Managing the finances of rental properties can often feel like a juggling act, balancing multiple tasks, from tracking rental income and expenses to ensuring timely payments and managing maintenance costs. For landlords and property managers, especially those handling multiple properties, these tasks can quickly become overwhelming. However, the rise of innovative financial management tools is transforming the scenario and making it easier than ever to maintain financial health and maximize profitability.
These tools are designed to simplify complex processes, offering features such as automated rent collection, expense tracking, and comprehensive financial reporting. They not only reduce the manual workload but also provide valuable insights into financial performance, helping property owners make informed decisions. Having said that, what are some innovative tools to manage rental property finances and ultimately boost your rental property’s profitability? Let’s find out.
Baselane
Baselane is a new way of banking and finance management software specifically meant for landlords. More than 30,000 investors and landlords trust this platform, which provides banking, bookkeeping, rent collection, insurance and lending, taxes and reporting, and more. It doesn’t require any fees up to 4.19% APY and 5% cash back on debit card spend.
You can manage unlimited properties, unlimited reports, real-time visibility into data, and countless other things, which makes Baselane a powerful tool for managing rental property finances. You don’t need to run here and there to get rental payments for your tenants, as its automated rent collection feature simplifies the rent collection process. Managing taxes is no longer a hassle, but rather a breeze with Baselane. It is rightly a name for – a better financial technology for landlords.
Appfolio
AppFolio is a SaaS application headquartered in California, providing tools to make the management of multifamily apartment complexes, communities, and single-family homes easy. Its target audience is generally real estate investors who have a minimum portfolio of 50 properties.
This cloud-based property management software has a mobile application, which makes it all the more simple to use. It doesn’t end right here. It facilitates maintenance requests, tenant background checks, and lease agreements. But buying this software is a bit expensive as it starts with the minimum monthly plan of $280.
Buildium
Buildium works well for property managers or landlords who have 50 or more units, and its pricing strategy depends on the number of units you own. It has rightly been called the all-in-one solution software, and it includes features like maintenance, handling payments, communication tools, and updating financials all through one application.
This tool is especially useful for landlords who have extensive portfolios to manage and not for inexperienced real estate investors. It can become costlier for small property managers, and some of its features are lacking in its mobile application version.
Stessa
Stessa is a free program that allows real estate investors to maximize their profits. You can keep track of your finances in one place with personalized reporting and real-time insights. It is an application built exclusively for managing finances. It has a feature that offers personalized recommendations and custom alerts to allow real estate investors to increase their revenues.
Landlords and property managers can easily prepare documents for reporting and tax preparation and thereby take steps to increase their revenue with real-time insights. You can run unlimited monthly reports through it and view the progress of the financial performance of your property portfolio at a glance.
DoorLoop
DoorLoop is a real estate management system catering to the needs of landlords, property managers, and real estate professionals. Reducing operational complexities, this application helps in maintaining tenant relations. Its CRM and lead management feature allows you to keep all the information of your potential tenants at one place so that you can easily visualize your leasing process.
Some of its features include effective unit marketing, digital document storage, simplified application processing, and maintenance management. Overall, it’s a versatile and user-friendly property management solution that significantly reduces the administrative burden from the heads of the property owners.
Yardi Breeze
A simple yet effective software, Yard Breeze can offer comprehensive solutions for small and mid-size businesses when it comes to property management. Its standard features are – invoice management, vacancy listing, rent collection, and AI-driven customer support.
It truly abides by its tagline, which is “refreshingly simple software.” The pricing strategy takes the type of property into account. For instance, it starts at $1 per unit per month, with an additional minimum fee applicable.
To make a long story short
As the rental property market continues to evolve, staying ahead with the right financial management tools can make a significant difference. They enable you to optimize cash flow, ensure timely payments, and maintain accurate financial records—all of which are crucial for maximizing profitability and ensuring long-term success. Furthermore, the integration capabilities of these tools allow seamless syncing with other essential systems, enhancing overall operational efficiency.
