Managing rental units means efficiently processing information while also managing people and property. Rent Manager’s software is a flexible, all-purpose real estate information system that helps lighten the load of running your business.
- Best Features
- Mobile Features
- Finance and Finance Capabilities
- Communications Module
- Signable Documents
What Is Rent Manager?
Cincinnati-based LCS has been improving Rent Manager for more than three decades. Today, they are a leader in the property management software field, and their software sports a long list of advanced features.
Rent Manager is an all-in-one property management solution to handle any task. It eliminates the need for multiple software programs by consolidating accounting, marketing, payment processing, tenant screening, and more.
Tip: Rent Manager is the most powerful property management software we’ve used. Automate your business by using as many features as possible.
Our Favorite Features
As a daily user of Rent Manager’s software, I can attest that it’s second to none. LCS is constantly adding features and updates to make the software even more useful. If you’re a property manager serious about automating your business, Rent Manager is the product for you. Why? Just pick a reason from our list of favorite features:
- Service Issues. Also known as a work order, service issues can be linked to tenants, units, properties, or owners. Issues can be filtered by list, user, or even budget. Easily create bills that automatically link to the tenant or owner for seamless invoicing and record keeping.
- Wizards. Easily the best feature, Rent Manager offers “wizards” that automatically create tasks at the push of a button. Enter a move out date and the software will automatically create a series of work orders, notify the owner and property manager, send documents to the tenants, and anything else you want it to do.
- Third-Party Showing Integration. With the push of a button, Rent Manger syndicates unit information and media content to third party services like ShowMojo or Tenant Turner.
- RM App Suite. Another feature we love is RM App Suite. This allows maintenance techs and property managers to complete inspections and make work orders from their phones. These inspections can be automatically sent to owners or even tenants. Have a deposit dispute? Easily email the inspection link and your problem is solved.
- Financial Reports.There are a mind-numbing amount of reports available to you, and each serves a different purpose. The best part? They can be added to batch reports, which means each owner will have their favorite reports in their inbox each month.
- Dashboard. I love the dashboard. Fully customizable, it allows you to see recent applications, tasks, deposit refunds due, and many other metrics.
- Web Access. Give owners and tenant access to their leases, management contracts, and bill/payment history with the online web portals. These are also customizable to give each user access to a wealth of information. Need money? ePay integrates with the software to ensure you can always receive timely payments.
- Project Manager. Working on a big project has never been easier. Add a service issue to your project and keep track of project-wide costs.
- Notification Module. Don’t want to call a tenant? With the notification module, you don’t have to. Send texts or emails through the system to give the right party the right information without risking a 30 minute phone call.
Rent Manager’s Target Market
Rent Manager is useful for companies managing all types of rentals. This includes multi-family, single-family, and commercial properties as its customers own and manage anywhere from 10 to tens of thousands of units.
While there are many property management software options, Rent Manager stands out for its high level of customization options. Users can modify virtually any feature of the program to suit their needs.
Although this benefits users wishing to scale their business, it also prevents them from gaining market share – some property managers don’t have time to learn a new system so they hit the “easy button” and buy a software package that is plug-and-play.
Rent Manager Pricing
LCS does not publicize pricing, but according to third-party sources the company charges $75 per user per month plus a setup fee.
This is more expensive than some other property management software, though we think the price tag is well worth it. Some competitors charge by the number of units being managed rather than by how many employees are authorized to use the system, so keep that in mind if you’re using it to manage only a few units. However, the cost savings increase incrementally the more units you manage.
Standalone or Cloud-based
Rent Manager comes both standalone computer-based or cloud-based versions. The standalone version can run on Macs or PCs and is easy to navigate.
The cloud-based version does everything the standalone version does. We like the online version as it can be used remotely and does automatic backups to the cloud, among other extra features.
Rent Manager Online also has several mobile features the desktop version does not have. Android- and iOS-compatible apps let property managers handle payments, work orders and other tasks using a smartphone – this is the RM App suite that we eluded to earlier in the favorite features section.
Accounting and Finance
When it comes to financial capabilities, Rent Manager is second to none. There are reports for both basic and sophisticated clients along with tax batches and other year-end reports. The best part? You can easily run reports in both Cash and Accrual accounting methods. Here are a few of our favorite financial features.
Accounts Payable and Receivable
Rent Manager offers a large set of accounting and finance features. Users can track and manage bills, vendors, invoices, budgets, checks, and more all within the system. From sending bills to receiving payments and making deposits, Rent Manager tracks it all.
Property managers who use Rent Manager can say goodbye to balancing bank statements every month. The program automatically reconciles statements against the register.
The general ledger module is a completely integrated accounting system. Entering a transaction once updates all statements, ledgers, worksheets and accounts.
This saves lots of labor and keeps records 100 percent up to date, as you can generate a financial statement any time rather than waiting until the end of the month.
Easily allocate expenses by property, unit or account code. Similarly, sources of revenue can also be accurately identified and allocated to the right account.
