Which PM software is most recommended?

[Nadir M.]

Hello BP,

Wanted to reach out to get some opinions regarding Property Management Software that's recommended based on personal experiences. Currently, I use Apartments.com. Apartments.com is free to use and great if you have a small portfolio. I heard Buildium is great and I used their search engine for lead gen. I also know that BP hosted the RentRedi CEO on their podcast I believe, so that's another software i'm looking into.  I guess i'm looking for software that separates tenants, from PM, from owner well. 

ALso, what's the best way to track monthly expenses between owner and PM and how is that separated from tenants vs PM. Just want a software that does a great job handling the overall operations smoothly, a one-stop-shop for all PM needs. 

Thank you,  

[Nathan Gesner]

Quote from @Nadir M.:

Nadir, ask ten people and you may get ten different answers. Software can be very subjective. What works best for me with 400 units may not work well for you with 100. Here's some generic guidance.

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. You only need a place to track tenant information, payment history, maintenance, etc. You can easily do this on a spreadsheet, and it will take less time to track than finding and learning new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it. Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.
2. Software has 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. Do you need all this for a couple of rentals?
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.

Some familiar names are mentioned frequently: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend conducting thorough research on each app online to understand their offerings, pricing, etc. Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements. Try to narrow down your options to the top 3-4. Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function. Perform the same task in each app to ensure a fair comparison.

• 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 clearly stand out. It's important to choose that one and commit to using it. Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object. You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds. At that point, it's worth researching and finding a solution that better meets your needs.