Many businesses rely on tedious and time-consuming spreadsheets and pay attorneys hefty fees to write a state lease agreement for their property. However, as they deal with a massive volume of leases, these businesses can fall behind due to the complexity and variety of tasks like tenant screening, lease creation, rent collection, etc. Lease management software can eliminate these cumbersome paper-based systems by bringing the entire leasing process online.
When using lease management software, businesses can write lease agreements and create addendums to adjust the terms of their existing agreement when needed. These documents are critical for following rental laws, to protect the rental property, and to keep the lessor (landlord or property owner) and the lessee (tenant or renter) accountable. Both parties have a range of duties to fulfill during the tenancy.
Landlords must provide habitable living conditions, respect the privacy of tenants, ensure timely repairs, etc. On the other hand, tenants must also obey the rules and important policies stated in the lease agreement to avoid conflicts with the landlord and or to incur ayn violations. Understanding and following these agreements contributes to seamless business operations and a healthy relationship between the two.
Having a solid lease agreement benefits the lessor and the lessee and protects the rental property. It sets the right expectations for resolving disputes amicably and having a smooth rental experience.
Leasing software also automates the time-consuming tasks involved in the multiple stages of the leasing lifecycle, so rental property owners can process a larger number of applications and manage more tenants efficiently. It consolidates the lease agreements, tenant details, payment records, and the leasing history for each unit into one database, reducing the risk of human error and making lease management more user-friendly for the landlord and the tenant.
Rental property owners can facilitate seamless tenant interactions, handle documents more efficiently, and get real-time access to lease information. They can perform a variety of tasks without much effort by utilizing lease management software.
Reduce the administrative burdens of managing a lease portfolio by adopting one of the top 5 best lease management software. Read further to learn about their pricing plans and features.
#1 TurboTenant
Overview
TurboTenant removes the pain points of managing rental properties through its comprehensive set of features that cover the full spectrum of lease management. The software provides a user-friendly interface, reducing the time needed for training and adaptation. It also offers mobile apps so property owners and tenants can perform tasks and access information on the go.
TurboTent streamlines the entire process through its free and easy-to-use tools. Landlords can use the rental property management software to receive online rental applications, screen tenants, obtain credit reports, and more. It also protects them from any potential rental housing scams by utilizing machine learning to identify fraudulent listings, verification, and partnering with industry leaders such as Stripe and Plaid to keep payment information private for rent collection.
The rent collection app also works in favor of the lessee. Tenants can leverage TurboTent to build their credit history and pay rent on time. It reports on-time payments automatically to TransUnion, a trusted credit bureau responsible for collecting and maintaining consumer credit reports. Tenants who pay on time get the credit score they deserve to achieve their financial goals like getting approval for a car loan.
Rental property owners can use the lease management software for free. Upgrading to TurboTenant's Premium plan grants access to exclusive features like unlimited lease agreements, income verification, waived ACH fees, etc. TurboTenant only charges $9.92/month or $119 for those interested in an annual subscription.
Features
Lease Agreement Generation
TurboTenant can generate comprehensive lease agreements based on the information provided by the landlord, including the unique details about the rental unit, ensuring legal compliance and clarity for the lessor and lessee. The lease management software can also provide state-specific leases to address local legal requirements and best practices for renting out properties so both parties can navigate the complexities of rental laws with ease.
Lease agreements define the duties of the landlord and the tenant. It protects all parties involved through the length of the lease and keeps them accountable when violations occur like unlawful eviction, property damages, or unauthorized pets.
Rental Application Forms
Landlords can better evaluate potential tenants through rental application forms before offering them a lease agreement. Using these forms can decrease the amount of time a rental property is vacant, ensuring landlords can maximize the return on the unit. Once the potential tenant completes the form, TurboTenant instantly provides a screening report detailing the applicant's background and preferences, which includes an overview of their credit score, criminal background, and eviction history.
Online Condition Reports
TurboTenants can also protect lessors and lessees from conflicts about the condition of the rental property. Online condition reports record the state of the unit, such as if there are stains on the wall or a door handle is not functioning properly, notifying the landlord about the unit's cleanliness, damage, and repairs needed. These reports also help clarify security deposit returns upon move-out, ensuring the unit incurred no damages from the tenant's actions during the leasing period.
