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Updated 3 months ago on . Most recent reply

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Gary Abrams
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PM software or app, to organize for a secondary manager to take over

Gary Abrams
Posted

Hi, I own two warehouses with 3 siblings, and we have 3 tenants in the buildings. I'm the sole manager of the business and the properties. Currently I'm looking for some kind of methodology, software or app, that I can use to manage the properties, which will allow for another family member to step in to my role relatively seamlessly if I were to pass in the future. I don't necessarily need the standard features of pm software, such as rent collection, bookkeeping and maintenance requests, though that could help; but do need a clearinghouse of important information, such as leases, legal docs and other information; maintenance vendors I use; maintenance history; and some kind of tracking system, where I can record the various current projects I'm working on within the business. Again, all so another of my partners could jump into manage where I left off, if I weren't around anymore. I know I can create a series of my own documents regarding this in Word and Excel, but am wondering if there is some kind of software package out there that handles this problem? Or what others are doing to account for the same issues? Thanks

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Gary Abrams:

Software is a common question on BiggerPockets. Here are some things to consider:

  1. Most investors don't need software until they have 5-10 rentals. All you need is a single place to track tenant information, payment history, maintenance, and other things. You can easily do this on a spreadsheet and it will take less time to track than find and learn a new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it.
  2. Software does have extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. But do you need that for your one rental?
  3. There is no perfect software out there. Every system you try will have flaws, or you may salivate over a feature that appears in other software.

You'll see some familiar names thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend you search for each app online and see what they offer, how much they charge, etc. Make a simple spreadsheet or written list with the features of each and see which ones appeal to you most. Try to narrow it down to your top 3-4. Once you have a short list, get an account with each one and run them through the wringer to see how they function. Do one task at a time in each app to compare apples to apples.

  • Load a property with pictures and details.
  • Market that property.
  • See what your marketing looks like from the public's perspective.
  • Submit a fake application to see how easy the process is.
  • Run a credit/screening report on yourself.
  • Enter a maintenance request, assign a vendor, and attach a fake invoice.
  • Enter charges to the tenant's ledger.
  • Enter recurring charges and automatic late fees.
  • Sign documents electronically.
  • Run owner reports.

After testing a few apps, one should stand out for you. Choose that one and use it. No system is perfect, so don't waste time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.

  • Nathan Gesner
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