The 8 Best Property Management Software Options in 2024

Effectively overseeing extensive real estate portfolios manually can pose significant challenges and stress. While employing property managers can offer a degree of relief, the true game-changer lies in leveraging top-notch property management software. By embracing the capabilities of cutting-edge software solutions, property management becomes more efficient and remarkably seamless.

The best property management software provides more than just basic functions, it offers a comprehensive suite of tools designed to streamline tasks, enhance efficiency, and elevate the overall management experience for property owners, landlords, and real estate professionals.  

The best property management software leverages artificial intelligence, automation, and cloud-based technologies to optimize all processes so you can effectively manage your properties. As your real estate portfolio grows, it is important to be equipped with the best property management software that’s available, as it will be an indispensable tool to help you manage your properties efficiently.

The Best Property Management Software in 2024

Here are some of the best property management software packages in 2024 to consider.

1. Hemlane

Hemlane is one of the best property management software options that has proven to offer a comprehensive solution to enhance efficiency and effectiveness. With a free 14-day trial, you can experience what makes Hemlane one of the best property management software packages available.

Hemlane stands out from the rest of the property management software on this list because it’s more than software. Hemlane is also a service provider and partner to landlords. Giving them a break from many of the day-to-day hassles of property management like coordinating repairs, tenant placement, and handling overdue rent.

Hemlane’s Service Packages

Leasing⁺

Hemlane’s Leasing⁺ service packages streamlines the leasing process for landlords. It includes a comprehensive tenant placement process, covering advertising across 30+ rental websites, providing self-guided tour technology, and a robust tenant screening process. These different packages are loved by out-of-state owners,globetrotting managers, and busy rental owners and are designed to save you money. Hemlane's packages are designed to cater to different landlord needs, ensuring a hassle-free leasing experience.

Repair Coordination⁺

Repair coordination⁺ offers a comprehensive solution for landlords, allowing them to manage tenant repair requests efficiently. It includes 24/7 access to a team that handles everything from troubleshooting to scheduling and paying vendors, within set budget limits. This service helps in preventing unnecessary repair visits, accessing top-rated service professionals, and avoiding the hassle of coordinating schedules. Additionally, it streamlines accounting and billing, maintaining financial organization and security. This feature is particularly beneficial for landlords seeking to reduce time and effort spent on property maintenance while ensuring quality repair work.

Pre-Eviction⁺

Hemlane's Pre-eviction⁺ provides landlords with tools to manage overdue rent situations effectively. It includes on-demand delinquency management, mediation to resolve issues without court intervention, and serving legal notices if needed. The service aims to separate emotions from the eviction process, reduce costs, and minimize court involvement. Hemlane also offers guidance from local attorneys if court action becomes necessary. This feature is especially useful for landlords seeking efficient solutions for rent collection and eviction procedures.

Tenant⁺

Hemlane's Tenants⁺ feature revolutionizes landlord-tenant communication by delegating tenant messaging to a dedicated team. An added addition to the Complete package, this service ensures prompt, meaningful interactions, freeing landlords from the burden of constant communication. It improves the tenant experience with expert support, time-saving benefits, and streamlined operations. Landlords gain increased productivity and enhanced tenant relationships, while maintaining an organized record of all communications. Tenants⁺ is ideal for landlords seeking efficient, high-quality communication management with their tenants.

Hemlane features:

• Experienced leasing agents
• Applicant tracking
• Online rent payment
• Tenant screening
• Rental advertising
• Maintenance and repairs
• Lease management
• Accounting

Hemlane offers three subscription plans, with prices based on the unit count: Basic starts at $2 per unit per month, Essential at $12 per unit per month, and Complete at $80 per unit per month.

2. Stessa

Stessa is a property management software platform designed to assist real estate investors, property owners, and property managers with managing their rental properties. 

They offer accounting, landlord banking, rental applications, tenant screening, and rent collection. Stessa's landlord banking service facilitates tracking income and expenses for the properties.

Stessa’s property management software also manages your accounts by importing, categorizing, and indexing your expenses. This enables you to see all your data in one place and make accurate financial decisions. 

