Rental property investing is one of the best ways to make money, build wealth, and attain financial freedom through real estate. With populations ever growing and more and more people looking for places to live, this industry is booming and shows no signs of slowing down.
However, running and managing rental properties can be a time-consuming and complicated task. To make things much easier for you as a property investor, you should have the right tools in hand.
Enter the property management system (PMS). This type of software is designed to make managing rental properties easier by automating processes and streamlining workflows. It allows you to organize data from multiple sources in one place, making it simple to find the information you need quickly.
In this article, we will cover the top six best property management software solutions available today. We will go over what each of these tools can do and how they can help you manage your rental property investments more effectively and efficiently.
So, let’s get started!
Excellent Property Management Software to Use for Free
There are a lot of software solutions that can help you get started in rental property investment and make it easy for you to manage your properties. Here are six of the best that you can consider in 2024, especially when you are just starting out and on a limited budget.
1. Latchel
2. Turbo Tenant
3. Avail from Realtor.com
4. TenantCloud (Forever Free Trial Version)
5. Innago
6. Landlord Studio
1. Latchel
Latchel is a software platform that enables property managers to be more responsive and offer better perks while also creating a new revenue stream so they don’t have to choose between happy tenants and a healthy bottom line. This platform is specifically built to help you stay organized and automate tedious tasks related to maintaining your rental property with its built-in system, all while enhancing your resident experience.
Notable Software Features
Automated Maintenance Coordination
With Latchel, you can easily take all maintenance calls and requests, 24/7/365, as well as automate all the tedious aspects of the maintenance coordination process based on your specific workflows. Anytime your tenants have a request or issue, you can take action quickly.
Latchel has a dashboard where you can track all aspects of maintaining your property, from work orders to appointments. This helps you save more money through streamlined maintenance operations. Click here to learn more about Latchel’s maintenance features.
Resident Benefits
Your tenants are your lifeblood as a rental property investor. With that in mind, Latchel sees to it that residents will have the best experience too when offering Resident Benefits.
This product provides your tenants with a centralized hub where they can access dozens of lifestyle and financial perks. The best part is, these resident benefits are completely optional, so if you’ve ever hesitated on implementing a resident benefit package in the past due to legislative constraints and local rental laws, this is the perfect work around.
One of Latchel’s customers who manage 6,200 units is averaging a 45% opt-in rate from their tenants, making an additional $315k per year in revenue.
Click here to learn more about Latchel’s Resident Benefits.
2. TurboTenant
TurboTenant is a cloud-based property management software that helps you manage and optimize your rental properties. It offers everything from tenant screening to automated rent collection, allowing you to streamline your entire rental process from start to finish.
You can also use TurboTenant to set up online applications, market vacancies, track leases, and maintenance requests, securely store relevant documents, run background checks on prospective tenants, and much more.
The software is totally free for landlords, allowing small property owners or those just getting started in real estate investing the opportunity to access quality tools without breaking their budget.
Notable Software Features
Rental Advertising
With TurboTenant, you can build one professional listing for your rental property on multiple listing sites. You can upload photos, videos, and descriptions to make your property stand out from the competition.
Online Tenant Screening
TurboTenant makes it easy to run background checks on tenants with its built-in screening tool. It provides detailed reports that include criminal records, credit history, and evictions, all within a brief period of submitting a request.
Lease Agreement Customization
This software also offers you the ability to customize your lease agreement with ease. You can select from pre-made templates or create a custom one, and you can also add clauses, like pet policies, late fees, renewal options, and more.
Online Rent Collection
Unlike other free property management systems, TurnoTenant allows you to automate rent payments, and you can do it online! With its secure tool, it can be easy to connect your bank account and collect rent from tenants directly. It also sends out friendly reminders to ensure that your payments are always on time.
Integrated Property Accounting Tool
TurboTenant comes with an integrated accounting tool that allows you to track all of your rental expenses and income. You can easily view details, such as tenant payment history and property expenses. This tool is especially useful for landlords who are managing multiple properties and need a way to keep everything organized in one place.
3. Avail from Realtor.com
Avail from Realtor.com is designed to improve the rental experience of landlords and tenants alike. With Avail, you will be able to reach thousands of renters in your location fast! You can just create a single listing, and it will automatically post it on multiple rental websites, including realtor.com.
Avail also makes rent collection a breeze. In just a few clicks, you can quickly schedule rent payments for tenants and receive the money directly into your bank account.
Furthermore, Avail will also help you take care of tenant-related tasks, such as screening, lease agreements, and maintenance requests.
