Hi. We are settling on another property at the end of this month. We will then own 91 units. We manage everything in house. My question is, can someone that is experienced in management software recommend one?? I’m looking at buildium or app folio... I don’t see us growing past 125-150 units in the next 3 years or so...
See my response in this thread regarding Rentec Direct:
We are at 41 properties and pay about $150/month, and absolutely love the platform.
Hi @Carlos Medina congrats on the new property! We went through a similar situation a while back when we were adding additional properties, and actually researched around 5 or 6 different platforms (demo'd all of them). There are a lot of great options out there, including Buildium, and Appfolio which you mentioned. Personally, I found that the pricing and customer support could have been better. Based off of what we were looking for we had it narrowed down to Cozy and Innago. We eventually went with Innago, as they are free, offer next day deposits, and the customer support was top notch. We have since added some more properties, and haven't had any issues scaling either. I would recommend checking them out. Good luck!
Hi @Carlos Medina ! Definitely not a bad choice with Cozy, but certainly other options out there that are probably better suited for what you're trying to accomplish as an independent DIY rental owner. Contactless (online) payments is a big deal given the current state of things during C19, especially with the right platform that allows your tenants more options (ie. debit/credit card option, ACH payments, or even expedited payment processing, along with rent/payment due date reminders, and the ability to report positive payments to TransUnion in order to give your tenants' credit scores a boost; this acts as an added incentive for them in the long run as well). Either way, congrats on getting started with your real estate journey and I know you'll make a great choice.
Thanks for the mention @James Schulz ! We're so glad to hear you're growing!
@Carlos Medina as Rob mentioned, Cozy might not be the best option at your size. It's a platform we really admire, but it's designed for very small landlords. There are a lot of services out there that should be right in your wheelhouse. Most have free trials and some, like Innago, are entirely free. I'd suggest playing around with a few, speaking with their Sales and Support, and getting a feel for what works best.
If you'd like to speak, feel free to direct message me!
Your rental property software will be the difference between success and failure.
Strong statement. I know. But to keep your head above water in property management, it's all about handling details, and software can automate that with 99% accuracy.
With 90 units you need to go with one of the big dogs and invest the time into it to get it to jive with what you design your future processes to be. I think you want to be looking at appfolio, propertyware, or Yardi. It will be worth 100x whatever it costs. You need much more power than Cozy and others like it.
I created a Gsheet where I compared the various features of the property management software platforms. Feel free to view, edit, and share with others. Or just duplicate a copy for yourself and build off of it. I see this topic of property mgmt software discussed so often if this gsheet was really built out it could save people so much time.
By the way, I manage about 20 units and I use buildium. Buildium is clunky but affordable. It's not my end game but for now it's affordable. If you are already at 90 units, I would recommend skipping buildium.