Property Management

How to start a profitable property management company: A step-by-step guide

Filed Under: Business Management, Property Management

Starting a property management company could be lucrative if you have the right skill set to manage a business like that. The right skill set includes great marketing, sales, operations, and financial ability. It’s an area with growing market needs.Here are some things you should know about the market and unique aspects of this type of business:

  • Property Management Market Size
  • Property Management Company Financials
  • Things you need to get started

Property Management Market Trends and Size

There are 49.5 million residential rental units in the US, according to the Better Business Bureau. The overall revenue generated is $84.73 Billion. There are roughly 300,000 property management companies. It is a highly fragmented industry with the top 7 companies generating only 10% of overall revenue.

There is great opportunity in this type of market for innovation and growth.

Property management firms tend to specialize in different types of properties and services, according to the Better Business Bureau:

Property Management Market Share of Services - SimplifyEm

Residential real estate is by far the biggest segment property management companies specialize in.

With the shortage in housing supply and the cost of housing increasing, there is a great number of renters, and rental housing supply is becoming a greater percentage of housing supply. These trends lead to good growth potential for property management companies.

The amount of renter-occupied housing continues to grow, according to the Federal Reserve Bank:Renter Occupied Housing Units - SimplifyEm

The property management industry is expected to experience 7.5% annual growth over the next five years, according to the Better Business Bureau.

How much do property management companies make?

The typical profit for a firm is 10.1%, and the biggest expense is labor costs, which average 43.7%:

According to the Bureau of Labor Statistics, there are ~285,000 people employed in property management making wages from $37,000 to $136,000.
Property Management Industry Revenue Breakdown

Property Management Company Percentage Cost - SimplifyEm

Just like any other business, you should do your due diligence before starting a property management company. Really look at your local conditions and unique needs to see if it’s viable for you.

Essential Steps to Launch a Property Management Company

If you decide to embark on starting a property management company, here are some things you should research and have set up, before you get your first customer:

  1. Property Management Licensing and Certifications Requirements
  2. Setting up company structure (such as LLC)
  3. Setting Up Trust Bank Account
  4. Creating a business plan with some key areas researched and planned
  5. Getting appropriate insurance to protect yourself
  6. Appropriate legal contracts: rental agreement, lease, property management agreement
  7. Getting office space
  8. Getting the Right Property Management Software

1) Property Management License – this can vary for each state. The majority of states require you to have a real estate broker license so that you are licensed to handle money in trust for other people. A few states require a specific property management license. Also, there are a few states that have no requirements.

Property Management License Requirements - SimplifyEm

* Oregon requires with real estate broker or property management license

2) Corporate Structure – An early decision you have to make is to determine what kind of structure for your business: LLC, S-Corp, C-corp? There are benefits and costs with each type of entity. It’s best to consult with your attorney and CPA prior to making this decision.

3) Business plan- this will serve as a plan for you to research and answer some key questions for your property management business. You can go to the Small Business Administration to see templates for a Business plan.

  • What sets your company apart from existing competitors.
  • How do you want to structure your organization – will you run it by yourself? Will you have an Office Manager? Leasing Manager? If not at the start how large does your business have to get before you start hiring?
  • What services do you offer – Collecting Rent? Maintenance? Filling vacant units?
  • What are your marketing channels to get clients?
  • What kind of money do you need to start your business? Detail out what startup will be used for.

4) Trust bank account – Since you’ll be handling other people’s money, you have to set up a trust bank account. A trust bank account is a deposit account that can be opened by a trustee (the property manager) for the benefit of someone else (beneficiary); in our case, property owners and tenants. These bank accounts are protected during and after Grantor’s life.

Your State’s department of real estate will require you to account for this bank account by doing monthly bank reconciliation and if they audit you they’ll typically require a 3-way reconciliation to show your book, bank, and owner balances all match.

5) Insurance – Whenever you start a business, you should look into appropriate insurance to protect yourself from liability. Property Management is no different.

You should absolutely look into general liability insurance which protects you against damage to another person’s property while engaging in work. It also protects you from someone getting hurt while visiting your business.

If you will be hiring employees, worker compensation insurance is a good idea and, in some states, is a requirement that you should look into.

6) Legal contracts – You absolutely should have an attorney-approved, state-specific contract that is comprehensive and gives you legal protection, and also clearly spells out requirements for yourself and other parties that you’ll be signing a contract with. There are three main groups of people you’ll have to deal with and sign a contract with:

  • Applicants for a vacant unit – Rental Application
  • Tenants – Lease Agreement
  • Owners – Property Management Agreement

7) Office Space – Even in this online enabled remote working environment, you may decide you need an office space for your office workers as well as tenants.

8) Property Management Software – It’s important to think about your business needs and evaluate property management software to make sure it meets your needs.

Here are some key things to consider:

  • Tenant functionality: Rental Advertising, Rental Application, Tenant Screening, Leasing, Online Rent collection, Tenant Portal, Move In/Out
  • Accounting functionality: that has NARPM approved Chart of Accounts, Bank Reconciliation, Transaction History and Audit Trail, CPA ready financial reports
  • Owner functionality: Professional Owner Reports, Online Payment to Owners, Owner portals, 1099 E-filing
  • Vendor functionality: Work Orders, Vendor Portal, Online Payments to Vendors, 1099 E-filing
  • Bank functionality: Bank Download Feed, Bank Reconciliation, Deposit Slips
  • Communication Capability – Ability to communicate to any individual (tenant, owner, vendor) or in bulk across all channels (email, SMS, phone) by web or mobile app.

These are some of the basic requirements, SimplifyEm provides these and many more features in an easy to use and cost effective manner.

