7 Handy Apps for Rental Property Owners

From collecting rent to managing property repairs, today's multifamily investors could essentially keep their businesses running all from a smartphone.

The right apps make investors more productive, help them save time, and can even result in better tenants or more profitable investments.

Here, we look at some of the apps that apartment investors, owners, and managers say are a must-download.

1. AppFolio: Mobile Project Management for Multifamily Investors

Commercial real estate investors can ramp up productivity with a project management app. AppFolio offers an easy to use interface and robust capabilities. “You can do everything within its platform, from tenant screening to sending Vendor eChecks," says Vee Khuu of Golden Arrow Equity Partners, a private real estate investment firm based in Denver.

With a user-friendly tenant portal, the app allows tenants to pay online, post maintenance requests, and even rate the speed and quality of service so you can learn and improve.

Podio and Yardi are also project management apps worth looking into, according to investors. “Along with AppFolio, Yardi is one of the top-notch property management tools," says Khuu.

2. Cozy: Collect Rent Online

If you're not quite large enough to benefit from the full-scale services of a platform like AppFolio, you might consider downloading Cozy to make it easy for your tenants to pay rent online.

“It's decently priced and simple to use," says Rajdeep Dosanjh, a real estate investor and finance professional.

Cozy is much more than just an online payment system, he adds. You can track when tenants paid, automatically add on late fees when the rent doesn't arrive on time, share documents such as proof of renter's insurance, and also field maintenance requests. In addition, Cozy permits you to screen tenants before they even sign the lease.

Cozy also provides a simple bookkeeping platform, allowing you to track expenses and upload photos or scans of your receipts for your records.

3. Zelle: Mobile Payments Deposited Directly into Your Bank Account for Free

If you don't want to pay for a subscription or download yet another app to your phone, Zelle allows tenants to pay you quickly and easily. The money goes directly from their bank account to yours.

“Zelle has made my life so much easier," says Avery Carl of Village Real Estate in Nashville, Tenn. “I write it into my leases that all my tenants must use Zelle to pay rent. I don't have to worry about chasing down checks and tenants' excuses go out the window."

Zelle works with many common bank and credit union mobile apps, so you (and your tenants) don't have to download any additional apps.

4. Takl: Find the Right Person for Any Job

It's one thing to be able to track maintenance requests through an app, but finding someone to complete the work can be another challenge investors face. Carl says she's found the solution in Takl. “I can find someone to do just about anything I need on Takl."

Noting that her properties are three hours away from her home, Carl says Takl makes it easy to find vendors to do handyman jobs, plumbing, electric, and even clerical work. “This is a great app for new commercial investors who may not have the capital to hire a full-time management and maintenance company yet," she says.

Takl is currently available in major metropolitan areas of about 35 states and Washington, D.C.

5. Skype: Video Chat with Anyone at Any Time

It's not tailored to real estate professionals, but some investors say they can't live without Skype.

“The only thing I use daily is Skype," says Albert Navarret, director of Valley View Owners Association in Dallas. “It's amazing, versatile, and easy to use." Navarret says he often uses the mobile video conferencing platform to send pictures of properties as well as make video calls.

Others laud the similar praises of Zoom, which boasts a robust video conferencing platform. “It's simple and straightforward to use. Most of all, it's very affordable," says Khuu.

6. Google Drive Suite: Move Your Files Into the Cloud

As the business world increasingly relies on cloud, or internet-based storage for spreadsheets, documents, and other files, smart commercial real estate investors are following the trend.

“My team always used to share documents over email and constantly made amateur errors in not knowing the latest versions of the file. Google Drive helps us share spreadsheets and documents and has improved our version control," says Dosanjh.

Google Keep is a notepad and reminder app that syncs to Google Drive, and Navarret finds himself turning to it time and again. “It can set up alarms, save pictures, and take notes," he says.

7. CoStar: The Data You Need to Make Smart Investment Choices

CoStar, owner and publisher of LoopNet, provides sale and lease comps, detailed analysis of commercial investment properties in 12,000 markets and submarkets across North America, and property listings, many with photo, video, and virtual tours available.

“Just like any investments, you need to be able to research commercial real estate properties thoroughly before jumping in. CoStar provides tons of data and research about the markets as well as the buildings we are trying to purchase," says Khuu.

*Disclaimer: CoStar is the parent company of LoopNet.

Productivity Boosters in Your Pocket

A successful real estate investment career is built on hard work and diligence. But the right technology can make it easier to manage your growing empire, whether you own one building or entire blocks.