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Dooreuhn Cee
  • Real Estate Investor
  • Chicago, IL
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229
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Property Management Software comparison

Dooreuhn Cee
  • Real Estate Investor
  • Chicago, IL
Posted Dec 8 2014, 04:06

Property Management software has been discussed often in the threads, but I found the follow-ups on which software was selected to be most instructive.

My goal is to further systematize in 2015.  Overall, I am responsible for 30 SFHs which have accumulated since about 2010 without a major change in my management technology.  My need is to generate statements for client owners, financials for my own holdings, track events for each property, and provide access to information for out-of-state managers.  Currently, I use Excel spread sheets SMS and GMail for tracking, and a folder structure in Windows for archiving documents along with DropBox for sharing, and QuickBooks for accounting.

Ultimately, I selected Buildium as the best fit, with Rentec as a close 2nd and possible alternative if necessary.  AppFolio is on my wish list.  Here is how I reached this decision based on my needs:

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-Buildium - met my requirements for: good look and feel (user interface simplicity), price ($40/mo), cloud-based, work order module, good accounting options, photo and document uploading (leases, receipts), mobile app, allows per owner or per property or per portfolio views of financials, syndication to online rental sites (Zillow, Trulia), and some type of web site automation.  The main negative was lack of bank synchronizing for transactions like QB.

-Rentec - very similar in offerings to Buildium, but I preferred the look and feel of Buildium, the better accounting features, and referral from other property manager.  There is a Direct Connect feature hack on Quicken technology for bank syncing but it would not work for me and the bank only supports Quicken and QB.  Again, I could switch to Rentec if any major bumps come along in Buildium.

-QuickBooks - obviously very powerful accounting features and bank syncing.  But this is a general accounting software that needs lots of customizing for property management to the extent that I need an accountant to help me out.  Also, there are no management or tracking features.  Now, I will move per property financials to Buildium and maintain overall business expenses, with a mere summary of rental incomes and expenses on QB.

-AppFolio - very sweet software.  However, still no bank syncing for the expensive 200/mo price tag.  I almost signed up and probably would have with bank syncing for the price.  Also, Buildium and Rentec have a significant overlap of features for an 80% discount.  I would use with 100+ units.  From my research, Property Ware or Rent Manager falls in this category as well, is very customizable but has an intensive start up learning curve that may hinder my progress.  Yardi is apparently very expensive and robust as well.

-Quicken Rental Manager - strong accounting for per property financials and overall financials, and only $150 one time price, but lack of management tracking and per owner reporting.  Also, not cloud-based.

-Others - there seems to be a myriad of of free software for 5 or less units or for single owner management.

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