 

Frequently Asked Questions – FAQs On Starting a Property Management Company

  • What is a property management company?
    A property management company oversees rental properties, handling tenant relations, maintenance, rent collection, and legal compliance on behalf of property owners.
  • Do I need a license to start a property management company?
    Licensing requirements vary by state or country. Some places require a real estate broker’s license, while others may have different regulations. Check local laws before starting.
  • How do I find my first clients?
    Start by networking with real estate investors, landlords, and homeowner associations. Utilize digital marketing, social media, and referrals to attract clients.
  • What are the startup costs for a property management company?
    Startup costs include business registration, licensing, insurance, marketing, software, and office setup. Initial costs can range from a few thousand to tens of thousands of dollars.
  • How much can I charge for property management services?
    Fees vary but typically range from 8% to 12% of monthly rent for residential properties. Additional fees may apply for leasing, maintenance coordination, and inspections.
  • What software is best for managing rental properties?
    Property management software like SimplifyEm or AppFolio can help streamline operations, tenant tracking, and financial management.
  • How do I handle difficult tenants?
    Have clear lease agreements, conduct thorough tenant screenings, and follow legal eviction procedures when necessary. Good communication helps resolve issues early.
  • Can I start a property management business from home?
    Yes, many property managers start from home. However, as your business grows, you may need office space for employees and client meetings.

Sources:

https://www.bbb.org/all/industry-hub/property-management

https://www.bls.gov/oes/2023/may/oes119141.htm

https://fred.stlouisfed.org/series/ERNTOCCUSQ176N

The Ultimate Guide to Finding the Right Tenant for Your Vacant Property

Filed Under: Property Management, Tenant Management

A critical period for a rental property is when it’s vacant. It’s not earning money, and finding the right tenant is critical to the profitability of your rental business.

There are three key steps in order to fill a vacant property:

  1. Advertise the vacant property so you attract the best rental applicants.
  2. Make sure the property is fully repaired and cleaned so you get the best potential tenants to fill out a rental application.
  3. Conduct a thorough tenant screening process to get the best tenant for the property and also to protect yourself from fraud.

Best Practice to Advertise Your Property

Your prospective tenants are comparing your rental listings with thousands of others. It’s important your rental ad is seen and eye-catching.

A sample list of websites to post your rental ad to get the most exposure:

  • Zillow.com
  • Apartments.com (and its family of listing sites)
  • Rentpath.com (and its family of listing sites)
  • Craigslist
  • Instagram
  • Facebook Marketplace

You should also create a rental ad that attracts prospective tenants, here are some things to focus on:

Headline: You should give all key information about the property in a way that grabs the attention. It should include the rent amount, number of bedrooms and bathrooms, address/location, and a feature that appeals to your target tenant. For example, if it’s a one-bedroom unit in a lively downtown area with lots of young people, bring up that it’s close to lots of restaurants and clubs within walking distance.

Pictures and Video: The next most important factor is the pictures and video. Take the time to take quality photos and consider investing in staging your rental property.

Consider a discount: If it’s a competitive market, you should consider offering a discount in the ad, such as a gift card or something else to make your ad stand out.

Highlight the key amenities: Whether it is great internet, security for the building, or parking for cars included. Emphasize the amenities that are most valuable and in high demand in your ad for the target market

Get your rental property ready to show to prospective tenants.

It’s always important to have a checklist as you’re preparing your vacant rental property for showing to potential tenants.

Have a robust move-in and move-out process that is executed with detailed forms that have pictures and comments on each aspect of your rental property, noting down repairs needed.

Have a thorough deep cleaning done to the property.

Consider staging the vacant unit with rented furniture to help prospective tenants picture living in the unit. It also helps you improve your rental ad photos.

Make sure you are giving a good first impression of yourself as a property manager as you’re showing the property. Not only is the tenant considering the property, but they are also evaluating you. Do you have a professional appearance? Are you punctual?  Are you thoroughly answering their questions? 

How to conduct a thorough background check?

A thorough background check – consisting of rental application, tenant screening, and checking on references- can save you lots of problems with tenants that cause problems later.

Did you know that the American Apartment Association Owner found that 23.8% of eviction filings were from tenants that had falsified their rental application information?

In fact, most property managers are seeing fraud of some type, according to the National Multifamily Housing Council:

If you pick the wrong tenant and have to evict them, the cost can be astronomical:

  • 2-4 months lost rent
  • Loss of leasing commission
  • Court filing fees ranging from ~$100 to ~$400
  • Sherriff’s notice fees ranging from ~$50 to ~ $400
  • Miscellaneous filing service fees can run up to ~$500
  • Cleaning fees ~$200
  • Marketing feed to relist unit  ~$100
  • Legal fees can run up to ~$1000

So what should you do? Run a thorough background check and check on references. Use the latest fraud detection technology as well.

  1. Make sure you have your applicants fill out a rental application.
  2. Check all supporting material (bank statements, paycheck stubs, identity information)
  3. Use fraud detection technology to detect potential fraudulent documents.
  4. Do thorough reference checks on employment and previous landlords.
  5. Do credit and criminal and eviction history checks (with approval from the applicant).

Get to know the potential tenants as you’re showing the property. As you’re showing the property its a great opportunity to get pertinent information about them:

  • Where do they live now?
  • Why are they moving?
  • What is their preferred move-in date?
  • Do they have pets?

Are they willing to fill in a rental application and go through a tenant screening?

How does SimplifyEm Property Management Software help with getting the right tenant?

