Real estate investors know that more doors can equal more cash flow, and so they often look to scale their portfolios by adding single-family rentals, multifamily properties, or both.
But increasing cash flow doesn’t end when you purchase a property and add more doors. The ongoing property management required to profitably scale your portfolio is significant. From finding and screening tenants to collecting rent to managing repairs and more, property management requires attention and expertise to maximize profit.
The good news for investors is that many vendors and technology solutions (commonly called proptech) can take over all or part of an investors’ property management needs so the investor can profit while saving time that can be used to continue scaling the business.
This guide identifies some of the best property management solutions on the market. Whether you’re a solo investor looking for a turnkey solution or an investor with a team that needs solutions for a specific property management task, this guide offers suggestions that can help drive profit as you grow your portfolio.
PROPERTY MANAGEMENT
Property management services enable landlords to scale more quickly because they take much of the administrative workload from the investor’s plate. Good property managers also create value that will cover their fees and often even increase profits by quickly addressing late rent, vacancy, and repair issues proactively. While some investors may choose to manage properties themselves or to directly hire a manager once their portfolio reaches a certain size, many investors have benefited from the advantages that professional property managers provide.
Belong 
Belong is a concierge-level property manager that offers a full suite of property management services for single-family rental investors including vetting residents, managing listings and showings, and managing repairs and updates that will maximize rental value. They also guarantee rent collection from tenants and promote tenant happiness that leads to less vacancy while offering 24/7 support to investment property owners. Belong is available in dozens of markets nationwide, with more coming online regularly. Learn more here.
Property Management Inc.
This nationwide property management provider uses a franchise model that offers local expertise along with an industry-leading service list. They build their brand on transparency, accuracy, and effective communication. PMI serves residential, multifamily, and short-term rental properties. Learn more here.
PROPERTY MANAGEMENT SOFTWARE
Some landlords want to manage their properties themselves but need software solutions to increase efficiency across the spectrum of tasks associated with managing rental properties. These software solutions keep landlords in control while empowering them to move quickly and effectively.
Buildium
Buildium is a proptech offering that enables residents to make online payments and maintenance requests, while also broadcasting announcements to residents easily. It also allows landlords to manage single-family homes, multifamily properties, and even student housing through one intuitive app. The versatility makes Buildium a solid choice for investors specifically looking for property management software that will allow them to self-manage properties. Learn more and get a free trial here.
Avail
Avail, a product of the realtor.com network, allows landlords to list properties, vet potential renters, customize leases, and collect rents. It also features rental property accounting software and maintenance and repair tracking tools. It has both free and paid tiers. Click here to learn more.
Innago
Innago is a free-to-use property management software with a robust list of features including tenant screening, online lease signing, financial tracking and reporting, and document storage. Landlords can also choose to collect rents through Innago, with automated payments available. Try Innago here.
TENANT SCREENING
Any rental portfolio owner knows that good tenants are a vital part of a successful cash-flowing investment. Finding and vetting tenants who will pay on time while taking care of a home or apartment is incredibly valuable for landlords. These screening services help landlords check tenants before they enter the property, reducing risk and protecting the real estate investment.
RentPrep 
RentPrep offers tenant screening, tenant credit checks, and rental background checks through an easy-to-use mobile app. This comprehensive group of services gives landlords utmost confidence in their decisions of whether to accept a tenant’s application. Plus, RentPrep shares expertise for landlords on their website. RentPrep is owned by Roofstock, a leading source of SFR portfolios, so it is built to help landlords scale their investment portfolios. Learn more here.
ACCOUNTING AND PAYMENT SERVICES
The back-office functions of property management, starting with rent collection, are essential to success. The best solutions also add reporting and bookkeeping features.
Stessa 
Stessa is a proptech solution specifically designed to help landlords manage the accounting tasks related to their properties, including bookkeeping, financial reports, and tax documentation. It also has payment tools enabling landlords to collect rent and e-signing features for leases and other documents. Stessa’s most notable feature is its landlord banking service that offers above-market interest yield to help landlords increase profit. Like RentPrep, Stessa is a Roofstock company built specifically for landlords. Learn more here.
TENANT REWARDS
Getting tenants to pay rent on time and to renew their leases is a core function of property management. The tenant rewards approach offers positive reinforcement to the things landlords want tenants to do in order to lock in cash flow for the long term.
Piñata 
Piñata is reward and credit building program for renters run through an intuitive mobile app. Renters earn credit toward rewards when they pay rent and can redeem that credit for gift cards and other prizes. Plus, Piñata reports on-time rent payments to credit bureaus, allowing renters to improve their credit score by paying rent. Landlords can use Piñata as a value-add to attract and retain renters. Learn more here.
LISTING PROPERTIES
Vacancy is the enemy of rental portfolio and multifamily profits. But listing properties for rent can be expensive, and not every listing reaches the right caliber of renters. Finding good places to list rental properties and units is key to finding good tenants and keeping vacancy to a minimum.
Dwellsy
Looking for a free place to list single-family rental properties? Dwellsy is free, charging no listing fees, lead fees, or lease fees. It also attracts highly engaged renters who use intuitive filters to find properties—reducing the churn of unqualified or ill-matched leads. Learn more about listing properties here.
DISCLAIMER: This article contains affiliate links which enable us to share in the revenue from purchases made.
Recent Comments