Recommendations for property management software that sends owner statements
Hi there, fellow property managers.
I have been previously using TurboTenant to manage my own investment properties but am now going to be expanding my property management business to include managing other people's investment properties as well. (I do have my broker's license.) I am looking for advice about whether to switch to a management software that will generate monthly financial reports for my owners or whether to stick with TurboTenant and generate these reports myself through another software.
What you have you had success with?
Note, I won't have a lot of doors - this would be managing approximately 10 single family homes.
Thank you for any insight!
Hi @Laura Henderson,
YOU can send statements on most of the tier 1 softwares (Buildium, Appfolio, RentManager, etc) but YOU have to send them, and in my opinion that's exactly what you want to happen.
Along some rhythm you'll want to be exporting these statements, proofreading them, and then sending them out. The most trust-destroying thing that can happen with your owners is for a mistake to be found on your statements that you're unsure or unclear of.
- Real Estate Broker
- Cody, WY
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Software is a tool. Tools are used to complete a task, simplify a task, or accelerate a task.
You have to conduct analysis of time and cost to see if it's worth it. Let's say it takes you one hour to design a format that can be used each month. Filling in the form for each owner takes you approximately one hour each month. If your time is worth $40 an hour, then it's costing you $40 to complete the reports. If you can find software that completes the task in five minutes and costs $40 then you're saving money. If the software costs $200 then it's costing you more than if you did it manually.
I don't recommend switching software unless you can justify the cost/savings.
- Nathan Gesner
#2 Market Trends & Data Contributor
If you are professional PM and only use TurboTenant I would run away from you.
If you use Buildium or Appfolio then we have business. It doesnt matter if you have 10 doors or 1000 door, for us thats paying you, it made huge difference as cost is the same.
#2 Market Trends & Data Contributor
very good advice, when a broker starts managing other people property, one needs to use professional software. There's no difference for us as clients when PM is using appolio or excel , we still pay the pM 10% fee. So why do I need to use PM company that don't understand the basic necessity of good accounting software ? I used to have PM that still uses Excel and they are horrible as it shows they're very unorganized.
Btw the diff. between that software is some mechanic about how an item should be categorized, I used to file bugs report as customer to one of these software.
Yes you'll need "big boy" software. Buildium is entry level, appfolio is all you need. Yardi is for giant companies. There's others in between. All of them do owner stmts.