Real Estate Investor · Kansas CIty, MO · Member since 2009 · 93 posts · 8 votes
There are two pieces of software I would like to hear reviews on. If any of our members have used the following software, please write a brief pro/con/conclusion about the software.
Trex Global's Simplify 'Em
Or
Quicken Rental Property Manager
I already have Quicken Premier 2009 but have seen sketchy reviews for the rental property manager upgrade.
Instead of using Quicken, I would recommend QuickBooks Pro to manage properties for landlords and property managers.
Like anything else, you can customize the data file to be used for a specific industry, keeping in mind to reduce time, enter one transactions only once and customize your reports. So depending on your budget on software, training and support on a yearly basis and office staff, decide which software is the right option for your client.
But you can track all you info for owners, properties, units, tenants with a click print reports, lease details, rent roll, work orders, track time, and create statements and more. Here are basic steps.
Property owner = customer, class and vendor
Property = Job and subclass
Unit = Job of a property (optional) - use account no for unit no, and
customize you Customer Center to include the unit no.
Tenant = Job of a unit or a property
Products successfully integrated with QB - SmartVault or SourceLink, billing solutions, Intuit Merchant Service - specially with vacation rentals, blank check stock, industry specific websites - Would love to work with bill.com, Method Integration (which gives you a web portal, and integrates with QB) and/or QuickBase.
I do not like the Quicken Rental Property...it's much too simple for my taste. I work a lot with QuickBooks (at my day job) and have been using a version of that at home for our rental property...but we only have 1 right now. Something else will be needed when we start adding to our portfolio.
Instead of using Quicken, I would recommend QuickBooks Pro to manage properties for landlords and property managers.
Like anything else, you can customize the data file to be used for a specific industry, keeping in mind to reduce time, enter one transactions only once and customize your reports. So depending on your budget on software, training and support on a yearly basis and office staff, decide which software is the right option for your client.
But you can track all you info for owners, properties, units, tenants with a click print reports, lease details, rent roll, work orders, track time, and create statements and more. Here are basic steps.
Property owner = customer, class and vendor
Property = Job and subclass
Unit = Job of a property (optional) - use account no for unit no, and
customize you Customer Center to include the unit no.
Tenant = Job of a unit or a property
Products successfully integrated with QB - SmartVault or SourceLink, billing solutions, Intuit Merchant Service - specially with vacation rentals, blank check stock, industry specific websites - Would love to work with bill.com, Method Integration (which gives you a web portal, and integrates with QB) and/or QuickBase.
Well then I might consider Quickbooks. The only thing is, it just seems too "customized" in quickbooks; in a way that seems like it wont cover all aspects of property management. I will have to check out some guides on setting up qb for property management.
That's my feelings as well. But I have been thinking about setting up an Access database for the aspects that QB wouldn't cover, such as greater detail on tenants and maintenance on properties, etc.
QuickBooks can track rent roll, work orders, reports, budgets and more. You have an option to use QB or any other sofware for that matter. Keep in mind you want to use a software which will act like a database and eliminate 90% of your excel, access, paper and pencil documents.
Check out Inuit community forum and select real estate industry where you can ask questions and get answers from users and experts.
That's my feelings as well. But I have been thinking about setting up an Access database for the aspects that QB wouldn't cover, such as greater detail on tenants and maintenance on properties, etc.
Using Access (as contact relationship management software i think) sounds like a good idea to me. I use QB Pro and am aware of the limitations it poses in terms of the management side of a rental property business. I have two main concerns:
I want to be able to access my records from anywhere via the internet. I have two offices (home and work) and I am on the road constantly. Lugging around paper records via a "mobile office" is inefficient. I want to be able to call a tenant or see if they have been late with rent recently from anywhere.
I want the software to integrate with QB Pro. I hate double work. This I am willing to compromise on.
Do you think you can code a database in Access that will work with QB pro?? Can you get at your database remotely via the web?
This is a great topic. I track pretty specific types of investments, so my programs are pretty focused on the type of property. For my mobile home parks, I use a program called Park Side Kick. It tracks the day to day happenings in the park, and also does the more complex billing that quick-books does not do. Like water bills, sewer bills, electric bills etc. Because these are ever changing due to consumption, they can be tricky to figure out. It also does all of my tenant billing, with mail or email. I still enter the big numbers into quick books, as quick books is great at tracking the income and expenses of your business.
I also use Notesmith to track payable notes to me. If your tracking interest, a program that really understands how interest is tracked is essential. I use this for notes that are payable to me, and when I purchase properties on owner financing, I track my payments to the seller as well. It produces 1098's, 1099's and will electronicly connect with the IRS to transmit your data.
I see posts on quick books set up... there are many 'guru' types that sell accounting courses and many of those will give you the category's pre loaded on a CD. you will need quick books to open the template, but all of the accounts are there. I use the program from John Hyre, The real estate investors kiss guide to bookkeeping. John is a CAP, an Attorney and practices real estate investing, as well as a accounting practice and practices law. I have met him a couple of times, actually had breakfast with him before a seminar he gave in Denver. He is very sharp and the real deal. His stuff is very easy to follow. His web site is www.realestatetaxlaw.com
I have no dog in the hunt to endorse any of the programs I have mentioned here, if there was a better program I would switch in a New York second.