Best Property Management Software

7 Replies

I own 24 units under 2 separate properties and am looking for the best property management software that will allow me to run financial reports for accounting. I also want such software to give me the authoritu to accept or deny automatic rental payments. What is the best and most cost effective software you have found?

@Ben Rishwain , currently many real estate investors seem to pair together a property management software AND a financial software. 

Do you plan to completely self manage your properties, or outsource your property management?

Platforms like tenant cloud are great if you plan to grow and keep doing everything yourself.

If think you would ever outsource property management, it's worth keeping your property management software seperate and using a generic accounting system like Xero or Quickbooks. Kitt is also a good option if you want something to manage finances that's more real estate investor orientated. Hope this helps.

Buildium is the best professional software for a smaller portfolio and someone just starting out. Easy to learn, great customer support, and a lot of nice features. Take online payments, market properties, screen applications, track maintenance, etc.

As you grow and gain experience, I recommend you test drive the different platforms to see which one works best for you and your needs. What works best for me may be completely different than what you need.

@Ben To answer your most recent questIon, Buildium does have full general ledger accounting. On the fIrst questIon, a App I have used is Landlord Studio. It provides easy tracking of income and expenses. It does not have general ledger accountIng, but does have a free 30 day trial and it’s cost is much cheaper than Buildium.

@Ben Rishwain most of the larger PM software's have complete GL accounting. That feature drops off with some of the smaller packages. You will definitely want the full accounting. Make sure that you can run your financials based on an owner, building or individual property. That would give you the flexibility that is missing in Quickbooks. 

A mentor I am working with suggested quickbooks desktop along with Cozy allows expenses to be added and tracked when away from the computer and allows for rent, screening, and application management when away from the computer and quickbooks.