The Future of Rental Property Management: Top Tools Powered by Technology

Managing a rental property portfolio can be a daunting task. From tenant screening to rent collection and financial reporting, the responsibilities are endless. But what if technology could make it all easier? In this comprehensive guide, we explore the top rental property management tools, including Apartments.com and RentRedi, that leverage technology and SaaS solutions to simplify your life as a property manager or real estate investor.

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RentRedi is an all-in-one property management software tailored for landlords. The platform is mobile-friendly and offers a comprehensive suite of tools to streamline the rental management process, from listing properties to collecting rent and handling maintenance requests.

Key Differentiating Features:

1. Rent Collection: Offers various payment options, including cash, credit, debit, ACH, or ACH-only. Tenants can also deposit cash at over 90,000 retail locations.
2. Tenant Screening: Provides a mobile property management software application, certified tenant screening, and customized recommendations. It also offers full credit, criminal, and eviction reports.
3. Maintenance Management: Allows tenants to submit maintenance requests through the RentRedi Tenant app. Landlords can categorize, prioritize, and send status updates for all maintenance requests.
4. Property Listing: Syndicate property listings to Realtor.com, Zillow, and RentRedi. Add unlimited properties to your account.
5. Communication Management: In-app notifications to tenants, live customer support for landlords and tenants, and free teammate and personnel accounts.
6. Lease Agreement Management: E-sign lease and documents in-app, required government ID with tenant signature, and stored lease and documents added to the tenant profile.
7. Rental Property Accounting: Partnership with REI Hub to provide landlord accounting software for rental property owners and real estate investors.

Pros:

• Comprehensive suite of tools for landlords, all available in one platform.
• Mobile-friendly design allows for on-the-go management.
• Offers credit boosting to tenants, potentially motivating on-time rental payments.
• Provides hands-off premium maintenance through a partnership with Latchel.
• Live customer support available seven days a week.

Pricing:

RentRedi has three pricing terms, monthly, 6 Month, or Annual:‍

Monthly: $19.95/mo (pay as you go)

6 Month: $15/mo (save $60/yr)‍

Annual: $9/mo (save $120/yr)

Avail is a comprehensive platform tailored for landlords and property managers. It provides a suite of tools, guidance, and educational content to ensure property managers have everything they need to manage their properties confidently and professionally.

Key Differentiating Features:

1. Rental Listings: Create a rental listing with step-by-step guidance. Avail publishes the listing across top rental listing sites, ensuring maximum visibility for your properties.
2. Rental Applications: Request applications from potential tenants. Applicants provide detailed information, including residence history, employment, and income verification.
3. Tenant Screening: Request credit, criminal background, and eviction reports from applicants. Reports generated don't hurt the applicant's credit scores and can be reused in unlimited applications within 60 days.
4. Digital Leases: Customize a lease tailored to the property's location using state-specific templates. Draft a custom lease, complete disclosures, and sign the lease online with a secure, legally binding e-signature.
5. Online Rent Collection: Request rent payments and have them direct-deposited to your bank. Tenants can pay rent, security deposits, or any fees using their bank account, debit, or credit card.
6. Maintenance Tracking: Allow tenants to submit maintenance requests, upload photos of the issue, and track repair progress. Both landlords and tenants receive real-time status updates.
7. Rental Property Accounting: Track rental property income and expenses. Rent payments and maintenance costs are automatically uploaded to the accounting dashboard.

Pros:

• Comprehensive suite of tools for property managers, all available in one platform.
• Mobile-friendly design allows for on-the-go management.
• Streamlined tenant screening process with detailed reports.
• Digital leasing capabilities with state-specific templates.
• Efficient online rent collection with direct deposit to the bank.

Pricing:

Avail is free to start, making it a great option if you're on a tight budget. You can scale easily as you grow for additional features:

Unlimited: $0/unit

Unlimited Plus: $7/unit (Adds premium features like customizable applications, leases, and property websites)

AppFolio offers a centralized platform tailored for property managers, aiming to streamline and automate real estate management. The platform is designed to unlock the potential of property management businesses, giving them the freedom to focus on growth and efficiency.

