Recommendations for Property Management Software - 10-49 units
After toiling away with Excel lo the last many years, I'd like to invest in a property management software. I understand AppFolio but they won't manage anything under 50 units. I'm looking for a platform to manage 10-15 this year and manage growth for next year. I'm aware of Tenant Cloud and Avail but haven't dug into either quite yet.
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Real Estate Agent
- Bloom Real Estate Services
- http://www.gritpropertiesok.com
Everyone is going to love the software they use, my best advise is to pick about 3 to 5 of them and setup test accounts. Then start putting them through your normal processes and see which one will work for you.
We used Avail but it had too many issues for us to keep. We paid the extra $5.00 to get rent payments next day. Well it really didn't happen and wasn't worth it. There were other system issues that hinder accounting process.
Tenant Cloud, we looked at it but you have to sign up to a separate service in order to offer online rental payments. Why? It should be part of the same platform.
We ended up using Innago. It met 85% of our needs and it has a very easy setup process for our tenants. Good Luck.
There are lots of great options out there. You can narrow it down a bit by determining which features you are looking for. For example, some software has built-in rental accounting but with others, you have to pay extra. Some have built-in tenant screening and others allow you to automate late fees.
Many have free trials so you can try them out before you commit. Then once you have decided, most of them should scale easily with your projected growth.
The above advice is solid. You'll never find perfect software, so figure out your primary pain points. Sign up for trial accounts with 3-5 different platforms and start testing them. Enter a new rental into each one. Market a unit. Run a fake application. Enter and track a maintenance request. How does it handle communication? Payments? What reports are available for you as the owner?
Find the one that works best for you and sign up. After 1-2 years of use, you'll know if it's really lacking in a particular area and will be better able to shop for something more complete.
- Property Manager
- Royal Oak, MI
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We use Propertyware, have experience with Buildium and have played with Appfolio and RentManager.
Buildium is for smaller companies.
The other three are tied, the differences being how much automation & customization you want to do.
If you don't see yourself growing beyond 150 units, go with Buildium.
If you're not very techy and plan to grow over 150 units, we'd recommend Appfolio.
If you're techy and plan to grow over 150 units, we'd recommend Propertyware or RentManager.
Of course, schedule some demos, take GREAT notes and them make your decision.
FYI - there are MANY new options on the market, RentRedi, TenantCloud, Apartments.com, Rentec, most will not survive, so you would then have to switch:(
Thanks to everyone who replied. Very helpful. We're lucky to have this platform to bounce questions off each other.
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Real Estate Agent
- Bloom Real Estate Services
- http://www.gritpropertiesok.com
I've also heard great things about DoorLoop, but personally my PM company runs on Buildium and I can second and third Drew and Nathan's guidance above.
You might give Stessa a whirl and ride along with them as they try to spin up into a full-fledged PM software co!
Each software has its pros and cons so it would be a good idea to start a trial on a few and see which fits your management style the best.
I personally use buildium to manage mine. The price is currently $50 a month for up to 20 rentals. It costs $99 to set up an account for online billing, but after it's set up my tenants find it very easy to use the portal.
@Abby Marshall Le Did you find a steep learning curve with Buildium? I gave that one a shot and couldn't figure it out. Maybe I'll take another crack at it.
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Real Estate Agent
- Bloom Real Estate Services
- http://www.gritpropertiesok.com
Quote from @Ben Scott:
@Abby Marshall Le Did you find a steep learning curve with Buildium? I gave that one a shot and couldn't figure it out. Maybe I'll take another crack at it.
It did take awhile to figure out the online payment system and how to set up the tenant's lease dates in the system, but I eventually figured it out thanks to YouTube tutorials. If you have any specific questions about how to do something I'd be happy to do a phone or Skype call with you and walk you through what I know. Just let me know!
If you are interested in Rentredi, it is free to use for all pro members!
Quote from @Drew Sygit:
We use Propertyware, have experience with Buildium and have played with Appfolio and RentManager.
Buildium is for smaller companies.
The other three are tied, the differences being how much automation & customization you want to do.
If you don't see yourself growing beyond 150 units, go with Buildium.
If you're not very techy and plan to grow over 150 units, we'd recommend Appfolio.
If you're techy and plan to grow over 150 units, we'd recommend Propertyware or RentManager.Of course, schedule some demos, take GREAT notes and them make your decision.
FYI - there are MANY new options on the market, RentRedi, TenantCloud, Apartments.com, Rentec, most will not survive, so you would then have to switch:(
I've heard a decent number of people say, as you have, that Buildium is for smaller companies . . . what about Buildium makes it not work at a larger scale?
- Property Manager
- Royal Oak, MI
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@Will Fraser Buildium has almost zero customization and few reports.
That makes it more difficult to use in a team environment.
Also, the more services you offer the harder it is to track everything.
The MOST important thing though is to learn ANY software properly & thoroughly or it will just be "junk"!
Quote from @Drew Sygit:
@Will Fraser Buildium has almost zero customization and few reports.
That makes it more difficult to use in a team environment.
Also, the more services you offer the harder it is to track everything.
The MOST important thing though is to learn ANY software properly & thoroughly or it will just be "junk"!
Got it.
Does Appfolio excellently address those pitfalls in your experience?
- Property Manager
- Royal Oak, MI
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@Will Fraser Appfolio has more customization than Buildium, not as much as Propertyware or RentManager.
It never will fit all your needs so yeah finding some sticking points will help you. For me I needed to keep expenses down and something that manages my properties easier. I found Innago to help a great deal for those points.
Quote from @Drew Sygit:
@Will Fraser Appfolio has more customization than Buildium, not as much as Propertyware or RentManager.
Thanks Drew!!