You will find rental software packages range from the simple to the complex. You have to determine what features are the most important to you, because the complexity of the software will drive up the price. You want software that will enhance your business, but you also don't want to buy a bunch of modules that you will never use. Looking at a rental software list online can help you figure our your needs.

You can always purchase your rental software in modules. This way you are not buying more than you need. You can purchase additional modules if and when your business expands to the point where you need the extra software. Some questions you'll want to keep in mind when considering rental software include:

1. Will you need complex management reporting in your rental software?

2. Will you need legal support beyond lease management in your rental software?

3. Will you need the basics such as rental agreement forms and leases in your rental software?

Action Steps
The best contacts and resources to help you get it done

Evaluate your profit potential with rental software

Some rental software packages can help you determine the rental income that you need to cover the property's expenses. Once you know this you can figure out how much rent you can charge, and the software can help you analyze the geographic location to determine the profit feasibility of a property.

I recommend: RentalSoftware.com has a full suite of options in its Landlord's Cash Flow Analyzer product that you can use to determine your rental profit potential. Cacahuete Properties is a rental software provider that offers you a free web-based program which can forecast income, determine expenses and analyze your investment risk and profitability potential. All you have to do is register to use the product.

Invest in a robust rental software package

A fully integrated rental software package can give you everything you need for all of your rental business. It can track expenses and income, manage your properties and leases and can run your back-end functions such as marketing and payroll.

I recommend: Check out the features of Virtual Premise's VP Landlord Edition. It includes lease tracking, tenant information and property management in one complete software package. You can order a demo CD of Property Manager EDGE from Domin-8 Enterprise Solutions.

Consider buying scaled down rental software to start off

If you are just beginning your rental business, you know that every penny counts. You should consider buying, at the very least, a lease management software package to track critical lease dates and information. Rental software can help you manage your property income and expenses.

I recommend: Download a free copy of Abstract Pro by VirtuaLease to see how this lease management software works. Download a demo of WG Software's Tenant File. This software easily allows you to enter expenses and post rents. Mr.Landlord.com is an online resource for any rental issues you might have. You can purchase a CD that contains over 150 management rental forms, letters, notices and checklists that will cover every scenario you can come across.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Use a written lease to document the rental agreement with your tenants. Most rental software programs will include a generic lease agreement, but be sure the agreement adheres to all of the laws in the state in which you are renting properties.