Property Management software

[Anthony Freeman]

Did you know that you can bank with some of the newer systems for property management?

[Michael Smythe]

but why do so?

[Anthony Freeman]

Quote from @Michael Smythe:

but why do so?

 More convenient bookkeeping 

[Tamika Davis]

what pms are you currently using and how much do you love it?  i'm currently trying to automate and/or streamline as much administration as possible in effort to get better organized. I'd love something that allows me to keep up with rehab costs, maintenance, leases, etc.  I'm not even sure something like that exists.

[Nathan Miller]

@Tamika Davis One of the biggest advantages of most software on the market is to complete these tasks you mention (maintenance, leases, rent collection, etc).  There are a lot of options out there.

Some of the most useful items BiggerPockets members have identified are features that save time so they can spend time working on their next property. These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality. One of the most important steps you can take as either a startup landlord or seasoned one is to use a platform specific to property management as it will elevate your operation and save you tons of time.

The good news is that nearly every software designed for landlords includes these features. The differences between most software is subtle and may be how they bill for their service, support their product, or the process to use those features.

Here's some online software options that you commonly see recommended on BiggerPockets.

The more mature platforms that are designed for landlords/property managers include Rentec Direct, Buildium, Appfolio, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.

There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments.com (formerly Cozy), and TenantCloud.

Pretty much every platform mentioned contains the features you are going to need. It boils down to which platform's processes and support works best for you. The best way for you to figure this out is visit the platforms and explore their free trial (if offered). Run through some of the features you will need like setting up a property, moving in a tenant, receiving rent payments, and publishing online applications.

Pay attention to which platform feels the best to you as you perform these functions. Each platform does it a bit different and you are going to like some more than others. While trying it out, call their customer service and see how they treat you and how knowledgeable they are on their product. Ask their customer service to walk you through the above options if needed.

It shouldn't take more than a couple hours of research to try out the top platforms and identify which feels the best for you. Those couple hours of research will save you hundreds of hours of time down the line, so it's well worth the effort.

[Tamika Davis]

Quote from @Nathan Miller:

@Tamika Davis One of the biggest advantages of most software on the market is to complete these tasks you mention (maintenance, leases, rent collection, etc).  There are a lot of options out there.

Some of the most useful items BiggerPockets members have identified are features that save time so they can spend time working on their next property. These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality. One of the most important steps you can take as either a startup landlord or seasoned one is to use a platform specific to property management as it will elevate your operation and save you tons of time.

The good news is that nearly every software designed for landlords includes these features. The differences between most software is subtle and may be how they bill for their service, support their product, or the process to use those features.

Here's some online software options that you commonly see recommended on BiggerPockets.

The more mature platforms that are designed for landlords/property managers include Rentec Direct, Buildium, Appfolio, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.

There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments.com (formerly Cozy), and TenantCloud.

Pretty much every platform mentioned contains the features you are going to need. It boils down to which platform's processes and support works best for you. The best way for you to figure this out is visit the platforms and explore their free trial (if offered). Run through some of the features you will need like setting up a property, moving in a tenant, receiving rent payments, and publishing online applications.

Pay attention to which platform feels the best to you as you perform these functions. Each platform does it a bit different and you are going to like some more than others. While trying it out, call their customer service and see how they treat you and how knowledgeable they are on their product. Ask their customer service to walk you through the above options if needed.

It shouldn't take more than a couple hours of research to try out the top platforms and identify which feels the best for you. Those couple hours of research will save you hundreds of hours of time down the line, so it's well worth the effort.

 Thanks Nathan!  i ended up going with Stessa, but it seems like no one pms does it all does it? lol.  Everything was going well until i got a vacancy, stessa will create a listing but its struggle is syndication.  there's also no way to collect rent without the cash management feature, which im not too crazy about.  so here i am back on the forum, looking for advise for rent collection.  any suggestions you may have are greatly appreciated.

[Chanda Wa]

@Tamika Davis To your point, it is difficult to find one app that does it all. Generally speaking, I'm a fan of Stessa, and I use Stessa; however, I use Apartments.com for rent collection. My bank account is connected to Stessa to eliminate the need for me to manually track income, expenses etc.