What are you all using to collect rent, manage properties?

Los Angeles County, California
Managing Your Property
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What are you all using to collect rent, manage properties?

Devon Yates
Los Angeles, CA · Member since 2016 · 16 posts · 5 votes

Hello all,

I'm about to close on my first house hack in a couple of days.  Woohoo!  As a first time landlord, what software do you recommend?  So far I've looked at PayRent and Apartments.com.    What are you all using?

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Nicholas Coulter
Real Estate Agent · Southern California · Member since 2019 · 681 posts · 281 votes
3y

@Devon Yates Rentredi is what I use. Great for background checks, credit checks and also you can collect rent direct!

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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    Check out Baselane....imma shoot you a link

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y

    Software is a common question on BiggerPockets. Here are some things to consider:

    1. Most investors don't need software until they have 5-10 rentals. All you need is a single place to track tenant information, payment history, maintenance, and a few other things. You can easily do this on a spreadsheet and it will take less time to track than it would to find and learn a new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it.
    2. Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. But do you really need that for your one rental?
    3. There's no perfect software out there. Every system you try will have flaws or you'll salivate over a feature that shows up in other software.

    Some common names you'll see thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

    I recommend you search for each of those apps online and see what they offer, how much they charge, etc. Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most. Try to narrow it down to your top 3-4. Once you have a short list, get an account with each one and run them through the wringer to see how they really function. Do one task at a time in each app so you can compare apples to apples.

    • Load a property with pictures and details.
    • Market that property.
    • See what your marketing looks like from the public's perspective.
    • Submit a fake application to see how easy the process is.
    • Run a credit/screening report on yourself.
    • Enter a maintenance request, assign a vendor, attach a fake invoice.
    • Enter charges to the tenant's ledger.
    • Enter recurring charges and automatic late fees.
    • Sign documents electronically.
    • Run owner reports.

    After testing a few apps, one of them should stand out for you. Choose that one and use it. No system is perfect, so don't waste your time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature that is causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.

    The DIY Landlord Book4.7248 Reviews
    WebsiteView Page
    2Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Direct deposit 

    1Reply
  • Jennie Lyday
    Investor · Avon, IN · Member since 2021 · 5 posts · 7 votes
    3y

    We are using Tenant Cloud and I liked how simple it was to set up and navigate. 

    1Reply
  • Melanie ThomasBusiness Member
    Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
    3y
    Lots of software has a minimum door count, something to look into. I personally love RentVine and Appfolio! Happy Investing! 
    [email protected]
    RentWerx Property Management4.73300 Reviews
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  • Nicholas Coulter
    Real Estate Agent · Southern California · Member since 2019 · 681 posts · 281 votes
    3y

    @Devon Yates Rentredi is what I use. Great for background checks, credit checks and also you can collect rent direct!

    3Reply
  • John Hernandez
    Member since 2022 · 47 posts · 39 votes
    3y

    I have a good experience with Lease Runner. You can have background, criminal checks and all done by the tenant. The credit run is a soft check so the tenant doesn’t get a hard ding which is more likely for them to apply. Also, it gives a recommendation based on standard preset criteria or you can raise the criteria. They can pay the rent via the online portal, it tracks the renewal term and you can use a state specific rental agreement they have (it is free) or use your own. Everything can be signed electronically as well. Good value and there is no minimum property required. I used it for just one property I managed from out of state. 

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  • Ronnie S.Pro Member
    Investor · Coeur d Alene, ID · Member since 2013 · 109 posts · 29 votes
    3y

    HI @Devon Yates

    I have been using Tenet Cloud and have liked it.

    Just recently I have been exploring Rentredi and Landlord Studio.

    They both seem to have their Pro's and Cons.

    The ACH rent collection is what most people will look for.

    For the first few properties all you really need is Excel.

    Hope this is some good testimony for you.

    Thank you...

    1Reply
  • Matt McMains
    Investor · Corona, CA · Member since 2017 · 19 posts · 7 votes
    3y
    Quote from @Nicholas Coulter:

    @Devon Yates Rentredi is what I use. Great for background checks, credit checks and also you can collect rent direct!


