All Forum Posts by: Nathan Miller

Quote from @Yogesh Bhadane:

@Nathan Miller

Thank you for the detailed information!

Do you know if any of these services would send some one to physical inspect the units and send out reports, pics etc?

Those services are more for automated showing (through lockboxes) than inspections.  I think for inspections you probably really need to consider hiring a local property manager in the area, even if all they do is the inspections on your behalf.

@Yogesh Bhadane If you are managing remotely, PM software is going to be critical.  You'll need a way for tenants to pay either online electronically or locally with cash.  Most PM software platforms are going to accomplish this for you.  You can also look at solutions like ShowMojo or Tenant Turner for remote showings; however, doing remote showings does not come without risks.

There are a lot of posts on BP about software you can look back on to get more opinions, but here's some consolidated information:

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 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 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.

@Anthony Freeman There sure are a lot of options in software.  There's a number of mature options for do it yourself landlords including Rentec Direct, Buildium, Appfolio, and a number of discount options like Rentredi, Avail and Tenant Cloud which are able to offer a lower price as they pass on some fees to your tenants.  For larger portfolios, you might look into Yardi or Realpage too but the minimums on these larger platforms might make them impractical.  I recommend trying those that have free trials and see which one fits your style best and which provides you the best customer service.  Some SAAS software have great service and others have non-existent or very poor service.  Identify the one that works best for your workflow.

@Jeffery Cooper I think some of the solutions in Nathan's message above could serve you well.  One of the biggest things landlords with < 10 units tell us is that taking online payment from their tenants (and completely automating that payment flow) is well worth it, even for just a few units.  

I'd recommend spending a few hours and demo out some of the free trials for the solutions that offer it, you won't ever go back to spreadsheets after using a solution designed for landlords.

Oops, just realized this was a 2 year old topic. :)  It just showed up in my BP alerts. 

 @Michael Fucillo You are not jumping the gun at all.  16 units is still a lot to manage by hand, and getting a system that makes your day to day easier is going to be key to your own sanity.  Not to mention, the right system will enable your tenants to pay rent online, have a tenant portal, and all the other features that both tenants and owners need this day and age.  In addition to what was said above, for the software that has a free trial option, sign up for it and use the software for a day (or at least a few hours) as if you are using it for real, then call their customer support too and get a feel for that.  Pick a software that has a workflow that feels good to you, and above all has amazing customer support.

@Conrad Cortes Before you make any firm decisions I would recommend trying out the free trials of any software you are considering because they all have different workflows and you should use the one that feels best to your organization, and most importantly test their customer service.  Many of these software have outsourced their support so lots of people complaining about the quality of support.  

Hi Matthew - please be aware of the legal risks (especially during an eviction) in allowing renters to pay by non commercial means (bank deposit, venmo, cashapp, etc).  It may sound convenient up front, but those services can cost you 100x in the end.

As many have mentioned above, collecting rent by ACH (or credit/debit) via a property management platform designed for it is going to be your best bet.  Some software even lets you specify how much you will allow the tenant to pay (ie.. any amount, full rent, or full balance) to ensure you don't risk prolonging an eviction process to allowing a partial payment.

Our tenants absolutely love just scheduling their monthly rent payments so it just comes out of their account on the 5th of the month.  Out of mind out of sight, and its really nice for us as well to know it's just happening on a schedule.

Quote from @Joel Matthews:

Hands down, picking the right tenant is the most critical aspect.  This usually means somebody well qualified that can afford the property and passes a background check.  I like to look at credit, criminal, and eviction reports for any red flags.  The costs involved in dealing with a bad tenant can wipe away years of profits so it's definitely the most critical step.  Better off with a vacant property than one with a terrible tenant.

Also, doing periodic inspections is a good idea once you have somebody placed to make sure the property is being maintained and not damaged.  It's also good for identifying problems that are the landlords responsibility in advance before they become a big problem.  Many times tenants will not notify you of a small water leak under the sink for example.  And by the time you find it, everything is rotten and costs hundreds/thousands to replace.  Finding stuff like that early can be a $20 fix that saves you thousands.