Any pain using property management software?

Multi-Family and Apartment Investing
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Any pain using property management software?

Aziz Usmanov
Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes

I get enough mileage out of QB, but it is an accounting software. I have to add other tech to my stack to achieve pure PM features: Trello for work orders, Dotloop for apps and lease signing, Rentlinx for listing syndication. The challenge is to keep all the pieces in sync.

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
5y

We use Propertyware and are famiiar with Appfolio and Buildium. Have also played a little bit with RentManager.

Buildium is for small operators. Appfolio requires at leat 50 units. Propertyware we'd say is for 150+ doors.

It is NOT easy or "fun" to switch PM software!

So, do your homework, request free demos and make your choice based on saving dollars in the long-term, not saving pennies in the short-term.

[email protected]248-209-6824
Logical Property Management4.9451 Reviews
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  • Anna Swartz-Lopez
    CA · Member since 2020 · 63 posts · 62 votes
    5y

    Try Hemlane. I have heard good things. 

    0Reply
  • Miranda McClure
    Member since 2021 · 4 posts · 0 votes
    5y

    We use Appfolio and enjoy it!

    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Anna Swartz-Lopez thanks for suggestion. Any specifics on why Hemlane is better than Buildium, AppFolio or others?  

    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Miranda McClure How many doors do you have? I heard it is a nightmare to reconcile bank accounts when you have more than 100 doors. What's your experience with reconciliation?

    0Reply
  • Miranda McClure
    Member since 2021 · 4 posts · 0 votes
    5y

    @Aziz Usmanov, we have around 550 doors. Reconciling every month has been simple so long as everything has been imputed correctly. We can link bank accounts making the process simple. 

    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Miranda McClure do you hire out bookkeeping or do it in-house?

    0Reply
  • Miranda McClure
    Member since 2021 · 4 posts · 0 votes
    5y

    @Aziz Usmanov We do it in-house. However, we do have an accountant look over everything once a month as a precaution and a second pair of eyes. 

    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Miranda McClure What did you use before AppFolio? I am trying to understand if ~$500/month (in your case) is a justifiable recurring expense. QB's highest tier is $150/month and it allows unlimited class tracking (aka property tracking). I guess the other $350 is the price of having everything in one place.

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    We use Propertyware and are famiiar with Appfolio and Buildium. Have also played a little bit with RentManager.

    Buildium is for small operators. Appfolio requires at leat 50 units. Propertyware we'd say is for 150+ doors.

    It is NOT easy or "fun" to switch PM software!

    So, do your homework, request free demos and make your choice based on saving dollars in the long-term, not saving pennies in the short-term.

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    2Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Drew Sygit You do have a very involved knowledge base in your blogs. Curious if you track any stats as far as how much time tenants spend reading the page, by how much the level of detail in the blogs cuts down phone/email/in-person communication.

    0Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    You mentioned syndication, so I am assuming you are managing MF assets. 

    Resman is one of the best software hands down. 

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Aziz Usmanov Thanks for the compliment.

    We tracked it a few years ago, but not enough tenants were visting our blogs to make an impact. We have all kinds of email templates and automated alerts/reminders that go out now.

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Ola Dantis I’ve never heard of it. What would you say Resmans market share is? I know Yardi and AppFolio is big in MF

    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Drew Sygit is this automation part of PropertyWare or is it something homebrewed? It sounds like a CRM feature.

    0Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    5y
    Originally posted by @Aziz Usmanov:

    @Ola Dantis I’ve never heard of it. What would you say Resmans market share is? I know Yardi and AppFolio is big in MF

     Not sure about their market share, however it is a juggernaut in the PM Software sphere. 

    0Reply
  • Mike Bress
    Philadelphia, PA · Member since 2021 · 9 posts · 2 votes
    5y

    Appfolio has worked best for our company and we have over 3,000 units. You can integrate accounting, marketing, maintenance and more. It works well when you utilize all of the services. Good luck! If you have any questions, feel free to message me. 

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Aziz Usmanov Both

    From our experience, Propertyware is more robust than Appfolio.

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Mike Bress @Drew Sygit I guess my main contention point is the $1/unit model. I can't think of any service businesses (electricians, plumbers, dentists) whose software cost increases with their revenue growth. For Mike, $3k/month expense is probably a necessary evil, it is a big expense that he cannot just drop.   

    0Reply
  • Luciana W.
    Rental Property Investor · Savannah, GA · Member since 2019 · 66 posts · 30 votes
    5y

    @Aziz Usmanov

    For a larger portfolio, I heard that AppFolio and Buildium are a good option. For me they were a bit pricey.

    I have been using Hemlane for a almost a year now and enjoy it. It is very intuitive. Easy to market, and keep track of tenants.

    0Reply
  • Shona Lepis
    Investor · Portland, OR · Member since 2020 · 10 posts · 4 votes
    5y

    I’m currently using cozy but actively looking into Buildium which seems solid and they offer a small discount to BiggerPockets pro members. I I like that that they are full service from accounting, to marketing syndication and repair tickets and collecting rent....

    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

    @Luciana W. Are you using their basic, essential or complete tier?

    0Reply
  • Luciana W.
    Rental Property Investor · Savannah, GA · Member since 2019 · 66 posts · 30 votes
    5y

    @Aziz Usmanov

    Mostly I use the basic, but you can mix and match for each property.

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Aziz Usmanov
    Froom what we've seen, almost every SFR property management software vendor charges based upon number of units. Best guess is that it's related to the support personnel they need to support their users - the more units, the more support calls.

    How would you address that challenge?

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
  • Aziz Usmanov
    OP
    Property Manager · Fargo, ND · Member since 2016 · 51 posts · 10 votes
    5y

     @Drew Sygit Maybe a more granular pricing based on the service consumption? For example, the maintenance module is least used when the unit is empty. Marketing module is least used when the unit is leased.

    Or maybe $1-$2 for each management fee charged. The reasoning is not to charge for vacant properties, since PMs don't get paid for those. I don't know just brainstorming. 

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Aziz Usmanov they could also charge by the minute for each service call, but I don't think anyone would then sign up with them.

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    0Reply
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