ISO The BEST Property Management Software!!!

[Caitlyn Drapeau]

Hi all! 

I am a licensed Realtor in the state of NH & ME. I am currently in the process of starting a side business doing property management. This all started with a buyer client of mine who purchased a few investment properties. Anyways, I am new to the PM side of real estate and could use all the advice I can get. After speaking with some people in the industry, they made it clear that getting my hands on good software is key and really is the first step! Can anyone please recommend the best property management software? Is there an all-in-one that not only tracks rents but, also handles background checks, credit checks, employment verification, etc? It would also be helpful if you could simply list all the software you personally use to run your PM business and tell me what you are using it for specifically. Thank you so much!!! :) 

[Drew Sygit]

@Caitlyn Drapeau BEFORE you proceed, have you check your state requirements for property management?

Most states require the management company to have a broker license.

Also, have you explained to the broker your license is under that you will be exposing their license to additional liability via your property management? Usually, they will have to modify their E&O insurance to cover PM activities.

Now regarding your actual question about PM software. 

You can approach this in two ways:

1) FREE - there are numerous options for this, just search online. Challenge is many of them go out of business or merge and they have limited features.

2) PAY - the big four are Propertyware, Appfolio, RentManager and Buildium - in order of our preference. 
If you choose to go this route, Buildium will probably be your most affordable option.

[Samuel Eddinger]

Happy to have a conversation with you if you DM me.  Many people start out as realtors and go to property management but it really is a completely different skill set.  The similarity lies in the ability to solve problems for your clients.  The difference is that in real estate, people are generally happy (they want to buy and sell a house) but in property management they are generally unhappy (why is my house having so many issues, why is my tenant not paying rent).  If you do not have really thick skin, don't get started.

With that said, you asked about the best software.  Depending on the size you want to be will determine what to use.  I use Appfolio (has all the things you were looking for) but other PM companies use Rent Manager, RentVine, Buildium, Yardi.  That is pretty much the list if you want a good professional software.

[Caitlyn Drapeau]

Hi @Drew Sygit. Thank you for your response. I do know that in NH you have to be a licensed real estate agent (not a Broker). So, I have that under my belt. What I do not know is how this interferes with my job as a Realtor, hanging my license under a brokerage. I will be having this discussion with my Broker to confirm. I appreciate you bringing this to my attention. Also, thank you for the software recommendations. Have you ever heard of innago? If so, what are your thoughts or experiences with it?  

[Carlos Ptriawan]

managebuilding Buildium for me. Reason is the accounting aspects of it. It's the closest to Schedule E tax for filing.

[Drew Sygit]

@Caitlyn Drapeau no experience with Innago, but believe it's fairly new.