Property Management Software

[Bruce Bailey]

Hey Everyone! 

I'm getting close to have my first duplex very soon! I will be inheriting tenants and I was wondering what all of you do when you inherit tenants. I am going to send an introductory letter to them explaining when rent is due, where to send rent, etc. I was also curious if anyone has any insight on property management software. I have looked at cozy, landlord studio, buildium. Just wondering if any of you have used them and how it works to collect rent through them. Thank you. 

[Christian Canavarro]

@Bruce Bailey

Hi Bruce, I would start with checking the leases that are currently in place for your inherited tenants. If they are on month to month, I'd use that as an opportunity to screen them for myself, then assuming they meet your criteria and you want to keep them, get them signed on to your own lease. Until then, review their active leases. I sent my inherited tenants an addendum stating everything that I wanted to change in their lease, including naming myself as the landlord, updated rent collection terms, and lease renewal terms.

My partner and I have used Cozy for our portfolio so far, but we are currently transitioning to Landlord Studio as it seems to provide a one-stop-shop for all things property management. Specifically rent collection, document storage, accounting and financial reporting, and auto reminders and template responses to tenants. 

Good luck! 

Christian