site has fees, consider whether the site has any unique features that free sites don’t offer.
Many of the best rental property websites will provide plenty of tags and categories to differentiate your property. Standard categories include the number of bedrooms and bathrooms and the rental price. Extra categories that can be helpful for potential tenants include amenities, lifestyle, affordability, and square footage. The more descriptors and features an owner can attribute to a property, the better. Built-in categories are more effective than an owner writing all of a property’s features in the description, too, because renters can filter by category to only look at locations and properties that fit their needs and wants. This saves both parties time and energy. If an owner accepts pets at their property but doesn’t (or can’t) include this information on the listing, then a renter looking for a pet-friendly property will likely not pay attention to the listing—even if it’s a perfect fit otherwise.
Some owners may feel that it’s a burden to add too much information to a listing or that they might limit their applicants. But when an owner is pressed for time to fill a vacancy, it’s beneficial to include details and be as transparent as possible. This will allow property owners to attract the most qualified applicants.
Application and Screening Tools
Another great thing about some of the best rental websites is that they offer tools for renters to apply and owners to screen applicants. Applicants can schedule a tour, fill out a rental application, and pay any application fees online. Many sites also have built-in background and credit checks, meaning that the owner won’t have to go through a third party to complete these steps.
Some sites offer credit reports instead of just credit checks. Credit reports have more in-depth information about an applicant’s open accounts, debts, and delinquencies, in addition to their credit score. Sites may also deliver an applicant’s eviction history or allow owners to request references.
It’s crucial for an owner to get as much information on a potential tenant as they can. On a basic level, a thorough screening ensures that an applicant is able to afford the rent and make payments on time. But an owner is entrusting their property to a virtual stranger, and owners want to make sure that they’re leaving their property in responsible hands.
Many rental listing websites will allow the user to list a property and accept applications. However, the best website for rentals may include additional tools to streamline an owner or property manager’s workflow. These include taking rent payments, maintenance requests, and lease agreements or renewals. Rental listing sites that offer these additional tools make it easier for the owner or property manager and the tenant to interact using one platform from the listing stage until the tenant moves out.
Ease of Use
When trying to find the best renting website, consider how easy it is to use from an owner and renter perspective. An owner wants to be able to add and manage listings efficiently on the back end, but if the site isn’t attractive or user-friendly on the front end, fewer renters will want to use the site. Also, for owners who want to keep tabs on their listings from a smartphone, consider if the rental listing site has an app.
Our Top Picks
For property owners who decided to manage their own properties, this experience can be easier when using the right rental listing sites. Below are some of the best rental listing sites of 2022 to use to attract qualified tenants.
Why It Made the Cut: Apartments.com attracts diverse, qualified renters to millions of properties using innovative tools and attractive marketing.
Since its start in 1992, Apartments.com has developed a reputable platform for property owners and renters alike. Apartments.com charges renters a $24.99 fee that allows them to apply for 10 apartments in a 30-day period. Their pay-to-apply approach means that serious candidates are more likely to apply, resulting in property owners getting higher-quality applicants. It’s free for owners to list on the site, and there are many unique categories an owner can tag their property with, including lifestyle and affordability. Property owners can also screen applicants, sign leases, and collect rent through the platform. Apartments.com also syndicates listings across five partner sites for even more traffic and views.
While Apartments.com does have a mobile app, users complain that it’s not as intuitive as the website. Despite this minor setback, this platform does an excellent job getting quality candidates in front of property owners and filling vacancies promptly.
Why It Made the Cut: Zillow is the most visited real estate site in the United States and offers a seamless experience for both owners and renters alike with its easy-to-use tools.
Zillow was founded in 2004 and has grown to be one of the most easily recognized real estate sites. Zillow is a high-traffic real estate website for buyers, sellers, and renters. For property owners looking to rent their property without the help of a property manager, Zillow makes the tenant management process straightforward.
Zillow is partnered with Trulia and HotPads, and listings on Zillow are automatically syndicated to those other sites. Zillow is a one-stop shop for a property owner to conduct all tenant-related activities, from marketing a listing to potential tenants to receiving payments from current tenants. One disadvantage of the site is that it only provides one free listing; the landlord will pay a $9.99 fee per week for additional listings, so Zillow can cost more for owners if they have multiple properties or listings sitting on the website for an extended period. Other than this, it is a high-quality site that keeps improving and transforming the rental process.
Best for Quick Rentals
Why It Made the Cut: Zumper is changing the way the rental industry works with much faster, organized service end-to-end.
The internet makes everything go faster, and Zumper’s unique Instarent feature ensures that real estate keeps up. Instarent allows landlords to fill vacancies within 24 hours, and the feature is available in 10 major cities. Zumper also has features to search for short-term rentals along with standard leases, so owners and renters have more options when listing and searching, respectively.
