Property Management Software comparison
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.
I was more referring to the time frame. What happens if you take first, last and security, but it's a fraudulent credit card? That's chargebacked within 90 days no problem. (Here's a good url of chargeback time fraemes: https://chargebacks911.com/chargeback-time-limit/)
What if they decide to run way before the lease is up?
My point is to know your risks and manage them, that's all. Not against anything in specific.
Did you make a decision on which platform you are going with? Do you have any feedback yet?
I am researching PM software for a 5 unit resi deal that I am working on. We will self manage the property, renovate the units as the turn over and then self manage long term. Hoping to do a few of these and want to make sure that we have systems in place from deal # 1.
I work for a large property management company and have a lot of experience with Yardi and MRI. Those two products have a very strong accounting and financial reporting component, which it seems like most of the products that cater to the smaller PM's/Owners done excel at.
I would also like job costing ability to track improvement projects, but I haven't seen anyone mention something like that in my research here on BP.
@Kyle Atans - I have 5 rental units and SimplifyEm is working quite well for me and I'm only paying $9.50 a month. When I need the software for more than 30 units or I want to upgrade to get tenant portals and other features then the price will increase. But for now it is pretty decent.
Great info, thanks for writing this up, and also a great thread overall, one I will be following. I am leaning towards Buildium, as it seems to make listing properties easy, background checks, creates a website, offers a portal for clients, and a portal for owners, a lot of features for $40/month - seems reasonable for what it provides. I appreciate the warnings about credit and debit charge backs as well, as now I'm going to be a bit leery of allowing clients to use credit cards and debit cards to pay rent. Again, thanks everyone for such a great thread.
I have a few questions about property management software. I am doing a free trial of Buildium, but was advised that Buildium is missing an important feature, the ability to create eviction notices. Is that true?
1) Can Buildium create of documents, such as eviction letters? If not, which other property management software packages do create documents?
2) which software, if any, creates leases that are appropriate for the state you reside in?
3) which packages are best for those with just a few properties. I currently own 5 units. I hope to add a few more units over time.
4) I like technology, smart phone apps, and would like something that takes advantage of smart phone apps in order to stay on top of deadlines, tasks, repairs, etc.
5) which one has the most user friendly portal for tenants?
6) which one creates the best web page for prospective tenants to find and view properties?
7) which one has the best background check services?
8) do any of them show a good an analysis of rental rates in an area?
Thanks!
-Jon