Notable Software Features
One-Click Listing
Avail makes it easy to list your rental property on realtor.com and other rental sites with its one-click listing feature. All you have to do is enter some basic information about your property, upload it, and you are good to go!
Easy-to-Use Rental Applications
This software offers easy-to-use rental applications for screening and onboarding new tenants quickly. It will help you pre-qualify potential applicants before they can apply, so you know who the best fit for your property is.
Automated Rent Collection
With Avail, rent collection has never been easier! You can set up automated rent payments with just a few clicks—all without having to send out manual reminders or take time away from managing other aspects of your business.
Lease Agreement Builder Tool
When it comes to creating leases, Avail’s lease builder tool makes it simple and straightforward. It has detailed lease templates and disclosures that you can customize to fit your needs.
4. TenantCloud (Forever Free Trial Version)
TenantCloud is another cloud-based rental property management software that allows you to advertise your properties online, track rent payments, generate invoices, and much more. It also offers an impressive suite of features for landlords who are just starting out in property management.
By using TenantCloud, you can interlink multiple features, such as tenant applications and leases, to streamline the rental process from start to finish. It also helps you stay on top of all maintenance and repair requests with its system.
Notable Software Features
Rental Advertising Platform
TenantCloud makes it easy to list your property online by providing a comprehensive rental advertising platform. You can upload photos, videos, and descriptions in one place! The software will then post your listing on various websites so that potential renters can easily find it.
Online Tenant Applications and Rent Payments
The software comes with an easy-to-use application builder tool that allows you to collect information from prospective tenants quickly. Like other property management software solutions, it also offers an automated rent payment system so that you can collect rent from tenants without having to send out reminders or manually track payments.
Automatic Listing Syndication and Premium Lead Generation
If you are looking for a way to list your property on multiple websites at once, then TenantCloud is the software for you. It comes with automatic listing syndication so that you can post your rental listing everywhere without having to do all of the work manually.
Its premium lead generation feature also allows you to promote your listing on top websites and target potential tenants who are interested in your property.
Maintenance Bidding
TenantCloud provides a maintenance bidding system that allows you to invite contractors and other service professionals to bid on any repair or maintenance work needed for your property. This helps ensure that you get the best deal for all of your projects.
5. Innago
If it is your first time buying a vacation home to rent out, then Innago is the perfect software for you. This free property management solution offers a wide range of features to help you manage your rental investment efficiently.
Innago makes tenant screening and rent collection easy with its online applications and automated payments platform. You can also use this software to set up customized rules and regulations, such as pet policies and late fees, for each guest.
Notable Software Features
Quick Tenant Screening and Tracking
Innago offers an efficient online tenant screening process that allows you to quickly review and approve rental applicants. The software has a tracking tool for keeping track of lease agreements, signatures, move-in inspections, and more.
Digital Document Signing
This software makes it simple to execute digital lease agreements with its built-in document signing feature. Your tenants can sign documents online quickly, without having to come into your office or meet with you in person.
Tenant Communication and Work Order Management
Innago also has an in-app messaging system that allows you to communicate with your tenants and ensure all their requests are taken care of. It also comes with a built-in work order management tool so that you can easily stay on top of any maintenance or repair projects.
6. Landlord Studio
Last but not least, we have Landlord Studio. This free all-in-one rental property management software solution combines all the tools that you need in a single easy-to-use platform. Built by landlords for landlords, Landlord Studio is designed to help rental property investors save time and money.
Notable Software Features
Online Rent Collection
Landlord Studio makes rent collection hassle-free with its online payment portal. You can set up automated rent payments and even issue reminders to tenants who might be late with their payments.
Streamlined Rental Income and Expense Tracking
The software comes with an intuitive income and expense tracking system that can help you keep track of all your rental expenses and income. This helps you quickly identify any deductions that you can claim on your taxes.
Accountant-Approved Reports
Landlord Studio can generate business reports in various formats to help you stay on top of all your finances. This means that you can keep your accountant in the loop when it comes to rental property management.
There you have it! With these six property management solutions, rental property investing will be much easier in 2024. However, you must remember that some free software would also come with limitations. If you want to scale up your business, you should consider using full-featured solutions.
Try Using Latchel Now!
Rental property investing is so much easier with the right tools in hand. Whether you are just starting out or expanding your portfolio, each software offers functionalities that can help you be successful.
If you want to streamline your property maintenance, improve your tenant experience, and increase profitability, then Latchel is the perfect solution for you. Our property management platform provides all the tools and features necessary for running an efficient property management business. Click here to request a live demo today. And if you’re managing under 50 units, our standard plan is designed just for you. Try it Free today by clicking here – no credit card required.