Key Differentiating Features:

1. Next-Level Productivity: Centralizes data in one platform, applying automation and AI to maximize productivity.
2. Seamless Integrations: Offers integrations that enhance the property management process.
3. Diverse Portfolio Management: Supports various property types, including Single-Family, Multifamily, Affordable Housing, Community Associations, Student Housing, Commercial, and Investment Management.
4. Empowering Customer Experience: Provides dedicated onboarding, expert coaching, and a centralized support system.
5. Innovative Solutions: Constantly innovates and adds new services to enhance property management.

Pros:

• Comprehensive suite of tools available in one platform.
• Offers solutions for diverse property types, catering to a wide range of property management needs.
• Emphasizes customer experience, providing dedicated support and resources.
• Continuously innovates, ensuring property managers have access to the latest tools and features.
• Streamlines operations with automation and AI, enhancing efficiency.

Pricing:

AppFolio requires a larger rental portfolio to be truly cost effective. But for those with at least 50 units under their belt pricing is as such:

Core Package: $1.40/unit ($280 minimum monthly fee & 50 unit minimum)

Plus Package: $3.00/unit ($900 monthly minimum)

Buildium is a comprehensive property management software designed to cater to the unique needs of property managers and landlords. Whether you're managing residential properties, commercial spaces, or community associations, Buildium provides a centralized platform to handle all aspects of property management.

Key Differentiating Features:

1. Property Accounting: Purpose-built property accounting software that streamlines financial tracking and reporting.
2. Online Rent Collection: With Buildium's online payment platform, property managers can automate rent collection, making the process faster and more efficient.
3. Maintenance Management: Allows for streamlined handling of maintenance requests and tasks.
4. Tenant and Lease Management: Centralizes lease data and facilitates online leasing processes.
5. Resident Portals: Provides an online platform for residents, enhancing communication and service delivery.
6. Reporting and Analytics: Access a range of reports to track rental income, expenses, and other key metrics.
7. Diverse Portfolio Management: Suitable for various property types, including residential, commercial, student housing, and community associations.

Pros:

• Comprehensive suite of tools tailored for property management.
• Streamlines day-to-day tasks such as rent collection and maintenance requests.
• Centralized platform enhances organization and data accessibility.
• Suitable for both individual landlords and larger property management companies.
• Provides a platform for growth, catering to portfolios of all sizes.

Pricing:

Buildium offers 3 tiers of pricing. You can also take advantage of their 14-day FREE trial. Note: Buildium uses a sliding scale, so prices increase dependent on the number of units you're managing.

Essential: $55/mo

Growth: $174/mo

Premium: $375/mo

Apartments.com is a leading platform tailored for property managers aiming to maximize their property's visibility. With its extensive database, it connects managers with a vast audience of potential renters across the United States.

Key Differentiating Features:

1. POLYGON™ Search Tool: Enables potential renters to precisely define their search areas on a map, ensuring they find properties in their desired locations.
2. Plan Commute Feature: Attracts renters by showcasing the convenience of your property's location in relation to workplaces or other essential spots.
3. Comprehensive Marketing Platform: Amplify your property's reach by tapping into a network of over 75 million prospective renters.
4. Digital Leasing Capabilities: Streamline the leasing process by accepting applications, processing rent payments, and finalizing digital lease agreements all within the platform.
5. Resource Center: Equip yourself with articles, guides, and videos tailored to optimize your property management strategies and stay updated on industry trends.

Pros:

• Broadens your property's exposure with its vast listing database.
• Innovative tools like the POLYGON™ search ensure potential renters find your property based on their specific needs.
• Comprehensive resources to enhance your property management skills and knowledge.
• Mobile optimization ensures you can manage listings and respond to inquiries on the go.

Pricing:

Apartments.com is essentially free, but they do have additional fees to expedite ACH payments.

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The future of rental property management is undeniably digital. With a plethora of SaaS solutions and tech-driven tools available, including Apartments.com and RentRedi, managing your property portfolio has never been easier. Make an informed choice and step into the future of property management today.

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