An increasing number of people pay their expenses, including rent, online. Rent collection software is getting more popular as everyone is searching for tools that streamline daily activities.
Fortunately, there are lots of rent collection software you can download but not all of them have the functionality you need to make the process quicker and easier.
In this post, we have listed some of the best rent collection software that can help you automate payment processes. These tools benefit both landlords and tenants. Try to read this post to the end to find out all we have in store.
Table of Contents
WHAT IS RENT COLLECTION SOFTWARE?
Rent collection software is a tool that enables landlords and real estate agents to track tenants, and leases, collect rent and handle finances, and carry out maintenance assignments. The daily tasks that landlords and other property owners or managers must complete are streamlined and automated by rent collection software.
Rent collection software is primarily used for managing real estate, including space, renters, leasing, accounting, and physical space. Depending on the size of the property portfolio, rent collection software can scale up or down and accommodate a wide range of residential and commercial property types.
ADVANTAGES OF USING RENT COLLECTION SOFTWARE
1. Tracking Of Tenants And Leases.
Rent collection software assists landlords in maintaining a record of tenant information, like lease dates, contact information, and rent payments. They also help in automating the leasing process from prospect to move-out.
Rent collection software enables users to keep track of rent payments, manage a general ledger, and produce reports that show the properties’ financial standing.
3. Portal For Tenants.
Rent collection software also gives renters the ability to contact their landlords at any time, seek maintenance, and pay their rent. Residents can also receive alerts and notifications through this portal regarding impending rent deadlines or important messages from management.
4. Maintenance Management.
Rent collection software helps property managers maintain the utilities and structures in good working order so that renters feel comfortable and valued in their homes. Landlords can assign tasks and monitor timetables, and residents can submit work orders to ensure that crucial property maintenance activities are finished on time.
BEST RENT COLLECTION SOFTWARE
Below is a list of some of the best rent collection software:
1. AppFolio Property Manager
Beginning our list of the best rent collection software is AppFolio Property Manager. AppFolio is a feature-rich cloud-based rent collection software designed to automate and optimize the critical tasks that keep your company running smoothly, including accounting, marketing, leasing, and maintenance.
AppFolio has a straightforward and user-friendly interface that your property management team can use to easily handle residents and owners.
This rent collection software has all you need to expand and streamline your business, whether you manage neighborhood associations, single-family homes, or multifamily apartment complexes.
Its payment plans include Residential at $1.40 per unit per month, Commercial at $1.50 per unit per month, Student Housing at $1.40 per unit per month, and Community Associations at $0.80 per unit per month.
Next on our list of best rent collection software is OnCite. OnCite is a cloud-based rent collection software that assists companies in keeping track of and organizing data about their assets, properties, and portfolios. OnCite supports a range of properties like corporate, medical, industrial, and others, and is intended for large and medium property managers.
Tenants can link to their lease abstracts and properties with the use of OnCite’s contact management tool. It has a dashboard that shows open work orders, expiration leases, unoccupied properties, and due notices.
Users can set up calendar reminders for meetings, project deadlines, lease expiration dates, and preventative maintenance work orders. It also provides tracking for energy and environmental management, contact management, and other relevant aspects.
You can use a mobile device or other portable handheld device, like an iPad, to access the OnCite service and it only costs $199.00
You Might Want To Read: 12 BEST ANTI-PHISHING SOFTWARE
3. Rent Manager
Rent Manager is next on our list of best rent collection software. It is an award-winning rent collection software that is designed for portfolios of any size, like residential, commercial, association, mobile housing, self-storage, and short-term stays.
Some of its features are a double-entry accounting system, maintenance management/scheduling, community interaction tools, marketing integration, mobile applications, over 450 insightful reports, and an API that interfaces with the top PropTech companies on the market.
Rent Manager is ideal for companies managing more than 100 units and a wide range of property types. It is comprehensive enough to handle huge portfolios while being adaptable enough to be tailored to each unique house or apartment.
Rent Manager has two user-friendly mobile apps and provides multiple price alternatives, including an online version that can be customized for each business and standalone solutions. Rent Manager has a starting cost of $1.
