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Managing rental properties can be daunting for DIY landlords, considering the many responsibilities involved. From tenant screening to rent collection and maintenance, the demands can be overwhelming. Fortunately, landlord software solutions have emerged as valuable tools that streamline these tasks.
In this article, we'll explore three popular software options available for Columbus landlords: TurboTenant, DoorLoop, and Stessa. Our goal is to provide a comprehensive comparison that will help you determine which platform is the best fit for your needs.
Key Features to Consider in Landlord Software
When evaluating landlord software, you need to focus on the key features that directly affect your property management efficiency. The right software can transform how you manage your properties, allowing for a more streamlined and organized approach to landlord duties.
Tenant screening and applications: This feature allows you to vet potential tenants through background checks and credit scoring. A thorough screening process reduces the risk of problematic tenants and helps build a trustworthy community in your properties. Many software solutions offer customizable screening criteria, enabling landlords to tailor their approach based on specific property needs.
Rent collection and payment processing: Automating rent payments can significantly reduce late payments and streamline cash flow. With features like recurring payments and online payment portals, tenants are more likely to pay on time, enhancing your revenue stability. Additionally, some platforms offer reminders and notifications, keeping tenants informed about upcoming due dates.
Lease management and document storage: Organizing leases and important documents in one place helps in maintaining compliance. This feature saves time by ensuring you have quick access to critical documents when needed, whether for legal purposes or tenant inquiries. Many systems provide templates for lease agreements, making it easier to create and modify contracts as necessary.
Maintenance tracking and communication: A straightforward method for tenants to report issues helps landlords manage repairs efficiently, which often includes a ticketing system that allows landlords to prioritize requests based on urgency, ensuring that critical issues are addressed promptly. Some software solutions enable communication logs, which can be invaluable for tracking interactions and resolutions.
Accounting and financial reporting: Detailed reports can help understand profitability and manage taxes. With integrated accounting features, landlords can track income and expenses in real time, simplifying tax preparation. The ability to generate financial reports at the click of a button provides insights into cash flow trends, helping landlords make informed decisions about their investments.
Cost and scalability for growing portfolios: As you add more properties, the software should grow with you. Look for solutions that offer a tiered pricing plan or additional modules that can be activated as your portfolio expands. This flexibility ensures that you won't have to switch systems as your needs evolve, saving you time and resources in the long run.
In addition to these core features, consider the importance of a user-friendly interface and customer support. A software platform that is easy to navigate can significantly reduce the learning curve for both landlords and tenants. Responsive customer support can be a lifesaver when technical issues arise or when you need assistance with specific features. Some software providers even offer training sessions or webinars to help users maximize the platform's capabilities, a particular benefit for those new to property management.
Another aspect to consider is mobile accessibility. In today’s fast-paced world, having the ability to manage properties on the go is invaluable. Many landlord software solutions offer mobile apps that allow landlords to handle tasks such as rent collection, maintenance requests, and tenant communications from their smartphones or tablets. This level of accessibility ensures that you can stay connected to your properties and tenants, no matter where you are, enhancing your management efficiency.
TurboTenant: Overview and Best Use Cases
TurboTenant caters primarily to small-scale landlords who desire an intuitive platform without hefty costs. One of its standout features is its free tenant screening and applications, making it easy to assess potential renters.
Some of its notable offerings include:
Online lease signing and management
Rent collection with automated reminders
Basic maintenance request tracking
Pros of TurboTenant include its cost-effectiveness, as it is free for landlords, with tenants covering the application fees. Additionally, its user-friendly interface is ideal for those managing limited properties without complex needs.
However, TurboTenant does have limitations, such as restricted accounting features and no built-in maintenance management tools. So, it's best suited for small DIY landlords looking for a simple solution.
DoorLoop: Overview and Best Use Cases
In contrast, DoorLoop offers a comprehensive property management solution, making it perfect for medium to large portfolios. Its robust set of features includes comprehensive property management capabilities that encompass leases, tenants, payments, and maintenance.
Key features include:
Accounting integration with QuickBooks
Customizable workflows and automation
Mobile-friendly platform for on-the-go management
DoorLoop's strength lies in its extensive functionality, allowing for advanced reporting and financial tracking, supported by its dedicated customer support and onboarding. However, it does come with a monthly subscription fee starting at $69, and new users may experience a learning curve.
This platform truly excels for landlords managing multiple properties who require a full-service solution.
Stessa: Overview and Best Use Cases
For investors and landlords who prioritize financial management, Stessa stands out with its automated financial tracking and reporting capabilities. It's particularly beneficial for owners looking to analyze their return on investment across multiple properties.
Noteworthy features include:
Free rent collection and expense tracking
Performance dashboards for ROI analysis
Tax prep tools and integrations
The primary advantage of Stessa is that it remains free for its core features while offering strong accounting capabilities. However, it is less suitable for those needing tenant screening and lease management tools, and its property management functions are somewhat limited.
Stessa is ideal for real estate investors concentrating on financial performance over tenant management.
What If DIY Property Management Isn’t for You?
While managing rental properties yourself can save money, it often requires a significant time investment. Tasks such as tenant screening, legal compliance, and maintenance coordination can be overwhelming, especially for those juggling multiple responsibilities. That’s why so many investors choose to work with a trustworthy property management company like Evernest.
Consider transitioning to a property management company if you find yourself:
Struggling with daily tasks across multiple properties
Living far from your rental properties and needing prompt local support
Preferring a hands-off investment approach
Overwhelmed by tenant issues or legal matters
Pros of engaging a property management company include that it manages all aspects, ensuring compliance with local regulations, which ultimately saves you time.
However, keep in mind that fees typically range between 8% and 12% of the monthly rent, leading to less direct control over tenant interactions and property decisions.
Which Software (or Approach) is Right for You?
Choosing the right software or management approach depends on your specific needs:
Choose TurboTenant if you seek a straightforward, cost-free solution for tenant screening and rent collection.
Select DoorLoop if you're looking for a comprehensive platform capable of managing multiple properties.
Opt for Stessa if your primary focus is on tracking rental income and expenses for investment performance.
Consider a property management company if you find DIY tasks too time-consuming and prefer a more hands-off involvement.
Wrapping Up: Top DIY Landlord Software in Columbus: TurboTenant Vs. DoorLoop Vs. Stessa
Ultimately, the best approach hinges on your portfolio's size, budget, and management style. Columbus landlords are encouraged to evaluate their needs and take full advantage of free trials or demos before making a commitment.
For those who find self-management overwhelming and seek to earn passive income, enlisting the services of a trustworthy property management company like Evernest is the most beneficial investment. Get started with our Columbus property management team today!
Disclaimer
All claims are a result of an industry-wide audit done by our in-house team. If we missed something or have provided incorrect information, please let us know at marketing@evernest.co.
