4 Best Rental Management Software in 2020

What is Rental Management Software

Rental management software comes loaded with cloud tools for managing property listings, accounting processes, and screening tenant's applications. Rental property management software is utilized for all kinds of real estate properties such as commercial, community, apartments or residential complexes.

The software also provides online portals for easy communication between property owners, residents/tenants, society members, etc. Make use of the software for tracking maintenance activities, running advertisements for rental properties, billing, accounting and other functions.

Rental Management Software Features

Channel manager

Rental management software helps in managing multiple site listings, bookings, and calendars. With the help of the channel manager feature, property managers can maximize the visibility of their rental properties. This feature helps in updating information regarding the rent and availability of rental properties on all channels on different property sites.

Payment management

Rent management platforms directly collect rents from guests before transferring them to the user's bank account. Thus, you don’t have to worry about creating invoices or sending payment reminders to guests and customers.

Builder listing

It helps create attractive listings for your property. Such listings can then be sent to sales channels for acquiring new customers. In case you have a specific listing available on another website, you can use the best available rental software solutions for picking those listings from there and pasting it on another website.

Multiple language support

Multiple language support allows users to connect with customers and clients across the world. You can easily converse with guests and customers in their preferred language through rental property software. Guest liaison, inquiries, and booking support could all be done conveniently through rental management software.

Direct booking

You don't need to pay with a commission for handling cash and pays. Use some of the best available rental software for collecting bookings and managing online payments. Direct bookings mean receiving payments directly from the customers/guests. With this option in play, there is no requirement for sales channel commission or sales channel per se.

Calendar sync

It helps publish your listing on vacation rental websites. Use the calendar updates feature within the sync section for updating your availability on each website through vacation rental management software. This way, guests/customers can know when your property is available for the booking.

Competition and market analysis

Receive insights over-occupancy and compare rules for booking for similar kinds of properties in your location. It assists in understanding the forces of demand and supply through such analytics, so that you can maximize the number of rental bookings through different sales channels.

Collaborate

Regular updates are an absolute necessity so that customers have information available about current bookings, coupons, etc. Rental software helps collaborate with other members such as staff, housekeeping and colleagues to update the calendar sync or view the best available calendar listings.

Account management

Account management support is meant for providing assistance during list building, optimising these for sales channels and receiving regular support. Interestingly, accounting management capabilities also provide access to quarterly reviews that can be used for assessing performance and identifying opportunities for improving the business.

Rental Management Software Benefits

Cost reduction

Costs get significantly reduced when rental property accounting software comes into play. You can manage bookings, billings and revenue through a single platform and also analyse the best sources of revenue for your rental property business.

Ease of access

Rental management software helps access the data stored in secure servers as per your convenience. Timezone, location, server or the computing device is never a limitation here. All you need is an internet connection.

Master documents

You may have asked a team member to upload property pictures on a rental website. In such a case as a business owner or moderator, you are free to access this uploading process as and when it is done. This is made possible through copies of master documents available on rental property management software.

Maximum data security

Security is high and to the maximum, because data stored in cloud server is fully encrypted. Authentication gateways and sophisticated firewalls further secure the data related to your tenants and rental properties.

Data backup & recovery

Minimize downtime possibilities for the possibility of data getting lost is greatly reduced due to secure data backup and recovery.

Faster payment by tenants

The best rental property software provides the feature for autopay so that your tenants can pay rent every month automatically. Thus, there is no chance of delayed rent payments.

Transparency in communication with tenants

Property owners and tenants can communicate in real-time about any changes in the rent amount, reason for the delayed rent, maintenance requirement, etc. directly through the online portal of rental property management software. You can easily share property pictures, lease invoice or billing slips to validate your statements.

Maintenance management

Rental management software allows you to keep track of the status of your property and check if any unnecessary modifications have been done in your property by any tenant. Also, when a tenant is moving out, you can ensure that your property is in good shape by communicating and sharing pictures through the rental software.

What are the best rental software in India?

AppFolio Property Manager

Whether you are involved in marketing, accounting, leasing or property management, use AppFolio rental management software for handling these processes. Not just these, you can also take advantage of the software for adding several listings of your rental property on different listing sites. This rental property management software helps optimize leasing and provides competitive marketing tools. Commercial, residential, student, or community housing structures, this rental property management software can be used for managing different types of properties.

Features:

• Online rent collection
• Violation tracking
• Community association tasks
• Board member approvals
• Mobile inspections
• Resident screening

BuildingEngines

BuildingEngines rental management software helps align property related processes and activities for increasing value of the property assets and improving operations of the real estate business. The operational management platform of this rental software helps manage work orders such as identifying issues in the property, generating submitter contact and creating custom fields. Leasing information, video/photo galleries, visitor’s access and tenant handbook features are useful for managing property.

Features:

• Multiple communication channels
• Equipment management
• Data collection
• Asset tracking
• Billing and invoicing
• Cash flow analysis

RealPage

RealPage rental management software solution is used for improving resident experience and increasing revenue from the properties. This rental property management software is also used for asset optimization and marketing. Custom reporting and a centralized processing system ensure efficient property management for organising workflows and expanding the reach of your property business.

Features:

• Spend management
• Automated budgeting
• Compliance monitoring
• On-site property management
• Flexible documenting processes
• Accounting services

RentRedi

RentRedi rental management software eases the property management tasks of property owners by screening potential tenants and managing the maintenance of such property through video screens. The software’s unique selling point is the tenant prequalification dashboard that helps conduct background checks for identifying decent tenants. Use the software for publishing unlimited listings, listing vacant rentals and adding properties to the account.

Features:

• Maintenance requests
• Automatic rent tracking
• Export directly to spreadsheets
• Rent reminders
• Property specific bank accounts
• Tenant notifications
• Status tracking
• Maintenance requests

TenantCloud

This rental property software helps run your rental property business smoothly by managing listings, collecting rent online and completing back end accounting processes. The property management software is useful for finding new guests, showcasing the business portfolio and creating rental applications.

Features:

• Tax management
• Late fee calculation
• ILS syndication
• Landlord/tenant database
• Due date tracking
• Marketing website
• Recurring invoicing