Another rent collection software that made our list is Baselane. It is an all-in-one banking and financial platform built for the modern landlord. Baselane makes online rent collection a breeze. In addition to premium capabilities not available on other platforms, such as landlord banking, integrated bookkeeping, reporting and analytics, and much more. This rent collection software enables free rent collection for both landlords and tenants.
Baselane provides various property management services such as tenant screening and landlord insurance, but its primary concentration is on financial property management.
On Baselane, ACH Rent payments are free, and tenants only have to pay 2.99% for debit or credit transactions. For every property and unit, you have the option of depositing rent in either a Baselane banking account or an existing bank account. Baselane banking offers virtual accounts, virtual cards, automatic bookkeeping, and more. You can also earn 4.19% APY and up to 5% cashback.
Buildium is an excellent rent collection software. Buildium is a cloud-based rent collection software that allows managers of residential and association properties to take charge of every part of their operations whether in the office or completely remote. It includes online rent and payment, vacancy management, maintenance cycles, and accounting.
Buildium simplifies the rent cycle with features like automated rent and fee reminders, complete general ledger accounting, tenant and lease tracking, and on-demand reports.
Recently, Buildium introduced additional features like an improved lease renewal procedure, a mobile app and website for the resident center, and renter’s insurance options for tenants. It offers tiered pricing levels without the need for annual contracts or a start-up charge. Plans start at just $50 per month.
Next on our list of best rent collection software is RentMaster. This tool was created to assist companies in keeping track of inventory, orders, deliveries, pickups, and client correspondence. Using this platform, managers can set categories and subcategories to help organize the inventory and track the availability of products.
Supervisors can also organize sales, rentals, and other data according to time and date by using the filter feature. RentMaster enables its partners to process credit card, cash, and check payments as well as set up reminders. Pricing can be found upon request, and assistance can be obtained via phone, email, or online form.
Entrata is next on our list of best rent collection software. It is the first all-inclusive rent collection software with an open-access and a single login having been founded in 2003.
The Entrata platform serves more than 20,000 apartment communities nationwide and spans the Multifamily, Student, Military, Commercial, and Affordable Housing segments and offers a wide range of online tools, including websites, mobile apps, payments, lease signing, accounting, and resident management.
8. Property Boulevard
Property Boulevard is another great rent collection software. It is intended for portfolios of both residential and commercial real estate. Property Boulevard has multiple usage options and can be installed on Windows or used as a web application.
The platform database includes information on a variety of commercial and residential property types, such as homeowners associations, single-family and multi-unit residential properties under Section 8, and retail, industrial, and mixed-use commercial buildings.
Property Boulevard can grow to accommodate changes in organizational size and meet the demands of small, mid-sized, and large businesses. Property Boulevard users can use the system to pay bills, arrange for the collection of rent, manage their properties, and send out legal notices. Property Boulevard’s online service costs $125 per concurrent user per month while the one-time starting price is $2,400.00.
Apartments.com is next on our list of best rent collection software. This rent collection software is perfect for landlords who don’t need integrated bookkeeping and banking tools but still need basic payment functions. Apartments.com provides all the essentials of online rent collection.
This rent collection software simplifies the process of rent collection from one or more tenants sharing a unit at a small transaction cost. It also offers services like online applications, tenant screening, and rental listings.
You Should Read: Best QA Testing Tools For Software
PayHOA is a great rent collection software for self-managed HOAs. More than 23,000 homeowners associations presently use this well-respected cloud-based application. It is used to manage the needs of the community and HOAs, such as online payment collection and member communications.
Other important features of the application include online invoicing, customizable forms for work orders and maintenance, bank sync and reconciliation, A.R. reporting, dues collection, and comprehensive accounting capabilities. Through a member portal, PayHOA can also manage member discussion boards, calendars, and voting.
Next on our list of best rent collection software is PayRent. PayRent provides a simple online rent payment service with a few premium features for landlords who are okay with paying large tenant transaction fees.
Credit card and ACH payments are accepted by PayRent. Unless you have a paid monthly plan that offers $2 or free ACH payments, tenants will pay $5 for each bank transfer. Credit card transactions are billed at 3.5% + $0.30 for all plans.
