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Updated over 5 years ago, 03/06/2019
Problems selecting a property management system
We have a 275 unit portfolio in Chicago. We currently use Quickbooks Enterprise for financial tracking, and we do ACH rent collections for about 40% of our tenants manually through our bank's website. We don't currently have a formal system for tenant tracking / leasing / renewals etc. Just basically a bunch of excel spreadsheets. As you can imagine, this makes things very labor intensive and prone to error.
My dilemma is this:
The owners love Quickbooks. The reporting for financial items is very robust and highly customizable. It does have its limitations with property management tasks though. I would love to have a system that seamlessly does the rental cycle from start to finish, has a tenant portal for payments, and has a good report generation functionality. I have found it easy to locate a system for the first two items, but not the last.
All of the systems I have tested for small to medium sized companies have weak reporting functions. For example, I tested a system yesterday that will let you define and enter custom fields for tenants (like if they have a pet, etc), but you cant run a report based on those fields. So if I wanted to run a tenant contact list and have a notation on the list for pets, it wouldn't be able to do that. With Quickbooks, if I have a custom field for pets for a tenant, I can make it appear on any tenant report if I wanted to.
Does anyone have suggestions on a system that has a strong reporting feature?
Any help would be greatly appreciated!