SimplifyEm has all the features you need to get the right tenant into your vacant unit:

  1. Advertise your vacancy on all major listing sites to get your property maximum exposure to potential tenants.
  2. Use SimplifyEm’s State-Specific Attorney-Approved Rental Application or upload your own Rental Application. You can send it to any applicant online and have them sign via e-signature and collect the rental application fee online.
  3. Use our income verification tool to help as an extra check against paystub fraud.
  4. Run a tenant screen on any applicant and get their credit, criminal and eviction history.
  5. You can also use SimplifyEm’s State-Specific Attorney-Approved Lease or upload your own Lease. You can send it to any tenant online and have them sign via e-signature and collect their Security Deposit online.

 

Frequently Asked Questions – FAQs

  • Why is it important to find the right tenant for your property?
    Nearly a quarter of eviction filings were from tenants that had falsified information on their rental application. It’s important to have a thorough background check to make sure you have the right tenant for your property.
  • What steps should I take to advertise my vacant property?
    You should make sure you advertise on all major listing sites. Have a great title that gives key information and the most important amenity that target customers will care about. Finally, have great pictures for the property.
  • How do I verify a tenant’s income and employment?
    The best ways to verify income and employment are to ask for permission to run a credit report, use an income verification tool that analyzes a bank account to cross-check income, and finally call an employer to verify employment.
  • How can SimplifyEm help with tenant screening?
    SimplifyEm Property Management software provides all the tools and features to allow you to get all the information you need on a rental applicant: Credit Report, Criminal Report, Eviction History, Income Verification via bank account analysis.  You can also use SimplifyEm’s Rental Application and Attorney-Approved State specific lease.

Sources:

  1. https://www.american-apartment-owners-association.org/property-management/warning-application-fraud-is-on-the-rise/ 
  2. https://www.nmhc.org/research-insight/research-report/nmhc-pulse-survey-analyzing-the-operational-impact-of-rental-application-fraud-and-bad-debt/ 

Why is tenant management so important for the success of your rental property business?

Filed Under: Property Management, Property Management Software, Tenant Management

Did you know tenant management is one of the most critical factors that determine your rental property’s profitability? If you can find, attract, and manage great tenants that pay on time and stay for a long period of time. You’ll reduce vacancy rates, ensure timely payments, and improve your bottom line.

Optimizing Revenue

Having a satisfied tenant and a well-maintained property influences revenue generated by the property.

    • It minimizes vacancy by having a tenant satisfied with the property, the maintenance issues, and good and responsive communication with the property manager. Minimizing vacancy is critical to having a property earning maximum income.
    • By having a well-maintained property with a great reputation, you can attract premium tenants that are willing to pay market rates or above to get a residence they’re proud of.

Proven strategies for managing tenants effectively

  1. Efficient Rent Collection Process

    Make it easy for your tenants to pay rent and on time. According to Fox Business Reports, ~87% of tenants pay their rent on time, so it’s imperative to stay on top of rent collection. You can make it easier by:

    • Providing multiple easy and convenient ways to pay rent can help with collections. Online rent collection from the bank and via credit card versus mailing a check is much more convenient for your tenant.
    • It should be clear to the tenant when the rent is due. The more methods you can keep them informed, the better: online accounts, emails, and SMS. The more automated you can make the process for yourself via software, the better.
    • It should be clearly communicated how late fees on late rent will be calculated to the tenant. So they are incentivized to pay on time.
    • Timely and professional communication with your tenants about rent collection, such as timely rental invoice, rent receipt, late rent notices as appropriate.

  2. Maintaining property value

    Having a property occupied by quality tenants is critical in the upkeep of property. Making sure you’re on top of all maintenance and repair issues as required can prevent a major property repair by dealing with it when it’s minor. Staying on top of maintenance is a great way to ensure you keep quality tenants.

    • The condition and appearance of the property is the first impression and the best way to attract the attention of the best tenants.
    • Whether you’re using a property management company nearby or managing the property yourself, being proactive on maintenance and treating key repairs as a priority.
    • Having your property occupied with market or above rent is a key determinant in the value of your property since it increases the profit margin for the property. So have a proactive maintenance plan so that your tenants are satisfied and stay long-term.

  3. Sign a comprehensive Lease Agreement

    Signing a comprehensive lease is the best way to protect yourself from legal problems down the line. It also assures your tenant that you’re thorough and well organized. The lease should be clear on its terms for duration, rent payment, and responsibilities of each party (the property manager and tenants). It should also abide by all real estate rental laws of your state and city.

    • You should have an attorney-approved lease that is valid for your city/state. It should at a minimum define the:
        • Duration
        • Monthly rent payment amounts, due date, delivery of payment
        • Security deposit
        • Occupation Limits
        • Premise Address and Property Description
        • Pet Policy
        • Assignment and subletting rules
        • Tenant and landlord responsibilities
        • Rent increase clause if appropriate
        • Break and Lease Termination (how to get out of a lease)
        • Legal Costs
        • Insurance responsibilities (renters insurance, general liability insurance)
        • Other payment responsibilities (utilities, minor repairs)
        • Rental Agreement Disclosures
        • How does renewal of lease work?
        • other payment responsibilities, move-out terms, liability
    • Sign longer-term leases. Sometimes it’s better to sign a long-term lease to minimize tenant turnover over the long term. This minimizes the costs with finding new tenants. Here are some statistics on the lease duration in the United States, according to the US Bureau of Labor Statistics:
        • 59.6% of leases are 12 months in length.
        • 31.8% of leases are month to month.
        • 8.6% are other durations (with the leading duration of other being 24-month leases).
    • Having an online lease with an E-signature is very helpful in establishing the lease with thorough proof of agreement by both parties.

  4. Reduce Vacancies

    Besides how much rent you charge, the most important factor in the profitability of your property is minimizing vacancy time. According to the US Census Bureau, the vacancy rate in the US is ~6.9%, which can vary based on your region.

