Portfolio / Asset Management Software for Owners NOT Property Mgr

[Kim Hopkins]

Hello! 

I have searched for this on the forums extensively and online, to the point where I've started building my own and writing the code myself. I still can't believe it doesn't already exist though! 

I'm looking for an asset management software for OWNERS, not a property manager software. I have property managers who work for me. I am trying to manage the asset and the property managers.

Here is the basic functionality I'm looking for: 

1. Property View: Customizable view that allows me to select a given property and view, update, and save information including the obvious facts, plus ownership %'s, reserves to be held each month, property tax/insurance info, purchase and loan info. Need to be able to view, edit, and save changes.
2. Unit / Lease Abstract View: Customizable view that allows user to select a given property and provides a menu for that property of all tenants/units at that property. User can switch between different units. Display shows details for the given unit which can be viewed, updated, and saved.
3. Rent Roll View: Customizable view that allows me to select a given property’s rent roll and view, batch update, and save information. Expiring leases, rent bumps, and delinquent tenants are highlighted. 
4. Property Management Dashboard: Allows me to summarize delinquencies, notable expenses, upcoming lease expirations and rent bumps and send a monthly email automatically to the property manager for a status update.

Everything I've found is either focused on the property management and rent collection or on managing investors. Does anything like the above exist?! Thank you!

[Kim Hopkins]

Any opinions on this? I can't be the only one! I would be totally open to it including an accounting software as well where I can see financials across all my properties because I'm tired of my current accounting program, Wave.

[Richard B.]

@Kim Hopkins. I do those things using a few excel spreadsheets … what you are working on sounds super handy!

[Ronald Rohde]

I think it doesn't exist, because youre in a unique situation. Most owners/GP/sponsors just review reports and re-process internally with staff.

Serving PMs and investors is a much bigger market...

[Timmi Ryerson]

We have this being built into our software for property management....

[Michael Patton]

Quote from @Kim Hopkins:

Hello! 

I have searched for this on the forums extensively and online, to the point where I've started building my own and writing the code myself. I still can't believe it doesn't already exist though! 

I'm looking for an asset management software for OWNERS, not a property manager software. I have property managers who work for me. I am trying to manage the asset and the property managers.

Here is the basic functionality I'm looking for: 

1. Property View: Customizable view that allows me to select a given property and view, update, and save information including the obvious facts, plus ownership %'s, reserves to be held each month, property tax/insurance info, purchase and loan info. Need to be able to view, edit, and save changes.
2. Unit / Lease Abstract View: Customizable view that allows user to select a given property and provides a menu for that property of all tenants/units at that property. User can switch between different units. Display shows details for the given unit which can be viewed, updated, and saved.
3. Rent Roll View: Customizable view that allows me to select a given property’s rent roll and view, batch update, and save information. Expiring leases, rent bumps, and delinquent tenants are highlighted. 
4. Property Management Dashboard: Allows me to summarize delinquencies, notable expenses, upcoming lease expirations and rent bumps and send a monthly email automatically to the property manager for a status update.

Everything I've found is either focused on the property management and rent collection or on managing investors. Does anything like the above exist?! Thank you!

 Did you ever find anything?

[Kim Hopkins]

Quote from @Michael Patton:

Quote from @Kim Hopkins:

Hello! 

I have searched for this on the forums extensively and online, to the point where I've started building my own and writing the code myself. I still can't believe it doesn't already exist though! 

I'm looking for an asset management software for OWNERS, not a property manager software. I have property managers who work for me. I am trying to manage the asset and the property managers.

Here is the basic functionality I'm looking for: 

1. Property View: Customizable view that allows me to select a given property and view, update, and save information including the obvious facts, plus ownership %'s, reserves to be held each month, property tax/insurance info, purchase and loan info. Need to be able to view, edit, and save changes.
2. Unit / Lease Abstract View: Customizable view that allows user to select a given property and provides a menu for that property of all tenants/units at that property. User can switch between different units. Display shows details for the given unit which can be viewed, updated, and saved.
3. Rent Roll View: Customizable view that allows me to select a given property’s rent roll and view, batch update, and save information. Expiring leases, rent bumps, and delinquent tenants are highlighted. 
4. Property Management Dashboard: Allows me to summarize delinquencies, notable expenses, upcoming lease expirations and rent bumps and send a monthly email automatically to the property manager for a status update.

Everything I've found is either focused on the property management and rent collection or on managing investors. Does anything like the above exist?! Thank you!

 Did you ever find anything?

 Nope, I ended up making my own. Would still love to hear what others are doing though!

[Michael Le]

If you're talking about asset management software, you can take a look at this. I had a demo call with them recently and it looks like it probably does what you were looking for.

https://www.lobbycre.com/

[Russ Kitzberger]

There are lots of systems that are used by managers and building owners

Yardi is the big one for MF.

