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Property Management software
Hey Biggerpockets crew! Can anyone recommend what they believe is the best platform(s) to manage all aspects of your rental units? I am about to close on my first two units and I want to start implementing great infrastructure as I scale up. I have the Stessa app and one for Rent Redi. Thoughts?
Hi Evan, I just started using Innago.com last month and so far it's been quite easy to manage. It's free for owners!
Quote from @Julie Chai:
Hi Evan, I just started using Innago.com last month and so far it's been quite easy to manage. It's free for owners!
I have 16 units would this platform be ideal for that amount?
Quote from @Anthony Cortello:
Quote from @Julie Chai:
Hi Evan, I just started using Innago.com last month and so far it's been quite easy to manage. It's free for owners!
I have 16 units would this platform be ideal for that amount?
Yes, it would definitely. It can collect rent, apply your late fees, screen tenants, background checks, etc. The only thing it doesn't do it help you with any maintenance issues. You'll need to have your boots on the ground for the maintenance but anything else you can do on the Innago.com. You can also message and communicate with your tenants through the site.
Quote from @Julie Chai:
Quote from @Anthony Cortello:
Quote from @Julie Chai:
Hi Evan, I just started using Innago.com last month and so far it's been quite easy to manage. It's free for owners!
I have 16 units would this platform be ideal for that amount?
Yes, it would definitely. It can collect rent, apply your late fees, screen tenants, background checks, etc. The only thing it doesn't do it help you with any maintenance issues. You'll need to have your boots on the ground for the maintenance but anything else you can do on the Innago.com. You can also message and communicate with your tenants through the site.
great thanks for the tip, I will check it out
Quote from @Evan Parke:
Hey Biggerpockets crew! Can anyone recommend what they believe is the best platform(s) to manage all aspects of your rental units? I am about to close on my first two units and I want to start implementing great infrastructure as I scale up. I have the Stessa app and one for Rent Redi. Thoughts?
It's difficult to identify a "best" platform because there are a lot of different options and a lot of different pros/cons. The cons of one platform might bother somebody else, but not you so it's important to try out, or at least demo a few options before settling into any solution in particular. How platforms bill for their service is another big differentiator. Do you want to pay the fee for the software, or do you want the tenant paying it for you?
Some of the most useful items BiggerPockets members have identified are features that save time so they can spend time working on their next property. These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality. One of the most important steps you can take as either a startup landlord or seasoned one is to use a platform specific to property management as it will elevate your operation and save you tons of time.
The good news is that nearly every software designed for landlords includes these features. The differences between most software is subtle and may be how they bill for their service, support their product, or the process to use those features.
Here's some software options that you commonly see recommended on BiggerPockets.
The more mature platforms that are designed for landlords/property managers include Rentec Direct, Buildium, Appfolio, Propertyware, and Rent Manager. These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.
There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc). These platforms include RentRedi, Stessa, Avail, Innago, Apartments.com (formerly Cozy), and TenantCloud.
Pretty much every platform mentioned contains the features you are going to need. It boils down to which platform's processes and support works best for you. The best way for you to figure this out is visit the platforms and explore their free trial (if offered). Run through some of the features you will need like setting up a property, moving in a tenant, receiving rent payments, and publishing online applications.
Pay attention to which platform feels the best to you as you perform these functions. Each platform does it a bit different and you are going to like some more than others. While trying it out, call their customer service and see how they treat you and how knowledgeable they are on their product. Ask their customer service to walk you through the above options if needed.
It shouldn't take more than a couple hours of research to try out the top platforms and identify which feels the best for you. Those couple hours of research will save you hundreds of hours of time down the line, so it's well worth the effort.
The #1 reason for dissatisfaction with software - user not taking the time to learn how to use it correctly!
Thank you Nathan. I appreciate your detailed response.
Thank you Michael.
We have been using Buildium for a few years now and really like it. However, we manage multiple properties for multiple property owners so it checks the boxes in that regard.
Innago has been great for me. It allows me to collect rent, schedule maintenance requests, and etc. I've been using it for I believe 3 years now and love it. Plus it's free for property owners/landlords.