    • Make sure you have a thorough tenant screening process to get tenants that are responsible and pay their rent on time.
    • A key factor in a tenant staying is maintenance of the property and communication with the tenant. Keep the tenant informed about all key information related to the property and also their maintenance requests.

How to simplify tenant management with SimplifyEm Property Management Software?

Simplifyem can help you as a property manager with this key activity of managing your tenants. We provide all the tools and services you need to excel!

  1. Start advertising your Rental Listing through SimplifyEm to get the best rental applicants.
  2. Perform Tenant Screening and get credit, criminal, and eviction history on your potential tenants.
  3. E-sign an attorney-approved lease provided with SimplifyEm or Upload your own company lease. We’ll be able to email your tenants for review and E-signature and it’s legally enforceable. SimplifyEm Lease Form
  4. Set up online rent payments to make it easy for your tenant to pay rent directly from their bank account via the ACH network or through credit card Payments. The money gets deposited directly into your bank account, and the rent is recorded for you within SimplifyEm so your financial records are up to date.
  5. Require Renter Insurance for your tenants so you can be sure they are well insured to lower your risk and liability.
  6. Keep track of exactly what your tenants haven’t paid. So if you ever have to evict a tenant, you have bulletproof records. SimplifyEm Rent Payment History
  7. Professional reports for your tenants with tenant invoices, rent receipts, and late rent notices that can be created and sent with the click of a button via email or SMS. Everything can be automated for you so you don’t have to do anything. SimplifyEm Automation Center
  8. A communication hub for you to see all email, SMS, and phone calls from/to tenants available on your computer and also on your phone via our mobile app.

 

Frequently Asked Questions – FAQs

  • What is tenant management, and why does it matter?

    Tenant management is the process of attracting and retaining tenants for your rental property. This involves thorough tenant screening, signing a comprehensive lease, collecting and tracking rents, communicating and handling maintenance issues for tenants, and a thorough move-out process.

  • How does tenant management impact property maintenance?

    Property maintenance is affected by great communication with tenants to understand property issues and having responsible tenants.

  • Can poor tenant management lead to financial losses?

    One of the biggest factors in rental property performance is non-payment of rent by a tenant and extended vacancy. Both are affected by attracting and finding the right tenant for your property.

  • How does tenant screening play a role in tenant management?

    Nearly a quarter of evictions (23.8%) were filed for tenants that had submitted fraudulent information on their rental applications. Effective tenant screening is the first step in tenant management.

  • How does tenant management improve cash flow?

    The biggest negative impact on cash flow is having a vacant unit, lots of maintenance issues, and charging below-market rent. The best way to avoid that is to find a trustworthy tenant that will love the property and stay for the long term.

  • How do I get started with improving tenant management?

    To improve your tenant management process, look at all phases: tenant screening, rent collection, tenant communication, and property maintenance and work on improving on ‘low hanging fruit’.

Sources:

  1. https://www.bls.gov/spotlight/2022/housing-leases-in-the-u-s-rental-market/home.htm
  2. https://www.census.gov/housing/hvs/files/currenthvspress.pdf
  3. https://www.foxbusiness.com/economy/tenants-still-paying-rent-as-government-funding-dwindles

Best Rental Listing Sites for 2024

Filed Under: Property Management

Managing vacancies in rental properties can be costly and time-consuming. To mitigate these challenges, leveraging rental listing sites can be an effective strategy. These platforms not only attract potential tenants, but also streamline the rental process through advanced features.

This guide looks at the top 4 rental listing sites for 2024. It explains what makes each one special and gives tips on how to use them best. If you’re a property manager or landlord needing to fill vacancies quickly, knowing the benefits of these platforms can help you make better decisions and improve how you manage your properties.

A diverse group of professionals smiling and working on laptops in a modern office setting.
Happy and productive team members utilizing property management software in a modern office environment.

 

What Is a Rental Listing Site?

A rental listing site is an online platform designed to advertise vacant rental properties to prospective tenants. These sites serve as a bridge between landlords, property managers, and individuals seeking rental housing. The primary goal of these platforms is to simplify the process of finding and filling rental properties by providing a centralized location where listings can be easily accessed and searched.

Rental listing sites typically feature high-quality photos, detailed property descriptions, and virtual tours to give potential tenants a comprehensive view of the property without needing to visit in person. Many sites also offer additional services such as tenant screening, lease agreement facilitation, and communication tools to streamline the rental process further.

One of the key benefits of using rental listing sites is the ability to reach a broad audience quickly. By listing a property on popular sites, landlords and property managers can increase their property’s visibility, attracting more potential tenants and reducing vacancy periods.These platforms usually have search tools that let users find listings based on things like location, price, number of bedrooms, and amenities.

Which Site is Best for Listing Rental Properties?

A group of diverse professionals smiling and working on laptops in a modern office setting.
Happy team members working efficiently with property management software.

Choosing the best site for listing rental properties depends on various factors such as your target audience, budget, and specific needs. There isn’t a single definitive answer, as each platform offers unique features and benefits. To maximize exposure, it’s recommended to list on several popular sites. Here are some top platforms:

  • Zillow Rental: Known for its extensive reach and user-friendly interface.
  • Apartments.com: Offers detailed listings and advanced search features.
  • Facebook Marketplace: Great for local listings and social media integration.
  • Craigslist: Popular for its simplicity and wide audience.

Each of these sites has its own pricing models and online traffic, making them valuable for different reasons. By leveraging multiple platforms, you can increase your chances of finding the right tenants quickly.