TenantCloud is another outstanding rent collection software. TenantCloud is a cloud-based rent collection software that lets landlords display properties, gather applications, move in tenants, accept online rent payments, and manage maintenance concerns with ease.
It has a message board on the mobile app and a messenger app that makes communicating with tenants super easy.
This rent collection software is scalable and has an easy-to-use interface that enables property managers to keep track of labor hours, supplies, materials, and all other costs related to each maintenance request. It also makes it possible to communicate with suppliers and handle tasks like scheduling and equipment leasing.
The next rent collection software on our list is PropertyBoss. PropertyBoss is a rent collection software for managers of senior housing, university and student housing, self-storage facilities, prefabricated homes, military housing, affordable housing units, and more. PropertyBoss is compatible with both Mac and PC and is available as an on-premises or web-based tool.
PropertyBoss has features for property accounting, tracking leases and tenants, forecasting and budgeting, and building upkeep. With more than 15 years of experience, PropertyBoss is a gold developer for Intuit (Quickbooks) and serves the property management sector. PropertyBoss pricing starts at $1.25 per unit per month.
14. Rentec Direct
Rentec Direct is the next rent collection software on our list. It is ideal for larger portfolio landlords and property owners who can afford to pay monthly fees and tiered pricing for premium features. Renters receive free ACH transfers and can choose to be charged full or partial transaction fees by Rentec Direct for debit and credit card payments.
Tenants can also use the PayNearMe network to pay their rent in cash for $3.99 each transaction. Ten cash payments per month are required for this service, which has a $200 setup fee. Other amenities of the rental property are included, however, there’s a monthly charge of $45 for Rentec Pro or $55 for Rentec PM. The cost can exceed $2,700 based on the number of units under your supervision.
Next on our list of best rent collection software is SKYLINE. SKYLINE is an online property management and accounting system that is ideal for small to medium-sized real estate companies. SKYLINE provides integrated solutions for property administration, accounting, tenant and lease management, financial reporting, maintenance scheduling, and work order management. It is designed to handle a variety of critical functions.
One of its best features is a dashboard that lets users evaluate and analyze all properties’ operations and performance from a single screen. Another is an integrated stacking plan that offers color-coded information down to the unit level.
The main services of SKYLINE include GLAP accounting, rent and lease tracking, CRM, budgeting, automated scheduling and invoicing of intricate pass-through calculations and escalations, bank lockbox, online tenant payment portal for online payments, document management, insurance tracking, lease expiration monitors, and much more at a starting price of $1,000.
Another notable rent collection software is Guesty. Guesty is a single cloud-based program that manages all the essential components of property management, regardless of how many short-term rental properties you own and run. Any computer or smartphone with an Internet connection can use Guesty to manage property listings, revenue management, guest experiences, bookkeeping, and remotely control smart locks.
You Might Want To Read: Best Interior Design Software And Tools (Update)
17. Easy Storage Solutions
Wrapping up our list of best rent collection software is Easy Storage Solutions. It is a cloud-based property management system that allows online payments, booking, and credit card processing. This rent collection software can handle collections, create invoices, compute late fees, notify renters via text or email, and carry out other essential tasks for self-storage companies.
The solution allows for the uploading of site facilities maps and the automation of recurring payments. On the website, reservations can be made online as well. Customers of storage facilities can use the customer portal built into the system to check their accounts, schedule more units, and make payments online. Easy Storage Solutions charges based on how many units or spaces the customer has, starting at $80 per month.
Can I locate decent tenants with rent collection software?
Tenant screening is a key component of the majority of rent collection software that enables a landlord to check for credit, eviction, and criminal records far more quickly than with traditional approaches. Accurate screening will help you prevent problematic tenants so you can devote more effort to other things.
What benefits can I expect from rent collection software?
Aside from automated rent payment, rent collection software has lots of features like branding, social media integration, SEO, and comprehensive marketing campaign management
How can I pick the best rent collection software?
When selecting the best rent collection software, take into account factors like tenant convenience, transaction security, and the app’s capacity to increase on-time payments.
Rent collection from tenants doesn’t have to be an unpleasant process. You can devote more time to running and expanding your rental business when you have the ideal rent collection software to handle the financial aspects of your rental properties automatically.
We hope you found this list helpful. Tell us what you think in the comment section below.