The Best Property Management Software for Small Landlords in 2024

Owning an investment property is a lucrative, yet difficult decision. It can surely pay off in the long run, but there's more to the process than meets the eye. Rental properties are just as much of a responsibility as they are a potential money-maker. Sustainably profiting as a small landlord with under 100 units requires time, energy, and an unwavering focus on the tenant's needs. From maintenance requests to lease agreements to rent payments, everything needs to be in lockstep in order to pay off.

The good news is that there's now technology that can help make that possible. Property management software is a foolproof solution to overcoming the barriers that come with real estate, unreliable human property managers, and tenant management.

This article will run through everything you need to know about it - from what property management software can do to the best software for small landlords as of 2024.

What Is Property Management Software?

Property management software is a tool that helps landlords keep track of their tenants, properties, applications, and financial records. It's essentially a digital version of the various documents, processes, and records associated with traditional human property managers.

The Power of Software for Small Landlords

The value of property management software for landlords with less than 100 units can't be overstated. While large-scale firms are built to handle the complexities of day-to-day rental management, individual landlords are not. They don't have anywhere near enough capacity to take care of everything on their own, nor to coordinate with different tenants, contractors, and vendors.

From automating rent collection and maintenance requests to streamlining tenant screening, communication, and background checks. Property management software gives small landlords the ability to manage their rental properties more efficiently and cost-effectively than ever before. A small investment in the right tool can save countless hours of manual work that would otherwise be better spent on strategy, planning, and growth.

The best property management software for small landlords offer:

• Automated rent collection
• 24/7 maintenance requests and tracking
• Tenant background and credit checks
• Accounting and financial reporting
• Landlord-tenant communication tools
• Marketing assistance
• Reasonable pricing
• Streamlined or automated processes
• One-on-one support

The Best Property Management Software for Small Landlords

Property management software has the potential to make a big difference for everyday building owners who need a more efficient way to manage their rental properties. But with that being said, no two products are the same. The market is overwhelmed with different options, each one offering something slightly different from the next.

To help make your search a bit easier, we've compiled a list of the six best property management software solutions of 2043. Read below for a breakdown of the many competing aspects of each product, from cost to capabilities and beyond.

#1: Hemlane Property Management Software

Rated 4.8 stars on Capterra, there's little room to argue that Hemlane is the best property management software for small landlords in 2024. It has been specifically designed for portfolios of 1 to 99 rental units, offering a suite of features that can help individual investors streamline their operations from A to Z.

This includes tenant screening, applicant tracking, lease management, maintenance requests, and real-time alerts, alongside turnkey advertising solutions capable of handling everything from property listings to professional websites. Hemlane sets itself apart with a distinctly twenty-first-century approach to property management. Not only does the software accept online rent payments, but it has AI-powered tools built-in as well. Users can benefit from the ability to generate listing descriptions with just a few clicks, automatically respond to inquiries, and streamline the application process. Because everything updates on its own, landlords and property managers never have to worry about inconsistencies across platforms.

Hemlane stands out from the competition by not only having top of the line software for landlords, but they truly encompass the full rental cycle by being a service partner as well. With Leasing⁺, Hemlane will inspect your property and find and place high-quality tenants. You can also delegate tenant communications to the Hemlane team with Tenants⁺, an amazing new feature found in the Complete package. Hemlane also allows you as a landlord to mix and match whichever services you need. Hemlane offers Repair Coordination⁺ with top-rated service professionals and Pre-eviction⁺ with local attorney guidance.

Although functionality should always be a first and foremost priority, new users can take comfort in the fact that Hemlane is rated among the best property management software companies for customer service. The experienced team has successfully completed more than 61,000 requests to date - a number that continues to grow by the day.

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.

Advantages:

• Purpose-built property management software for small landlords
• AI-powered tools for listing descriptions, inquiries, and applications
• 24/7 repair coordination
• Pre-eviction support
• Online rent payments accepted
• Highly rated customer service team
• Affordable pricing compared to competing tools
• Free trial available

#2: AppFolio Property Management Software

AppFolio has created an intuitive system that takes away much of the stress and hassle that property managers experience when overseeing hundreds of tenants. The all-in-one software is able to handle everything from payment processing to accounting, maintenance requests, and more. It's cloud-based, meaning everything is stored remotely rather than on an individual computer. That's a great selling point if you're looking for something capable of working across multiple devices, although it's worth noting that many other property management software products available today are cloud-based as well.

Founded in 2006, AppFolio is marketed as a broad-brush solution for businesses that oversee large rental portfolios. It provides some of the most comprehensive services in the field, from tenant screening to creating detailed reports for tax purposes. The app also allows users to customize workflows and automate many processes, which can save a lot of time and effort when it comes to managing multiple properties.

Users rate this software highly for offering most, if not all the tools they need from one vendor. The main drawback to be aware of is a lack of specificity - AppFolio can do many things well, but few things excellently. It’s not the best property management software for small landlords in particular.

