Best Landlord Software options for 2023

[Mike Hsiao]

I will be closing on a 4-plex shortly. I have a SFR out of state, but that is managed by a PM, so these are the only 4 units I will be managing for now. I have been researching landlord software options, and it seems to me that the best route is using several different platforms, as it doesn't quite sound like there is a single software platform option that gets good reviews for everything I'd like to do. It seems like there have been mergers, some newer software possibly buggy in the past, but hopefully better now, or some new software that's hot and really good? I'd like to keep the monthly total cost < $50/month. Buildium sounded close to being a pretty solid all in one option, but I've heard it's better for those who own many units (50+) and the cost was around $180/month. RentRedi seemed OK, but I heard the payment processing was a little buggy, and they start to add costs if you wanted a true all in one.

One criteria I'd like to see, if it exists, is something that will email/text alerts to tenants when rent is due at regular defined intervals, and same thing when rent is late, leases are about to expire, etc.  

Here is what I am considering now, and I'd love to get peoples opinions/thoughts, Pros and Cons of each, etc

1. Rent Collection & Accounting - Would like something that gives the tenant an AutoPay option.   I was thinking of using Stessa for this

2.   Listing units, accepting applications, screening tenants, upload your own lease - Zillow Rent Manager, or Rent Redi and only use these features since I heard the rent collection portion was a large added cost 

Thanks!

[Nathan Gesner]

Quote from @Mike Hsiao:

Software is a common question on BiggerPockets. Here are some things to consider:

1. Most investors don't need software until they have 5-10 rentals. All you need is a single place to track tenant information, payment history, maintenance, and a few other things. You can easily do this on a spreadsheet and it will take less time to track than it would to find and learn a new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it.
2. Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. But do you really need that for your one rental?
3. There's no perfect software out there. Every system you try will have flaws or you'll salivate over a feature that shows up in other software.

Some common names you'll see thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend you search for each of those apps online and see what they offer, how much they charge, etc. Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most. Try to narrow it down to your top 3-4. Once you have a short list, get an account with each one and run them through the wringer to see how they really function. Do one task at a time in each app so you can compare apples to apples.

• Load a property with pictures and details.
• Market that property.
• See what your marketing looks like from the public's perspective.
• Submit a fake application to see how easy the process is.
• Run a credit/screening report on yourself.
• Enter a maintenance request, assign a vendor, attach a fake invoice.
• Enter charges to the tenant's ledger.
• Enter recurring charges and automatic late fees.
• Sign documents electronically.
• Run owner reports.

After testing a few apps, one of them should stand out for you. Choose that one and use it. No system is perfect, so don't waste your time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature that is causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.