Back office systems and tools for self property management

[Paige Kehoe]

Have around 10 units self managed and looking to optimize my business systems to be slightly more scalable and automated. Not exactly sure where to look for this and have done some googling and asking around but don't have a clear answer for how folks have managed keeping the books clean and everything paid on time in a simple manner!

Current systems and tools:

- Assistant to manage payments, invoices, ensure rents come in and chat with tenants for issues

- Melio for vendor payments

- Baselane for banking - separate accounts for each rental and deposit

- Google sheets for Income and Expense reporting

- Azibo for rent collection automation with late fee automations

- Drive for my leases, SOPs, and documentations of tenants move in/move out

Goals of improved system: ensure I have a read out of how each property is preforming month over month, check on big expense items, ensure vendors get paid, mortgages get paid and rent is coming in, generate APY on float and savings for any big CapEx that comes up, and make my life easier come tax season.

Is there a single software people use or what do you do for your business systems to optimize all of this?

[Christian Styles]

Hey Paige, congrats on the 10 units that's awesome! 

A lot of people with growing portfolios start to look at a true property management software. It's a matter of preference but I have seen a lot of owner operators your size and bigger using Buildium. We use Appfolio in our office and love it, and I know there are people out there who use Turbo Tenant as well, I actually met their CEO at a conference and he was extremely knowledgeable of the struggle in keeping track of it all.  

I personally would stay away from Yardi, unfortunately their system is outdated and their customer service is sorely lacking. 

Entrata is great but they wont talk to you if you have under 500 units. 

Hopefully that list gives you some things to think about and research!