Opinions on Property Management Softwares for SMALL portfolios

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Opinions on Property Management Softwares for SMALL portfolios

Jacob Chapman
Realtor · Oklahoma City, OK · Member since 2018 · 47 posts · 14 votes

Hey BP!

So a little bit of background - I have EXTENSIVE experience with Yardi as a property management program for my 9-5 job in apartment management. I can tell you from experience that a great property management program can help make or break a business. I also know that the best way to not fall into complacency about your rentals is ensure it is NOT a hobby and is a business, and one of the best ways to do so is to treat it like one from day ONE.

Now for the advice... I will be closing on the first 2 doors of my portfolio and would like some advice on property management programs that you have used and what has really mattered most to you! I know SimplifyEm and CIC are inexpensive, but I fear they are not useful as such... I know Rent Manager has a single license purchase you can get for about $650 which sounds great, but you lose out on a lot of the online stuff so that might kill it..

in short, what programs have you come to 1) love, 2) have said no to, and 3) what do you find most important to you.

thank you in advance for your advice!

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Domenick T.
Investor · Springfield , NJ · Member since 2017 · 192 posts · 93 votes
7y

I think those might be overkill for 2 doors.  

Ask yourself - What features or reports would Simplifyem, CIC or Yardi Genesis provide that you absolutely can't live without or create on your own? 

Compare that list with what Cozy or TenantCloud offer for free.  I bet they both will cover most of what you really need.  TenantCloud might be best for you given your experience in property management.  It's more robust (and complicated) than Cozy and offers more features.  Check out a comparison here.

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  • Daniel Reyes
    Specialist · Tampa Bay Area, FL · Member since 2018 · 106 posts · 72 votes
    7y
    @Jacob Chapman Hi Jacob, Thank you for posting, and congratulations on your growing portfolio! I agree, a talented property manager will absolutely have a significant impact on your property’s profitability. You’re right, larger property managers use Yardi Voyager, OneSite, or MRI, and the cost is high if you don’t manage a large portfolio. Indeed, Yardi may hesitate to start a serious conversation until you reach north of 8-9,000 units. They do however offer Yardi Genesys; this can be licensed on a monthly, per unit basis, so this may be an option at a much lower price point. Surprisingly enough, Quickbooks is actually a suitable program to begin preparing property financials (not kidding). It’s critical you set up each property individually, as well as a functional chart of accounts. This will help you not only organize revenue and expenses, but also formulate KPIs and benchmarks. As far as market data, RealPage and Yardi have great resources as you know. There are also a lot of fantastic resources online to help keep your finger on the market pulse, if you will. A great company like this would be Green Street Advisors, for example. NMHC also publishes industry data, almost everyday it seems. For a more precise perspective without these programs (or in addition to), I would encourage you to start establishing professional relationships with local brokers, mortgage lenders, and other support pros (legal and accounting). I’m curious to know about your chosen niche and experience. Please feel at liberty to contact me directly any time. Take care, Jacob! Best, Daniel Reyes
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  • Jacob Chapman
    OP
    Realtor · Oklahoma City, OK · Member since 2018 · 47 posts · 14 votes
    7y

    @Daniel Reyes Thanks Daniel! i had not heard of Yardi Genesys, i will have to give that a gander! 

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  • Domenick T.
    Investor · Springfield , NJ · Member since 2017 · 192 posts · 93 votes
    7y

    I think those might be overkill for 2 doors.  

    Ask yourself - What features or reports would Simplifyem, CIC or Yardi Genesis provide that you absolutely can't live without or create on your own? 

    Compare that list with what Cozy or TenantCloud offer for free.  I bet they both will cover most of what you really need.  TenantCloud might be best for you given your experience in property management.  It's more robust (and complicated) than Cozy and offers more features.  Check out a comparison here.

    2Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    7y

    @Jacob Chapman you have experience with Yardi so you should know what is important to track: rent charges and payments, security deposits, maintenance requests, tenant/vendor contacts, invoices, etc.

    There's a whole list of free software solutions available for small Landlords. For example, TenantCloud allows up to 75 units at no charge and for a small monthly fee of $10 you can double that number and use their online payment system. It's not as robust as Yardi or Propertyware or Appfolio or Buildium but it will handle the basics of what you need. It has a very easy, graphical interface that can be learned quickly. 

    Search for "free property management software" and just test a few out until you find something.

    The DIY Landlord Book4.7243 Reviews
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  • Karen Rittenhouse
    Flipper/Rehabber · Greensboro, NC · Member since 2010 · 623 posts · 615 votes
    7y

    @Jacob Chapman I like Appfolio.

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  • Jacob Chapman
    OP
    Realtor · Oklahoma City, OK · Member since 2018 · 47 posts · 14 votes
    7y

    Thank you everyone for such great advice! i just worry that if you get something free, it will likely be worth that much as well, so your insights definitely help me know which way to pursue a little more without just hitting the grindstone blind.

    thanks again!

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  • Melissa Ward
    Specialist · Middle Grove, NY · Member since 2016 · 57 posts · 12 votes
    7y

    Most property management systems offer a free trial so you can get a feel for the software and its functionality.  I would test out a few programs to see if it meets your needs without being overkill.  If price is a factor, some start as low as $10 a month and still offer fairly robust features.  

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