Are you a rental property owner struggling to keep track of your finances? Efficient financial management is essential for the success of your rental business. Manual methods of managing finances, such as spreadsheets, are challenging to scale, prone to errors, and time-consuming.
According to Fortune Business Insights, the global property management software market is expected to rise at a CAGR of 10.1% from 2024 to 2032.
Rental property bookkeeping software provides valuable insights into your rental business while improving accuracy and automating tasks.
Let’s explore the best rental property accounting software for landlords to help you maximize your rental income.
AppFolio
This real estate management platform has features for data analysis, tenant management, and accounting. Some of its key features include the following:
- AI-generated Smart Bill Entry for invoices
- Customizable financial reports
- Automated electronic payments
- Escrow accounts that manage security deposits
- Data and analytics
The pricing structure of AppFolio favors large portfolios, so smaller landlords may find the software overwhelming. You must request a quote for your desired package to get the exact AppFolio pricing.
The most basic plan for this platform is Core, which requires at least 50 units. Plus and Max are the other plans that cater to various rental property types, including commercial, multi-family, and single-family. However, the Core plan doesn’t include considerable accounting and advanced budgeting.
Baselane
This comprehensive property management software is designed specifically for real estate investors and landlords. Unlike traditional accounting software, Baselane integrates tenant management, online rent collection, banking, and bookkeeping features into one seamless solution. This approach reduces the risk of errors, saves time, and simplifies financial management for rental property owners.
It’s important to note that Baselane’s bookkeeping tool for landlords is free and has no monthly subscription fees.
Buildium
This rental property bookkeeping software has various functions to simplify a complex property management process. Buildium provides tenant communication, account, and property management tools. Buildium rental property accounting software includes the following features:
- Expense categorization
- Real estate balance sheets
- Bill payments
Buildium offers many tutorials for landlords who are new to the game. These tutorials teach you how to track your expenses, market vacant units, generate financial reports, and automate monthly bank reconciliation.
You can subscribe to Buildium monthly plans, which range from $50 for beginners to $400 for the most comprehensive ones.
TenantCloud
TenantCloud is among the best bookkeeping software for small landlords. It’s a comprehensive solution that provides rental property owners with a wide range of features that ease their rental operations.
Using TenantCloud, landlords can list their properties to ensure they reach a wider audience. Additionally, this bookkeeping software has an in-built tenant screening tool that ensures landlords get high-quality renters. Plus, through TenantCloud, rental property owners can efficiently manage maintenance requests, conveniently collect rent online, and track all property-related expenses.
One of the unique features of TenantCloud is its intuitive mobile app. With this app, landlords can manage their rental properties anywhere and anytime. TenantCloud is cost-effective; it has a standard monthly plan of $9 and an advanced plan of $35 monthly for those seeking more complex features.
DoorLoop
This property management software is tailored to cater to the needs of small landlords and property managers. DoorLoop is a comprehensive platform with many features that simplify tenant turnover processes, ensure timely payments, and streamline the management of leases. It has an affordable monthly rate starting from $49 for its essential features.
In addition to the monthly rate, DoorLoop has a one-time fee for any failed ACH transfers and bank account setup.
Hemlane
Hemlane is designed with user-friendly features, allowing landlords to list their properties to reach a wider audience. Additionally, the robust tenant screening process in Hemlane ensures you get reliable occupants.
Hemlane has a seamless rent collection system that alleviates the challenges of dues and payments. This real estate bookkeeping software lets you easily manage maintenance requests and ensure your renters stay satisfied. Hemlane also optimizes profitability by helping landlords meticulously track their expenses.
For property owners far from their properties, Hemlane has a highly intuitive mobile app that allows you to manage your investment from anywhere worldwide. The monthly packages start from $35 and can act as rental portfolios with a maximum of ten units.
Avail
Avail is among the first platforms to provide bookkeeping tools for landlords. Given its tenure, Avail may seem less modern and outdated than newer rental accounting software. Some of the key features of Avail include the following:
- Rent collection and autopay
- Online application and leasing
- Expense and income tracking
Further, using this platform, landlords can quickly request comprehensive background checks. Avail provides these features free of charge for an unlimited number of rental units. However, for landlords and property managers looking for more advanced capabilities, Avail offers ‘Unlimited Plus.’ This package has extra premium features designed to simplify rental property management further.
Rentec Direct
Rentec Direct is the ideal accounting software for small rental property owners. This platform provides comprehensive bookkeeping tools for landlords that ensure they can:
- Efficiently manage maintenance requests
- Easily list rental properties
- Screen potential tenants
- Safely collect rent online
- Track all property-related expenses
With only $35 a month, landlords can effortlessly manage up to ten units. Rentec Direct is a good option if you’re looking for an all-in-one solution to improve your rental property operations.
What to Consider When Choosing a Rental Property Bookkeeping Software
When choosing the right landlord financial tools for your rental properties, you should consider various features. These include the following:
- Automated expense and income tracking to reduce costs and save time
- Customizable financial reports
- Bank account integration
- Tax preparation tools
- Reliable customer support
- Tax preparation tools
Additionally, you can hire a property management company to handle all the accounting work for you. This company will use the best rental accounting software to simplify expenses and maximize ROI.
Maximize Your Rental Income With Memphis Property Management
With the right rental property bookkeeping software, you can reduce errors, streamline property management, and make the right decisions about your rental investments.
At Reedy & Company, we provide best-in-class advice to our clients to ensure they make better property decisions. We also handle all accounting tasks for rental property owners using the best bookkeeping software solutions.
Contact us today to modernize and simplify your property management strategy.
