Introduction

Many DIY landlords in Denver feel challenged by managing rental properties efficiently. Whether it's tenant screening, rent collection, or property upkeep, juggling multiple tasks can be daunting. As the rental market becomes increasingly competitive, landlords require robust tools that streamline these tasks and contribute to more effective property management.

This is where landlord software comes into play. With specialized platforms, landlords can automate essential tasks, reduce errors, and spend more time on strategic planning than day-to-day operations. In this article, we will delve into three popular landlord software options: TurboTenant, DoorLoop, and Stessa. The objective is to compare these platforms and help Denver landlords choose the best fit for their unique needs.

In addition to the core functionalities of tenant screening and rent collection, these software solutions often offer a range of features that can enhance the rental experience. For instance, many platforms include integrated communication tools that facilitate direct messaging between landlords and tenants, allowing for quick responses to maintenance requests or inquiries. This can significantly improve tenant satisfaction and retention, which is crucial in a city like Denver, where the rental market is both dynamic and competitive.

Moreover, the ability to generate financial reports and track expenses in real time can provide landlords with valuable insights into their property performance. This data-driven approach enables landlords to make informed decisions regarding pricing strategies, property improvements, and overall investment management. As property management evolves, embracing technology through these software solutions simplifies operations and positions landlords for long-term success.

Key Features to Consider in Landlord Software

When selecting landlord software, landlords need to evaluate certain key features that can impact its efficiency and ease of use. Here are the major areas to consider:

1. Tenant screening and applications: Comprehensive screening tools help you select reliable tenants.

2. Rent collection and payment processing: Automated payment systems can simplify your cash flow management.

3. Lease management and document storage: Keeping contracts organized and accessible is crucial for compliance.

4. Maintenance tracking and communication: Effective communication channels make it easier to address tenant issues.

5. Accounting and financial reporting: Financial transparency is key to understanding your portfolio's health.

6. Cost and scalability: Consider how well the software can adapt as your property portfolio grows.

TurboTenant: Overview and Best Use Cases

TurboTenant is an attractive option for small DIY landlords looking for a budget-friendly solution. It offers a range of features tailored to streamline tenant screening and rent collection.

Key Features

Among TurboTenant's notable features are its free tenant screening and applications, online lease signing and management, rent collection with automated reminders, and basic maintenance request tracking.

Pros and Cons

The pros of TurboTenant include its zero-cost model for landlords (with tenants covering application fees), its user-friendly interface, and the absence of contracts, making it a hassle-free choice. However, it does have limitations, such as restricted accounting features and lacking built-in maintenance management tools.

Best Use Cases

This software is best suited for small DIY landlords who manage a few properties and seek a straightforward, low-cost solution.

DoorLoop: Overview and Best Use Cases

For those managing larger portfolios, DoorLoop offers a comprehensive property management solution with a wide array of features that cater to medium to large landlords.

Key Features

DoorLoop stands out with its robust functionality, including comprehensive property management that covers leases, tenant communication, payments, and maintenance. Additionally, it integrates seamlessly with QuickBooks for accounting, allows customizable workflows, and is optimized for mobile devices.

Pros and Cons

Landlords benefit from advanced reporting and financial tracking, excellent customer support, and onboarding assistance. On the downside, DoorLoop requires a monthly subscription starting at $69 and may have a learning curve for new users.

Best Use Cases

This software is ideally suited for landlords who own multiple properties and require an all-in-one platform to manage them effectively.

Stessa: Overview and Best Use Cases

Stessa is an appealing choice for real estate investors who prioritize financial tracking over tenant management.

Key Features

This platform provides automated financial tracking and reporting, free rent collection and expense tracking, performance dashboards for ROI analysis, and tax prep tools and integrations.

Pros and Cons

The standout advantages of Stessa include its completely free core features, strong accounting functionalities, and a design tailored for investors managing multiple properties. However, it lacks tenant screening and lease management tools, limiting its utility as a full-service property management solution.

Best Use Cases

Stessa is best for investors or landlords focusing on tracking rental income, expenses, and overall investment performance.

What If DIY Property Management Isn’t for You?

While managing rental properties independently can save money, it demands a significant time investment. Tasks like tenant screening, legal compliance, maintenance coordination, and bookkeeping can rapidly become overwhelming. That’s why so many investors choose to work with trustworthy property management companies like Evernest.

When to Consider 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 struggle with tenant issues, legal matters, or maintenance requests.

Pros and Cons of Professional Property Management

Hiring a property management company comes with several advantages, including comprehensive services like marketing, tenant screening, rent collection, maintenance, and evictions. These companies ensure compliance with local laws and regulations, providing professional expertise. However, the drawbacks involve fees typically ranging from 8% to 12% of monthly rent and reduced direct control over tenant and property decisions.

How to Choose a Property Management Company in Denver

When selecting a property management company, look for local expertise and strong tenant placement strategies. Checking Google reviews and obtaining referrals from other landlords can provide valuable insights. Additionally, ensure transparency in their fee structures and contract terms.

Which Software (or Approach) is Right for You?

Choosing the right software or approach depends on your specific needs. Opt for TurboTenant if you require a simple, free solution aimed at tenant screening and rent collection. If you manage multiple properties and seek a comprehensive platform, DoorLoop may be the way to go. For investors focusing on financial performance tracking, Stessa is an excellent choice. Finally, consider a property management company if you find DIY management overly demanding and prefer a more hands-off investment strategy.

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

Ultimately, the best approach to rental management will depend on your property portfolio size, budget constraints, and personal management style. Denver landlords should carefully evaluate their needs and utilize free trials or demos before fully committing to any software solution. 

For those who find self-management overwhelming and want to earn passive income, enlisting the services of a trustworthy property management company like Evernest is the most beneficial investment. Get started with our Denver 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.