The digital revolution has transformed almost every industry in the US, and property management is one of them. According to a 2022 market research report by Strategic Market Research, the property management software market size is predicted to reach $2.7 billion by 2030.
The North American region has a major revenue share of 65.58%. Particularly, the software as a service model, supported by cloud and web technologies, is preferred by most modern property management companies.
Globalisation has made worldwide connections and collaborations easier. On one hand, it is good news for small business; they can develop their business through remote services and partnerships. On the other hand, the industry is dominated by multinational corporations with robust funding and ample resources.
Small scale property managers may feel that many software solutions are not designed to serve their needs. But there are certain applications that are dedicated to serving small businesses and independent managers. In this article, we will take a look at some of them and discuss their features.
TenantCloud offers services in functions like applicant management, leads, marketing, finances and work team management. The platform allows property managers to share listings, screen applicants, create online leases and invite tenants to sign, approving guests, maintenance requests, etc.
The company also offers free educational resources in the form of podcast episodes, blog articles, a digest, webinars and a comprehensive list of laws and regulations related to property management. These resources cover topics like how to maintain properties in good condition, eviction laws, fixing prices, etc. These tips can be especially useful for property managers who have recently entered the industry.
DoorLoop’s standard features include accounting, leasing, and overall property management. Property management services include CRM (customer relationship management), managing maintenance requests, keeping records, communicating with owners, and renters’ insurance.
As of January 2024, DoorLoop offers annual subscription plans, with certain discounts in the first two months of the subscription period. For example, in their basic ‘starter’ plan, the original monthly amount is $49, but for the first two months, you can pay $24 only.
The starter plan includes accounting, CRM, maintenance, rent, screening, lease and e-signatures, email and chat support, and tenant portal. There are two more plans, ‘pro’ and ‘premium’, which offer additional services like marketing, personalized website, calendar, etc.
The website offers a plethora of resources in the form of a blog, podcast, books, webinars, and more. It also displays a list of associations for property owners, like the American Apartment Owners’ Association, or American Rental Property Owners & Landlords Association. In the early stages of your business, you can use these resources to enrich your knowledge and make connections in the industry.
Buildium is well suited to both small and large scale businesses. They offer services for owners of various properties, like multifamily residences, homeowner association members, commercial properties, etc.
Standard features include management of daily operations, leasing, accounts and finances, marketing, and tracking performance. Their website walks you through all the different services that fall under each category. For example, leasing includes rental listings, applications, showings, screening, e-signatures and rental insurance.
You can view their guided video demo on the website, or schedule a demo with their team. You can start by taking a 14 day free trial to test out their services. They offer three pricing plans. As of January 2024, they are priced at a monthly subscription of $55, $174, and $375 respectively.
The ‘essential’ plan is suited for businesses in their early stage, to integrate functions on a central platform and automate tasks. The ‘growth’ plan additionally offers performance insights for growing businesses. The ‘premium’ plan is for large scale businesses to consolidate their foundations and further profits.
FantasticStay, despite its international presence, is devoted to catering to the the needs of small property owners or those who are in the early stages of their business. They cater to people from various countries including USA, UK, Canada and France, and manage mid-term and short-term rentals.
Their services include a platform for listing rentals, rental booking, guest servicing, leasing, and maintenance requests. FantasticStay specializes in rentals that are more temporary and short-term in nature, like a few weeks or months. They emphasize on quality living and aesthetic interiors, and focus on making stays as comfortable for residents as possible.
Stessa’s standard services include asset management, accounts and bookkeeping, taxes, reporting, banking, online rent collection, document management, and tenant screening. Apart from these, Stessa also offers resources in the form of a blog about property management in modern times.
Moreover, they also maintain a forum with all necessary information for new users. It includes posts about how to set up an account on the software, how to report bugs, giving feedback to the developers, reading company news, etc.
Stessa offers a free ‘essential’ plan with basic features like tracking properties, maintaining connections, organizing and storing receipts and documents, etc. The ‘Pro’ plan is priced at $20 per month, as of January 2024.
TurboTenant offers standard features like managing rental applications, tenant screening, lease agreements, rent collection, accounting, and advertising. On this platform, you can post an advertisement for your rental, get TransUnion background checks on applicants, and manage rent and maintenance easily.
You can use the mobile app on both Android and iOS devices. The basic set of features, like screening, leasing, maintenance and rent, are included in a free plan. You can just create an account and start using their services.
Apart from the free plan, there are three other premium plans. As of January 2024, they are priced at an annual subscription of $8.25, $8.25 and $10.75 respectively. The premium plans offer certain additional features in all domains, e.g. income insights and custom screening questionnaire in the applicant screening domain.
Overall, due to its cost efficiency and easy accessibility, TurboTenant is an excellent option for small scale property owners, part time portfolio managers, and beginners in the industry.
If you are a small scale property manager, overseeing your portfolio and solving problems for tenants can feel overwhelming. While your business is still in its early stages, you will need professional support to help you take it to the next level. We hope this article helped you find property management software that suits your unique needs!