Changing Property Management Software

Multi-Family and Apartment Investing
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Changing Property Management Software

Nate Hall
Professional · Chelsea, AL · Member since 2015 · 14 posts · 1 vote

Hey folks,

I have an issue that I'm trying to solve and I'm hoping someone can give me some advice. I work for a property management company and we currently use the older version of Yardi (Enterprise) as our management software. We need to leave this version due to its age and the fact that support will be ending soon. 

Does anyone out there have experience in moving from Yardi Enterprise to another software? 

Here are a few of the issues that go along with the change:

- We currently have all of our data on an SQL server and will need to get it transferred if we go to a cloud-based solution. 

- Many employees at the company have been here 30+ years and are not fond of change or new technology.

- We have many Crystal Reports that we had custom made to the boss's specifications. We need to find a way to use them or at least recreate them in the new software.

Thank you to anyone who can offer some wisdom on handling this change. 

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Account Closed
Real Estate Professional · Riverside, CA · Member since 2015 · 3 posts · 1 vote
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Hey Nate-

I just switched over to Appfolio from using MRI for years with a previous company I worked with.  It's simple and robust enough to handle say up to 100-150+ units per property. I liked the fact that it's a newer company and they incorporate a lot of interesting features. If you're using Yardi I assume you're managing or investing in much larger properties correct? I'd say take a look at Appfolio and see if it suits your needs...if you're really large it may not work, but I like it thus far

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  • Simon W.Business Member
    Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 673 votes
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    I've used Yardi Enterprise and also to Yardi Voyager 7S. I personally LOVE Yardi.

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  • Nate Hall
    OP
    Professional · Chelsea, AL · Member since 2015 · 14 posts · 1 vote
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    I have also enjoyed Yardi and I wish we could stay with it. One thing that I forgot to mention was that we couldn't stick with it due to the price. I'm supposed to be getting a quote from them soon, but the amounts they've discussed with me have been way out of my budget. I'm not expecting them to come back into my range. 

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  • Account Closed
    Real Estate Professional · Riverside, CA · Member since 2015 · 3 posts · 1 vote
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    Hey Nate-

    I just switched over to Appfolio from using MRI for years with a previous company I worked with.  It's simple and robust enough to handle say up to 100-150+ units per property. I liked the fact that it's a newer company and they incorporate a lot of interesting features. If you're using Yardi I assume you're managing or investing in much larger properties correct? I'd say take a look at Appfolio and see if it suits your needs...if you're really large it may not work, but I like it thus far

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  • Nate Hall
    OP
    Professional · Chelsea, AL · Member since 2015 · 14 posts · 1 vote
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    Appfolio is one I have been eyeballing. I'll probably call them today and see what they can offer. What do you think of their reports? Do they do custom reports? My employer really wants to keep his custom reports and he also seems excited about the possibility of cutting our software costs. I'm hoping to find something that can fit both of those needs. 

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  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
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    @Nate Hall

     @Simon W.

     What do you like about Yardi that other software could implement?

    Gita 

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  • Nate Hall
    OP
    Professional · Chelsea, AL · Member since 2015 · 14 posts · 1 vote
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    The biggest thing for Yardi, in my case, is that it uses the reports that my boss likes. I really can't say too much more about it, since it's the only property management software I've ever used. 

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  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
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    @Nate Hall

     Can you share a sample report with me Gita.

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  • Nate Hall
    OP
    Professional · Chelsea, AL · Member since 2015 · 14 posts · 1 vote
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    I don't have a sample, but it's easy enough to describe. The report lists the properties in a column. Next to that column are columns for operating income, non-operating income, deposit activity, deposit balance, operating disbursements, management fees, beginning balance, current activity, and current balance. 

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  • Simon W.Business Member
    Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 673 votes
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    @Gita Faust, the layout is just much simpler to use and the way the information is presented is much easier to look.

    Are you using a specific software for your own business?

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  • Account Closed
    Real Estate Professional · Riverside, CA · Member since 2015 · 3 posts · 1 vote
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    @Nate Hall

    I'm not too sure about the custom stuff as I'm using the cookie cutter reports that they provide with the software..typical stuff like ageing, rent roll, p&l etc. If you call into the company they'll be able to answer any questions about custom reporting. Be aware that any call with them isn't generally short..haha...they're super detail orientated...almost to the point of being frustrating. Very helpful staff though. Let me know how it goes

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  • Nate Hall
    OP
    Professional · Chelsea, AL · Member since 2015 · 14 posts · 1 vote
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    @Account Closed

    I've learned the hard way that calling any property management software company is going to take a chunk of time. I've even got a few that I have ruled out from the list of candidates that will still call and email trying to get me to run a demo. Hopefully Appfolio will deliver. I appreciate the advice. 

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  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
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    @Simon W.

    Funny you ask - We personally use QuickBooks. But our clients us all different software where we help them - Buildium, Propertyware, Propertyboss, Escapia (Homeaway)... and more. 

    Gita

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  • Simon W.Business Member
    Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 673 votes
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    @Gita Faust

     My company will be using any softwares our clients will be using. It just makes things easier for them. I personally take Yardi over any software, BUT it is so expensive.ee

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  • Zamir Kazi
    Real Estate Investor/Syndicator · Orlando, FL · Member since 2014 · 109 posts · 22 votes
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    @Nate Hall@Simon W.

    Hey guys I am actually looking for a property management software at the moment.

    I am torn between Yardi, Appfolio, Buildium, and Rent Manager.

    A friend of mine recommended Yardi.

    We have 107 units so we would fall into the Genesis 2 platform. Is this the old platform you are switching from?

    Any recommendations on which way to go? They all seem like pretty much the same, but being it is a year commitment I do not want to make a hasty decision.

    Thanks for your help!

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  • Nate Hall
    OP
    Professional · Chelsea, AL · Member since 2015 · 14 posts · 1 vote
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    I'm really hoping to stick with Yardi. I believe that transferring data to their new system will be less painful and I'm hoping that training employees will go smoother.

    Their initial price quotes were painful, but I've talked to some of the companies in their 'success stories' section on their website and now I believe that the bad pricing may be due to a communication error. I'm waiting on a new quote now and hoping that it looks much better than before.

    The platform we had been on was Enterprise, but we've come across several issues with trying to put that version onto new servers. Also, they'll be sunsetting support soon enough.

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  • Adam JernowPro Member
    Investor · New York City, NY · Member since 2015 · 50 posts · 15 votes
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    Hi All:

    Can you share what those price quotes for Yardi were?

    I did a comprehensive analysis years ago between Appfolio, Rent Manager and Buildium. Buildium came out on top but they seem to have let many features fall or fail (auto reconciliation being one of them) and client service also has taken a hit.

    Now I'm looking for better budgeting capabilities, report writing, bill payment. We manage several hundred units for demanding clients.

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  • Bill P.
    Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
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    Rent Manager can be bought for 175 stand alone version and it is robust. Call pat O'Hearn at rent manager and you can download trial version.

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  • Chris Martin
    Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
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    On the entry side (<100 for sure, likely <500 properties), the Yardi entry is Point2 PM. In the last year their support is non-existent. Be careful on their entry product(s). The others are not cost competitive from what I've seen if you are <100 units. We are looking for alternatives, but not appfolio at the moment... not appropriate for owner operators, IMO.

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  • Craig Griffiths
    Investor · Clinton, OH · Member since 2014 · 8 posts · 2 votes
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    I agree with Adam regarding Buildium.  I use it and it has some nice features but the auto reconcile is killing me.

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