Another noteworthy feature is that they offer tenant screening, and generate applications and applicant tracking. This eliminates the need for using third-party screening services or tracking. 

Stessa property management software also offers online rent collection making it easy for tenants to pay rent and property owners to receive payment. Stessa has also automated key tasks like deposits, late fees, and accounting. 

Stessa streamlines the tax preparation process for real estate investors by providing a meticulously organized and categorized financial transactions ledger for quick and accurate reporting. This functionality simplifies the tax filing process for individual investors and certified public accountants (CPAs). This enables you to confidently file your taxes when the tax season comes around.

Stessa features:

• Accounting
• Rent collection
• Tenant screening
• Rental applications
• Landlord banking

You can get the Stessa Essential plan for free, and the Pro plan for $20 a month.

3. DoorLoop

DoorLoop is another effective property management software suite with a user-friendly interface and comprehensive set of tools that will make your property management a breeze. 

DoorLoop effectively manages property accounting within a single platform. This includes the facilitation of automatic rent payments, enabling property managers to automate and streamline the rent collection process. DoorLoop also offers custom reports which provide in-depth insights into financial performance, and bank reconciliations for accuracy in accounting records. 

DoorLoop also facilitates integrations with popular accounting software like QuickBooks, thus contributing to seamless financial management and data synchronization between platforms.

It also has an online portal where you can communicate directly with your tenant. Your tenants can also submit maintenance requests directly within the app for quicker issue resolution.

DoorLoop also offers tenant screening and property listing, thus proving to be an effective property management software package.

DoorLoop features:

• Accounting
• Tenant screening
• Document storage
• Maintenance requests
• Bank integration
• Owner portal

DoorLoop has annual billing plans that cost $49 a month for starters, $99 a month for the pro plan, and the premium one for $149 a month.

4. Avail

Avail property management software offers a comprehensive set of features designed to streamline various aspects of property management. It is a great property management software package for landlords with fewer than ten units.  

Avail facilitates the leasing process with tools for creating and managing rental applications. You can customize applications, collect essential information from prospective tenants, and streamline the application submission process.

Also, Avail offers tenant screening for background checks, credit checks, and rental history reviews to ensure you get a reliable and responsible tenant base for your properties.

Another notable feature is that Avail offers digital lease creation and signing so you can generate leases online, customize terms, and tenants can digitally sign the lease agreements. This digital approach reduces paperwork, expedites the leasing process, and provides a secure and efficient method for managing lease documents. 

Avail features:

• Online rent collection
• Maintenance request tracking
• Property accounting
• Rental listings
• Tenant screening

Avail plans are available in Unlimited at no cost per unit, and an Unlimited Plus at $7 per unit each month.

On the free plan, tenants pay $2.50 per bank transfer. If your tenants pay using a credit or a debit card processing fee a 3.5% processing fee is applicable for both the Unlimited and the Unlimited Plus plan.

5. Buildium

Buildium is another noteworthy property management software known for catering to a variety of property management needs, from residential properties, student housing, and commercial to community associations.

Buildium is simple to use and assists rental managers to manage day-to-day business operations such as rent payments, property listings, accounting, and communication with tenants.

Whether you have a large portfolio or a small one, Buildium helps you have a better look at your business performance thanks to accounting features and data migration services.

Your tenants can use the platform to report issues, and you can efficiently manage and address maintenance tasks.

Buildium also supports integration of 15+ real estate applications so you don't have to switch between apps. And, if you find the application a bit difficult to use, Buildium has online training options to help you get started.

Buildium features:

• Has built-in accounting
• Maintenance tracking and operations
• Supports data migration
• Payment collections
• Tenant portal

You can choose between the essential plan, which starts at $52 per month, the growth plan at $166/month, and the premium at $479/month.

The price is based on the number of units.

6. RentRedi

RentRedi is a landlord software and rent payment app that enables property managers and real estate agents to manage their businesses. 

RentRedi aims to minimize the time you spend handling maintenance requests, so that you can focus on other aspects of property management or personal activities. RentRedi offers two options: a standard maintenance request form and a premium maintenance service through a partnership with Latchel.