Automated Property Marketing
TurboTenant saves the time and effort to market a rental property. The lease management software can generate a listing for property owners at the click of a button. It sends the listing to sites that advertise to high-quality leads, expanding the property's visibility so the vacancy gets filled as soon as possible.
Online Rent Collection
Landlords can collect rent online by using TurboTenant. It keeps clear records and sends professional receipts to tenants whenever a payment is made. The rent collection app can send out automatic reminders to remind them about upcoming or unpaid charges.
The lease management software also lets landlords implement late fees, ensuring timely and consistent rent payments to maintain the rental property and meet other financial obligations. They can also track the cash flow and access real-estate-specific reporting since TurboTenant fully integrates with the REI Hub accounting system. It syncs rent payments, expenses, and bank accounts for quick and accurate reporting.
Reasons to consider:
Free and affordable
Automatic pre-screeners
Unlimited property listings
State-specific lease agreements
Reasons to avoid:
Advanced features like e-signatures and income verification are exclusive to the Premium plan.
#2 Rent Manager
Overview
Rent Manager centralizes all the tools needed to run a rental business into a single integrated solution, from accounting and reporting resources to work order and management capabilities. It also boasts an ever-growing network of integrated technology providers. This lease management software can handle real estate portfolios of every type and size, evidenced by a customizable, intuitive interface.
Rent Manager offers three bundles that meet the operational and budget needs of rental property owners. The pricing starts at $1 per unit/month with an implementation package twice the monthly fee.
Rent Manager also offers a wide variety of solutions to personalize the software experience, like custom websites, integrated phones, integrations, and 24/7 maintenance and leasing support. Based on its cost and Basic features, it favors landlords seeking big cost savings and a comprehensive solution for lease management.
Features
Prospect and Tenant Portal
Rent Manager gives tenants the flexibility to pay and other charges online through its prospect and tenant portal. Renters can also submit maintenance requests through the portal instead of going to the leasing office, resulting in fewer interruptions for property managers and owners.
Landlords can use this portal to make the leasing and renewal process more efficient, like sending new leases to prospects or updating lease agreements to renewing tenants. The prospect and tenant portal possesses e-signature capacities, ensuring the lease agreement is legally binding. Rent Manager removes the stress and unnecessary paperwork through its web portals. All signed documents appear in the database.
Easy-to-Use Mobile App
Lease management tasks go beyond the four walls of the leasing office and business hours. Rent Manager keeps renters and property owners connected through its easy-to-use mobile app. Tenants can pay and view payments through the app, submit maintenance requests, etc. Meanwhile, landlords can use the app to answer queries and resolve service issues while staying in touch with the tenants, even when they're out of town.
Guest Cards
Guest cards let potential customers place a contact submission form on a custom website (added service). Rent Manager automatically generates a contact profile for the interested prospects in the database, which property managers can leverage for rental property showings or early tenant screening.
Prospect Manager
The lease management software also provides valuable insights, tools, and reports for tracking prospects and marketing campaigns. The prospect manager strategically markets the rental unit by tailoring each message for each prospect with customizable unit profile letters, emphasizing the certain amenities they have in mind.
Reasons to consider:
Responsive customer service
Depth of functionality
Customizable tenant portal
Reasons to avoid:
Temporary crashes
Slight learning curve
#3 Buildium
Overview
Buildium contains a comprehensive set of features that can set any rental business up for success. It offers a full toolkit users can leverage to manage the entire leasing lifecycle, from rental listings to reports and analytics. Besides a dedicated mobile app, it also offers an ecosystem of industry-leading apps for integration.
Buildium offers a 14-day free trial of its packages. The pricing starts at $55/month to manage up to 150 units. It offers a 10% discount for annual subscriptions. Interested customers can also customize the subscription, depending on the features and services they need, like renters insurance to protect properties and residents, tenant screening, and ePay for online payments.
Features
Flexible Templates
Buildium provides flexible templates landlords can customize for the rental business. These templates can speed up completion with over 50 autofill fields. The lease management software also has e-signature abilities so property owners can collect signatures securely and digitally without hassle. Applicants can sign from anywhere and on any device. Every document gets automatically uploaded to the landlord's account.