Unlike some of the bigger sites, Zumper only reaches 15 million visitors per month. But its unique features and user-friendly interface helps property owners fill vacancies for any kind of rental.
Best for Landlords
Why It Made the Cut: Avail is paving the way for owners to manage their properties in an effective way.
Avail is the only site on this list that is primarily geared toward landlords. This rental listing company understands how busy property owners are and provides a streamlined process for die-hard DIY landlords. It provides screening tools such as credit reports and background checks and digs deeper to determine if potential tenants are on offender lists. These reports are included in the application fee, so landlords won’t have to pay extra. Avail also syndicates listings to 10 partner sites and makes it easy for property owners to share listings on social media. Avail has plenty of resources online for landlords to track maintenance requests and analyze rental prices in the area.
Avail’s listings on its own site are relatively small, so owners will have to rely on the syndicated listings getting enough traffic. But as a site made for landlords, Avail has many unique and valuable tools that other sites can’t offer.
Why It Made the Cut: Airbnb is the modern approach to vacationing and makes many types of properties available to those seeking short-term housing.
If you’re an owner who’s not interested in taking on long-term leases with tenants, consider becoming an Airbnb host. Airbnb caters to those who need a place to stay while traveling but don’t want to stay in a hotel. Since guests are staying in an actual home or apartment, Airbnb provides a comfortable experience and may allow several travelers to stay in one place throughout their vacation. Airbnb provides a safe process for property owners, verifying profiles and listings ensuring legitimacy end-to-end. Property owners can also acquire protection insurance for their homes and valuables. Screening, payment, and communication all take place on the app or website, so everything is conveniently located on one platform.
Not all cities or homeowners associations allow owners to rent out their properties on Airbnb, so this site may not be a viable option for all owners. But for locations where it’s permissible, Airbnb can be an excellent alternative to being a full-time landlord.
Why It Made the Cut: Craigslist is one of the most popular websites for selling and exchanging goods, and it also helps quickly match property owners with tenants using a traditional classified ad approach.
Craigslist offers various options for people to purchase and sell items—including property. With over 20 billion views per month, it’s an excellent source for generating interest for a rental property. Craigslist automatically selects a location based on where a user is located when visiting the website, so renters can easily see what properties are available in their area. The site is streamlined, simple to use, and easy to navigate.
While Craigslist is a great place to list a property, its platform is also known to attract sketchy individuals and there’s no built-in screening or vetting process. To navigate this problem, property owners will have to do their best to write credible listings and provide a safe experience for renters throughout the process. Property owners will have to sift through applications looking for legitimate tenants and removing those applications that raise red flags. But with the amount of traffic that Craigslist receives, it might be worth it for an owner to include their listings on the site.
property management software for single family homes
Whether you manage one or many properties, you know how time-consuming and stressful the entire process can be.
Becoming more efficient in even a single area of your property management efforts can be invaluable, be it:
Fortunately, with single family property management software, you can simplify and streamline your entire property business all at once.
It doesn’t matter whether you’re looking for a bit more peace of mind, less stress, or a more efficient process, the right tool can do all of that for you and more.
Below, we’ll take you through what we consider to be some of the best options for a great single family property management software solution.
But before we dive into our top picks, let’s talk about how to decide which you should go with.
What property management software should I choose?
It’s easy to get overwhelmed with all the options out there for property management software.
So, which should you choose?
We might be biased, but we think you’ll agree. We believe the best property management software is:
Oh, and don’t forget amazing, responsive customer service with a live agent.
You’d be surprised how many options out there don’t offer the ability to talk to a live human being when you need it (haven’t we learned our lesson yet?).
So, as you go through this list, think about a few things:
With that said, let’s dive into the best options for single family property management software.
9 Best Single Family Property Management Software
Below are our picks for the 9 best single family property management software:
Speaking of easy to use and affordable, if you’re looking for a powerful property management tool that’s:
Whether single family or multifamily, commercial or other, DoorLoop helps you make property management easy by giving you a full suite of tools to cover every area of your business.
Many property management software options try to connect you with a salesperson who can convince you that their overpriced software is a good deal.
Fortunately, with DoorLoop, you don’t have to deal with that. In fact, you can get started today for 50% off your first two months and see how you like it before committing.
Plus, after your first two months, DoorLoop is just $49 per month for up to 20 units.
A unique option on this list, Innago offers a (sort of) free option to get started, while having a good balance of features.
Users report loving their application and verification tools as they keep everything centralized and easy to handle.
However, users also mention that their lease templates leave much to be desired, and some aspects of the software are unintuitive.
One of the main pain points of Innago is that its pricing model isn’t transparent. Their pricing page mentions that the software is free, though if you look at the details, that isn’t the case.
