Property management Software questions

Property management Software questions

Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes

This blog is not so much of the normal type of blog where I give a narrative on a subject. Instead, it is a request for feedback in regards to property management software (PMS)for rental property. Currently, I am using a couple of products that I cobbled together to make my process easier (or at least it is to me!). I am using one provider to process auto-debits for monthly rent, another provider to do backround checks, my accounting software to do the books and reports and the trusted Excel spreadsheet to keep my overall picture.

So my goal is to have a single PMS in place by 2015 that will allow me to have everything in one application. I have done exhaustive research and found 12 viable candidates and have reviewed all of them. I am not listing them here becuase I don't want to skew your feedback. I have run trial properties through 3 of them and I am currently beginning my trial on 2 more this week.

However, while my usage in a trial is important, it can't replace the experience that I am sure some folks may have on their favorite software package. Therefore, I would appreciate some guidance on what you beleive is a great PMS application. Please give the positives and the shortcomings. Include things you wish it had and things you wish you knew before you committed to the package. Talk about their customer support and anything else you wish to include.

Thank you in advance for your help as I value your experience and opinions on this subject.

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Dawn BrenengenBusiness Member
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Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
12y

@Bill P. I currently use Buildium, and I am very happy with it.  I can collect rent, get maintenance requests, pay owners, send out 1099s, etc.  You can use it for marketing, and I believe they have tenant screening too, but I don't use those features as I have others I already use that I love.  It's probably the best priced out of the full featured software.

If money was no object, I might have gone for appfolio instead just because a lot of property managers I know use and love it.  However, it would be almost twice the cost of Buildium for a portfolio my size.  I manage about 60 properties, and I don't think Appfolio would make sense until I had 100.

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  • Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
    11y

    @Jason Chinister 

    I am not going to review AppFolio because the cost is too prohibitive for my business.

    I think that RenTec is a good piece of software but it needs improvements which I feel it will get over the next couple of years. I think it's development team rolls out features but is currently behind the curve. A better accounting solution would be nice.

    I think Buildium is the de facto standard right now although they made (in my opinion) a mistake by hiking the costs for new landlords under their 40 units. I think they would get a bigger following if they allowed new landlords to pay $20 for up to 20 units. Makes more sense as the guy that owns under 10 units will be hard pressed to use any pay PM software when there are freebies out there. Another nice feature with Buildium is it's mobile platform which is pretty nice. Can do anything from my mobile phone.

    I hope to test Rent Manager soon but they have not contacted me to start my demo. The ball is in their court.

    Generally speaking, I am surprised that a number of software packages even call themselves PM software. Started with about 15 packages but so many of them had big missing options: no accounting, no owner portal, no check writing, no ACH, etc. I was looking for a system that could be better than my hobbled together platform (Peachtree accounting, Excel spreadsheets, Rentmatic ACH, mySmartmove screening, etc) Haven't found the perfect fit but Buildium does come close.

  • Real Estate Investor · Summerville, SC · Member since 2014 · 62 posts · 2 votes
    11y

    ANY IDEAS ABOUT  123LANDLORD.COM

  • Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
    11y

    @Thomas Haskell 

     It was the first one that I reviewed and I found not robust enough to do real property management. I think it can be used if you have 1 - 5 properties, but beyond that I feel you really need a better solution.

  • Real Estate Investor · Summerville, SC · Member since 2014 · 62 posts · 2 votes
    11y

    thanks u da bomb

  • Chad CarsonPro Member
    Investor · Clemson, SC · Member since 2008 · 179 posts · 156 votes
    11y
    Bill Pohl this is a great thread. Thanks for the detailed analysis. Question for you since you have done so much research ... We are considering switching from just using a customized Quickbooks solution for property management (since 2008) to Buildium. We have 65 units, and we currently use quick books both for our management company and the holding company of the properties. We would continue using qb for the holding company. The deciding factor for me between QB and something like Buildium is the integrated nature of all the different features. I would like to handle marketing, tenant screening, lease paperwork, maintenance requests, etc all in one spot. But I am not looking forward to using something other than quick books for accounting. Do you or other Buildium users here download data to Quick books? If so, how easy is that integration? How do you separate tasks? Any other issues you can think of on the switch from Quick books to Buildium?
  • Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
    11y

    @Chad Carson 

    I may have a different perspective than a lot of landlords. since I use to own a public accounting firm, it is almost impossible for me to give up an accounting program and use Buildium. Not that Buildium can't be used as such, I just NEED that double entry system that is so proper. We do a lot of LLCs with property and partners and need to have a robust system. I could never get Buildium to be my perfect system. However, Buildium is a first class PM program and is at the top of the game. Our biggest problem was reporting through the owner's portal the exact info we want and excluding info that we didn't want shown on a preliminary basis. I also thought that the methodology of autopay under Buildium was way overpriced and not cost effective for all the accounts (LLCs) we have under our control. We are soon attempting to using Rent Manager for a trial as soon as I get out of preparing all the 1065s and K-1s for 2014. Hope this helps.