Rental Listings & Showings
Buildium can create and share rental listings across partner sites, including Zillow, Zumper, Apartments.com, and more, with one-touch syndication. Landlords can set up showing appointments online, so prospective residents can instantly schedule whenever they want to see the rental property.
Online Applications & Screenings
Landlords can collect applicant information easily through online applications. Buildium integrates these into the property management website so applicants can apply immediately from the listing. The lease management software keeps them organized in the applicant dashboard where the landlord can view the status of all applications.
Moreover, landlords can request a tenant background check, and Buildium can begin the screening process. Accepting or rejecting tenants takes less time as landlords can set custom credit score requirements for each property. The lease management software notifies the applicants whether they have been accepted and adds them to the Resident Center, where landlords can collect payments, track maintenance requests, etc.
Reasons to consider:
Complete set of functions
Customizable
Secure
Reasons to avoid:
Pricey
#4 Innago
Overview
Innago makes lease management simple, accessible, and affordable for landlords seeking a budget-friendly solution. It stands out for its ease of use and simple setup. Most of its features are free. For now, the platform only charges requests for income verification, ACH payments, and credit/debit card payments, including requests for criminal, credit, and eviction history.
Features
Free Mobile App
Innago offers a free mobile app that is available for iOS and Android devices. From screening tenants and signing documents to messaging and maintenance, it provides an exceptional digital experience for managing tenants and properties.
The mobile app also boasts a Global Search ability, which makes it easier to retrieve documents, find tenants, and review other records like invoices and lease agreements. Landlords can also take pictures using Innago to record expenses as they happen.
Online Lease Signing
Landlords can fill vacancies faster without inconveniencing the tenants through online lease signing. Innago offers lease templates with automated fields for rental amounts, lease dates, pet addendums, etc. They can easily make edits and revisions through the lease editor, which is accessible through the desktop application or mobile app.
Unlimited, Accessible Storage
Innago offers unlimited storage for documents and records. Landlords can sign and store as many leases for free, which they can also quickly access through their smartphones or tablets. The lease management software becomes a central file cabinet that tenants can access for any necessary paperwork and disclosures, except when a sensitive file is kept private.
Reasons to consider:
Free desktop and mobile app
Affordable fees
SOC 2 compliant
Reasons to avoid:
No professional website for listings
Takes time to become fully familiar with the features
#5 ResMan
Overview
ResMan streamlines and accelerates all leasing activities within an intuitive search-to-sign leasing workflow. It provides real-time visibility into KPIs property owners need to see where individual properties and portfolios stand. Landlords can initiate most tasks directly from the homepage dashboard and complete the action in 3 clicks or less.
The lease management software offers a broad set of features packaged into "Levels" to meet the needs of businesses of scale and maturity. It also offers marketing packages and add-on solutions that users can leverage to improve operational efficiency and increase tenant retention.
Features
Listing Management
Landlords can leverage the native platform to market available units online and provide prospects with a user-friendly way to view all units that meet their search criteria. They can edit and update property listings from within ResMan and integrate the data across MLS (multiple listing service) and real estate listing services.
Rental Applications
The lease management software helps consolidate workflows and increase conversions through online rental applications. Landlords can customize these applications based on how much or little information they need from the potential tenants. Applicants can upload them directly into the software without hassle. ResMan securely stores all records, including leasing documents, which applicants can easily access anytime and anywhere.
Reasons to consider:
Easy to navigate
Mobile friendly
Reasons to avoid:
Glitches occur when system updates roll out.
The reporting could be improved.
Conclusion
Lease management software streamlines the day-to-day operations, increasing the overall efficiency of landlords and property managers. It simplifies the application and screening process and signing of lease agreements, ensuring vacancies are filled quickly by tenants with credible backgrounds. It also facilitates seamless communication between the lessor and the lessee through an online portal and mobile app.
Running a rental property comes with its fair share of challenges and hurdles, yet yields huge returns when done properly and efficiently. Choose from the top 5 best lease management software in 2024 to automate routine and time-consuming tasks and provide a better service to tenants with less effort.
