Property managers and owners face many hardships on the day-to-day. This is because the job requires a lot of tedious and time-consuming tasks that set you behind.
...but there is a solution out there.
Tenant management software or rental property management software is designed to help property managers, owners, and investors with their daily tasks, and much more.
In this blog post, we will be talking all about tenant management software, how to leverage it to grow and scale your business, and even include our top 5 picks for 2023, so stick around!
What Is Tenant Management Software?
Tenant management software is one of the most popular property management tools; it typically offers a range of features that facilitate day-to-day operations, communication, and financial management.
These platforms are accessible online or through mobile applications, providing convenience and accessibility for property managers, landlords, and tenants alike.
Choosing the best property management software solution for you is important because it will help you with the following:
- Centralized Property Data and Communication
- Simplified Rent Collection and Financial Tracking
- Maintenance and Repair Management
- Tenant Screening and Documentation
- Enhanced Tenant Engagement and Retention
- Compliance and Legal Documentation
- Time and Cost Savings
Let's discuss these further.
Centralized Property Data and Communication
Tenant management software serves as a centralized hub for all property-related information.
Property managers can access tenant details, lease agreements, maintenance requests, and financial records from one convenient location.
Additionally, communication with tenants becomes more efficient through built-in messaging systems, ensuring important updates and announcements reach tenants promptly.
Simplified Rent Collection and Financial Tracking
Handling rent collection and financial tracking manually can be time-consuming and prone to errors.
Tenant management software automates the rent collection process, allowing tenants to make online rent payments, and providing automated reminders for overdue payments.
It also tracks income and expenses, generating financial reports that offer valuable insights into the property's performance.
Maintenance and Repair Management
Responding to maintenance requests promptly is essential for tenant satisfaction and property maintenance.
With tenant management software, tenants can submit maintenance requests online, specifying the issue and its urgency. Property managers can efficiently track and prioritize these requests, ensuring that repairs are handled promptly and effectively.
Tenant Screening and Documentation
Screening potential tenants is a critical step in maintaining a well-managed property.
Tenant management software often includes tenant screening tools, allowing property managers to perform background checks, verify employment and rental history, and assess creditworthiness.
This helps ensure that reliable and responsible tenants are selected for the property.
Enhanced Tenant Engagement and Retention
Happy tenants are more likely to stay longer and take better care of the property.
Tenant management software enables better tenant engagement through easy communication and swift issue resolution. Providing a positive renting experience improves tenant retention rates, reducing vacancies and turnover costs.
Compliance and Legal Documentation
Staying compliant with local laws and regulations is essential for landlords and property managers. Tenant management software can help track lease agreements, tenant-related documents, and important dates such as lease renewals or rent increases, ensuring legal compliance and minimizing potential risks.
Time and Cost Savings
By automating various property management tasks and consolidating essential data, tenant management software saves property managers significant time and effort. It streamlines administrative processes, allowing managers to focus on strategic decision-making and property improvements.
Now that you understand the influence property management software has on the industry, let's discuss out top pics for 2023.
Top 5 Tenant Management Software Options for 2023
DoorLoop is listed as the best property management software for a reason.
It not only offers one of the most comprehensive sets of features of any tool on this list. It also does so at a highly affordable price– especially when you consider its features– while also offering some of the best customer service and ease-of-use of any software on our list as well.
If you’re looking for a leading property management software tool that can handle multiple property types simultaneously and seamlessly, DoorLoop will equip you with everything you need while being incredibly easy to use and navigate.
- Streamline your maintenance management with a complete system for accepting maintenance requests, issuing orders to vendors, and communicating with tenants
- Simplify the leasing process with eLeasing tools, tenant screening, and more
- Keep all your property accounting in one place (not two, three, or four) with tools such as owner and tenant portals, automatic rent payments, bank reconciliations, a complete chart of accounts, and a QuickBooks Online integration that’s incredibly simple to set up
- Automate your marketing with automatic listings, a clean IDX-based website, and more
- And so much more to ease the life of a property manager!
You can get started for just $49.00 for up to 20 units and get DoorLoop’s comprehensive set of features at an unheard-of price.
Schedule a free demo to give DoorLoop a try today.
TenantCloud offers a sizable free plan, though its focus is mostly on property accounting features than anything.
With that said, while not extensive, some of its accounting features– such as late fee reminders– are useful and user favorites.
- Online rent payments
- Late fee reminder
- Vendor payments
- Owner portal
TenantCloud has a free plan that includes a high 75 units. You can move up to their Starter plan and pay $12 or $40 per month for a few additional features such as tax reports, CRM tools, and owner portal.
Buildium is another well-rounded option with a large set of features.
In fact, Buildium’s software is so expansive that users report having issues with navigating the number of options and settings available, making it difficult to use for some.
For that reason, it’s not the best option if this is your first property management software.
- Tenant management portal
- Owner portal
- Maintenance management
- Expense tracking
Buildium’s starter plan is $52 per month for up to 20 units, and $479 for up to 150 units. They offer a 14-day free trial for getting started.
Appfolio is a well-rounded property management tool with a few unique features, such as smart bill entry.
However, you’ll pay a higher-than-average price for those features, as it comes with a $250 monthly minimum.
- Automated late fees
- Good reporting tools
- Tenant portal
- Smart bill entry
Appfolio offers anywhere from an affordable $1.40 to a higher-than-normal $3.00 per unit per month. However, they have a $250 minimum monthly payment, making it budget-friendly for only those who have more than 250 properties.
TurboTenant is another great option when it comes to tenant management software with features such as:
- Rental applications
- Collect rent payments
- Tenant screening
This rental management software comes with a totally free property management software plan, although it is not as robust, and there are still many paid features to endure. Their premium plan comes in at $8.25 per month.
When it comes to choosing a property management system... we might be biased, but we believe that DoorLoop is like no other property management software out there.
With it's unique feature set and world-class support, your rental properties will thank you.
Don't believe us? Schedule a free demo today and see how DoorLoop is changing property owners' lives!