As we all know, technology always has a new wave that is always better than the last. I wanted to get everybody's take on what the best property management software is today. Currently, I have two rentals, with hopes to grow. Any suggestions would be greatly appreciated.
Currently, I am using quickbooks, but I've heard there are alot of apps out there that simplify the task of being a property manager.
I've heard of stessa, cozy.co, rentspree and several others.
I would love to hear what your take is.
@William Davidson quick books is amazing for the tax/accounting side of things. For your management side of things I would recommend cozy. I use the combination of cozy and quick books to manage my properties (32 units) here in Berwyn. Cozy is free and is great for rent collection, leasing, and even maintenance requests. Combined with quick books I cannot imagine that you will need much else.
Great question, William. I love to hear that you're shopping around for the right one. There are definitely some tools that can help with managing things moving forward. Aside from providing the basics (ie. listing tool to get the property published to 10+ major sites, scheduling tool to schedule viewings, tenant screening with comprehensive applications -- pulled reports from TransUnion, which include nationwide criminal background checks + credit checks + eviction history, digital lease creation tool, rent collection tool, and maintenance tracking tool), some services also offer your tenants waived ACH fees and additional capabilities which makes it an easier sell on your end when getting them to transition over (ie. their ability to report on-time rent payments to the credit bureaus; this can create an added incentive for making sure they pay that rent on time). I hope this helps!
I currently only have one SFR rented out as 4 separate units (room by room). I am using Cozy and Excel. So far so good!
@John Warren Thanks for the input. I think hearing that you leverage both cozy and QB is great to hear and honestly builds confidence to do the same. My next question is how much of QB do you actually utilize and how did you go about learning QB to become a master.
@William Davidson I definitely wouldn't call myself a master of quick books! My partner had used it before, and our CPA firm helped us get it set up. Once it is set up, it is very simple to categorize transactions as most of the things we do in this business are very repetitive. I wish I had switched to using quick books earlier in my career honestly. For a property that generates maybe 100k per year or more quick books is definitely worth it at $15 per month or so.
What I personally have enjoyed about quick books is that it allows me to look at a monthly P & L that is up to date. This allows me to look from a very high level to see trends in the business that I would otherwise miss.
I have seen quite a few of them. In the end Appfolio was like the Apple of the that world and PropertyWare was like Microsoft. I used both extensively
@Ian Walsh did you look at Yardi Breeze?