Property Management System
Hi everyone,
I currently have a Property Manager for my unit in Wilmington Delaware but want to start exploring other options with the end goal of managing it myself. I don't think it should be too difficult, it's already rented by tenants that just renewed their 12-month lease and would primarily need a service just to collect rent and maybe find a contractor / handyman when needed.
I was thinking about trying Zillow Rental Manager and curious if anyone has had any experience with it? If not, what management system are you currently using and would you recommend it? I'm would also be open to any well-recommended Property Managers but once again that would not be my first option.
Thanks for your time,
Dan
Hey Dan!
I currently use apartments dot com to manage my house hack and will be using it to manage my next deal which is currently under rehab. I haven't used any other software so I can't make a fair comparison, but I don't really have many complaints about this one.
It has a portal for applicants, a way to migrate them or anyone to a residents page, it has state specific leases included, links to your and their banks for easy payment, and has a maintenance request feature. You can upload docs as well which I use to give my tenants their key codes, WiFi password, and any other notices I wish to post.
@Daniel Scruggs I used to use Cozy.co before it was acquired by Apartments.com. I have a number of rental properties I use on here and it does everything I need it to. I would recommend it and it is free to use, there are other options out there with more bells and whistles, but for someone like me I don't need to pay for those services.
Let me know if you need help in the future.
For a few properties Zillow, Apartments.com would be fine but I would suggest you check these out along with other products. Like Avail, RentRedi or Innago.
Everyone is going to say they like the product they use but you need to find one that will work for you now and as you grow.
Nike: "Just Do It!" (yourself)
"...service just to collect rent and maybe find a contractor / handyman when needed." How about providing tenants with the Routing and Account numbers for your bank account. And an annual visit to check the condition of the units, with potential Contractor/Handypersons?
Once you've got volume, then hire someone directly to PM. I've found the typical Brokerage has the new person handle rentals "to get some money before the Listings/Sales kick in". They've got a split allegiance between you and the Brokerage Owner and guess who wins most of the time.
Good luck buddy and keep that Buying machine going!
@Daniel Scruggs I have never used Zillow for Rental Manager, heard some good things about it one these posts. I would suggest Buildium, Cozy was good then Apartments.com took them over and changed the platform. I have had some good success and ease with Buildium. The other one I use just for one property that I own with a business partner is Avail, which is basic and works for just that one property.
As you start scaling, there are various options. We use AppFolio, but they make sense at the 100 unit mark. A lot of our mentorship students either use Buildium, or another new company called DoorLoop.
The key is to use property management software that you can grow into, and the three options that I mentioned would all work. I would contact each company, and set up demos to see which best fits your situation.
We waited WAY too long to transition to Appfolio, one of our biggest mistakes.
Good luck
Gino
Good morning,
Thanks for your input, I will look into everyone suggestions and will keep you updated on how I plan to move forward.
Thanks again,
Dan
Another vote for property management software! I'd recommend looking for one that has accounting capabilities if you also want to manage that yourself (as in, features like income and expense tracking, reporting, and linked bank accounts).
There are so many options out there so like someone above said, you should find and choose the one that suits your portfolio but will also allow you to scale in the future (using the features that matter most to you).
@Daniel Scruggs
I used to use cozy.co which was a great free platform as someone else mentioned. It is now apartments.com owned, but I have not tried it since it switched over. I have been using Buildium. I mostly manage commercial spaces which it does not do perfectly, but overall I really like the system. Financially I don’t think it starts to make sense until you are in the 15+ units because 0-50 units is the same price.