Online Property Management Software

7 Replies

Hi,

I just thought I would post on here to see if anyone is using some kind of online property management software, and what their thoughts are about it?

I have one rental property, and am going to be accumulating more this year in which I want to get a good system in place. For my first property, I set up a Cozy account. I mostly liked it, until I collected my first rental payment, and realized that it was going to take 5 days before it will post to my account (even if I paid for the express payout service, it would still take 3 days to post!). The reason I don't like this, is that if a payment does not go through because of insufficient funds, I won't know until day 5; So I will be 5 days behind at giving my late notice, and if they submit another payment, I won't know for another 5 days. 

Does anyone have any other software they like, that perhaps may have a solution to this problem? I have been interested in Appfolio also, so if anyone has used any services like this, I would be interested to hear some thoughts on them! 

Thanks for the input!

Kole 

Originally posted by @Kole Kingslien :

Hi,

I just thought I would post on here to see if anyone is using some kind of online property management software, and what their thoughts are about it?

I have one rental property, and am going to be accumulating more this year in which I want to get a good system in place. For my first property, I set up a Cozy account. I mostly liked it, until I collected my first rental payment, and realized that it was going to take 5 days before it will post to my account (even if I paid for the express payout service, it would still take 3 days to post!). The reason I don't like this, is that if a payment does not go through because of insufficient funds, I won't know until day 5; So I will be 5 days behind at giving my late notice, and if they submit another payment, I won't know for another 5 days. 

Does anyone have any other software they like, that perhaps may have a solution to this problem? I have been interested in Appfolio also, so if anyone has used any services like this, I would be interested to hear some thoughts on them! 

Thanks for the input!

Kole 

 I use erentpayment.com and the money is in my account on 3rd business day. Very professional setup. Costs me $3.00 per transaction.  This can really cut down the days. 

Just as a side note...For one of my properties, I use super low tech option.  This is how it works. The tenants put cash in account I have provided them and text me once they do. Immediately, I transfer the cash into my savings account. Some people are pretty low tech and they would rather do it this way. Also, since they are putting in cash, there is never an issue of bounced check or failed ACH.  

Kole, if non sufficient funds is the issue and the time it takes, I believe it takes the same time if you deposit a check for your bank to let you know about a NSF.

Originally posted by @Kole Kingslien :

Hi,

I just thought I would post on here to see if anyone is using some kind of online property management software, and what their thoughts are about it?

I have one rental property, and am going to be accumulating more this year in which I want to get a good system in place. For my first property, I set up a Cozy account. I mostly liked it, until I collected my first rental payment, and realized that it was going to take 5 days before it will post to my account (even if I paid for the express payout service, it would still take 3 days to post!). The reason I don't like this, is that if a payment does not go through because of insufficient funds, I won't know until day 5; So I will be 5 days behind at giving my late notice, and if they submit another payment, I won't know for another 5 days. 

Does anyone have any other software they like, that perhaps may have a solution to this problem? I have been interested in Appfolio also, so if anyone has used any services like this, I would be interested to hear some thoughts on them! 

Thanks for the input!

Kole 

@Kole Kingslien This might not help but I like receiving the Appfolio reports from my property manager.  There's a packet that I can access at any time, receipts are PDF'd and uploaded, expenses are broken down on a property-by-property level, etc.  While all of that is nice, I'll be overly general and say that most SaaS solutions are only as good as the data being entered.  

Others might have more specific feedback regarding Cozy showing payments...

Hello Kole,

I use Tenantcloud. It gives me about 4 options of payments I can use, and I use Dwolla (it's free for me and no fee for the tenant). It can take 3-5 days to receive payments but it tracks the payment as soon as it's made so the status of the payment will be pending and it sends you an email notification that your tenant has made his/her rent payment. When I see pending I know that my tenant has made the payment. If it's the 1st of the month and no payment has been made it will list it as unpaid. There's settings that you can set for automatic late fees your tenant can receive if payment has not been made.

It's a one stop shop for me and it has a great app. I track my expenses, income, repairs, leases, listings, etc. It is very user friendly. One of my tenants is a engineer at the Kennedy Space Center in Florida and he absolutely loves using it. He was asking me so many questions about the company behind it cause he did everything from his phone through the app for tenants.

I hope this helps!

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Hi Keith - I'm using and enjoying Rentigo so far for rent collection. My tenants love the app which includes an Autopay feature as well as a way for them to easily connect with me to report and track any maintenance issues. Recently they also added a doc upload feature which lets me create a digital repository of all files I want. Rentigo is completely free for PMs which is obviously another perk and their payment processing fee for tenants is highly competitive with other solutions I've seen. G'luck. Hope this helps. 

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