This article ranks the 7 best property management tools for real estate investors and property managers.
Whether you invest in rentals or manage others’ properties, the real estate industry is very demanding and highly competitive. You cannot manually take care of all required tasks and manage all necessary processes if you want to be able to compete with others and grow your business.
Thus, getting access to the top software and technology is a must to set yourself apart from the competition and succeed in rental property management. Available tools for property management can help you streamline and automate tasks such as creating and publishing listings, rent estimation and collection, property maintenance and repairs, tenant verification and management, and tax calculating and reporting.
If you are responsible for multiple rental properties and have numerous renters, property management tools will allow you to manage all of them from a central location.
What Are Property Management Tools?
Tools for property management refers to any software product or tech platform that aims to facilitate the work of real estate investors and property managers, boost the performance of rentals, and streamline the processes associated with managing rental properties. These tools are needed and used by small landlords, Airbnb hosts, serial investors, professional property managers, and some real estate agents and brokers.
The most important tasks with which real estate management software tools help include:
- Rental listing, marketing, and advertising
- Listing photos and 3D tours
- Setting competitive rental rates
- Tenant applications, screening, and onboarding
- Lease preparation, signing, and renewal
- Legal coordination
- Move-in and move-out handling and coordination
- Security deposit collection and management
- Rent collection
- Tenant communication, support, and management
- Rental property inspections
- Maintenance and repairs coordination
- Payments of bills and invoices
- Accounting, budgeting, and financial reporting
- Tax preparation and reporting
- Dealing with evictions
- Communication and cooperation between property owners, property managers, contractors, vendors, renters, and others
Ultimately, tech-based tools help automate the process of managing properties while providing space for the much needed human touch through customization and communication.
How We Selected the Best Property Management Tools?
While we were choosing the top tools for rental property management, we reviewed dozens of available platforms and implemented strict criteria to select the following best technologies.
In specific, we looked at:
- Functionalities and features: We gave priority to tools that can help with different aspects of the property management process.
- Ease of use: We chose websites and apps that are user-friendly and don’t have a steep learning curve so that investors and property managers can get started right away.
- Use of technology and AI: We focused on tools that use the latest technology and benefit from the power of artificial intelligence.
- Pricing: We searched for tools that are affordable and whose cost is compensated for by the effort- and time-savings they offer.
- Customer reviews: We included property management tools that are ranked high and recommended by real estate investors and property managers who are currently using them.
Top 7 Management Tools for Rental Property Investors and Property Managers
Here are some of the best property management tools for any residential property manager:
1. Buildium
Buildium is a popular platform that offers a network of property management services for real estate professionals. It comes with a wide range of business operations, accounting, property management, and leasing tools. Whether you manage five properties or five hundred, Buildium provides an easy and fast way of managing and expanding your business. You can use the software to market properties, find tenants online, manage finances, and handle maintenance requests. The tool comes with portals for board members, residents, and property owners, thus making it easy to communicate with all the stakeholders. Buildium covers residential properties, affordable housing, student housing, and community associations.
Features
The tools available on Buildium include:
- Rental listing syndications
- Online leasing
- Tenant screening
- Resident center
- Online rent collection
- Rental property accounting
- Maintenance requests
- 1099 e-filing
- Marketplace
Pricing
Buildium offers three different plans, starting from $55 per month and exceeding $375 per month. As it generally caters to the needs of professional property managers and large-scale landlords, this software is rather expensive. The exact price depends on the available features and the number of properties in your portfolio.
Pros
The main advantages of Buildium are:
- Excellent fit for landlords with multiple rentals and property managers
- High degree of automation
Cons
The major disadvantages of Buildium include:
- Expensive plans
- Not a good fit for small-scale landlords
2. Mashboard
The Mashboard is one of the best property management tools for investors, agents, and property managers
The Mashvisor Mashboard is quickly becoming one of the best property management tools in the market. The Property Recommender feature helps real estate agents, managers, and investors find property on the Multiple Listing Service (MLS) or even off market properties that would be a good investment as a short term rental property or a traditional long term rental property for their clients. The algorithm has a 90%+ accuracy rate in matching clients with investment properties. That way, agents and managers can find new properties for their current clients, and investors can use the tool to expand their business too.