For the most part, they have a rather typical pricing, charging $2 for ACH payments and 2.75% for debit and credit card payments.
They also charge $30-35 as listed on their pricing page for “criminal, credit, and eviction history”, though they don’t list if that’s per transaction or per month for unlimited transactions.
Propertyware is a property management accounting tool perfect for those looking for well-rounded accounting features and good reporting tools.
If accounting is a sticking point for you and you need to ensure that the tool you get has everything you need, Propertyware is worth considering.
The main drawback of Propertyware is that it is designed for more extensive portfolios of more than 250 units. So, if you have less than 250 units, you’ll likely be overpaying by quite a bit.
Propertyware uses a less common monthly minimum pricing model. Their starter plan is $1 per unit, per month, though with a high monthly minimum of $250.
They also offer a free trial, so you can try it out before making the jump.
TenantCloud is great for smaller property managers and landlords who are just getting started. That’s because they offer a completely free plan, though it’s limited to 75 units.
You’ll likely want to make plans to upgrade to another software soon, however, because TenantCloud’s free plan has a narrow band of features. So, you’re missing out on much of the features we’ve covered here so far that other tools offer.
TenantCloud’s 100% free plan covers up to 75 units. More units than that, and you’ll need to pay $1 more per unit, or a $9 flat fee per month for up to 150 units.
Buildium is a great overall option for those particularly concerned with getting a large set of features and capabilities.
Users report that it can be overwhelming getting around when first starting out, but it has competitive pricing and all the features you could want.
Buildium’s basic plan comes in at $50 per month up to 20 units, up to $235 per month for 150 units. Their Growth plan is $160 per month and up, while their Premium plan is $460 per month and up. They offer a 14-day free trial for getting started.
6. MRI Living
It comes with a robust set of features, much like their other property management software tools, as well as good digital leasing features.
However, MRI Living has a few big drawbacks, the first of which is its high-end enterprise pricing model. Users also report that the software itself feels a bit dated and unintuitive as well.
MRI uses an enterprise pricing model, so they’re on the high end even compared to the more expensive options on this list.
You’ll have to decide if the feature set justifies the price. However, they don’t list their pricing publicly, so you’ll need to contact them to find out more.
What percentage do most property managers take?
Just like with anything new, contracts and property management fees can seem intimidating to many first-time investors. You don’t want to feel like you’re being nickeled-and-dimed each month with a list of confusing fees. Nor should you have any doubts about what a larger blanket fee is really covering.
To help you understand what property management fees to expect and what services they cover, we spoke with three experts: Mike Nelson of Excalibur Homes, Charles Thompson of Specialized Property Management, and Chandler Janger of Suncoast Property Management. They explained the most common property manager charges, as well as what to look out for.
A setup fee, or onboarding fee, is the first fee you might run into. This one-time fee typically varies anywhere from $250-$500 per unit and it covers the cost of setting up your account with a property management company. It may also cover an initial inspection upon closing to assess the current condition of the property, as well as welcome/introductory materials to the tenant(s) that establish communication with the new property manager.
This is the primary fee you’ll pay each month. This fee covers the day-to-day management of your property, such as collecting and processing rent, communicating with tenants, conducting annual property inspections, coordinating repairs, and responding to emergency maintenance calls.
The management fee is usually a percentage of the gross collected rent, but you’ll also find rental property managers who charge a monthly flat fee.
Rates vary by market, but most management companies charge 10% of the monthly rent to manage a single-family home.
When reviewing your property management agreement, pay close attention to the contract language. The contract should state that you’ll be paying out of “rent collected,” not “rent due,” “scheduled rent,” or “rental value.” This is an important distinguisher. A payment agreement based on rent collected ensures that you only pay a management fee when you’re receiving rental income. If you’re not making money, the property manager isn’t either. This is a good way to keep everyone’s interests aligned.
Some companies offer an all-inclusive fee arrangement, which automatically includes a suite of services. Other companies unbundle their services, allowing you to pay for additional assistance as needed. Whichever route you choose, make sure you understand what services will be covered in the management fee, what other fees may pop up, and what your average monthly bill will likely be.
The vast majority of rental property managers charge a leasing fee (sometimes called a new tenant placement fee), which is the fee for leasing or re-leasing the property if it becomes vacant. This fee is generally equivalent to a month’s rent or some percentage of it (between 50-100%), although some firms may charge a flat fee instead. Typically, the leasing fee covers the costs of advertising the property, showing it to prospective tenants, screening applicants, preparing the lease, and performing the move-in inspection.
If the tenant is evicted or breaks the lease before the end of the one-year term, some property management firms will provide a full or prorated refund. This incentivizes the property manager to do their due diligence during the tenant screening process, which should lead to a lower turnover rate down the line.
