Latest Property Management Software?

Question

Hello everyone!

As you all know, the landscape within software used for property management is robust. What software have you found to be most useful, and what tools do you recommend for managing multiple residential properties?

Kyle Mccaw · Answer

@Edwin Watson  It seems you're already offering property management services at your firm. I strongly recommend joining NARPM to connect with key industry vendors. There are numerous platforms available, each with its advantages and disadvantages. We use Appfolio to manage over 1,000 single-family long-term rental homes in Texas, but your needs might differ. Don't forget to consider API integrations, as many vendors offer solutions that can help streamline your operations. For example, we also use Leadsimple. You might also want to explore Rentvine and Buildium, in addition to Appfolio.

Nathan Gesner · Answer

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

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

You'll see some familiar names thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I think you should search for each app 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 function. Do one task in each app to 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, and 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 should stand out. Choose that one and use it. No system is perfect, so don't waste time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacks features that cause you to spend too much time on a workaround. Then, you can consider researching and finding something that better meets your needs.

Adam Bartomeo · Answer

We use Appfolio and have used it for about 5 years now. It is the only program that we need to run our business. From accounting to leasing, to maintenance to marketing. It is very large and takes some time to learn the different parts, so, there is a learning curve.

Thomas Talbert · Answer

We also use AppFolio and we also have it integrated with a lot of other software that has allowed us to provide even better service. Along with Appfolio, we use Showmojo, Leadsimple, Lowe's and our collections company.

Drew Sygit · Answer

@Edwin Watson is your company a member of NARMP (National Association of Residential Property Managers)?

If not, why not?

You'll find more info there about PMC software than you will here on BP:)

Thomas Talbert · Answer

If you are going to switch software be advised that switch is PAINFUL. I would suggest finding a 3rd party contractor who specializes in the software to help you with the transition. I would have written a 5 figure check to avoid all the headaches it caused me and my staff.

Jamie Banks · Answer

I've tried a few softwares - RentRedi, Innago, and Baselane to name a few and have chosen to stick with Baselane. The other softwares were good for property management but both lacked accounting or bookkeeping capabilities. I recommend checking Baselane out, I'm also managing multiple residential properties and it's been great for the 1+ year I've been using the software.

Edwin Watson · Answer

No not at this time.

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