The main benefit of Mashboard is that it saves users a lot of time when evaluating properties. The software pulls in data from sources such as Redfin and Zillow and organizes it in a way that makes it easy to make sense of the numbers. It uses search tools and filters such as cash on cash return, cap rate, listing price, property type, property age, property size, number of rooms, property status (foreclosure, pending or sold) and rental strategy (Airbnb vs traditional). The complete rental property analysis comes in a brandable PDF report that you can share directly through your Mashboard with clients.
Features
The main functionalities of the Mashboard are:
- Availability of MLS listings and off market properties
- Homeowners data and information
- Complete CRM platform
- Communication capabilities
Pricing
Mashvisor has three pricing plans, with the monthly rates starting at $29. Both quarterly and annual subscriptions are available. Importantly, these plans give you access not only to the Mashboard but to other real estate analysis tools as well.
Pros
Some benefits to keep in mind are:
- Real estate business growth platform
- Suitability for agents, property managers, and investors
- Affordable pricing
Cons
A couple of downsides to consider include:
- No tools for renting out
- No tools for rent collection
Sign up for a 7-day free trial of Mashvisor today to give your property management career the boost it deserves!
3. Rent Manager
Rent Manager is a flexible and user-friendly property management solution. It comes with features such as contract management, integrated accounting, asset management database, marketing solutions, and work ordering capabilities. Using the platform, you can track your finances by downloading comprehensive reports. It also allows you to monitor, manage, and resolve repair and maintenance issues. If you want to find new buyers or tenants for a rental property, you can build an interactive and professional site that is integrated with Rent Manager.
Another plus with this software is that it is mobile friendly. This means that you can take photos, enter work orders, organize service inspections, and even accept payment when you are on the go. Tenants can also access transaction records and real-time information, as well as pay their rent and sign leases using any device.
Features
With Rent Manager, you get access to:
- Marketing and advertising
- Leasing
- Renters insurance
- Rent collection
- Inspections and maintenance
- Budgeting and accounting tools
- Automated reporting
Pricing
Rent Manager offers three plans, with monthly minimum fee of $200, which makes it a possible option for property managers but rather expensive for real estate investors. Add-on features are charged separately.
Pros
The most significant pluses include:
- Available free plan
- User-friendly platform
Cons
The main Rent Manager drawbacks are:
- Limited features in cheaper plans
- Additionally priced add-ons
4. Re-Leased
Re-Leased is a tool that allows you to lease commercial and residential properties, student accommodation, multi family homes, office units, co-working spaces, and single family homes. From one easy-to-use dashboard, you can view and manage properties, communicate with tenants via text or email messages, delegate tasks and collaborate with your team, and even get reminders on important issues.
Re-Leased also allows integration with Microsoft 365, Outlook, and Google Calendar. Users can access the platform via the cloud from their smartphones, tablets or computers. The tool is protected by enterprise-level security to ensure sensitive information doesn’t end up in the hands of hackers.
Features
The main features provided by Re-Leased include:
- Tenant and lease administration
- Online tenant payments
- Property operations and maintenance
- Arrears and credit control
- CAM budgeting
- Automated invoice processing
- Reporting
- Marketing
Pricing
Similar to other property management tools, Re-Leased comes with three different subscription plans, depending on the features that landlords, real estate investors, and property management companies need. However, the pricing structure is not available online.
Pros
Some Re-Leased advantages are:
- Flexible plans
- Tailored platform for the needs of commercial property management
Cons
The main disadvantages to take into account include:
- Prices not available on the company website
- Focus on commercial properties
5. MRI Software
MRI Software is one of the most advanced property management tools in the market. Targeted at managers and investors, the real estate investment management software is ideal for residential, commercial, student, multi family, affordable housing, condo, and mixed-use properties. Features include contract management, invoicing and billing, expense management, maintenance tracking, tax management, a tenant and landlord database, insurance management, rent tracking, lease management, and late fee calculation. Property managers can demo MRI real estate software to find out if it suits their needs.
Features
The most useful tools available on MRI Software include:
- Tenant management
- Insurance management
- Rent management
- Portfolio management
- Integrated accounting
- Invoicing and billing
- Expense management
Pricing
The MRI Software website does not provide pricing information, which means that interested investors and property managers need to get in touch with the company and ask for the cost.