RentRedi also offers listing services so landlords can efficiently market their listings to top sites from a centralized location, eliminating the need to navigate multiple platforms. RentRedi’s tenant screening services help you get a suitable tenant before a showing.

RentRedi also facilitates rent payments, late fees, evictions, and reminders. The in-app communication also enables communication between property managers, landlords, and tenants. Tenants can use in-app push notifications to schedule rent reminders and ask for rent reminders. 

RentRedi also has a landlord and tenant lease signing feature which is legally binding. It also offers document storage so you can stay organized. 

RentRedi features:

• Rental property accounting
• Rent collection
• Tenant screening
• Communication
• Maintenance requests
• Property listing

RentRedi allows you to pay monthly as you go for $19.95 monthly. It also has a six-month plan for $15 monthly, and an annual plan for $9 monthly.

7. Zillow Rent Manager

Zillow Rent Manager is a rental property management software packagethat allows landlords to create and manage property listings, showcasing details, photos, and amenities. This feature helps landlords effectively market their rental properties to a wide audience.

Zillow’s tenant screening tools allow you to assess prospective tenants' creditworthiness, rental history, and background. Zillow also facilitates online rent collection, providing a convenient and secure way for your tenants to make payments electronically at no extra cost to you. 

Zillow’s property listing feature also ensures you can post your property in simple steps. You can then use messaging and tenant screening features to find and screen applicants easily. There are different tenant lease templates to choose from that your tenants can sign. 

Zillow features:

• Tracks listing performance
• Lease management
• Messaging
• Rent payment
• Online rental applications

Zillow offers a free plan with limited features, and a premium plan with a flat fee of $29.99, which is renewable after 90 days.

8. TurboTenant

TurboTenant is a rental property management software package that helps independent landlords manage their property listings. It is a perfect tool if you are managing between one and 100 units. 

TurboTenant has automated listing to help you get tenants fast and also has lead tracking. Also, TurboTenant has rental applications and tenant screening, electronic lease signing, and rent collections.

TurboTenant automatically sends a pre-screener questionnaire to tenants who are interested in your listings so you can pick the best tenant and reject less desirable tenant applicants. 

TurboTenant also facilitates bulk lead messaging for accelerated communication and they can reply through the app messaging tool. 

TurboTenant features:

• Rent collection and payments
• Lead tracking
• In-app messaging
• Lease management
• Automated property listing

TurboTenant lets you use its limited features with the free plan. If you have the budget, TurboTenant also has the premium plan for $8.25 per month, billed annually.

What Is Property Management Software?

Property management software is a tool designed to help property owners and managers streamline and automate various tasks associated with the management of real estate properties. 

This helps real estate professionals and landlords better manage their property without using spreadsheets, which have data processing limitations and are error-prone.

Do I Need Property Management Software?

If you are a real estate property manager or a landlord, you need it! We know how hectic it can be to list a property, schedule a showing, and drive to the listing, only to find that the tenant isn’t the best fit for the unit.

If only there was a way to make screening easier! Actually, that is where property management software shines. It helps you work more efficiently and saves you time. 

You may not think you need property management software if you manage just one to ten units and have a limited budget. We’re here to tell you that even in cases like this, it will make your life much easier and save you money in the long run. Even though you only manage a small number of units, if you find yourself using a separate accounting and property management system, it will be useful to switch to using property management software to synchronize your data. 

If you manage many properties or have a complex portfolio, property management software will definitely save you time and money and help you improve your bottom line. 

How?

Compared to spreadsheets, using property management software reduces errors and improves the accuracy of your financial records. 

Wouldn’t it be great to have data and insights into your listings? A property management software also allows you to know more about your property leads, screen your potential tenant, and even track your income and expenses.

The best rental property management software will provide you with data and insights, track your income and expenses, analyze your vacancy rates, and identify trends in tenant behavior.  

We’ve established that most property managers need a good software package, but what features should you look for?

Best Property Management Software Features

When choosing a property management software program, it is important to consider the following factors:

• The size and  complexity of your portfolio 
• Your budget
• The features that are most important to you

These factors will help you choose the best property management software for your business. 

What features should you look for?

