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Managing rental properties can be challenging for DIY landlords in Little Rock. From tenant screening to rent collection, these property management responsibilities accumulate and can cause significant stress. This article aims to shed light on the importance of landlord software, illustrating how it can streamline various tasks to make property management more efficient. We will compare three popular software options to help local landlords identify which tool best suits their needs.
Introduction
A landlord’s responsibilities include everything from screening potential tenants to ensuring timely rent payments and maintaining the property. As a result, landlord software has become an invaluable resource, helping to streamline many of these tasks.
This article focuses on three notable software options available for landlords in Little Rock—TurboTenant, DoorLoop, and Stessa. By comparing these platforms, we aim to help landlords make an informed decision that best fits their needs and operational styles.
Key Features to Consider in Landlord Software
When evaluating landlord software, several key features are essential:
Tenant screening and applications: Look for software that provides thorough background checks and easy application processes for prospective tenants.
Rent collection and payment processing: Automated rent collection features save time and create a more reliable system for payments.
Lease management and document storage: Secure online storage for leases and important documents is crucial for easy access and organization.
Maintenance tracking and communication: Effective communication tools for maintenance requests can enhance tenant satisfaction.
Accounting and financial reporting: Robust accounting features can help landlords track income and expenses efficiently.
Cost and scalability for growing portfolios: Ensure the software can adapt as your property portfolio expands.
TurboTenant: Overview and Best Use Cases
TurboTenant is a user-friendly platform designed to cater to small-scale landlords. Its primary features include:
Free tenant screening and applications: TurboTenant allows landlords to screen tenants for free while charging applicants for background checks.
Online lease signing and management: Simplifying the lease process with digital signatures enhances efficiency.
Rent collection with automated reminders: Landlords can easily collect rent online, reducing missed payments.
Basic maintenance request tracking: Tenants can submit maintenance requests, ensuring landlords stay informed.
Pros: This software is free for landlords as the fee is passed to applicants, and it is particularly user-friendly for small landlords and does not require contracts.
Cons: However, TurboTenant's accounting features are limited, and it lacks built-in maintenance management tools.
Best for: Small DIY landlords managing a few properties. who seek a straightforward and low-cost solution.
DoorLoop: Overview and Best Use Cases
For landlords managing multiple properties, DoorLoop offers a robust solution with a range of advanced features, including:
Comprehensive property management: DoorLoop covers leases, tenant screening, payments, and maintenance, providing a full-service approach.
Accounting integration with QuickBooks: This facilitates seamless financial management.
Customizable workflows and automation: Tailoring workflows enhances efficiency.
Mobile-friendly platform: Access your property management tools on the go with ease.
Pros: DoorLoop boasts robust features suited for larger portfolios, advanced reporting capabilities, and good customer support and onboarding.
Cons: It does require a monthly subscription, starting at $69, and may have a learning curve for new users.
Best for: Landlords handling multiple properties requiring a comprehensive property management system.
Stessa: Overview and Best Use Cases
Stessa is ideal for those primarily focused on financial tracking. Its key features include:
Automated financial tracking and reporting: Keep track of your income and expenses effortlessly.
Free rent collection and expense tracking: Stessa charges no fees for basic features, helping you save.
Performance dashboards for ROI analysis: Assess your investment performance with ease.
Tax prep tools and integrations: Simplifying the tax process is a standout feature.
Pros: Stessa is completely free for core features and offers solid accounting tools, making it a favorite for real estate investors managing multiple properties.
Cons: It does lack tenant screening and lease management functionalities, limiting its use for some landlords.
Best for: Investors and landlords prioritizing financial tracking over tenant management.
What If DIY Property Management Isn’t for You?
While managing rental properties independently can save money, it often demands substantial time and effort. Tasks such as tenant screening, legal compliance, maintenance coordination, and bookkeeping can quickly become overwhelming.
When to Consider a Property Management Company:
You own multiple properties and find it difficult to manage day-to-day tasks.
You reside far from your rental properties and require local support.
You prefer a hands-off investment approach.
You struggle with handling tenant issues, legal matters, or maintenance requests.
Pros of Professional Property Management:
Handles marketing, tenant screening, rent collection, maintenance, and evictions.
Ensures compliance with local laws and regulations.
Saves time while providing professional expertise.
Cons of Hiring a Property Management Company:
Fees typically range from 8%–12% of monthly rent.
Less direct control over tenants and property decisions.
How to Choose a Property Management Company in Little Rock:
Look for local expertise and strong tenant placement strategies.
Check Google reviews and referrals from other landlords.
Ensure transparency in fees and contract terms.
Which Software (or Approach) is Right for You?
When looking for the right path, consider your specific needs:
Choose TurboTenant if you seek a simple, free solution for tenant screening and rent collection.
Choose DoorLoop if you require a comprehensive, all-in-one platform for managing multiple properties.
Choose Stessa if your main focus is on tracking rental income, expenses, and investment performance.
Consider a property management company if you find DIY management too time-consuming and prefer a more hands-off approach.
Wrapping Up: Top DIY Landlord Software in Little Rock: TurboTenant Vs. DoorLoop Vs. Stessa
The most suitable approach to property management hinges on your portfolio size, budget, and management style. Little Rock landlords should thoroughly evaluate their needs and take 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 Little Rock property management team today!
Disclaimer
All claims in this article are a result of an industry-wide audit conducted by our in-house team. If we missed something or have provided incorrect information, please let us know at marketing@evernest.co.
