What software should I use as a commercial property manager?

Question

I'm choosing to self manage a building I also run my business out of and my tenants are requesting to make ACH payments to me. This has prompted me to look into a software to track income and expenses. What software like an AppFolio or Yardi breeze should I use? Should I use QuickBooks directly for something like this? Most all my service requests go to me directly anyways. Thanks fam.

Michael K Gallagher · Answer

@Ryan Prichard one of the better options out there that can handle commercial properties, for what I'd consider a "low cost" platform is Hemlane.  I believe some of their people are likely here on the forums and can jump in, they also had a booth and sponsorship at last years BP con so if you went you may have seen them.

I came across the service because I had a client who was going to self manage, and wanted me to lease the units for him, and the property was a mixed use building with his business operating out of the ground floor.  Most "traditional" or "free" type softwares out there couldn't handle the commercial address, and "commercial" specific softwares were exorbitantly expensive when I looked, now this was some 4 years ago now so perhaps there is a new player, but regardless that client jumped on hemlane, and I was able to get on as well as his leasing agent and he now has 8 units in total across a couple properties, both commercial and residentially zoned on the one dashboard.  Its a pretty flexible platform also especially if you are self managing.

Aaron J Smith · Answer

Glad it was helpful!  Best wishes....

Aaron J Smith · Answer

Ryan,

It really depends on what you want to do.  If you only want to collect payments and not use all the service that a PM software could provide, I would say check with your current bank and see if they offer ACH services.  You can use that service to collect rent payments before paying a third party to do it.  Often this method is cheaper and more flexible as you may be able to pay other things also using ACH (payroll, vendor payments, etc).

P.S. - Before moving into real estate I spent 25 years in banking and worked in almost all facets of the business (small business, treasury, retail, online & mobile banking, and operations). Also, I've setup 100's of companies up for that ACH service that I mentioned and know that each Financial Institution does it a little bit differently. I'm happy to answer any more questions you have about that.

Ryan Prichard · Answer

Love this response. I do have a bank that offers treasury management services with our bank accounts. Thank you.

What software should I use as a commercial property manager?

What software should I use as a commercial property manager?

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