Advantages:

• Wide range of property management features for accounting, online rent payments, reporting, maintenance, communications, and marketing
• Scalable to large portfolios
• Automation for many operational processes
• Multiple pricing plans

#3: DoorLoop Property Management Software

DoorLoop advertises itself as a fully customizable property management software designed to help landlords manage their rentals from one place. That's effectively what it does, offering essential features like billing and invoicing, rent payments and tracking, insurance management, and work order management. This product is favored by those who want a holistic solution to their day-to-day responsibilities; DoorLoop has a client-facing portal that allows tenants to log in and pay rent, report maintenance issues, communicate with landlords, and more.

On the landlord side, you'll find a comprehensive toolset that includes marketing tools to help you find new tenants quickly as well as analytics tools to track your performance. Tax filing is automated, and everything is stored in the cloud so you can access your data from anywhere. Plus, DoorLoop integrates with many popular third-party services like QuickBooks for accounting and Stripe for payment processing.

One thing prospective users should be aware of, though, is the price. This property management software is very expensive compared to its counterparts and uses a subscription matrix with multiple layers of fees. When all is said and done, you could be looking at a yearly expense of multiple thousands of dollars.

Advantages:

• Comprehensive functionalities for landlords and tenants alike
• Automated management capabilities
• Cloud storage with access from anywhere
• Integrates with many popular third-party services

#4: Buildium Property Management Software

Buildium is very similar to DoorLoop in that it offers many of the same core features - lease management, accounting, maintenance, inspections, and reporting. It aims to stand out from the competition with a characteristic interface that allows landlords to easily manage their tenants, as well as additional features such as online rental applications and credit checks for prospective tenants.

This product isn't designed for any one specific type of customer, but rather for anyone who has rental properties to manage. The platform has the capacity to handle hundreds of contracts if that's something you're looking for. Its tools can just as easily be used for a single home or condo as well.

Although Buildium's free trial is surely helpful to those who want to try before they buy, it's worth highlighting that long-term costs can be unpredictable. Not only does the platform charge landlords a flat monthly fee for each of its three plans, but it also levies fees for what you'd otherwise expect to be free, like bank account setup and e-signatures.

Advantages:

• Easy-to-use interface
• Ability to manage hundreds of contracts
• Online rental applications and credit checks for prospective tenants
• Solutions for landlords of student housing and affordable housing

#5: Stessa Property Management Software

Stessa is a basic and relatively cost-effective property management platform intended for owners of residential rental spaces. It can be configured to handle tenant applications, candidate screenings, and rent collection via an online payment portal. It also has an accounting integration feature that allows landlords to easily manage and track their expenses. This is ideal for those who have trouble hanging onto receipts or want an immutable record of their spending for tax purposes. As web-based software, Stessa is a relatively easy way for landlords to streamline their leasing operations with minimal effort, while also giving tenants a secure environment in which to manage their rentals. It’s also one of few options on our list that offers a completely free version, although this comes at the expense of capabilities. Some users say that the platform could be a bit more intuitive to their needs. Stessa does the bare minimum of what you'd expect property management software to do, and despite looking user friendly, may take landlords longer to perform everyday tasks with. 

Advantages:

• Free plan available
• Simple-looking web platform caters to landlords of all skill levels
• Accounting and expense reporting capabilities
• Rental application and tenant screening tools

#6: Avail Property Management Software

Lastly, we have Avail. This product gets a spot on our list of property management software for small landlords because it's inherently functional for landlords and tenants alike. On the property owner side, the platform offers a number of core features, including rental listing and application management, tenant screening tools, maintenance tracking, rent price analysis, payment collection, and more. There isn't much of a learning curve involved, which is perfect if you need property management software capable of doing more with less. Tenants can benefit from simplified lease agreements, rent payments and tracking, and credit checks. There is a free version, but it’s quite limited in scope. 

Advantages:

• Specially built for landlords with 50 units or less
• Billing, invoicing, contact management, and work order management tools
• Digital portals for both landlords and tenants
• Credit, criminal, and eviction reporting features

Picking the Right Property Management Software for Your Needs

Software selection is rarely a one-size-fits-all affair. Whether we're talking about property management or accounting, truly getting your money's worth out of any tool depends on considering the circumstances at hand. What do they call for? Are certain features more important to have than others? Is cost a dealbreaker? Because everyone's answers to these questions are unique, the shopping process should be as well.

Of course, there are some things any piece of property management software needs to have. Our rundown of property management software for small landlords above outlines minimum expectations with respect to features and capabilities, such as contact management tools, work order management features, and reminders.

What earns a product the title of 'best property management software' is when it goes above and beyond these requirements. For instance, software with a powerful suite of analytics tools can help landlords better formulate their strategies, plan out expenses and budgets, and track growth. It's even more beneficial when these tools are intuitive to use—so that anyone on the team can access them without needing a PhD in Analytics.

That concludes our rundown of the best property management software for small landlords in 2024.

We hope this article can help you make a more informed decision when it comes to taking on the responsibilities of owning an investment property.

Using property management software can make the entire process smoother, simpler, and much more manageable. It's an invaluable tool that will help ensure your rental business is a success!

In the market for property management software that checks off all the boxes? Try Hemlane - the best property management software for small landlords, period.