If you have an extensive portfolio, property management software can help you manage your property thanks to these key features:

Lease management 

This feature tracks lease terms, renewal dates, and rent payments. This is crucial as it facilitates accurate and transparent communication between property managers and tenants. 

Property management software with lease management makes it easy for property managers and landlords to store and access communication related to the lease, such as notices, maintenance requests, and rental payment histories.

This transparency fosters positive landlord-tenant relationships by ensuring both parties have access to the same information, reducing potential misunderstandings.

Rent collection 

Property management software streamlines the rent collection process by automating payment reminders, scheduling recurring payments, and providing tenants with various online payment options. 

This automation minimizes the administrative burden on property managers, reduces the likelihood of late payments, and ensures a more consistent and reliable cash flow.

Tenant communication 

A property management software package that enables tenant communication provides a centralized platform for communication between property owners and tenants, allowing for quick and secure exchanges of information, such as maintenance requests, lease-related inquiries, and general updates. 

Maintenance tracking 

A property management software package with maintenance tracking features helps property managers manage maintenance requests, schedule repairs, and track maintenance history. This allows real estate professionals to promptly address issues reported by tenants, whether it's a leaky faucet, electrical problems, or structural concerns. 

The best property management software can automate the process of logging and prioritizing these requests, ensuring that maintenance teams are dispatched to address critical issues timeously.

Document management

Property managers, landlords, or agents can securely store leases, contracts, insurance policies, inspection reports, and other critical documents in a digital repository. This centralized system ensures easy accessibility, eliminating the need for manual filing systems and reducing the risk of document loss or misplacement. This ensures that necessary documentation is readily available whenever required by law, reducing the risk of penalties or legal issues.

Accounting and financial management 

The accounting and financial management features available in some property management software contribute significantly to the overall efficiency, accuracy, and success of managing real estate portfolios. 

It automates the recording of income and expenses, including rent payments, maintenance costs, and property-related expenditures. This automation reduces the risk of manual errors and ensures that financial records are up-to-date and accurate.

Property listing and advertising

The effectiveness of the best property management software extends beyond mere administrative functions. It incorporates powerful tools that significantly enhance the marketing efforts associated with vacant properties.

One of its key functionalities lies in streamlining the marketing process by assisting property managers with showcasing and advertising vacant properties across diverse platforms. This includes popular real estate websites, social media platforms, and other relevant online listing portals. 

Reporting and analytics

Some property management software comes equipped with analytics and tracking features. This helps real estate agents gain valuable insights into the performance of their property listings. This way, property managers can refine their marketing strategies and identify areas for improvement to maximize the visibility of their vacant properties in a competitive real estate market.

Online portals

Property management software with online portals serve as command centers helps to oversee and manage various facets of property management.  Tenants can access essential information such as lease agreements and payment histories. They can also submit maintenance requests conveniently.

How Much Does Property Management Software Cost?

The costs for property management software start from a free plan to $5 a unit per month. However, you should note that free and cheaper plans only have basic versions that may not be ideal, especially for those with extensive property portfolios.

Premium features are more efficient when you want to manage your real estate business or portfolio efficiently.

Here are some pricing models for property management software: 

• A flat rate for each unit per month
• One-off payments
• Customized plan where users subscribe to a base plan and add any additional features.

Also, depending on your property management software, you may get additional charges, such as setup charges or minimum monthly payments. 

Selecting the Best Property Management Software

To recap, the best rental property management software should: 

• Provide a centralized platform for comprehensive financial management. This will help you gain real-time insights into income and expenses, facilitating accurate budgeting and reporting. 
• Provide communication tools and tenant portals. This will ensure tenants can conveniently submit maintenance requests, access lease information, and make online rent payments.
• Provide property listings for your units. This will enable you to market your properties, attract a broader audience, and reduce vacancy rates.
• Have tenant screening tools to have the best tenant for your rental. Tenant screening tool within the software often integrates credit checks, background investigations, and rental history reviews, ensuring a meticulous evaluation of tenant qualification so you can avoid professional tenants.

Take Control of Your Property Management Today

We hope you have found this article about rental property management software helpful so you can choose the best software package to manage your properties. If you want reliable property management software with robust features, try Hemlane’s 14-day free trial today!