Argus is the big one for other asset classes

There are tons of upstarts, some are on the CCIM website.

CoStar Real estate Manager
Yardi
The System for property
Property manager for windows

[Timmi Ryerson]

If you look up my company, you will see that we have all of this.  The accounting system allows you to keep track of costs like mortgage payments and amortization with insurance and taxes as well as part of the asset management.  I cannot tell you the name of my company because it is considered advertising.  But you don't have to build your own.

[Kim Hopkins]

Quote from @Michael Le:

If you're talking about asset management software, you can take a look at this. I had a demo call with them recently and it looks like it probably does what you were looking for.

https://www.lobbycre.com/

 This does look promising! How did the demo go? I've never heard of them before which makes me a little cautious. 

[Kim Hopkins]

Quote from @Russ Kitzberger:

There are lots of systems that are used by managers and building owners

Yardi is the big one for MF.

Argus is the big one for other asset classes

There are tons of upstarts, some are on the CCIM website.

CoStar Real estate Manager
Yardi
The System for property
Property manager for windows

 I looked at these and found that they're mostly geared at property managers, not asset managers. I didn't see a lot of the cross-portfolio-performance I'm looking for. 

[Kim Hopkins]

Quote from @Michael Patton:

So I actually ended up building my own. Here's the main dashboard that gives a list of all the properties and all the KPI's I was interested in tracking including rent paid in full, occupancy %, # of delinquencies, # of upcoming lease expirations, # of upcoming lease bumps, and if there are any expense questions from the P&L:

 You can click on any of the properties, and it will take you to the properties Income report. For example for the E 18th property, here is the Income tab. It shows you the rent roll and automatically highlights and upcoming upcoming rent bumps, lease expirations and delinquencies. There's also a Q&A section where you or your bookkeeper can write questions for the property manager for specific tenants. 

You can also click a button to Expand/Collapse filters. This will only show tenants with rent bumps or term dates or delinquencies or questions, and hide the rest of the tenants so that you can easily take a snapshot pic and send to your property manager. 

Lastly, there's an expense tab for each property that allows you or your bookkeeper to list questionable expenses each month from the PM reports. You keep all the expenses with questions (and their answers) here for the whole year so that at the end of the year when you're like, "why was landscaping so dang high for this property?", you can easily go back and look at all the questionable expenses from each month. There's an Expand/Collapse button on this tab as well which will show only the expenses for the current report month if you want to focus in on those or send a snippet to your property manager. 

Would obviously have preferred to use a third party but this accomplishes exactly what I need - a birds eye view of the profitability each month without have to re-enter operational and tenant data into my own system when the property manager is already tracking this information. 

I welcome all feedback! 

kim

[Michael Patton]

Quote from @Kim Hopkins:

Quote from @Michael Patton:

So I actually ended up building my own. Here's the main dashboard that gives a list of all the properties and all the KPI's I was interested in tracking including rent paid in full, occupancy %, # of delinquencies, # of upcoming lease expirations, # of upcoming lease bumps, and if there are any expense questions from the P&L:

 You can click on any of the properties, and it will take you to the properties Income report. For example for the E 18th property, here is the Income tab. It shows you the rent roll and automatically highlights and upcoming upcoming rent bumps, lease expirations and delinquencies. There's also a Q&A section where you or your bookkeeper can write questions for the property manager for specific tenants. 

You can also click a button to Expand/Collapse filters. This will only show tenants with rent bumps or term dates or delinquencies or questions, and hide the rest of the tenants so that you can easily take a snapshot pic and send to your property manager. 

Lastly, there's an expense tab for each property that allows you or your bookkeeper to list questionable expenses each month from the PM reports. You keep all the expenses with questions (and their answers) here for the whole year so that at the end of the year when you're like, "why was landscaping so dang high for this property?", you can easily go back and look at all the questionable expenses from each month. There's an Expand/Collapse button on this tab as well which will show only the expenses for the current report month if you want to focus in on those or send a snippet to your property manager. 

Would obviously have preferred to use a third party but this accomplishes exactly what I need - a birds eye view of the profitability each month without have to re-enter operational and tenant data into my own system when the property manager is already tracking this information. 

I welcome all feedback! 

kim

[Kim Hopkins]

Hey Michael, did you write anything? I only see my post quoted. 

[Michael Patton]

Sorry. Last one sent without my comments. 

is this pulling automatically from the PM system and other software sources so that it is up to date in real-time? Or is there manually entry?