Pros
The most important MRI Software pros are:
- Suitability for multiple types of real estate investors and professionals
- High degree of customization
Cons
Some downsides you should keep in mind are:
- No pricing information available online
- Complicated platform
6. Appfolio
Appfolio is a real-time property management tool that is suitable for commercial, residential, apartment, student, and council property managers in addition to large-scale landlords. The software allows property managers to attract new tenants as well as to manage financial data and assets. Users can track maintenance, access business metrics, and communicate with vendors, owners, and renters. Appfolio also comes with a dedicated owner’s portal which provides access to statements and reports. Property managers can also distribute vacancy ads online, accept online rental applications, screen prospective tenants, collect rent online and carry out mobile inspections. In addition, tenants can submit maintenance and repair requests via the software, thus allowing the quick resolution of problems.
Features
The main features available on Appfolio include:
- Marketing and leasing
- Online payments
- Sharing documents
- Communications
- Property maintenance
- Accounting
- Reporting
Pricing
Appfolio provides the opportunity to choose between three pricing plans, depending on the needs of investors and property managers. The cost starts at $280 per month, for a minimum of 50 rental properties.
Pros
The main positives associated with the Appfolio property management platform are:
- User-friendly interface
- Ability to manage different types of rental properties
Cons
Interested real estate professionals should consider the following negatives:
- Expensive pricing
- Slow customer support
7. FantasticStay
FantasticStay is one of the most advanced property management tools that offers a centralized hub for managing rental property businesses, including Airbnb. Using this software, you can manage your advertisements and listings right from your account without having to log into booking sites. You can communicate with your clients more conveniently, and ensure that your property management team is ready for the guests.
With Quickbooks and Stripe integration, payment processing is hassle-free. FantasticStay comes with a website builder tool that you can use to create an intuitive and professional website for your property management company.
Features
- Online booking
- Rent collection
- Maintenance handling
- Cleaning requests management
- Channel distribution
- Calendar management
- End-to-end guest servicing
Pricing
FantasticStay does not provide online information about the cost of its services on its website.
Pros
The key FantasticStay benefits are:
- Comprehensive property management
- Suitability for both short term and long term rentals
Cons
Some drawbacks that come with FantasticStay include:
- No pricing information
- Potentially not a great fit for property managers
Getting Started with the Best Property Management Tools for Your Needs
Rental management software is crucial for anyone thinking of how to be a successful real estate investor or property manager. Listed above are the 7 best property management tools for different types of rental property owners and managers who want to automate the process and grow their business. When choosing a suitable tool for good property management, consider the ease of use, the features, the pricing, and the pros and cons reported by other real estate professionals. You should also ensure that the property management software tools come with a trial period or demo capability.
To learn more about how Mashboard can help you, schedule a demo.
Property Management Tools FAQs
What Is Property Management Software?
Rental property management software provides a wide range of tools that can be used to facilitate, automate, and optimize the managing of both long term and short term rentals. Such tools are used by both individual real estate investors and professional property managers. They are particularly useful for landlords, Airbnb hosts, and managers with multiple rental properties in their portfolio, those who invest out of state, and those who have a full-time job.
How Does Rental Property Management Software Work?
The best rental property management software tools can help streamline and enhance multiple tasks associated with owning income properties or managing rentals professionally. Some of the tasks which can be successfully implemented with the help of such tools include but are not limited to rental listings and marketing, property virtual tours and showings, rent prices setting, renter communication and support, tenant management, property inspections, maintenance management, team coordination, accounting, financial reporting, and others.
How Much Will I Pay for Property Management Software Tools?
The price of tools for property management ranges widely, from some features available for free, to certain platforms costing thousands of dollars per month. Usually landlords with one or two rentals can get access to the necessary tools for a few dollars per month, while professional property management companies have to invest a few hundred dollars per month in the necessary software. In most cases, the cost is more than offset by the gains in improved rental performance and time savings. Nonetheless, investors need to include the expected price in their rental property analysis to make sure that the impact will be positive.
Who Needs Property Management Tools?
Landlords, Airbnb hosts, property managers, and real estate agents working with rentals all need some software tools to make their work easier and faster so that they can focus their efforts on growing their real estate business. Software is especially useful for investors who buy properties away from home and who have a 9-to-5 job outside their real estate investing activities. What tools you need depends on the type of rentals you invest in, the size of your portfolio, your market, and your team among other factors.