All Forum Posts by: Jasmine Delves

Agree with you that you should use something a little more sophisticated than Excel spreadsheets (they're only as good as you can make them). As for QuickBooks, it's great as a general accounting software but lacks industry-specific features.

In terms of property management software, there are some that have a particular focus on accounting and reporting. So that's my personal preference! The added bonus is that you have access to all of the other features too, like online rent collection and tenant screening. I'd nail down what your priorities are and then look for the software that matches those.

In New York, there is a cap of $20 for rental application fees but elsewhere, it's up to you whether or not you pay the fee. I would imagine that most landlords (outside of NY) get the prospective tenant to pay.

There are lots of options out there so I'd make a list of your main priorities and then look for software that matches those. For example, you might want something that helps with tenant screening, listings or accounting and reporting. Some of them have free trials so you can try them out first with no commitment.

The categories listed on the form are:

Advertising
Auto and travel 
Cleaning and maintenance 
Commissions
Insurance 
Legal and other professional fees 
Management fees 
Mortgage interest paid to banks, etc.
Other interest
Repairs
Supplies 
Taxes
Utilities 
Depreciation expense or depletion
Other (list) 

Some property management apps have a focus on accounting (with customizable categories) and report generation so it sounds like that would be suitable for your needs. They still have additional industry-specific features like rent collection and tenant screening too, which you could always use in the future if you wanted to.

Some have free trials so I'd recommend taking advantage of those to find one you like!

There are lots of good property management apps with rent collection features. With some, you can also automate late fees and reminders so it's a fairly straightforward system.

Regarding which one to use, I'd recommend finding one that has other additional features you are looking for. For example, other than rent collection and messaging, you might also want something that helps you streamline your bookkeeping or run tenant screening reports. It makes sense to use something that has additional features as it will give you the ability to manage your property in greater detail. It sounds complicated but an app with more functionality will allow you to streamline your processes in a much more efficient way. 

Some of them have free trials so you can try them out first!

There are lots of property management software options out there that give you the ability to manage your bookkeeping with minimal effort. Many are purpose-built for people with portfolios of your size or bigger.

You can link your bank accounts, track your income and expenses, generate reports, etc. The bookkeeping features are available alongside other industry-specific features like online rent collection and tenant screening. Of course, it depends on how much time (if any) you are able to commit. If self-management is an option for you, it could be worth looking into. 

There are lots of different options out there so it depends on what your main priorities are. For example, are you looking for software to help with tenant management or rental listings or are you focused on the accounting and bookkeeping side of things? 

It's a good idea anyway to transition to a purpose-built property management software. QuickBooks is great for general accounting but with more specific software, you'll be able to use additional features such as online rent collection, automated late fees and more tailored reporting. Some also allow you to give your CPA view-only access to your reports during tax season. It all depends on what you are looking for.

Hope that helps!

If you don't get on with Innago, there are lots of other great apps out there. Some have built-in tenant screening and more comprehensive accounting and reporting features. Lots of them have free trials too so you can try them first. 

I'd definitely recommend taking the time to find the right one for your portfolio!

There are lots of great options for rental property management software out there (most of which will be an upgrade from the spreadsheets!). One of the best things about them is that they will easily scale up with your portfolio, unlike MS Excel. 

I'd recommend researching for one based on your priorities. For example, some software has a focus on accounting and reporting and allows you to give your CPA access to your reports. Others are more geared towards tenant management. Either way, lots of them have similar base features such as online rent collection so you should be able to find one that meets your needs.

Hope that helps!