As an Ellicott City property investor, you are responsible for the growth and development of your business. For this to happen, you need the right tools. If you plan to manage multiple single-family rental homes, make sure to prepare yourself to take on the necessary tasks to keep your rentals afloat. It can be very tricky, especially if you want to manage the rentals yourself. But, property management software can be a huge help in organizing all of the details, as well as keeping track of the cash flow. The more properties you own, the more you will need a software solution to help you track rent payments, vacancies, insurance, repairs and maintenance expenses, and much more.
Based on social presence and customer reviews, one of the best property management software options for individual property investors is Appfolio Property Manager. As claimed by many, Appfolio is affordable, easy to use, and cloud-based, which makes it ideal for property owners who like to keep a constant eye on their properties. Common features include an Owner Portal, the ability to generate reports, and a professional website tool. Other benefits that users noted included excellent quality customer service and a responsive company that welcomes user feedback.
A second highly-rated property management software platform is Rentec Direct. Marketed toward professional property managers, this software includes the option to set up automatic ACH payments, manage tenant screening, and publish vacancies online. You can create separate logins for tenants, owners, and the property manager (if they are different). Other advantages consumers stated were that the software is easy to set up and use, as well as does a fine job tracking rent payments, expenses, and maintenance calls. Rentec Pro software could be a bit high-priced for property owners since they price their software based on the number of units (i.e., the more units you buy, the less it costs per unit).
Two other property management software programs that individual property investors could choose from are Buildium Property Management software and MRI’s Property Operations Work speed. First, Buildium’s platform is commonly chosen because of its all-inclusive capabilities. Using the platform, property owners can handle their business accounting, monitor expenses, make and accept online payments, and even file 1099 forms each tax season. Buildium also offers a tenant portal, an application system, and a website creation tool. The downside to Buildium includes the steep learning curve and the high-end cost of their software.
MRI’s Property Operations Work speed, on the contrary, is a relatively basic property management solution. Users especially like the service contract and warranty management component of the software, which can help you stay on top of property maintenance and inspections. Additionally, a useful component is the service request tool, which allows not only the property manager but also tenants and service providers to submit requests and work orders through a mobile app. If you want to know how much you will need to pay for a subscription, you’ll have to call the company directly since their pricing is not readily available.
In addition to the software programs aforementioned, the market contains 200 other property management software programs. Be that as it may, a good number of these programs are directed toward medium-to-large property management businesses or corporate property management and are not good options for individual rental property investors.
If choosing the right property management software is a bit too intimidating for you, the best choice is to hire Real Property Management Prime. Let us do the work for you. Our proprietary software allows us to give our property owners the chance to step back and enjoy the convenience of letting us do the work for them. Contact us online or call us at 410-415-1736 to learn more.
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