Features of the Best Rental Listing Sites

  • Search filters: Narrow down listings by pet policies, size, price, location, etc.
  • Property listings: Include photos, descriptions, floor plans, and amenities.
  • Dynamic map search: Search rentals by moving around an interactive map.
  • Neighborhood Ratings: Information on walkability, public transportation, schools, and crime rates.
  • Online applications and background checks.
  • Virtual tours: 360 walkthroughs or videos.
  • Tenant reviews of properties.
  • Saved searches: Save favorite listings for later.
  • Listing analytics: Views, applicants, and bookmarks.

Zillow Rental

Features and Benefits

Zillow Rental is a top site with over 30 million visitors each month. It also includes sister brands like Trulia and HotPads. Their data-driven recommendation algorithm offers personalized experiences.

How to Use Zillow Rental

  1. Create an account on Zillow Rental Manager.
  2. Post a listing and fill out property details:
  • Confirm address, add square footage, number of bedrooms and bathrooms.
  • Write a property description highlighting unique features and nearby amenities.
  • Set rent price, security deposit, pet policy, lease terms, and upload photos/3D tours.
  1. Manage your listing on the dashboard:
  • View inquiries and manage applications.

Pros and Cons

  • Pros: A comprehensive set of tools, online tenant screening capabilities, and in-depth analytics.
  • Cons: Fees for additional listings ($9.99 each), charges for applications and screenings ($29).

Apartments.com

Features and Benefits

Apartments.com sees over 81 million renter visits monthly. It highlights unique property features and nearby amenities, offering a rent comparison report.

How to Use Apartments.com

  1. Create an account and upload property details:
  • Specify property type, address, and other details.
  • Check off additional amenities and upload photos.
  1. Completion:
  • Manage listing, add videos (requires a premium upgrade).

Pros and Cons

  • Pros: Extensive network, national advertising campaign.
  • Cons: Lack of transparent pricing for premium features.

Facebook Marketplace

Features and Benefits

Facebook Marketplace is free and user-friendly with a large user base. It features an interactive map for prospective tenants.

How to Use Facebook Marketplace

  1. Login to Facebook and create a new home listing.
  2. Fill out property details:Upload photos and videos, fill in details like property type, number of bedrooms, bathrooms, and description.
  3. Publish and share the listing.

Pros and Cons

  • Pros: Free, easy to use, large user base.
  • Cons: Lack of background checks, potential for illegitimate listings.

Craigslist Rentals

Features and Benefits

Craigslist has a low barrier to entry, allowing anyone to post a listing quickly.

How to Use Craigslist Rentals
  1. Choose the property location and create an account.
  2. Post an ad: Add a title, neighborhood, zip code, and detailed description.
  • Specify rent, square footage, and housing type, and upload images.
Pros and Cons
  • Pros: High visibility, fees depend on the city and state, direct communication with applicants.
  • Cons: High risk of scams, requires higher awareness and caution.

SimplifyEm offers rental advertising where customers can post to 20 websites with 1 click

Advertise Your Property with Ease Using SimplifyEm

Effortlessly List Your Properties on Top Rental Sites

SimplifyEm streamlines the process of listing your rental properties by automatically posting to popular rental websites like Zillow, Trulia, Hotpads, Craigslist, and many more. With just one click, your property gains a strong online presence, reaching potential tenants quickly and efficiently.

Professional Webpages for Your Listings

SimplifyEm not only posts your listings across various platforms, but also provides a professional webpage for each property. These webpages can be easily shared and integrated into your existing website, ensuring a seamless experience for both you and your potential tenants. This feature allows you to focus more on your business while SimplifyEm handles the listing details.

Start Advertising Your Property Today

SimplifyEm makes advertising your property easy and hassle-free. Get started today without the need for a credit card and see how SimplifyEm can help you fill your vacancies faster and more efficiently. Create professional webpages for your listings, share them effortlessly, and integrate them into your existing website for a seamless experience.

Ready to streamline your property management?
  • Create professional web pages effortlessly
  • Share listings across multiple platforms
  • Integrate seamlessly into your website
  • No credit card is required to start

 

Try SimplifyEm Today!

  • Free Demo: Explore all the features SimplifyEm offers with a no-obligation demo.
  • Free 14-Day Trial: Experience the full power of SimplifyEm with a free 14-day trial. No credit card is required.

Get started now and see how SimplifyEm can transform your property management experience.

 

Top 6 Property Management Software Tools for 2024

Filed Under: Property Management

Introduction

In the dynamic world of real estate, managing properties efficiently is key to success. Whether you’re overseeing residential, commercial, or mixed-use properties, having the right property management software is essential. SimplifyEm property management software offers a range of features to streamline your operations. In this post, we’ll look at the top 6 property management software tools for 2024 and highlight why SimplifyEm is a standout choice.

  1. Introduction
  2. SimplifyEm
  3. AppFolio Property Manager
  4. Buildium
  5. Propertyware
  6. TenantCloud
  7. Yardi Breeze
  8. Conclusion
A young man with a beard, wearing a light gray sweater, is working on a laptop at a wooden table in a modern, well-lit workspace with large windows showing a city view.
Discover the Top 6 Property Management Software Tools for 2024 to streamline your operations and boost efficiency

  1. SimplifyEm

SimplifyEm is a user-friendly property management software designed to meet the needs of landlords and property managers. It provides an array of tools to manage properties efficiently and effectively.

Key Features

  • Automated Rent Collection: SimplifyEm makes online rent collection easy, allowing tenants to pay and landlords to receive payments effortlessly.
  • Maintenance Request Tracking: Streamline maintenance requests and ensure timely resolutions with SimplifyEm maintenance tracking features.
  • Accounting Tools: Integrated accounting tools help manage your finances, from tracking income and expenses to generating financial reports.
  • Tenant Screening: Conduct thorough tenant screenings to ensure you select the best tenants for your properties.
  • Lease Management: SimplifyEm helps you manage leases efficiently, keeping track of important dates and documentation.

