Property Management Software

[Christopher Fraze]

Hey everyone. Quick question. I recently left my property management company that used buildium and went to a property manager that doesn’t use pm software. I have 80 units and don’t really want to become a full time accountant. The PM will use software but wants me to own it and connect my own bank account. Anyone in this situation and if so, what is the easiest/most convenient software you have used for basic rent management and taaccounting?

[Nathan Gesner]

Originally posted by @Christopher Fraze:

Hey everyone. Quick question. I recently left my property management company that used buildium and went to a property manager that doesn’t use pm software. I have 80 units and don’t really want to become a full time accountant. The PM will use software but wants me to own it and connect my own bank account. Anyone in this situation and if so, what is the easiest/most convenient software you have used for basic rent management and taaccounting?

This doesn't make sense. If it's his company, why isn't he paying for the software? And what exactly will you be doing if he's the PM and you don't want to be the accountant? One person can usually manage 100 - 150 units before you need to hire an assistant. Two of you should easily be able to handle 80 units, even if it's on spreadsheets, but software reduces the workload dramatically. You're already familiar with Buildium and it's one of the cheapest options out there, so I would stick with that.

I also recommend you check state law. If you are managing property for others, you are supposed to use a business account, not a personal account. You can't mix your personal money (even income from your rentals) with that of your clients. The accounts typically have to be registered with the state governing body and should be trust accounts, not just ordinary personal/business bank accounts.

None of this sounds right.