Best Property Management Software

Managing Your Property
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Best Property Management Software

Vishal Amin
Member since 2022 · 30 posts · 21 votes

Hello,

I am an out of state investor and I am about to close on my first duplex. I wanted pick your brains on property management. I am planning on managing the property myself. What do you suggest is the best practice to pursue? Any property management software you suggest?

Thank You,

Vishal

1Reply
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Most Popular Reply

Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Vishal Amin:

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.

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  • Matthew MorrowBusiness Member
    Investor · PA - NY - NJ · Member since 2019 · 458 posts · 168 votes
    3y

    We use a combination of Google Voice/ VA , apartments.com, and local contractors for emergency calls. Works quite well for our portfolio / manager. Our self managing investor clients also use this combination and it works.

    Full blown software- have heard great things about rentredi and appfolio but never actually used. Best of luck!

    [email protected]484-791-6200
    CORE Team | Realty ONE Group Supreme547 Reviews
    WebsiteView Page
    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Vishal Amin:

    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
    3Reply
  • Joshua Filkill
    Rental Property Investor · Columbus, OH · Member since 2019 · 135 posts · 160 votes
    3y
    Quote from @Vishal Amin:

    Hello,

    I am an out of state investor and I am about to close on my first duplex. I wanted pick your brains on property management. I am planning on managing the property myself. What do you suggest is the best practice to pursue? Any property management software you suggest?

    Thank You,

    Vishal


     I use Innago and like it so far. It's free to use and good for a smaller amount of units. Once you scale you may want to pay for some features if you plan to manage on your own still. 

    0Reply
  • Ke Nan Wang
    Developer · St. Augustine, FL · Member since 2018 · 311 posts · 384 votes
    3y

    For a small portfolio, you don't need any of those paid PMS. 

    I'm managing 30+ units and I'm using a combination of Apartment.com, TurboTenant (this is my favorite), RentRedi (you can get it for free with your Pro Membership), Excel Spreadsheet, and my Smartphone. I send my business credit card and bank statements to my CPA for consolidation and taxes. My broker is managing 40+ units himself and he's having a similar "free" setup as me. He's more old school so more Excel Spreadsheet than those online software. 

    I have also sat through a number of vendors who tried to sell me their PMS. At my scale right now, none of the bells and whistles that come from those PMS justify the cost.

    Personally I think I can double my capacity with my current "free" setup. I spend very little time on managing my tenants. Maybe a total of 5-10 hours a month depend on the season.  I think you probably need a sophisticated PMS when you are over 100 units because at that scale, you probably can negotiate a better deal with the PMS vendor. Just my opinion. 

    0Reply
  • Austin McClainBusiness Member
    Real Estate Agent · OH · Member since 2021 · 347 posts · 602 votes
    3y

    I've been using Doorloop and have had a good experience with them 

    [email protected]614-710-4827
    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    3y

    I would say Appfolio or Buildium for small investors, RentManager for those with a lot of offsite properties and Yardi or OneSite for large apartments. We fall into the middle group and use RentManager and like it quite a bit. It's also got a very good accounting module. I haven't used the others so I'm purely going off of what I have heard. 

    Podcast Guest on Show #121
    0Reply
  • Tommy Parker
    Property Manager · Charlotte, NC · Member since 2022 · 269 posts · 135 votes
    3y

    Use Innago. Honestly, I've had a great time with them and don't see myself using anything else. I like that it's free to use and has all of what I need in 1 place. Best of luck on your decision!

    0Reply
  • Jake Silverman
    Investor · Jersey City · Member since 2020 · 51 posts · 9 votes
    3y

    @Matthew Morrow can you give any insight into your VA use? I am looking to get one to handle taking maintenance requests and coordinating vendors.

    0Reply
  • Matthew MorrowBusiness Member
    Investor · PA - NY - NJ · Member since 2019 · 458 posts · 168 votes
    3y
    Quote from @Jake Silverman:

    @Matthew Morrow can you give any insight into your VA use? I am looking to get one to handle taking maintenance requests and coordinating vendors.

    Honestly, Mixed reviews. Mostly for paperwork and some data sorting / occasional cold call. Has been a while so not sure which is the best not. Apartments.com, Google domain with paid voice account that the team uses.  We’ve also had great luck with Grasshopper digital phone line also.  They have a feature now called Ruby receptionist. Sort of 24/7 VA within the phone system. 
    [email protected]484-791-6200
    CORE Team | Realty ONE Group Supreme547 Reviews
    WebsiteView Page
    0Reply
  • Melanie ThomasBusiness Member
    Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
    3y

    Hello, Vishal! Congratulations on your new duplex! It's fantastic to see your progress. Regarding tools and resources, I suggest sticking with the free options available here for now. As your portfolio expands, you may eventually require a more comprehensive software solution, and you can explore those options at a later stage.

    We switched from Appfolio to RentVine, and I must say we absolutely love it! If you have any questions about it or need any guidance, I'm happy to chat with you offline. Best of luck with your investing journey, and may it bring you great success!

    [email protected]
    RentWerx Property Management4.73296 Reviews
    WebsiteView Page
    0Reply
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