Pricing

SimplifyEm starts at $40 per month for up to 10 units, with options for larger portfolios.

Pros and Cons

  • Pros:
  • Affordable and scalable pricing
  • Intuitive and easy-to-use interface
  • Comprehensive feature set

Cons:

  • Limited advanced features for very large property portfolios

User Reviews

Users praise SimplifyEm for its ease of use and excellent customer support. It is especially appreciated by small to mid-sized property managers looking for a cost-effective solution.

A smiling older man with gray hair, wearing a blue sweater and white shirt, is talking on a smartphone while working on a laptop outdoors with trees in the background.
Embrace Modern Property Management: Discover the top software tools to streamline your operations in 2024

  1. AppFolio Property Manager

AppFolio Property Manager is a comprehensive solution for managing residential, commercial, and community association properties.

Key Features

  • Online rent payments
  • Maintenance request tracking
  • Marketing and leasing tools
  • Mobile-friendly interface
  • Robust reporting capabilities

Pricing

AppFolio offers tiered pricing starting at $1.25 per unit per month, with a minimum fee of $250. This pricing structure requires a minimum of 50 units.

Pros and Cons

Pros:

  • User-friendly interface
  • Excellent customer support
  • Extensive training resources

Cons:

  • A minimum monthly fee may be high for smaller portfolios
  • Requires 50 units minimum

User Reviews

Users praise AppFolio for its intuitive design and efficiency in handling day-to-day tasks. However, some find the minimum monthly fee a bit steep.

Two women sitting in modern black armchairs, holding mugs and engaging in a friendly conversation in a bright, stylish office space with plants and artwork in the background.
Discover the Best Property Management Tools for 2024: Streamline Your Operations and Enhance Tenant Relationships.

  1. Buildium

Description

Buildium is a cloud-based software ideal for managing residential properties and associations.

Key Features

  • Automated rent collection
  • Accounting tools
  • Tenant screening
  • Lease tracking
  • Resident communication portal

Pricing

Buildium pricing starts at $55 per month for up to 20 units.

Pros and Cons

Pros:

  • Comprehensive feature set
  • Easy to use
  • Great customer service

Cons:

Can become expensive with add-ons

User Reviews

Buildium is well-regarded for its powerful features and ease of use. Some users note that costs can add up with additional features.

  1. Propertyware

Propertyware is tailored for single-family property managers, offering scalable solutions to grow your business.

Key Features

  • Customizable dashboards
  • Advanced accounting
  • Maintenance management
  • Marketing and leasing tools
  • Tenant and owner portals

Pricing

Pricing starts at $1 per unit per month, with a minimum fee of $250.

Pros and Cons

Pros:

  • Highly customizable
  • Powerful reporting tools
  • Strong support for single-family properties

Cons:

  • Steep learning curve
  • Steep costs for small portfolios

User Reviews

Users appreciate Propertyware’s flexibility and robust features, though some mention a learning curve for new users.

  1. TenantCloud

Description

TenantCloud offers flexible pricing plans tailored to meet the needs of landlords and property managers, regardless of the size of their portfolios.

Key Features

  • Online payments
  • Tenant screening
  • Maintenance requests
  • Marketing tools
  • Accounting and Reporting

Pricing

TenantCloud has a plan designed to make your property management tasks easier and more efficient. Start with our Starter plan at $15.60/month or $187 if billed annually for essential tools or upgrade to Growth, Pro at $ 29.30/month or $352 if billed annually, or Business for more advanced features and greater control over your properties. 

Pros and Cons

Pros:

  • Easy to use
  • Good for small landlords

Cons:

  • All prices exclude any applicable taxes.
  • Custom pricing for the Business plan ensures tailored solutions to meet specific business needs.
  • Financial reporting is not easy to read and understand.
  • Transferring money takes 5-7 days.
  • Online payments charge a small transaction fee.

User Reviews

There are a few features that can be a bit challenging to use. Some options accessible through the settings menu are not as straightforward as those in the main dashboard navigation. This can make it slightly more complicated for users to find and adjust certain settings.

  1. Yardi Breeze

Description

Yardi Breeze is designed for small to mid-sized property managers, offering a simple and powerful solution.

Key Features

  • Online payments and maintenance
  • Automated marketing
  • Reporting and accounting
  • Mobile access
  • Tenant screening

Pricing

Pricing starts at $1 per unit per month, with a minimum fee of $100.

Pros and Cons

Pros:

  • Easy to use
  • Mobile-friendly
  • Comprehensive support

Cons:

  • Limited customization 
  • Additional costs for live phone support

User Reviews

Yardi Breeze is praised for its simplicity and effectiveness. Some users wish for more customization options.

Conclusion

Choosing the right property management software is essential for efficient property management. SimplifyEm is affordable, easy to use, and feature-rich, making it ideal for small to mid-sized property managers. Each tool listed here offers unique benefits, so consider your specific needs and budget when making a decision. Investing in the right software can simplify your operations and improve tenant satisfaction, leading to a more successful and profitable business.

Ready to streamline your property management? Try SimplifyEm today and experience the difference. Visit our website to learn more and book your free demo now!

 

SimplifyEm vs DoorLoop : Which is Best for Property Management?

Filed Under: Property Management

Introduction

Managing rental properties can be difficult, but property management software can make it much easier. SimplifyEm and Doorloop are two popular solutions for landlords and property managers who want to manage their workload more efficiently. In this article, we’ll compare SimplifyEm with Doorloop to help you decide which is ideal for your needs.

