Help! Need Property Management Sofware/Service.

21 Replies

Hey guys, I have just closed on another quad-plex this month, and will increase my total units to 20, does anyone know of a good software to keep track of tenant expenses / repairs? Make reports, etc.

They are all self managed, so its getting more difficult to keep up with remembering what has been done etc.

Thanks for your help!

I manage about 100 doors and have been using Appfolio and very happy with it. There is a $200 minimize monthly fee which I don't think its justified if you only manage 20 units. I think if you are looking for a software to keep track of income and expense and generate reports, quickbooks offer a version for landlord that can do all that for you. I hope this helps and good luck with your new quad!

Hey Zamir!

I just started using truerent. 
Its a online based property management software.

Its free for up til 50 units, so i think this might be a good alternative for you.
Check it out here: www.truerent.com

(i started using this 2 days ago, so i dont have much experience. but so far i like it, I believe its worth a look).

Let me know what you think!

- Per

rentecdirect.com and truerent are ones I am evaluating.  Both are free to a certain number of units.  I just started trying truerent, it seems simpler than rentec but rentec has very good phone support.  This being said, I have not called truerent yet but plan to to ask some questions.

Good luck!

My tannest direct deposit to my bank. I manage 11 doors and my biggest confusion is when tannest deposit different amounts due to late fees I don't know who to give the credit to without calling them to verify.  Any ideas that can eliminate this.

Thanks

@Jaime Frausto

I have all my tenants deposit money orders, not cash. I make them go to AMSCOT (its free) write their name on the money order along with their address, and then when they deposit I can view the image online to see who it was. We do NOT accept cash payments.

@Zamir Kazi : Have you tried truerent or rentecdirect? What would you recommend. I know its a 6 months old post so was wondering if you are settled on something by now. I am trying to evaluate both. Thanks.

@Pancham Gupta  

Sorry it took so long. I tried out trurent. And for a free software it is not too bad. But for something more robust I don't see it being very useful. I have now jumped up to 107 units and am considering app folio, buildium, rent manager and yardi. 

It just depends on how many units you have. Less than 50 units I can't justify the cost of the ones I just mentioned. 

I have been evaluating a lot of such software and I finally settled with Rectec Direct. I have 6 units and it works great for me to track the expenses, get ACH rent deposits from tenants and general accounting. It does not have the sexiest interface but it works, has best value and I highly recommend it. Great customer service too.

Buildium is my favorite so far. Especially if your entity only holds rentals/managed property.

it's automatic. the tenant fills out an application and either you or they can send it to Rentec and they set it up within a day. From then it automatically gets transferred every month and you get notifications.

Originally posted by @Zamir Kazi :

@Pancham Gupta  

Sorry it took so long. I tried out trurent. And for a free software it is not too bad. But for something more robust I don't see it being very useful. I have now jumped up to 107 units and am considering app folio, buildium, rent manager and yardi. 

It just depends on how many units you have. Less than 50 units I can't justify the cost of the ones I just mentioned. 

 If you don't mind the $200 monthly minimum I do think App Folio is a good choice for over 100 units.

Buildium is a great option for under 100 units. One you get above that - particularly if managing properties for other people - there are more robust packages like Propertyware, Appfolio, RentManager, etc. Don't go off what people tell you on forums. Read about each one, talk to a sales rep, watch demo videos, etc. Then, after you are generally familiar with how they work, sign up for a free trial. These trials are typically two weeks long, so try it around the first of the month when you are most likely to deal with money in/out, maintenance requests, etc. When you have to enter a work order, do it your normal way and then do it again in the trial software to see how things flow. It's a lot of work up front but it pays off in the end.

This is surely a tough one.  I have been looking at Buildium, Propertyware, and Appfolio.  I have 25 Units, my partner has 30 Units, and I want to take on more, but getting from 55Units to over 100 will have some growing pains along the way.  For that reason I haven't pulled the trigger on any of them yet.  From all my webinars and phone calls, here's what I found:

Propertyware - Most expensive but also has the highest quality features.  They are customizable, so they can match a buildium price, but you won't have all the buildium features for the price.  You can also haggle with them on the cost of each module.

Appfolio - Has all the features you would need, but has a $200 Minimum entry and their setup fee is highest of the three

Buildium - Pay per unit, has many good features and they add more all the time to keep up with propertyware and appfolio.  The downside I see with them is they charge separate fees for auto payment received or paid out through the software.  If you don't plan on ever doing this then it's a great valued system (About $1.00 per Unit).  If you do want tenants to pay you through the software, and pay your bills through the software, then I would not use buildium.  Each payment in or out is $0.50, so even with 50 Units, you would hit $200 a month fairly quickly with accepting auto payment, pay water bill, pay insurance, pay lowes credit card...That would cost $2.00 a month getting you above the $200 Minimum that Appfolio charges.

I'm afraid of the free or very inexpensive software because I hold accounting to be extremely important to my company. For that reason I haven't looked at the lower sofwares out there. If there are any accountants on here who use the free or very low cost stuff, let me know how you like it and how well it handles a HUD statement and other more tricky journey entry/ general ledger items on an accounting standpoint.

Hi @Aaron Vergason , You might also consider Rentec Direct.  They have a free version for very small landlords, but their main product is designed for property managers and landlords.  It's as complete of a solution as the ones you've mentioned.  I've used em for almost 4 years and they are great.  I don't do the journal entries, just simple accounting, so I'm not totally sure it's a fit, but they have a free trial.

How do you all see that rentecdirect & true rent are free? When I go there they are a minimum of 15.00/month?

I've heard good things about Buildium.
https://www.buildium.com/pricing/

Hi Steve, It's listed in their sitemap, and here's the direct link to their free software.  Good for up to 10 properties.

https://www.rentecdirect.com/details/rentec_basic

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