Rent collection software

[Ted Davis]

Hi all,

My wife and I are about to convert our primary into a rental. Any recommendations on software or systems to use for one rental? 

As always we appreciate your feedback 

[Chris Kersey]

Hey Ted, 

I use Hemlane for managing my properties . I know there is other software out there that can be utilized as well but after research, I landed in Hemlane. 

For one property, a spread sheet to track income and expenses would suffice to hold all info for your tax professional at the end of the year. 

[Alecia Loveless]

@Ted Davis Total overkill for one property to have software. I use things like Venmo, CashApp and Meta Pay(facebook) to collect the payments from my tenants who want to use electronic banking. I’ve got 25 units and this works just fine.

I received a lot of pushback from my tenants not wanting to trust some random App Platform they had never heard of when I attempted to convert to software. They preferred a platform that was widely known to them.

[Nathan Gesner]

Quote from @Ted Davis:

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.

[Ted Davis]

Thank you Nathan. Very informative. 

[Ted Davis]

Thank you Chris. 

[Ted Davis]

Thank you Alecia!

[Mose Gebremeskel]

I use Innago. It's free for landlords/PM and have found it seamless. 

[Gustavo Delgado]

I use go4rent.com. They tenant pays $1.95 processing fee, you get your rent sent to your bank account around 5 business days from payment

[Nathan Gesner]

Quote from @Ted Davis:

Hi all,

My wife and I are about to convert our primary into a rental. Any recommendations on software or systems to use for one rental? 

As always we appreciate your feedback 

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.

[Alyssa Wright]

Overall, I always recommend appfolio for rent collection/pm software. It's super user friendly for both tenants and staff!

[Wale Lawal]

@Ted Davis

Small landlords can use property management software like Avail, RentRedi, Stessa, SmartMove, Zillow Rental Manager, Zelle, PayPal, Venmo, Google Forms/Sheets, Thumbtack, DocuSign, HelloSign, QuickBooks, Mint, and Google Voice to manage rental properties, manage rent, and track income, expenses, and budgets. Communication with tenants can be done through Google Voice or WhatsApp, and Proper Insurance covers both property and liability.

Good luck!

[Drew Sygit]

@Ted Davis keep it simple!

Whatever you do, NEVER pick up rent. 

Sets a bad precedent.