Property management software vs excel

2 Replies

My husband and I own 3 duplexes and 1 condo that we rent out. Our goal is to scale at 3 per year. We currently use excel for our P&L and expense management and cozy or check for rent. My question is long term as we scale will we regret not having property management software? Do any investors with 20+ doors use excel only?

On my end we only buy larger properties and hire 3rd party managers, who use specialized property management software.

How much time will a software package save you? I bet quite a bit.

If your computer crashes or your hard drive fails, would both equally be backed up in the cloud?

In my opinion, good business software is typically worth every penny. 

I use Cozy and Quickbooks.  QB has a system where you can create “projects” to track income and expenses to those specific projects. I create a “project” for each rental.

Once I get to 50 units (which is usually the minimum for some of the bigger PM software systems) I’ll switch over. 

Promotion
Apartments.com
List, Screen, Lease, Get Paid, Manage.
No Better Place to Lease Your Place
Owners rely on the #1 rental site to get the best results from their rental properties.
Get Started Now