Investing in rental property is one of the most lucrative investment options. However, managing your rental properties can sometimes be overwhelming as it involves a lot of tasks- from managing your renters and overseeing the properties to advertising vacant units and tracking your finances. As such, it becomes pretty challenging to manage everything all on your own. Fortunately for you, there are lots of great affordable property management software that make owning rental property stress-free and incredibly profitable.
Topping our list is TenantCloud, which is a free cloud-based software designed to help landlords and property managers to manage their properties more efficiently and maximize revenue. The software allows multitasking and can be installed on any PC or mobile that meets the minimum requirements.
While TenantCloud offers plenty of useful features for landlords, one feature that sets it apart from other property management software is the maintenance requests. By including service providers into the system, this software enables you to cost-effectively manage maintenance requests from your tenants.
Tenant Screening– Another outstanding feature you enjoy be using TenantCloud is the ability to screen interested tenants. This makes it easy for you to confirm the credit and address history of potential clients as well as any past criminal activity.
Financial Accounting and Online Payments – This platform allows you to tackle puzzling accounting tasks of your property without incurring additional costs of hiring an accountant. It offers you an end to end accounting through automated invoices, receipts, and late fees. This way, you’re able to access all your financials conveniently from your device.
Advertising – TenantCloud makes it incredibly easy for you to list vacant units online and increase your chances of landing on potential tenants. It also allows you to create customized lease contracts for different tenants without having to meet in person.
Easy to use– Through the platform’s intuitive and well-designed dashboard, you’re able to easily navigate and access your property and tenant’s info, tenancy applications, maintenance requests, and much more.One potential downside of TenantCloud is that you can only manage only seventy-five properties on the free version.
Coming in second on our list is Innago, free cloud-based software that offers you a simple and effective way to manage your property. This property management software is best suited for small to mid-size property owners.
This platform stands out from the rest, mainly due to its ease of use. Many landlords love how simple it is to manage and keep track of important information about their properties and tenants. This allows them plenty of time to focus on other important things. Another thing that sets Innago apart is their trustworthy and reliable support, with many users reporting outstanding support service experiences from the platform’s dedicated representatives.
Online Lease Signing– This platform provides you with lease templates that you can customize accordingly for different tenants. The software also enables you to share the leases with your tenants for signing using an e-signature. This saves both you and your tenants a lot of time and costly traveling costs.
Online Payment Processing– While many property management software offers an online payment option, what makes Innago stand out is its rapid payment processing. This ensures you get your funds within 24 to 48 hours for payments made using debit or credit cards, or even ACH. The software also enables you to set rent prices and late fees and even tailor specific billing for special payments such as parking fees.
Maintenance Requests– Through the platform’s maintenance portal, you’re able to easily access and address the various maintenance problems your tenants may have to utmost satisfaction.
Applicant-Paid Background Checks– Unlike other software, Innago requires interested tenants to pay for screening themselves, so you don’t incur any expense. The background check provides you with a report on the applicant’s credit, eviction, and criminal history.
While Innago offers a streamlined and straightforward platform to manage your properties, landlords with large-sized property portfolios may miss some features found on more feature-rich software.
Cozy is one of the widely used free property management software, which is specially designed to not only allow landlords to stay on top of everything when it comes to managing their properties but also benefit the tenants too.
This product offers you a ton of impressive features to keep your rentals up and running while also keeping you updated and well connected with your tenants.
One feature that makes Cozy an outstanding and unique property management software is the ability to let your tenants buy renter’s insurance. Renters can purchase an insurance policy directly from the platform, allowing both of you to relax, knowing you are covered.
Another stand out feature that Cozy offers tenants is the ability to view and apply for the vacant units that you’ve listed online. Your potential renters are also able to see rent estimates before they apply as well as conveniently pay their rent online using a debit or credit card once they become tenants.
By using Cozy, you will end up saving tons of money as you won’t have to spend on screening potential tenants, advertising your properties, or even hiring an accountant to track your financials.
Cozy also allows you to communicate efficiently with your tenants, ensuring you’re always on the same page. This way, you can view and address maintenance requests from your renters and keep them updated about the status of repairs.
While Cozy offers you plenty of amazing features to efficiently manage your properties, any extra feature you include will cost you some money. These features, however, helps to ensure the software can meet your unique needs the best way possible.
TurboTenant is superb free software that allows you to advertise and seamlessly manage up to 100 of your rental properties. The software comes packed with many east to use features and can be accessed both on mobile and desktop devices.
This software has numerous positive reviews from its users due to the versatile and intuitive design of the interface as well as incredible ease of use.
This is undoubtedly one of the best tenant screening platforms out there as it provides you with detailed reports on the applicant’s credit, criminal and eviction history from TransUnion.
Rental marketing: Through the software’s rental marketing tools, you can easily advertise your vacant units across multiple channels, including Craigslist, rental listing sites, text messages, social media platforms, and much more. By using a lead questionnaire, the platform is able to recommend you the most suitable leads for your listing.
Online application: The software provides a questionnaire template that requires interested applicants to provide information about their income sources, employment history, and address history, among others. Potential tenants can also upload the necessary documents to support their answers.
Forms and documents: The platform provides you with different templates and forms, including customizable leases, disclosures, rent estimate reports, and contracts. Both you and your renters can sign these documents on the platform using eSignatures.
The only potential downside reported by applicants who have used TurboTenant is the lengthy application process. However, as a landlord, this platform will help save you both time and money and the hassle of finding a potential tenant.
5. Online Rental Property Manager (ORPM)
Online Rental Property Manager (ORPM) is another exceptional free software that allows you to effortlessly manage tenant leases and applications and efficiently oversee your rented units and properties. The software is available for free, and you can access it from any location through different web browsers and devices.
What sets Online Rental Property Management apart from other software is the fact that it’s an open-source software. This means that you can easily customize it to meet your unique requirements.
The ORPM platform offers you help in handling tasks such as creating leases and tenant applications. It also allows you to communicate with your tenants seamlessly.
From the platform’s properties page, you can easily advertise your vacant units by providing information on the location, type, and number of units available. You can as well attach photos of your listings if you like. The platform allows potential renters to see the rent estimates of your listings and whether the units are still available for rent.
Through this amazing software, you can easily keep track of your tenants and have access to their personal information such as license plate or phone number.
One crucial feature that’s not included on the ORPM platform is the payment functionality. However, you can setup a payment tool by coding. But this might be challenging if you’re less tech-savvy.