A group of people working together at a wooden table, with various office supplies, notebooks, and a laptop. One person is typing on the laptop, another is writing notes by hand, and there are colorful sticky notes and documents spread out on the table.
Team members collaborate on property management tasks using both digital and traditional tools.

SimplifyEm is well-known for its simple user interface and features that make property management easier. It includes features for recording rental payments, managing leases, and resolving maintenance requests. On the other hand, DoorLoop offers a comprehensive set of functions, making it an effective alternative for managing more complex property management requirements.

We will look at the primary features, pricing, and user experience for both SimplifyEm and Doorloop. By the end of this comparison, you’ll have an idea of which software best meets your property management needs. Let’s get started. 

Features of SimplifyEm

A laptop displaying the SimplifyEm property management software interface, showing various income and expense items for a property.
The SimplifyEm property management software interface provides an organized view of income and expense items for efficient property management.

SimplifyEm is known for its intuitive design and straightforward features aimed at making property management simpler. Here’s what you can expect:

Accounting – Track your finances effortlessly with built-in accounting features.

Credit Check – Perform credit checks on potential tenants to ensure reliability.

Communication Management – Manage all tenant communications in one place.

Online Payments – Enable tenants to pay rent online, simplifying the collection process.

Document Management – Store and manage important documents securely.

Work Order Management – Handle maintenance requests with ease.

Tenant Tracking – Keep detailed records of all tenant information.

Portal for All – A dedicated portal for tenants, owners and vendors  to make online payments and requests on time.

Tax Management – Manage and track taxes efficiently.

Rent Tracking – Monitor rent payments and track overdue accounts.

Rent Collection – Automate rent collection to ensure timely payments.

Listing Management – Easily manage property listings and vacancies.

Features of DoorLoop

Doorloop aims to streamline property management with these features:

Accounting Integration – Built-in accounting features to keep your finances in check.

Maintenance Management – Simplify the process of handling maintenance requests.

Tenant Portal – A dedicated portal for tenants to make payments and requests.

Customizable Dashboards – Create dashboards to monitor key metrics at a glance.

Pricing Model

Here’s a look at the pricing for both platforms:

SimplifyEm Pricing

SimplifyEm Monthly Pricing Plans table showing different pricing tiers based on the number of units managed.
SimplifyEm offers a range of monthly pricing plans based on the number of rental units managed, starting at $40 per month for up to 10 units.

SimplifyEm Property Management Software Plans: Starter and Plus

Managing rental properties can be a breeze with the right tools. SimplifyEm offers two robust plans to cater to different property management needs: the Starter plan and the Plus plan. Here’s a breakdown of what each plan offers in simple terms.

Starter Plan (1 – 30 Units)

The Starter plan is perfect for smaller property managers handling up to 30 units.  Here’s what you get:

  • Full income & expense tracking
  • Generating detailed reports
  • Online payments
  • Managing tenant & lease information
  • Manage vendors
  • Year-end taxes
  • Renter’s insurance
  • Professional owner reports
  • Unlimited document storage
  • Rental listings
  • Online rental applications
  • Online lease agreements
  • Tenant screening
  • Mobile App
  • Free Onboarding & Training
  • Email, text messages, & live phone support.  Support is also extended to tenants, owners and vendors.

Plus Plan (1 – 2000 Units)

The Plus plan is designed for larger property management operations, handling anywhere from 1 to 2000 units.   For every batch of 10 units above 100, the Plus plan is billed in increments of $10 per month. Contact sales@simplifyem.com for more details. 

This plan includes everything in the Starter plan and more:

  • Communication History
  • Two-Way Texting
  • Document Sharing
  • Portals
  • Manage Bank Accounts
  • Tasks & Work Orders
  • Sub-users & Access Rights
  • Automation
  • Export to QuickBooks & Excel
  • Free On-boarding & Training
  • Free Support: Email, text message, and live phone support are included. Free support for tenants, owners, and vendors.

Starter plans can get all of the Plus plan features at the P10, P20, P30 level for an additional $10/month.

DoorLoop Pricing

For a single unit, the pricing plans are as follows:

Starter Plan

  • $59.00 per month (Billed yearly)
  • For 1 unit: $69.00 per month

Pro Plan

  • $119.00 per month (Billed yearly)
  • For 1 unit: $139.00 per month

Premium Plan

  • $169.00 per month (Billed yearly)
  • For 1 unit: $199.00 per month

DoorLoop charges more for its Pro and Premium plans, which include additional features beyond the starter plan.

DoorLoop pricing plans showcasing Starter, Pro, and Premium tiers with respective monthly rates billed yearly.
DoorLoop offers three pricing tiers for its property management software: Starter at $59 per month, Pro at $119 per month, and Premium at $169 per month, all billed yearly.

Starter Plan Includes:

  • Accounting & Financials
  • CRM for Prospects
  • Maintenance
  • RapidRent Online Payments
  • Tenant Screening
  • eSignature
  • Email & Chat Support
  • Tenant Portal

Pro Plan: $119.00 Per Month (Billed Yearly)

  • Everything in the Basic Plan, plus:
    • Outgoing Payments
    • Owner Portal
    • Market Online
    • Calendar
    • User Access Roles
    • Bank Account Reconciliation
    • Tenant Announcements
    • Customizable Dashboards
    • Email, Chat, Phone, & Zoom Support
    • CAM Charges
    • QuickBooks Online Sync
    • Budgeting

Premium Plan: $169.00 Per Month (Billed Yearly)

  • Everything in Pro Plan, plus:
    • Free Incoming ACH Payments
    • API Access
    • Zapier Integration
    • Free Personalized Website
    • Unlimited Users
    • Unlimited Data Storage
    • Unlimited Free eSignatures
    • VIP Priority Support

User Reviews

SimplifyEm Reviews

  • Ease of Use: SimplifyEm is often praised for its user-friendly interface.
  • Customer Support: Quick and responsive support team.
  • Cost-Effective: Provides great value for money.