This represents the fee for renewing the lease for an existing tenant. Some property managers skip this fee, others charge a flat rate, and some charge a percentage of the rent. The fee covers the time it takes to make any adjustments to the lease—including performing a Comparative Market Analysis to recommend rent changes (if any)—and obtain the tenant’s signature. Whether the property managers charge a set fee or a percentage, the lease-renewal fee is typically around $200 or less.
“Don’t be caught unprepared by maintenance issues, expect them — and budget accordingly,” advises Thompson. He says annual maintenance costs average around 1.5 times the monthly rental rate, depending on the age of the home.
For example: If your investment property rents for $1,000, then you should be prepared to spend approximately $1,500 in repairs throughout a tenant’s one-year lease. Discuss with your property manager what routine maintenance may be appropriate for your property given its age, and plan to put at least 10% of the rent each month into a maintenance fund.
Some property owners want to be notified prior to any repairs that cost more than $100, while others prefer to be more hands off. As we discussed in the previous post, “What Does a Property Management Company do for You?,” you can ask to set a threshold for authorization that suits your comfort level.
If something does go wrong with your property, set expectations with your property manager to provide you with pictures of the damage, an itemized estimate of the repair costs, and an itemized statement after the repairs are completed. If the cost exceeds your maintenance limit, you’ll be asked to approve the quotes before any work begins. Luckily, property management companies can often negotiate preferred pricing and volume-based discounts from vendors, and then pass those savings on to you.
Your property management company shouldn’t be profiting off maintenance performed on the home, either. Watch out for property managers who charge a markup fee in excess of 20% for maintenance. Unless you’re hiring your property manager to supervise a major renovation, you should only be paying for the cost of repairing or replacing the damaged item.
“We always have the investor’s best interest at heart, so we structured our fees to make sure that the investors are making money. And if they don’t make money, we don’t make money,” Chandler points out.
Keep in mind that after tenants move out, you’ll also need to spend some money on getting the house “rent ready” — cleaning, painting, and repairing any damages.
They don’t happen often, but many landlords will have to one day evict a tenant for non-payment of rent or damaging your rental property.
Many property management companies may have the expertise to handle evictions on their own, while others will contract out the work to a local law firm that specializes in residential evictions. Expect to pay a fixed eviction fee of around $500 plus any applicable legal fees.
When the eviction case goes to court and you’re awarded a judgment, collections agencies and attorneys generally charge a collections fee of about 50% of the money collected.
A good property manager will be clear and transparent with all their fees — no matter how small.
As the property owner, you should understand all the recurring base-level fees upfront, as well as every charge that may show up as a one-off later on.
At Roofstock, all of our preferred property managers are vetted and monitored for ongoing performance, helping to ensure both you and your investment receive the highest quality of service. When certifying our property managers, we also check to make sure their fee structures are transparent and align with the level of care provided.
Whether you select one of our preferred property managers or choose your own, we hope this list of common property manager fees will help you feel more confident and in control of your money and your investment.
Meet our panel of property managers:
Mike Nelson is the managing broker of Excalibur Homes, LLC (CRMC), which is one of a handful of companies across the country to receive the Preferred Residential Management Company (CRMC) designation. Excalibur represents about 1,300 rental homes in the Metro Atlanta area.
He also teaches property management and real estate investing for the Georgia Association of Realtors and the Georgia Real Estate Commission selected him to serve on their Education Advisory Committee to represent the property management industry. He has a degree in real estate from the University of Georgia, is a licensed broker, has the Graduate, REALTOR® Institute designation from National Association of Realtors, along with the Residential Management Professional and Master Property Manager designations from National Association of Residential Property Managers.
Chandler Janger is the investor relations, marketing, leasing & sales manager at Suncoast Property Management. Suncoast is a full-service real estate firm, currently managing more than 1,700 properties. They are licensed in both Florida (where they actively service properties from Palm Coast to Nassau County) and Georgia.
Charles Thompson is Specialized Property Management’s CEO. For more than 30 years, Texas rental property owners have trusted Specialized Property Management to help their rental home investments be more profitable and avoid costly mistakes. Their full services include marketing, leasing, applicant screening, showings, rent-ready services, maintenance, managing tenant needs, rent collection, lease enforcement, and owner reporting and trust accounting. The firm maintains the highest online and customer satisfaction ratings in the industry.
Thompson has over 25 years of experience specializing in turnaround management, strategy-based consulting, and implementing best-practice operational models within industry-leading brands. He is the president of CTX Legacy Ventures, which owns Texas-based Specialized Property Management and heads the firm’s long-term strategic direction, executive management, and ongoing company acquisitions.
Tom Schneider is the Director of Investor Education at Roofstock, California broker, and active investor. Previously, Tom lead product development for Waypoint Homes, where he developed software to scale acquisitions, leasing, property management, and construction of over 10,000 single-family homes.