Managing rental properties effectively can be daunting for DIY landlords in a busy city like Memphis. From tenant screening to rent collection, the variety of responsibilities can quickly overwhelm anyone managing properties alone. Fortunately, technology provides software solutions designed to streamline and simplify these property management processes. In this article, we will compare three popular software options to help Memphis landlords decide which is the best fit for their needs.

Introduction

TurboTenant, DoorLoop, and Stessa each offer features that cater to different aspects of property management. 

In addition to providing the core functionalities of tenant screening and rent collection, effective landlord software can enhance communication between landlords and tenants. Features such as automated reminders for rent due dates, maintenance requests, and lease renewals can significantly reduce the administrative burden on landlords. 

Many platforms provide mobile applications, allowing landlords to manage their properties on the go. This flexibility ensures that landlords can respond promptly to tenant inquiries or urgent maintenance issues, contributing to a positive rental experience.

The integration of financial tracking tools within these software solutions can provide landlords with valuable insights into their property performance. By offering detailed reports on income, expenses, and occupancy rates, platforms like Stessa can help landlords make informed decisions about their investments. Understanding cash flow and identifying potential areas for improvement can be crucial for maximizing profitability. 

As the Memphis rental market evolves, leveraging technology in property management becomes not just an advantage but a necessity for landlords aiming to stay competitive and efficient.

Key Features to Consider in Landlord Software

When selecting landlord software, it’s vital to look for several key features that cater to your specific needs:

• Tenant screening and applications: This assists in finding reliable tenants and reducing risks.

• Rent collection and payment processing: Ensures timely payments and smooth transactions.

• Lease management and document storage: Facilitates organization of critical documents, with easy access.

• Maintenance tracking and communication: Streamlines communication and tracking of repair requests.

• Accounting and financial reporting: Helps in maintaining financial health and transparency.

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

TurboTenant: Overview and Best Use Cases

TurboTenant offers several key features that are particularly advantageous for small-scale landlords. It provides free tenant screening and applications, online lease signing, automated rent reminders, and basic maintenance request tracking.

Pros of TurboTenant include that it is free for landlords, with tenants responsible for application fees, making it user-friendly for those managing a few properties. Additionally, TurboTenant requires no contract, allowing flexibility.

However, the software does have drawbacks, such as limited accounting features and the absence of built-in maintenance management tools. It is best suited for small DIY landlords who are looking for a low-cost, straightforward solution.

DoorLoop: Overview and Best Use Cases

DoorLoop is a comprehensive property management solution that caters to medium and large property portfolios. Its key features include extensive property management capabilities regarding leases, tenants, payments, and maintenance. It also offers accounting integration with QuickBooks, customizable workflows, and an easily navigable mobile-friendly platform.

The pros of DoorLoop are clear: it provides robust features, advanced reporting, and exemplary customer support for onboarding users. Nonetheless, it does require a monthly subscription starting at $69, which may be a consideration for budget-conscious landlords.

Furthermore, new users might face a learning curve when adapting to the software. DoorLoop is ideal for landlords managing multiple properties, who need a full-scale property management solution.

Stessa: Overview & Best Use Cases

Stessa stands out for its automated financial tracking and reporting features. It offers free rent collection, expense tracking, performance dashboards for ROI analysis, and tax prep tools and integrations.

Its advantages include being entirely free for core features and providing strong financial and accounting tools, making it highly beneficial for real estate investors managing multiple properties. However, Stessa does lack tenant screening and lease management options, and its property management functions are somewhat limited.

Overall, Stessa is best for investors and landlords who prioritize financial tracking over tenant management.

What If DIY Property Management Isn’t for You?

While managing rental properties independently saves money, it can also be very time-consuming. Tasks such as tenant screening, maintaining legal compliance, coordinating repairs, and managing bookkeeping can quickly become overwhelming.

Here are some indicators of when you might want to consider hiring a property management company:

• You own multiple properties and struggle with day-to-day tasks.

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

• You prefer a hands-off investment approach.

• You find handling tenant issues, legal matters, or maintenance requests challenging.

Professional property management can be beneficial, as it encompasses marketing, tenant screening, rent collection, maintenance, and legal evictions. Furthermore, these companies ensure compliance with local laws and regulations.

However, potential downsides include fees typically ranging from 8% to 12% of monthly rent and less direct control over tenant interactions and property decisions. When considering a property management company in Memphis, look for local expertise, check Google reviews, and ensure there is transparency regarding fees and contract terms.

Which Software (or Approach) is Right for You?

Ultimately, the choice of software or management approach will depend on your specific needs:

• Choose TurboTenant if you need a simple, free solution for tenant screening and rent collection.

• Choose DoorLoop if a comprehensive, all-in-one platform for managing multiple properties is necessary.

• Choose Stessa if financial tracking and investment performance management are your primary focus.

• Consider a property management company if the DIY route becomes too time-consuming and you desire a hands-off investment approach.

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

In conclusion, the best approach varies based on your property portfolio size, budget, and management style. Memphis landlords are encouraged to evaluate their needs carefully and utilize 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 Memphis 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 provided incorrect information, please let us know at marketing@evernest.co.