Among independent property owners, self-managing is becoming increasingly popular. Ditching your property manager and keeping that 8% – 10% is a no-brainer when property management software makes it easy to find and manage tenants – often better than an actual property manager would. 

So if you’re opting for self-managing over a traditional property manager, congratulations! Not only will this decision keep more cash in your pocket, but you’re also taking a step toward better and smarter rental management. Who cares more about your investment property than yourself? 

Now that you’ve decided to self-manage, you might be wondering: How do I know which property management software is the best fit for my business? We get it. There are a lot of options out there. That’s why we’ve compiled a list of some of our preferred picks, pros and cons of each, and our top recommendation for an all-in-one property management solution. Let’s get started. 

1) TurboTenant

Best All-In-One Property Management Software

Whether you’re just getting started or are scaling to 50 doors, TurboTenant is a great option for a true all-in-one property management software. It’s affordable (with free and low-cost paid plans), user-friendly, and includes all the features you need to run a smooth business. 

TurboTenant can help you: 

• Advertise your listing to 25 of the top listing sites like Apartments.com, Craigslist, and Redfin
• Screen tenants for credit, criminal, and eviction histories
• Create state-specific lease agreements and send them for e-signature 
• Automate rent collection 
• Track cash flow and prepare for tax season 
• Manage maintenance requests 
• Schedule showings 
• Complete and store condition reports 

TurboTenant also has apps for landlords and tenants, so you can easily manage your rentals on the go while your tenants have an accessible way to pay rent and submit maintenance requests. Both apps have a 4.9-star rating on the App Store. 

Over 800,000 investors across the country currently use the platform. If you’re curious what they have to say, you can check out their 980+ reviews here. 

Pros: 

• Free plan that you can use forever 
• Colorado-based customer support 7 days a week 
• Paid plans under $200/yr 
• Unlimited properties included in the free and paid tiers 
• Built for new and veteran investors 

Cons

• Free plan doesn’t include phone support 
• 2-day deposit turnaround for rent payments 
• Accounting software is an add-on cost 

2) Appfolio 

Best Option for Very Large Portfolios

Appfolio is a property management solution built for investors with very large portfolios. We recommend Appfolio for anyone managing 500+ doors. Because this platform is tailored towards larger investors and property management companies, the features can be advanced and expensive. Additionally, Appfolio requires a 50-unit minimum to use their software, putting it out of reach for independent investors.  

Appfolio specializes in features that accommodate large portfolios, like allowing bulk actions, additional users with unique permissions, and easy ways to delegate tasks to leasing managers. If you’re managing a large portfolio or are on a team that does so, Appfolio is a great option to improve operational efficiency. 

Appfolio can help you: 

• Market your property
• Manage communications and to-dos with a CRM for leasing agents 
• Organize move-in tasks
• Automate rent collection 
• Delegate maintenance tasks 
• Track your cash flow 

Pros: 

• Tailor-made for large portfolios 
• Best for commercial portfolios 

Cons: 

• Their base plans start at a minimum monthly spend of $298
• To get all the features Appfolio offers, you’ll have to spend at least $7,500 a month for their Max tier 
• Requires users to have at least 50 doors 
• Chargers per unit, making it more challenging to scale 
• Advanced features mean a steeper learning curve 
• Not the best customer support reviews 

3) TenantCloud 

Best for Investors Looking to Scale 

TenantCloud, like TurboTenant, does a great job of providing a true all-in-one property management software for investors looking to get started or grow their portfolio. They can help you simplify rental management from vacancy all the way through residency, and their pricing isn’t absurd. 

Although not as affordable as TurboTenant, TenantCloud offers set pricing, which is nice for those looking to acquire more rental units. However, if you’re looking for their Business tier pricing, you’ll have to contact their team for more information. 

Pros: 

• No per-unit pricing 
• All-in-one feature offerings
• Free demo available 

Cons: 

• Not as affordable as other property management software solutions 
• Extensive features can make getting started difficult 
• No free plan 

4) Hemlane 

Best for Maintenance Delegation 

Hemlane is similar to other property management software solutions with a wide range of feature offerings. The main differentiator is that Hemlane takes a more hands-on approach to managing your properties. For example, Hemlane offers 24/7 repair and management services. 

As a result, Hemlane takes on a little bit more of a property manager role rather than a software role. For some landlords, especially those managing a property out of state, this could be a great solution. However, Hemlane has two main downsides: the cost and the customer service. Hemlane’s base subscription can be three to five times the amount of other solutions, and their online reviews aren’t glowing. 

Pros: 

• All-in-one capability 
• Maintenance coordination 
• Offers free demos 

Cons: 

• Expensive subscriptions with the price increasing based on unit count 
• Poor customer service reviews 
• Flat fees for essential services 

5) Baselane

Best for Banking

Baselane is the only solution on this list that focuses on banking rather than property management features. If you’re looking for a bank that is tailor-made for real estate investors, this might be the option for you. Baselane can help you create a bank account, collect rent, and track your cash flow. 

While their specialty is landlord bank accounts, this might not be the best option for you if you’re looking for an all-in-one software that can find and manage tenants. Baselane does not help you advertise your rental, create lease agreements, prescreen renters, or manage maintenance. It’s more limited, and if you go with this solution, you might have to turn elsewhere to handle vacancies and tenant management. 

Pros: 

• Free 
• Unlimited bank accounts 
• Expense tracking 

Cons: 

• No marketing, leasing, or tenant management features 
• No mobile app 
• APY is not competitive 

Conclusion

Property management software is a game-changer for investors looking to take control of their portfolio, save time, and keep more money in their pocket. Thankfully, there are many options available for landlords to choose from. While we recommend TurboTenant due to their affordability, full feature set, awesome customer support, and our long-standing partnership with their team, keep in mind that the choice is yours, and whatever you choose will take you one step closer to financial freedom.