What is the best property management software in Canada and why would it interest you?
The property management industry is expected to generate $114.9bn in 2023.With the upsurge in money generated from real estate rentals, it’s no wonder we’re seeing an abundance of rental manager software designed to help landlords and property managers stay organized. Which is the best rental property management software for you?
Why invest in property management software?
Regardless of the number of properties in your real estate portfolio, good property management software can simplify everyday tasks by helping landlords attract, screen, and manage tenants, answer maintenance requests, and organize expenses and revenue. Property management technology makes it possible to spend less time on day-to-day tasks and more time generating profits.
Although there is plenty of rental management software in the market, not all are created equally, and each are designed with specific functions in residential or commercial.
- Residential real estate consists of student housing and single-family residences.
- Commercial real estate properties encompass commercial and business operations such as multi-family rentals, office buildings, medical practices, hotels, clubs, restaurants, and retail outlets. Industrial real estate consists of warehouses, labs, and distribution centres that fall under the commercial real estate umbrella.
A rental property product should meet the following criteria:
- Ability to track, monitor, and store a real estate property’s clients, tenants, and finances.
- Automate and streamline the property’s day-to-day activities, including payments and operations.
- Facilitate and expedite communication between the renter and the property management company/business owner.
- Easy to use and maintain.
Rent Manager Software available for Canadians
With so many digital platforms available for today’s property managers, how can you choose the best property management software? It’s increasingly more work to find a one-size-fits-all platform since each company’s needs differ.
Analyzing each software’s pricing structure, availability, and features is a time-consuming process that busy property managers don’t always have time to do.
The following list highlights some of the best and brightest property management software options available for Canadian property managers.
- Tenantcube – one-stop platform that combines software and services that provide effective solutions for small residential landlords and rental professionals. Tenantcube includes rental advertising, applicant screening, digital tenant onboarding, leasing, payment collection, and coordination services. An additional feature is real estate investors and managers can showcase properties through micro websites promoted across all major rental sites with one click. Tenantcube offers a tiered pricing structure starting at $1 per unit per month for Basic software only $19/unit/month, Essential plan, $29/unit/month, for the Complete plan.
- Liv.rent – is a property management solution created to automate workflow from tenant screening to signing, collecting rent payments, and a multi-step verification process for communicating with renters, a marketing suite, a centralized dashboard for managing rent payments and documents on a secure, cloud-based document storage. Starting price for Essentials is $0, $18/month/Growth, and $299/month for business.
- Buildium – is a Canadian Property Management Software that was designed by property managers to help other property managers. Buildium supports accounting to lease and property maintenance. It does not include Tenant Chat or Rental Advertising. The software is available in more than 45 countries. Prices start at $50/month and are scaled depending on the number of listings (up to $460/month).
- Yardi Breeze – Yardi is a popular and well-known property management software for owners of small to medium portfolios. For owners of large portfolios, Yardi Voyager includes multichannel marketing, online learning, deal management, facilities management, document management, and energy management. Yardi Breeze lacks instant chat, with tenant communication only available via SMS or email. Pricing starts at $1 unit/month to $2/unit/month for premium features.
- AppFolio – AppFolio is another popular option, that doesn’t yet have lease addendums, an instant way to communicate with tenants, or automated rental advertising. However, AppFolio is easy to use. Starting price is $1.40/unit (minimum $280/month).
- Doorloop – is a popular choice among landlords and property managers because of its everything in one place approach. The platform also lets users manage different types of properties, like commercial and student housing, without additional fees, which makes it appealing for companies with varied portfolios. It does not include instant chat, lease addendums, automated advertising, and rental pricing insights within listings. Starting price $49/month.
- RentMoola – is a collaborative platform that pairs property management associations, payment suppliers, and industry experts to create a world-class partner ecosystem. Their claim to fame is their payment network which allows tenants to pay from any device anywhere in the world while having access to multiple payment methods, including a line of interest-free credit during emergencies.
- Property Vista – is designed for Canadian property managers and includes a tenant portal with email, SMS or bulletins communication but doesn’t have a built-in instant chat. The platform does not have automated advertising, addendums, and a centralized dashboard. Starting price $1.35/unit (minimum $250/month).
- TurboTenant – is a rental property management solution that offers basic marketing, management and organizational functions. The platform is free for landlords because tenants pay for the application process – including screening, paying rent, and optional insurance. Landlords can pay for additional services like e-signing, lease agreements, and additional forms. Free for landlords.
- SingleKey – is purely a tenant screening and credit check solution, so it provides a different range of functions than other platforms on this list. Its screening reports are pay-per-use rate as opposed to a monthly plan. Additionally, SingleKey offers digital rent payments for landlords and property managers.
- Rentify – similar to SingleKey and Frontlobby, Rentify offers one service: tenant screening and provides complete financial information rather than a simple credit check. Landlords have the option to customize according to their needs. Starting price is $12.99/report.
- Rent Panda offers a comprehensive suite of online tools to rent a home or to find quality tenants for your rental including a team of rental professionals to find a tenant for you or manage your property. Rent Panda includes unlimited rental postings, access to tenant profiles, scheduling, guild sign and store leases, move-in/move-out inspections, reposting, notices to tenants, and instant repair requests for free. The add-ons such as posting to kijiji and facebook and tenant screening are offered at an additional cost.
Free Property Management Software
To keep costs low, some rental manager software programs offer a basic free tier. Every saving helps!
- Total Management – focuses on landlords who deal in residential, commercial, and student housing properties. Total Management provides communication with tenants, tenant tracking, and auditing statements. Total Management also gives a free trial to the new users. It lacks Tenant Chat and pre-loaded lease addendums. Starting price is $1/unit/month for residential and $2.50/unit/month for commercial.
- Building Stack – designed for Canadian property managers, it has various pricing options, including a free tier that enables digital rent payments. Property managers can customize Building Stack’s marketing or communication features without paying for more, or can opt for the ‘Full Stack’ package. Starting price $99/month for the Core option and $399/month for the Full Stack option.
- Frontlobby – is solely a tenant screening, background check and credit reporting solution and is the only platform connected to Credit Bureaus. This enables landlords to report good tenants to improve their credit rating, and to report and impact late paying tenants credit scores. Frontlobby has a three-tiered structure, a free basic plan, Premium $239/year, and Enterprise.
What is the best property management software in Canada?
It’s hard to choose a star for the best property management software in Canada since many factors will influence your decision, such as your business’s individual needs, your/your staff’s tech skills, comfort level, and your budget. Comparing your preferences, needs, and budget to the property management software list will help you decide which is the best property management software for you.
What are your thoughts on the best property management software?
I’d love to hear how [email protected].
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