    I'm in the process of turning my STR into a long term and recently listed it on RentRedi. My property is in Pensacola, FL. How do you recommend I go about setting up showings? I was leaning towards providing them with a door code to allow them to walk through the property by themselves. Do you see any issues with this?

    0Reply
  • Caleb Drake
    Real Estate Agent · Pensacola, FL · Member since 2020 · 210 posts · 138 votes
    3y
    Quote from @Matt McMains:
    Quote from @Nicholas Coulter:

    @Devon Yates Rentredi is what I use. Great for background checks, credit checks and also you can collect rent direct!


    I'm in the process of turning my STR into a long term and recently listed it on RentRedi. My property is in Pensacola, FL. How do you recommend I go about setting up showings? I was leaning towards providing them with a door code to allow them to walk through the property by themselves. Do you see any issues with this?

    Matt shoot me a text message. We may be able to help you out. Are you doing furnished long-term? You should try to advertise the Navy students. Hit me up and I didn’t realize you were gonna actually go through with that.
    1Reply
  • Nicholas Coulter
    Real Estate Agent · Southern California · Member since 2019 · 681 posts · 281 votes
    3y
    Quote from @Matt McMains:
    Quote from @Nicholas Coulter:

    @Devon Yates Rentredi is what I use. Great for background checks, credit checks and also you can collect rent direct!


    I'm in the process of turning my STR into a long term and recently listed it on RentRedi. My property is in Pensacola, FL. How do you recommend I go about setting up showings? I was leaning towards providing them with a door code to allow them to walk through the property by themselves. Do you see any issues with this?


     I would like someone to walk it with them but thats my preference! You might be able to have your handyman or cleaner do it for a fee! See and make sure they are normal.

    0Reply
  • Lyndsay Zwirlein
    Lender · Member since 2020 · 331 posts · 209 votes
    3y
    Quote from @Devon Yates:

    Hello all,

    I'm about to close on my first house hack in a couple of days.  Woohoo!  As a first time landlord, what software do you recommend?  So far I've looked at PayRent and Apartments.com.    What are you all using?


     Tenantcloud for LTR. automates everything and only $9/mo!

    1Reply
  • James O Trust
    Investor · Pensacola, FL · Member since 2018 · 7 posts · 3 votes
    3y

    Matt, I've been doing that same thing here in the Pensacola area for years, all I ask for is for them to provide me a picture of their drivers licenses , assuming they haven't already applied through "Rent redi". Then call me when they arrive and leave.

    Cheers

    1Reply
  • Sylvia H.
    Member since 2022 · 142 posts · 61 votes
    3y

    I never allow my rents to be collected by anyone but me. I don't collect in person. They are instructed on their lease on how they pay and what payment methods I accept as I don't accept personal checks.  They are given the account number at signing and it is just used for rent. I have 15 units and all pay with Zelle or they go to any branch of my bank and pay at the counter with a money order. I have a separate account for the rent and as soon as they pay it I'm notified with a text message and go in and sweep it out into my expense account. I use Online bill pay with Bank of America and it has worked perfectly. You don't need anything fancy.  I use numbers (Mac) to record rent and there is also a message box that I can write in any small notes I need to assign to a tenant. I use the same for tracking expenses. Best of luck. 

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  • Devon Yates
    OP
    Los Angeles, CA · Member since 2016 · 16 posts · 5 votes
    3y

    Thanks for all the replies!  I never considered that I may just need a spreadsheet since it's only unit.  I will consider all options.  Thanks everyone.

    0Reply
  • Dave DonahuePro Member
    Rental Property Investor · Erie, PA · Member since 2022 · 7 posts · 2 votes
    3y

    I purchased my 1st rental property in July and my 2nd is under contract.  We use Avail for marketing the unit, tenant screening, document signing, collecting rent and maintenance.  It has been smooth so far and works great for us.  They have an accounting function that recently launched, but we use quickbooks for accounting because it's easier to collaborate with our CPA.

    Hope this helps!

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