  • Evington, VA · Member since 2015 · 4 posts · 0 votes
    11y

    Any update to this thread using Rent Manager?  Very informative thread in making my pick!

  • Real Estate Agent · Chevy Chase, MD · Member since 2013 · 3 posts · 0 votes
    11y

    Hi - yes, also looking to see if anyone has additional feedback on Rent Manager. We currently own and self-manage 7 rental properties. Buildium and Rent Manager seem to be the front runners based on this string. Eager to hear others thoughts on suggested best solution for 20 properties and under. Thanks.

  • Investor · Philadelphia, PA · Member since 2013 · 185 posts · 97 votes
    11y

    @Bill P.

    Great thread! Thanks for starting this and bringing the depth of discussion that you did. I am currently in the process of looking at ways to ensure I have a scalable business. At this point, I just have one property that I am renting - with 2 more closing in the next 2 weeks. However, I have two LLCs and finance partners and am looking to scale up quickly once I have the basics in place.

    Based on the discussion that I am seeing here and on other threads, I see Buildium as the leading contender for a PMS for me as I grow. My biggest remaining concerns are:

    1. Do I eat this cost now at the start in order to ensure systems are in place to scale - even though my current portfolio is so small as to be manageable with Excel and a bank account?

    2. As I grow to 100+ units in the next few years, will I be missing advanced features such as Quickbooks integration, or is Buildium sufficient for me to manage multiple LLCs and a growing portfolio?

    From what everyone is posting it seems to be a great solution for a small to mid-size investor with somewhere in the range of 10-100 properties. Under that it sounds pricey, and over that I see concerns around accounting complexity. Would you agree?

  • Rental Property Investor · Mineola, NY · Member since 2014 · 838 posts · 212 votes
    11y

    @Bill P. I have heard great things about Buildium. My property manager uses it and it makes life pretty easy

  • Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
    11y

    @Alex M.

     I think that Buildium is a great product. My biggest concern is that it does not have the advanced function as a full accounting system (especially if you are an accountant by schooling) But with that said, I feel for most people this is a very capable way to go. I only miss the accounting functions because I am use to them. You won't miss them if you never had them. I wish the cost was lower for the "up to 10" crowd, but that was a corporate decision to raise the pricing a few years ago and nothing can be done about it. All told, my reason to walk away from Buildium after the trial period was a personal decision and not based on the poor performance of the software. I still want to try Rent Manager but haven't had the time to do so due to all of the activity I have been doing with my company. I hope to do it soon but quite honestly I don't know when that will happen

    @John Cohen

    I agree. Great program.

  • Investor / Syndicator · Austin, TX · Member since 2015 · 366 posts · 220 votes
    11y
    Wow. Great thread for me as I just use excel for accounting, bookkeeping etc. I'm sure my accountant doesn't like this. It works for my on my current scale but as we grow this will need to change.
  • Investor · Wichita, KS · Member since 2015 · 769 posts · 279 votes
    11y

    @Bill P.

    Question for you -- a couple posts above you stated Buildium does not have the full fledged accounting features you'd like....You definitely have a different perspective since you are an accountant by Trade and I've had to learn on the fly managing my own books.  Could you elaborate more?

    I've used Buildium for 5 years now and love it -- (can find many of my posts to this effect...ha) 

    Love the one stop shop aspect - financial reports, online payments, ease of advertising vacancies, paying owners online, online application, basic website, background checks, automatically pulling financial transactions down etc.

    Curious what your perspective is.

  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
    11y

    Few questions come to mind....

    Can you reconcile your bank account? 

    Can you pay your bills or print checks?

    Can you create 1099 for vendors and owners?

    Gita Faust

  • Investor | Syndicator | Instructor · Cincinnati, OH · Member since 2008 · 435 posts · 198 votes
    11y

    @Shane H.

    I don't like the way that chart of accounts show up on the Balance sheet. I don't like the way that an accurate cash flow statement cannot be produced. I don't like the way that owners' equity cannot be automatically divided in regards to YTD profit. I don't like the owner's portal process as it is not specific enough for members of an LLC to see their portion only. I don't like the lack of diversity on printing checks from multiple accounts, pay employees or issue 1099/W2s. I don't like the lack of consolidation of the P/L.

    But, in all honesty, for most people with a singular basic need, Buildium was the most robust system out there that I tested. My needs are just a little too complex for it to work perfectly without the integration of another accounting program.

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