Introduction

Managing rental properties can be a rewarding yet challenging endeavor for DIY landlords. Balancing tenant needs, maintenance requests, and financial oversight can become overwhelming, particularly for those managing multiple units. In this fast-paced industry, the right landlord software emerges as a crucial asset. It streamlines tasks such as tenant screening, rent collection, and property management, thus allowing landlords to focus on maximizing their investment.

This article introduces three prominent software options for DIY landlords: TurboTenant, DoorLoop, and Stessa. Our objective is to compare these platforms, providing Boulder landlords with insights to help them choose the best fit for their needs.

Key Features to Consider in Landlord Software

Before delving into the specifics of these software solutions, it's essential to understand the key features that streamline property management. Here are some crucial aspects to evaluate:

• Tenant screening and applications: Efficient screening processes can save landlords time and hassle.

• Rent collection and payment processing: Simplifying how tenants pay their rent is vital for cash flow.

• Lease management and document storage: Keeping organized records of leases ensures compliance and eases management.

• Maintenance tracking and communication: A reliable way to manage repairs and tenant requests improves satisfaction.

• Accounting and financial reporting: Proper financial oversight is key to successful property management.

• Cost and scalability for growing portfolios: Software should accommodate both current needs and future growth.

TurboTenant: Overview and Best Use Cases

TurboTenant is an intuitive platform designed specifically for DIY landlords. It offers several key features that make it appealing to those managing a small number of properties.

Key Features: TurboTenant provides free tenant screening and applications, online lease signing and management, and rent collection with automated reminders. It also includes basic maintenance request tracking, making it a comprehensive yet straightforward tool.

Pros: One of TurboTenant's significant advantages is that it is free for landlords, with tenants covering application fees. Additionally, its user-friendly interface is particularly beneficial for small-scale landlords who require a simple solution.

Cons: TurboTenant does have limitations, such as restricted accounting features and the absence of built-in maintenance management tools.

Best for: TurboTenant is ideal for small DIY landlords who want a low-cost, uncomplicated solution for managing their rental properties.

DoorLoop: Overview and Best Use Cases

DoorLoop emerges as a robust option for landlords managing medium to large property portfolios. It combines comprehensive property management tools with an intuitive interface.

Key Features: With features that cover leases, tenants, payments, and maintenance, DoorLoop offers comprehensive property management. Additionally, it integrates with QuickBooks for seamless accounting and allows customizable workflows and automation for enhanced efficiency.

Pros: For landlords with multiple properties, DoorLoop delivers advanced reporting and financial tracking, alongside commendable customer support and tenant onboarding.

Cons: The primary drawback is that DoorLoop requires a monthly subscription, starting at $69, which may not appeal to all landlords, particularly those new to property management. Additionally, it can have a learning curve for users unfamiliar with such software.

Best for: DoorLoop suits landlords with multiple properties who desire a full-service property management solution to streamline their operations.

Stessa: Overview and Best Use Cases

Stessa targets investors and landlords focused primarily on managing their finances. It is a free platform but offers robust features for financial tracking.

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

Pros: Stessa stands out for being completely free for its core features. Its strong accounting and financial tools make it ideal for real estate investors managing multiple properties.

Cons: On the downside, Stessa lacks tenant screening and lease management tools, which may limit its functionality for landlords needing a comprehensive management solution.

Best for: Stessa is well-suited for landlords who prioritize financial tracking and performance analysis over tenant management.

What If DIY Property Management Isn’t for You?

While managing rental properties independently can save money, it does require a significant commitment of time and effort. Responsibilities like tenant screening, legal compliance, maintenance coordination, and bookkeeping can quickly become overwhelming. That’s why

When to Consider a Property Management Company

If you find yourself struggling with day-to-day tasks, live far from your properties, prefer a hands-off investment approach, or have difficulties handling tenant issues, hiring a professional may be a beneficial route. That’s why savvy investors who value their time choose to work with companies like Evernest.

Pros of Professional Property Management

A property management company handles all aspects of marketing, tenant screening, rent collection, maintenance, and evictions while ensuring compliance with local regulations.

Cons of Hiring a Property Management Company

 The fees typically range from 8% to 12% of the monthly rent, and this often involves giving up some control over tenant and property decisions.

How to Choose a Property Management Company in Boulder

Look for local expertise, check their online reviews, and ensure transparency in fees and contract terms to find the best option for your management needs.

Which Software (or Approach) is Right for You?

Choosing the right software or management approach largely depends on your needs and situation as a landlord. Consider selecting TurboTenant if you require a straightforward, free solution primarily for tenant screening and rent collection.

If your focus is more comprehensive management across multiple properties, DoorLoop is the better option. Alternatively, for landlords whose priorities lie in tracking rental income and expenses, Stessa can provide excellent financial oversight.

For those who feel that DIY property management is too time-consuming, evaluating a property management company might lead you to a more relaxed investment experience.

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

The ideal approach for managing rental properties in Boulder hinges on your portfolio size, budget, and personalized management style. Landlords should take the time to evaluate their needs and consider testing free trials or demos before making a commitment to any software.

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 Boulder property management team today!

Disclaimer

All claims are a result of an industry-wide audit conducted by our in-house team. If we missed any details or provided incorrect information, please let us know at marketing@evernest.co.