Management software??

Management software??

Real Estate Investor · Randolph, MA · Member since 2014 · 28 posts · 2 votes
Greetings All, I am a new member to BP. I am a multifamily real estate investor from Randolph, MA. My company also invest in commercial multifamily properties while providing conservative returns for investors. I have a question in regards to management software for personal rental property. I have now terminated my managers, and my investment company will become the manger for my small properties. What software can I use that is efficient and allows me to keep track of revenues and expenses? (I know that broad question) I know of rent manager and quick books, but is there any other software or apps that I can use? I was just at Bank of America in the process of opening another expense account but they informed me rather than opening another expense account they have a platform that allows me to mange everything. This platform is called account management and basically eliminates my bookkeeper. Has anyone used this software? If so, how well does it perform. It seems like you have to go in and separate everything constantly. Also, how are you guys making your tenants pay? I found an app the tracks payments from the time they mail the check until the time it arrives to you. I can't recall which app that is. Does any know? Your help as savvy real state investors is bet appreciated. Regards, Caleb
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Dick RosenPro Member
Property Manager · Gilbert, AZ · Member since 2009 · 1k+ posts · 451 votes
12y

I use Propertyware to manage my rentals and it does an ok job I've also heard good things about Appfolio and Buildium.

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  • Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    12y

    Probably best to search BiggerPockets for what you are looking for. There are lots of discussions on the topics you mentioned. For example, put in the search box "rent collection", "online rent collection", and "online rent collection alternatives" to progressively narrow your search and find thousands of discussions.

  • Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes
    12y

    If you have less than 20 properties paper and pen... 20-100 paper and pencil.

  • Dick RosenPro Member
    Property Manager · Gilbert, AZ · Member since 2009 · 1k+ posts · 451 votes
    12y

    I use Propertyware to manage my rentals and it does an ok job I've also heard good things about Appfolio and Buildium.

  • Gainesville, FL · Member since 2014 · 20 posts · 6 votes
    11y

    @Caleb Charles 

    I'm curious, what program did you end up choosing? 

  • Rental Property Investor · Wichita, KS · Member since 2014 · 79 posts · 13 votes
    11y

    I have used both Rentec Direct and Dectia Easy Property Manager.  I ended up going with the Dectia property management platform as it is very clean and simple, also makes my schedule E reporting much simpler.

    I inherited my tenants so right now they hand deliver rent to our office.  In the future we will utilize some type of online payment solution.

  • Adam JernowPro Member
    Investor · New York City, NY · Member since 2015 · 50 posts · 15 votes
    11y

    Hi All:

    The important feature for us has been the reasonable fee for EFT payments offered by Buildium. We manage a few hundred units of both rentals and condos/coops. The EFT features are good for the bookkeeping and the request tracking is also good. 

    The software is pretty good. I'm trying to get a group together via Biggerpockets to urge the software development to become even more useful.

    Cheers,

    Adam

  • Real Estate Agent · Amesbury, MA · Member since 2012 · 65 posts · 32 votes
    11y

    We're looking at Buildium and Appfolio.  Appfolio seems like it's geared toward larger prop management companies and the sales people for Appfolio are pushy.

    Buildium's interface looks simpler, but IDK if it does everything we'll need it to do.  The price is right on it though.

    Anybody else got any input?

  • Investor · Eugene, OR · Member since 2016 · 34 posts · 40 votes
    10y

    Just found the post by Capterra.  I have used two of the three and would agree with their assessment. 

    http://blog.capterra.com/3-100-free-and-awesome-pr...

  • Adam JernowPro Member
    Investor · New York City, NY · Member since 2015 · 50 posts · 15 votes
    9y

    Hi All,

    Appfolio is faster to load, more robust and seems to get accounting correct. Buildium has buggy accounting. This wasn't evident for a few years but when confronted with the issue, Buildium was reluctant to fix it. It is not fixed as of this post. This post may get removed by BP as I think a few others have that were critical of Buildium.

    Appfolio is not without its challenges. The transition/implementation process was a real low point but the software itself seems robust and feature rich.

  • Investor / Vendor · San Diego, CA · Member since 2016 · 1k+ posts · 949 votes
    9y

    Hey @Adam Jernow

    How dare you share the truth about a BP Sponsor! *lol* They will totally remove it haha

    What would you recommend since Buildium has buggy accounting that they wouldn't fix? Are you using Appfolio?

  • Adam JernowPro Member
    Investor · New York City, NY · Member since 2015 · 50 posts · 15 votes
    9y

    Hi,

    I'm weighing options but leaning heavily to Appfolio. It loads sooo much faster for each screen.

    There is a real downside to Appfolio in NY. Their EFT situation is not great but I'm working with some elected officials (no joke) to get that approved.

  • Investor · Brookfield, WI · Member since 2015 · 42 posts · 8 votes
    9y
    We use AppFolio. Love the ease of it, and finding new features every week. Works great, even when not utilized to its full potential. Online payments for tenants are free (they can even pay with credit card, cheaper than a late fee), which is great for everyone. True, the initial setup can be tricky and takes time, but if you set it up properly (or have your accountant set it up for you) it can be a real asset for years to come. Also, they have their own R&D team which comes out with new features quite regularly. Collections and an answering service are 2 of the latest, however we do not use that just yet.
  • Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes
    9y

    I think app folio is more expensive.  They get 1.25 per month per unit.  Buildium is $45 up to 20 units.

    I am going to need to purchase one and I only need a small part of the functionality.  Online application, background and e-lease.  The financial are overkill for me.

  • Shea SpinelliPro Member
    Rental Property Investor · Tyler, TX · Member since 2016 · 198 posts · 89 votes
    9y

    @Lesley Resnick Appfolio has a minimum $250/month fee 

  • Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
    9y
    I run 1000 units with buildium and have been with them since (near) day 1. They're not without issues but I like the software and have no issues recommending it to someone
  • Adam JernowPro Member
    Investor · New York City, NY · Member since 2015 · 50 posts · 15 votes
    9y

    Here we go:

    Two Months in with Appfolio in NYC. 

    Appfolio is better than Buildium. They were licensed to process payments in 49 states. Now it's all 50. 

    Appfolio loads quicker, has faster customer service, better functionality, more functionality, better messaging to all parties, stronger financial performance (Buildium had a few better reports).

    Buildium's bulk/batch upload is better. That is useful when acquiring new units.

    Appfolio's bank account approval is smoother.

    Appfolio's payment process is a bit more of a hassle but provides better controls.

    This wasn't well organized but you can reach out to me if you have questions.

  • Investor · Darien, IL · Member since 2015 · 10 posts · 0 votes
    8y

    which one has better accounting side, do I have to enter every transactions manually?

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