Landlord Rental Management Software

[Nicholas W.]

I'm looking for recommendations on landlord software for me to track my expenses, repairs, bank account, etc.

I do not have an extensive portfolio so it doesn't need to be an extensive commercial grade software suite. I have a triplex apartment building and two Airbnb properties. With my triplex I use a management company that handles rent collection, entering into contracts, etc. The management company uses the PropertyWare portal online. I handle everything with the Airbnbs.

I would like to use a Quicken product because I assume it would integrate with Turbo Tax well, however, it looks like Quicken's Rental Property Management software is PC only. I only use Macs. I would also prefer to have software that's cloud based because I have multiple computers and do my property management bookkeeping while traveling.

I currently use Google Sheets to track all of my expenses, mileage, rent collections, etc. and I feel like I'm capturing everything, but it doesn't create standard accounting documents and reports.

Any suggestions on software?

[Anthony Emtman]

Hi Nicholas,

Most specialized property management software is expensive (marginally, that is; per unit basis) for smaller investors or managers. Additionally, some software like Buildium has relatively poor accounting functionality, creating double work when it comes time to generate P&Ls and Balance Sheets.

Through all of my research, I’ve consistently landed on QuickBooks Online as we have a lot of the same requirements as you mentioned (cloud-based; automated, cheap or free electronic payments). I also run books for a multitude of entities though so I have the Accountant version of QBO. Through this version Intuit gives you access to wholesale prices which are about 50% off. My new favorite feature here is creating automated receipts within qbo with a pre-executed ACH authorization with the tenant so every first of the month, the entire rent collection process, deposit, and documentation all occurs automatically and without extensive thought on my end.

Naturally, with QBO you have access to every financial report you could need. The primary downfall is the need to add a bit of customization, but if you’re comfortable with your accounting skills this is no issue (e.g. QBO allows you to track income and expenses by property easily but you need to create and run balance sheet transactions through sub- accounts).

Hopefully this helps! Let me know if you have any other questions.