More than 250 built-in reports cover vacancies, leasing, rent rolls, servicing, and more. A report writer easily lets users drag and drop predefined functions into reports to create richly featured custom reports in seconds.
Rent Manager handles several different types of payments. Its built-in ePay system uses PayLease’s online gateway to process credit card and check transactions.
Rent Manager electronic processes tenant payments and vendor bills, all in real time. Recurring disbursements, batch payments and other electronic transactions instantly post, so there’s no need to wait or manually key in data.
An eChecks feature lets you pay bills electronically by email. The system uses encryption and security certificates to keep electronically transmitted funds safe. We love using this feature to ensure the Postal Service doesn’t lose a check. After all, it’s frustrating for a tenant when the deposit refund they are expecting never arrives.
Paper check? No worries. Use the desk scanner to upload check images into Rent Manager, then easily generate a deposit form you can take to the bank.
Other Financial Tools
In addition to in-depth financial reports, Rent Manager also has tools to help track loan balances and run tax reports. Your accountant will thank you for making their Spring so painless.
A built-in loan manager oversees owner-financed transactions. You can charge interest and principal to tenants without needing a third-party loan program. The asset manager also allows you to quickly generate depreciation and amortization schedules.
Recurring Charge Module
There’s a special module for metered utilities as well. This gives property managers a single system for utility billing and accounting. A hand-held meter reader helps improve accuracy and cut the time it takes to read gas, electric, water and sewer meters.
Rent Manager has an unexpectedly large set of tools for communication. There’s even a built-in telephone system that uses VoIP technology.
When a current or prospective tenant, owner, vendor, employee or anyone else in the contact database calls, the file for that contact pops up. Whoever answers instantly has transaction history, notes and other information to handle the call quickly and efficiently.
Another phone feature lets you broadcast voice mail messages directly to multiple contacts at the same time. You can prerecord messages and send them to custom contact lists at scheduled dates and times.
A set of text messaging tools lets you send and receive texts. Communicate by instant message with tenants, vendors, employees and others individually or as a group from inside the program. We’ve debunked our fair share of tenant accusations by sending them a call recording housed in their file.
Electronic Document Handling
The online portal available with Rent Manager Online accommodates all kinds of electronic documents. Electronic leases, communications with owners and service requests can all be submitted electronically through the web portal.
Property managers can effortlessly send lease agreements electronically. Recipients get email notification, at which time they can read, sign and return the lease documents, all electronically.
Rent Manager works with old-fashioned paper documents as well. Prepare several printed letters using templates and send them using LCS’s Virtual Post Office.
Think that’s slick? There is also a word processor specially set up for managing work orders. It automatically fills in tenant information, saving time and keystrokes and cutting out errors.
Rent Manager for Marketing
Prospect Manager is a feature that helps you attract and track potential tenants. You can create reports on marketing campaigns, match prospects to available units, and schedule appointments, all within the program.
The program integrates with the AmRent resident screening services. Users can check criminal records, credit and eviction history or prospective tenants without leaving Rent Manager.
Rent Manager also can coordinate with Internet listing services to advertise properties and units. Changing rates, availability or other data in Rent Manager automatically updates ads on each site.
Create Overhead Views
Birds Eye View is an unusual feature of Rent Manager. This lets property owners create aerial property views. The resulting overhead image of vacancies, delinquencies, amenities and other features can illustrate maps, guides and marketing materials.
Web Site Offerings
Rent Manager has all kinds of ways to help property management businesses with their websites. Giving tenants, owners, employees and others ways to communicate with the online portal is just the beginning.
Businesses that don’t have a website, or want a better one, will find a set of professionally designed web templates. These are easy-to-use fill-in-the-blank designs that don’t require programming or web development experience.
And for businesses that already have an established online presence, Rent Manager has a web developer suite. This opens the door to working more closely with its features through existing websites.
Rent Manager has the kind of support that turns customers into fans. The company technical support representatives are reportedly expert, polite and untiring when it comes to fixing customers’ problems.
And it even plays well with others. An application programming interface lets users connect the software with programs from other vendors. We spoke to a property manager from the Wistar Group in Omaha (considered a “super user” of the software), and he said he’d never be able to do his job without the help of Rent Manger.
Rent Manager has several worthy competitors. Depending on your needs, you may prefer one of the others.
- Buildium property management software is priced less at $47 per unit per month. And there’s a free trial version. It’s also considered easier to learn than Rent Manager, although less flexible.
- AppFolio Property Manager is a mobile-centric choice for property management companies that work a lot out of the office. This one charges by the unit, starting at $1.25 per month for residential units.
- TenantCloud has a free version for landlords with up to 75 units. Beyond that, there’s a standard version for $9 a month and an advanced option for $35 monthly. You can schedule a demo of Rent Manager by calling 800-669-0871, or by visiting their website and connecting with a helpful customer service representative.
Should Property Managers Use Rent Manager?
While it may take longer to learn Rent Manager’s many features and options, we think it’s worth the time. Property management companies seeking feature-rich software that they can customize to meet their needs should look no further than LCS.