All Forum Posts by: Ray Hespen

@Jon W., what is your portfolio size and what types of properties does it consist of?

@Meghan Rowe I can't say how the market data analysis will change... I do know that we are collecting more and more information within our systems which will open doors to stronger analytic tools in the future.  

@Jessica G.

I'm glad you appreciate the sites!

Any software system needs to attack a need of yours.  So even though they are different systems to put with your "software toolkit", they need to make sense from a human resource standpoint.  Meaning - all software has to be used, but you need to make sure that the time saved far outweighs managing the system.

Most new systems continue to move for less and less manual updating.  

Software is the big mover in the industry.  The ability to automate more mundane tasks as well as make current tasks less burdensome.  

There are new systems that will do the pre-screening for your residents -  tenantturner.com

Also, the ability to have software coordinate and follow-up on repairs for you and your vendors/maintenance -  propertymeld.com

Software systems that allow for investment properties to roll into your accounting -  smartpropertysystems.com

All these tools allow investors and property managers to handle more properties without bringing on additional overhead.

I hope this helps!

@Kris Freeberg there are a couple of great solutions that I've seen out there.  I have had some clients say great things about Smart Property Systems.  If you are in the 1,000s though, there are some strong enterprise solutions such as RealPage and Yardi.

I have heard mixed reviews on Appfolio and Buildium.

What's your portfolio size Kris?  Also, is it residential or commercial?  

Check out Rentables.com

Very low cost and effective option.

It's all about systems.  Quite a few property managers are in your same boat - the headache of bringing on additional staff is something you don't want to take on.  The best way you tackle this is to look at systems to help reduce workload.

Leasing and Front-end - Systems like Tenant Turner can actually help get you qualified candidates vetted prior to schedule a showing.  Their system will even help you schedule the showing.

On-boarding, Rent Payment, and Accounting - You need to look at systems that drive a lower overhead cost.  Buildium is a good solution that will allow lease management, accounting, rent collection, and more.  They have a low minimum cost that is important for those managing a small # of units. 

Maintenance Management - Systems like Property Meld (our system), actually coordinates all the repairs between your maintenance/vendors.  The property manager is kept up to speed with never having to make a phone call.

I hope this helps.

@Mike Young,

It sounds like you are looking for a basic tool.  If you are doing any 3rd party management, I suggest a Buildium or Appfolio (assuming less than 500 units).  

If these are your own rentals and your portfolio is manageable (<100), Quickbooks is definitely enough to get you rolling.  

If you are interested in tracking maintenance expenses as well as having assistance in coordination.  I recommend Property Meld (our system) to help track costs to additional properties as well as manage maintenance requests.

Of course... everyone has their own opinion... this is just mine. 

Standard rates from single-family homes are commonly 8-10% + leasing fees and multi-units can be a bit lower at 7-9%.

I'm assuming (based on the rates) that these properties are not owned by you and have 3rd party ownership.  If that's the case, I would look at starting to build your software toolkit in a way that supports ownership.

If they were your own units, I'd suggest using Quickbooks or some accounting software.  In not and you are planning to scale, I'd look at using Buildium.  It's monthly payment is only $60/mo and includes all onboarding, rent collection, accounting, and a couple other things.  Appfolio (which is more a small-to-mid size software) requires a $200 minimum per month and can seriously cut into your revenue.  

I also am familiar with some good companies that help grow your footprint for owners as well as a system that automates maintenance.  IM me if you're interested in those.