Quote from @Michael Patton:

Quote from @Kim Hopkins:

Quote from @Michael Patton:

So I actually ended up building my own. Here's the main dashboard that gives a list of all the properties and all the KPI's I was interested in tracking including rent paid in full, occupancy %, # of delinquencies, # of upcoming lease expirations, # of upcoming lease bumps, and if there are any expense questions from the P&L:

 You can click on any of the properties, and it will take you to the properties Income report. For example for the E 18th property, here is the Income tab. It shows you the rent roll and automatically highlights and upcoming upcoming rent bumps, lease expirations and delinquencies. There's also a Q&A section where you or your bookkeeper can write questions for the property manager for specific tenants. 

You can also click a button to Expand/Collapse filters. This will only show tenants with rent bumps or term dates or delinquencies or questions, and hide the rest of the tenants so that you can easily take a snapshot pic and send to your property manager. 

Lastly, there's an expense tab for each property that allows you or your bookkeeper to list questionable expenses each month from the PM reports. You keep all the expenses with questions (and their answers) here for the whole year so that at the end of the year when you're like, "why was landscaping so dang high for this property?", you can easily go back and look at all the questionable expenses from each month. There's an Expand/Collapse button on this tab as well which will show only the expenses for the current report month if you want to focus in on those or send a snippet to your property manager. 

Would obviously have preferred to use a third party but this accomplishes exactly what I need - a birds eye view of the profitability each month without have to re-enter operational and tenant data into my own system when the property manager is already tracking this information. 

I welcome all feedback! 

kim

[Kim Hopkins]

Quote from @Michael Patton:

Sorry. Last one sent without my comments. 

is this pulling automatically from the PM system and other software sources so that it is up to date in real-time? Or is there manually entry?

 I have properties in multiple states with multiple property managers who all use different systems. So there would be no way to pull data from a PM system automatically unless I had my own PM system where I re-entered all their data which would be a huge time waste. That's exactly the reason I didn't want to go with one of the big property management software systems people mentioned above. I have an assistant enter this once a month from the PM reports provided (and just a bank account statement for the single tenant properties which don't have PMs). Takes the assistant 1-2 hours. 

[Michael Patton]

I have a solution for that. That is the problem that had to be solved for asset management. Really should be blind to the PM software. 

Quote from @Kim Hopkins:

Quote from @Michael Patton:

Sorry. Last one sent without my comments. 

is this pulling automatically from the PM system and other software sources so that it is up to date in real-time? Or is there manually entry?

 I have properties in multiple states with multiple property managers who all use different systems. So there would be no way to pull data from a PM system automatically unless I had my own PM system where I re-entered all their data which would be a huge time waste. That's exactly the reason I didn't want to go with one of the big property management software systems people mentioned above. I have an assistant enter this once a month from the PM reports provided (and just a bank account statement for the single tenant properties which don't have PMs). Takes the assistant 1-2 hours. 

[Kim Hopkins]

Quote from @Michael Patton:

I have a solution for that. That is the problem that had to be solved for asset management. Really should be blind to the PM software. 

Quote from @Kim Hopkins:

Quote from @Michael Patton:

Sorry. Last one sent without my comments. 

is this pulling automatically from the PM system and other software sources so that it is up to date in real-time? Or is there manually entry?

 I have properties in multiple states with multiple property managers who all use different systems. So there would be no way to pull data from a PM system automatically unless I had my own PM system where I re-entered all their data which would be a huge time waste. That's exactly the reason I didn't want to go with one of the big property management software systems people mentioned above. I have an assistant enter this once a month from the PM reports provided (and just a bank account statement for the single tenant properties which don't have PMs). Takes the assistant 1-2 hours. 

 Is it similar to what I built? 

[Timmi Ryerson]

Ronald Rohde   It does exist.  And it is very inexpensive to use.  Smart Property Systems allows and owner to assign properties to an employee or associate.  It tracks all of the entries that the associate does on the dashboard.  It is automated so saves a lot of time.

[Michael Patton]

Quote from @Kim Hopkins:

Quote from @Michael Patton:

I have a solution for that. That is the problem that had to be solved for asset management. Really should be blind to the PM software. 

Quote from @Kim Hopkins:

Quote from @Michael Patton:

Sorry. Last one sent without my comments. 

is this pulling automatically from the PM system and other software sources so that it is up to date in real-time? Or is there manually entry?

 I have properties in multiple states with multiple property managers who all use different systems. So there would be no way to pull data from a PM system automatically unless I had my own PM system where I re-entered all their data which would be a huge time waste. That's exactly the reason I didn't want to go with one of the big property management software systems people mentioned above. I have an assistant enter this once a month from the PM reports provided (and just a bank account statement for the single tenant properties which don't have PMs). Takes the assistant 1-2 hours. 

 Is it similar to what I built? 

 I’m suggesting it is very possible to use what you built and pull everything you need. Happy to talk you through it.