DoorLoop Reviews

  • Feature-Rich: Users appreciate the wide range of features.
  • Visual Dashboards: Customizable dashboards are a hit among users.
  • Learning Curve: Some users mention a slight learning curve due to the extensive feature set.

Integration

SimplifyEm Integration

SimplifyEm integrates seamlessly with various platforms, streamlining property management.SimplifyEm integrates with several rental advertising sites, including Zillow, Trulia, HotPads, Apartments.com, and Realtor.com. Additionally, we also integrate with:

  • Sureapp for Renter’s Insurance
  • Payscore for income verification
  • Contemporary Information Corp. provides tenant screening services
  • Twilio for two-way texting
  • ACH.com for online payments
  • Export for data is available for Quickbooks

DoorLoop Integration

DoorLoop also offers integrations with various third-party applications, making it easier to manage all aspects of property management from one platform.

Customer Support – SimplifyEm

At SimplifyEm, we’re all about making your property management experience as smooth as possible. World-class support team and dedicated onboarding team to ensure your success, whether you’re a new customer, a potential client, or simply have a question.

Product Demos

Curious about what SimplifyEm can do for you? Request a free, personalized demo with one of our product experts. Discover how our software can streamline your property management business and make your life easier.

Customer Support

Need assistance? Reach out to us at support@SimplifyEm.com,or schedule one-on-one training available at your convenience. Quick response times and reliable support. You can also give us a call at 1 (510) 790-9066. We’re here to help!

Feedback

Your feedback is invaluable to us! Whether you’re a real estate investor, property manager, or landlord, your insights help us improve and serve you better. Share your thoughts with us at feedback@SimplifyEm.com.

Contact Information

  • Feedback or Comments: feedback@SimplifyEm.com
  • Press Inquiries: press@SimplifyEm.com
  • Sales & Support: sales@SimplifyEm.com, support@SimplifyEm.com
  • Partner Inquiries: partners@SimplifyEm.com
  • Legal Inquiries: legal@SimplifyEm.com
  • SimplifyEm Careers: jobs@SimplifyEm.com

SimplifyEm is committed to being your reliable partner in property management.  Feel free to contact us with any questions or concerns. We’re here to assist you at every stage!

Customer Support – Doorloop

DoorLoop provides comprehensive support and training features to help you get the most out of your property management software.

  1. Support Options:
  • Support by email or chat –  Monday to Friday from (9 AM to 9 PM).

           Starter Plan: Email and Chat Support Only

            Pro Plan: Email, Chat, Phone, and Zoom Support

            Premium Plan: Everything in the other plans plus VIP Priority Support

 Demos and Trials

SimplifyEm Demo and Trial

  • Take a Test Drive: Explore SimplifyEm without commitment. Try out all the features without saving your details, it is ideal for a quick overview of the software. See how SimplifyEm can simplify your property management tasks.
  • Create a FREE Account: Get a free 15 day trial, no credit card needed. Save all your property management details. Access all features without limitations. Manage your tenants, leases, and finances in one place. Receive updates and support from our team.

DoorLoop Demo and Trial

DoorLoop offers a demo and a 14-day free trial, allowing you to explore all the functionalities before making a decision.

Pros and Cons

Pros of SimplifyEm

  • User-friendly interface
  • Cost-effective
  • Quick customer support

Cons of SimplifyEm

  • Need more advanced features.

Pros of DoorLoop

  • Extensive feature set
  • Customizable dashboards
  • Robust integrations

Cons of DoorLoop

  • Steeper learning curve
  • Higher starting price

FAQs

What is SimplifyEm?

SimplifyEm is intuitive property management software designed to simplify the daily tasks related to rental properties, tenant management, and finances.

How much does SimplifyEm cost?

SimplifyEm’s basic plan starts at $40/month, pricing plans vary according to the number of units managed.

What features does SimplifyEm offer?

SimplifyEm offers features like tenant tracking, expense management, automated reminders, and customizable reports.

Is there a free version of SimplifyEm?

SimplifyEm offers a free trial to help property managers get started with property management tasks. The free trial includes essential tools for managing properties, tenants, and finances, making it a great option for those who are new to property management software or have smaller portfolios. Once the free trial period is over, there is an opportunity to upgrade the subscription to a paid version.

Who can benefit from using SimplifyEm?

Property managers, landlords, and real estate investors can all benefit from using SimplifyEm. 

Conclusion

The choice between SimplifyEm and DoorLoop is ultimately based on your individual requirements and budget. SimplifyEm is an ideal choice for smaller businesses looking for a cost-effective, simple property management solution. Its core features are ideal for people who value simplicity and cost-effectiveness.

On the other hand, DoorLoop’s advanced capabilities make it suited for larger portfolios that demand a more comprehensive toolkit.

Are you ready to streamline your property management processes? Take advantage of SimplifyEm’s free trial today to learn how it can easily integrate into your workflow. Don’t pass up the opportunity to simplify your property management with a solution tailored to your needs.Try SimplifyEm now!

 

 

 

 

 

SimplifyEm Google Reviews - Rated 4.8 out of 5 SimplifyEm G2 Reviews - Rated 4.7 out of 5 SimplifyEm Software Advice Reviews - Rated 4.8 out of 5 SimplifyEm Capterra Reviews - Rated 4.7 out of 5

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