Managing rental properties can be a challenge for DIY landlords in the Toledo rental market. From tenant screening and maintaining property documents to ensuring timely rent collection, it often requires juggling multiple tasks simultaneously. This is where landlord software comes in handy, streamlining operations and reducing the burden on landlords.

In this article, we will explore three prominent landlord software options: TurboTenant, DoorLoop, and Stessa. Our goal is to provide a comprehensive comparison that enables landlords in Toledo to make an informed choice that fits their needs.

Key Features to Consider in Landlord Software

When evaluating landlord software, several key features should be on your radar. Let’s explore these facets that can significantly enhance property management.

• Tenant screening and applications: Efficiently vet potential tenants to reduce risks.

• Rent collection and payment processing: Simplifying rent collection promotes on-time payments.

• Lease management and document storage: Keeps all legal documents organized and easily accessible.

• Maintenance tracking and communication: Facilitates smooth communication between landlords and tenants regarding property maintenance.

• Accounting and financial reporting: Provides insights into your rental income and expenses.

• Cost and scalability for growing portfolios: Ensures the software can grow with your business needs.

Also, consider the platform’s integration with third-party services. Many landlord software solutions can connect with local service providers for maintenance, cleaning, and repairs. This integration streamlines addressing tenant issues and helps landlords maintain a network of reliable contractors. Having access to these services through the software can save time and reduce the hassle of managing multiple platforms.

Today, user-friendly interfaces and mobile accessibility are paramount. Landlords and property managers often need to access information on the go, whether it’s checking tenant applications, reviewing maintenance requests, or processing payments. Software that offers mobile apps or responsive web designs ensures that users can manage their properties efficiently from anywhere, which enhances productivity and responsiveness in property management.

TurboTenant: Overview and Best Use Cases

TurboTenant stands out as a user-friendly choice for small-scale landlords. With a focus on essential features, it caters specifically to DIY landlords looking for an affordable solution.

Key Features: TurboTenant offers free tenant screenings and applications, online lease signing and management capabilities, and automated rent collection reminders. Basic maintenance request tracking is also included, facilitating a good flow of communication.

Pros: An attractive feature of TurboTenant is that it’s free for landlords—tenants pay the application fees. Its user interface is relatively simple, making it suitable for small landlords without extensive property management experience.

Cons: The software has drawbacks. Its accounting features are fairly basic, and it lacks built-in maintenance management tools, which might require landlords to juggle multiple platforms.

Best for: TurboTenant is ideal for small DIY landlords with only a few properties who desire a straightforward, low-cost solution.

DoorLoop: Overview and Best Use Cases

DoorLoop is a robust property management software solution that accommodates the needs of medium to large property portfolios. It brings a comprehensive set of features designed to facilitate better management.

Key Features: DoorLoop encompasses comprehensive property management tools—covering leases, tenants, and payments, as well as maintenance tracking. Its integration with QuickBooks enhances accounting efficiency, and customizable workflows make it adaptable to various operations.

Pros: This platform shines with its advanced reporting and financial tracking. Landlords also praise its excellent customer support and onboarding assistance, essential for users unfamiliar with property management software.

Cons: On the downside, DoorLoop requires a monthly subscription starting at $69/month, and new users may find it challenging to navigate initially.

Best for: Landlords with multiple properties who need a full-service property management solution will find DoorLoop especially beneficial.

Stessa: Overview and Best Use Cases

Stessa focuses primarily on financial tracking, making it an excellent choice for landlords who prioritize accounting over tenant management. It offers unique financial features that cater specifically to investors.

Key Features: Stessa provides automated financial tracking and reporting, free rent collection, expense tracking, and performance dashboards for ROI analysis.

Pros: One standout benefit is that Stessa is completely free for its core features. Its strong accounting tools allow real estate investors to effectively monitor multiple properties.

Cons: However, Stessa does fall short in areas like tenant screening and lease management, with limited overall property management functionality.

Best for: Investors and landlords who mainly focus on tracking rental income and expenses as well as investment performance will find Stessa most appealing.

What If DIY Property Management Isn’t for You?

While managing rental properties yourself saves money, it often demands a significant time allocation and effort. Aspects like tenant screening, legal compliance, maintenance coordination, and bookkeeping can quickly become overwhelming.

When should you consider hiring a property management company? Here are some indicators:

• You possess multiple properties and struggle with daily management tasks.

• You live far from your rental properties and require local support.

• You lean towards a hands-off investment strategy.

• You find it challenging to manage tenant interactions or legal issues.

Pros of Professional Property Management: Hiring a property management company can free you from marketing, tenant screening, and compliance woes, saving you time and bringing professional expertise to your operations.

Cons: However, their services come at a price, typically ranging from 8% to 12% of your monthly rent, and they may limit your direct control over tenants and property decisions.

When seeking a property management firm in Toledo, consider factors such as local expertise, transparent fees, and reputable client feedback.

Which Software (or Approach) is Right for You?

The decision on which software (or approach) to use depends on your circumstances:

• Choose TurboTenant if you require a straightforward, no-cost solution for tenant screening and rent collection.

• Opt for DoorLoop if your needs extend to a comprehensive, all-in-one platform for managing several properties.

• Select Stessa if your primary focus is on tracking your rental income, expenses, and investment performance.

• Consider engaging a property management company if you find handling everything by yourself too time-consuming.

Wrapping Up: Top DIY Landlord Software in Toledo: TurboTenant Vs. DoorLoop Vs. Stessa

The right approach to managing your rental properties depends on the size of your portfolio, your budget, and your management style. Landlords in Toledo should take time to evaluate their needs and take advantage of free trials or demos before making a financial 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 Toledo 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.