When is the right time to start shopping for property management software? Realistically, property managers tend to get serious about dedicated software once they have 5-10 units under management. This group typically isn’t looking for all the bells and whistles, so the best property management software for 50 units or less is going to be all-inclusive, easy to use and quick to get started on.
Keep in mind, if you have a mixed portfolio, software may come into play earlier. Small mixed portfolios or ones with complex ownership structures tend to benefit from technology even more than some larger portfolios. Let’s look at the top needs for small landlords.
Top needs for residential portfolios under 50 units
In our experience, property management software needs to cover these basics first.
Simplicity
Running a business with Google Sheets, Excel or QuickBooks is tedious. Factor in independent marketing, leasing, screening and insurance solutions, and you’re looking at significantly more time and money than an affordable, all-in-one solution.
Price transparency
Cost is a major factor for small businesses, especially when they’re making the leap from free tools to all-in-one solutions. It’s important to know what you’re getting, what the annual minimums are and whether there are setup, training, support or other fees.
Fast, low-cost onboarding
Downtime is a serious consideration for small property management offices. If a transition to new tech is going to take months, they don’t have the means to pick up the slack. Plus, onboarding fees are common among many providers, and they can add up.
Minimized ACH fees
This is crucial for renters and property managers alike. Someone has to cover the fees, which means someone is going to be happier when those fees are reduced or eliminated.
End-to-end maintenance
There’s always something that needs fixing or inspecting on a property. Property management software lets residents make online maintenance requests, and everything is automatically stored in the software, so your team can track vendor progress in one place. This improves transparency and streamlines invoicing. It also means you no longer have to track individual requests.
Why Yardi Breeze is ideal for small rental portfolios with 50 units or less
Low cost
Yardi Breeze starts at $1 per unit per month with ($100 monthly minimum) for residential portfolios. There are small landlords who try to get by on free solutions, but there is no other property management software that offers more for less in a single package.
A few standout features for the 50-units-or-less crowd:
- Syndicated listings and full online leasing suite
- Tenant ledger with GL accounting, including AR/AP
- Marketing, operations, maintenance and reporting functionality
- Mobile-friendly design plus mobile apps for staff and residents
- Built-in screening and fraud prevention solutions
- Ability to handle mixed residential and commercial portfolios with ease
- Upgrade path to Breeze Premier for more features and customization
Free, streamlined onboarding
Most small portfolios can be fully set up in just a few weeks. There are no setup or data transfer fees, and an account manager will work with you to make sure everything is in place.
Zero ACH fees
Did you know that Yardi waived ACH fees for online rent payments? Most other property management software providers will only waive these fees if you upgrade to one of their higher-tier solutions. That’s a hidden cost, and it’s likely one of many you’ll encounter out there.
Full maintenance solution
End-to-end maintenance tracking is a rarity for entry-level property management software, but it’s something we include in our base package. Residents can take photos, describe the issue and submit the request directly through the RentCafe resident app or online resident portal. You’ll be able to pull records, assign vendors, track progress and handle invoicing in real time.
Start with the basics: Leases, listings, screening, deposits & rent
Not sure where to start? Worried about overkill when it comes to an investment? Start with the basics but make sure there’s a path for growth.
When Yardi Breeze makes sense
If you’re a no-frills kind of buyer, Breeze is the entry-level property management platform from Yardi. Far from being an enterprise system like Yardi Voyager, it’s built with ease-of-use first and foremost in mind. At the end of the day, Breeze offers an industry-leading user experience with robust accounting, automated workflows and the ability to scale with ease. Breeze also includes 1099 efiling at no extra cost, whereas many other solutions charge for this service.
When Yardi Breeze Premier makes sense
Breeze Premier is actually our most popular version of Breeze. It’s a long way from being as comprehensive as Voyager, but that’s not what all real estate companies are looking for. Breeze Premier is for property managers who want more features and customization than what is included with Breeze.
For example, Yardi Smart AP is included in Breeze Premier at no extra cost. This AI-powered tool processes invoices with incredible speed and accuracy.
1 thing not to do when you manage a small portfolio
Unless your portfolio consists of just one or two doors, beware of jumping in too deep with “free” solutions. You might want a system that can scale with you in the near future. If that’s the case, free solutions may end up doing more harm than good.
Next step: Choose the best property management software for 50 units
We put together this guide for choosing all-in-one property management software. Check it out, then reach out to request a demo or ask our experts anything.
