According to ZipRecruiter, North Carolina landlords earn an average annual income of $72,135. However, many cities throughout the state have higher landlord incomes, including Charlotte. Here, they earn an average of $81,368 or over $9,000 more!
So, if you've always wanted to become a Charlotte landlord, those figures should prompt you to push through. But to ensure you are earning and profiting, not losing money, it's best you use rental property management bookkeeping software.
Join our expert team at Carolina Property Management, LLC, as we discuss the top real estate software and financial management tools in this guide.
1. QuickBooks
Per Fit Small Business, QuickBooks is the most popular accounting software brand in the U.S. and worldwide. As of 2023, it had about 6.5 million subscribers.
While QuickBooks isn't a dedicated landlord software program, its accounting and bookkeeping tools make it one of the top financial management apps. Some of its features include:
- Automated bills and expense tracking
- Robust financial reporting
- Online payments
- Payroll
- Invoicing
- Ability to integrate and synchronize with other rental property management apps
QuickBooks has a user-friendly interface that makes it easy to navigate and use even for first-timers. It's ideal if you own and manage only one or a few rental properties.
2. Rentvine
Rentvine is a dedicated online rent payment system that has partnered with QuickBooks. The partnership has resulted in a program dedicated to rental property accounting and bookkeeping. Here are some of the most notable features of this software:
- Automatic synchronization with QuickBooks accounting records
- Automatically updated general ledger, income, income statements, expenses, and tenant accounts
- Automated payment reminders
- Secure online rental payment processing
- Late fee management
Rentvine also offers landlord and tenant portals. Landlord-tenant portals make it easy for both sides to collect, pay, track rent, communicate, and request/schedule maintenance.
Another nifty perk of Rentvine is that it provides fully integrated tenant screening tools. If you opt for Rentvine, use these tools to run comprehensive background checks on your rental applicants.
3. Hemlane
Hemlane is another property management tool with built-in accounting and financial management tools. Some of its other primary features are:
- Online and ACH rent payments
- Landlord-tenant portals
- Real estate marketing services
- Tenant screening tools
- Assistance with coordinating landlord-scheduled or tenant-requested property maintenance and repairs
- Automated rent payment reminders and late rent notices
Hemlane is popular among small landlords because it's easy to use and affordable. However, it has a more limited list of payment options (e.g., it doesn't accept PayPal) and is less scalable for growing investment portfolios.
Explore the Top Property Management Bookkeeping Software
QuickBooks, Rentvine, and Hemlane are some of your top choices for rental property management bookkeeping software. With one of these in your landlord's toolbox, you can make rental income and expense tracking a breeze.
However, if you want the simplest, most convenient way to manage your financial affairs, partner with Carolina Property Management, LLC, established in 2008 in Charlotte, NC. Since its opening, our firm has delivered full-service real estate and property management solutions, including accounting, marketing, tenant placement, rent collection, and property oversight.
Connect with us today, and we'll prepare your free rental analysis!
