Help! How do you do Tenant Tracking??

[Amber Straub]

Hey guys, 

I have two duplexes as a new real estate investor of 3 years. My previous methods have been unorganized and I’m looking to improve my methods. 

Currently, I have tenants paying via Venmo/Zelle. I’m doing leases via Rocket Lawyer and keeping track via paper and notes! It’s a mess. 

What’s the best system for real estate investors who privately manage their own properties??

thanks in advance. 

[Theresa Harris]

Honestly, I use paper.  I have a a filing cabinet where I keep copies of current leases and that also has contact info for tenants.  In my email I have a folder where I keep correspondence and because most pay via etransfer, those emails as well.  For taxes, I have a small notebook where I keep track of rent, strata fees, insurance, repairs, etc.  As stuff comes in, I record it and put it where it belongs.

[Daniel Rivera]

I would recommend Baselane for your situation. You can set up rent collection, and create unlimited bank accounts to keep your funds organized. They are also partnered with RocketLawyer and TransUnion, so you can access those and start creating leases directly on the site.

[Tracy Streich]

@Amber Straub there are several threads on here for PM software.   If you are self managing don't over think it.   You need to store info, collect rent and keep all correspondence in one place.   Buildium, Rentec  and a few others will work.   Don't get bogged down on wanting the cheapest option.  You need and option that will work for you that is less that hiring a professional PM to manage it for your.   If it cost you $100-150 per month it will be well spent money.   Best of Luck. 

[Scott Mac]

This is more of a general bookkeeping post, but you may find some similarities and things you can use 

You can do this manually with five file folders, or a press board classification folder. 

If you have an iphone and a printer that can receive directly from the iphone, you can snap pics of small receipts send them to the printer, then punch holes in them and file them that way.

Here is a video that is a little bit boring how about filing. But then again this is a boring subject.

https://www.youtube.com/watch?v=vKDrPwHAUho

Good Luck!

Boring or dull? >>>>> https://www.youtube.com/watch?v=JrsB1RfksEA

[Alecia Loveless]

@Amber Straub I use the same payment methods you do. I have a file of paper leases. I keep all email or text correspondence.

I am in the process of creating binders for each of my properties with all the information about them including the current leases. This way in the event that something happens to me anyone can simply pick up the binders and run the portfolio.

I’m sure this could be done with a management software but I want step by step instructions in the form of a manual for my heirs as I’ve got multiple bank accounts and mortgages that would need to be paid.

[Scott Mac]

Quote from @Alecia Loveless:

@Amber Straub I use the same payment methods you do. I have a file of paper leases. I keep all email or text correspondence.

I am in the process of creating binders for each of my properties with all the information about them including the current leases. This way in the event that something happens to me anyone can simply pick up the binders and run the portfolio.

I’m sure this could be done with a management software but I want step by step instructions in the form of a manual for my heirs as I’ve got multiple bank accounts and mortgages that would need to be paid.

 Hi Alicia,

Just a suggestion here. No matter how simple you think your system is, somebody else coming in and sitting down and taking over Is probably not going to go as smoothly as you think.

You wouldn't want your mortgages to go unpaid for two or three months as people lament or are stressed out over other issues.

Now - as in now - might be a good time to pick one or two favorite nieces or nephews or someone like that, and have them work with you for two or three months so they understand what needs to be done.

It also might be nice to take them out to dinner at Olive Garden afterwards every time for some fun time.

That way you have someone that can step in, perhaps a sister, or a brother or some one like that who is responsible enough to handle this highly valuable asset portfolio that you have.

You might also want to talk to an attorney about setting up a living trust for your estate versus letting things go through the court.

Good Luck!

[Nathan Gesner]

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.

[Amber Straub]

Thank you! This is very valuable information. How do you go about providing receipts? I use online methods for payments, but recently I noticed Zelle records were absent and this placed both myself and my tenent in distress, as we no longer had evidence of a deposit. 

What do you use for receipts? Thanks! 

[Bonnie Low]

Quote from @Amber Straub:

Hey guys, 

I have two duplexes as a new real estate investor of 3 years. My previous methods have been unorganized and I’m looking to improve my methods. 

Currently, I have tenants paying via Venmo/Zelle. I’m doing leases via Rocket Lawyer and keeping track via paper and notes! It’s a mess. 

What’s the best system for real estate investors who privately manage their own properties??

thanks in advance. 

 It depends on what you mean by tenant tracking. Are you talking about the vetting and lease up process or do you mean keeping track of tenant payments and security deposits? I use a combination of tools. I just haven't found one yet that does everything I need it to. For vetting and lease up I use Keycheck or TransUnion. They're very similar. For lease creation I use Avail. I've used Rocket Lawyer but don't find it as user friendly or as easy to edit so I prefer Avail. For receiving security deposits, tracking & receiving rent payments I use Baselane. I love Baselane's "Amazon-like" tracking feature where I can see when a payment is initiated, when it's process and when it's received. It's a super clean interface and leaves no doubt as to the status of payment.

[Jason Sung]

I am using Stessa to keep track of 5 rental units. I am happy with that. 

[Adam Bartomeo]

4 tenants sound fairly easy to track. If you are already having issue I would suggest hiring a PM. It should be easy enough to track with excel and 4 manila folders.