Best Property Management software to use??

Question

Hi All,

I'm looking for some advice on a property management software. I currently have 5 properties; 7 units. (1 office building, 2 duplexes, and 2 single family homes) I am currently pulling a line of credit out of my office building and will be using that to purchase a 6th property. My question is, when is it the right time to start using a property management software and which one would work best for my current situation. I plan on continuing to acquire 1 or 2 properties a year moving forward.

Drew Sygit · Answer

@Travis Dumont where's your list of what you want the software to do?

How many units do you plan to acquire in the next 3-5 years?

This info will lead to several options being removed from possibility.

The best software options are designed for PM companies and can cost a decent amount monthly.

Here's some cheap options:

Doorloop, Hemlane, Innago, RentRedi, Stessa, Avail, Apartments.com, TenantCloud, TurboTenant, Buildium

Brijesh R Patel · Answer

I just started to use AZIBO, it has its flaws but I only have 6 tenants I need to track.  I also have a free Stessa account that I have been using for a few years. Still trying to figure out which one I will stick with at the end of the day.   I am trying to figure out how to add my STR unit to the PM system and also add my commercial property to it.

Rick Richard · Answer

I like using Innago.  Reasonable fees for renters...$35 for app, $2 for ACH rent deposit. Chat feature has answered every question so far.  Will post open properties to most major sites including realtor.com

Simon W. · Answer

As far as I know, Buildium does charge a fee. It depends on what tier of subscription you are on. I am not sure about Rentvine.

Travis D. · Answer

Thank you for the info, all. Seeing Rentvine and Buildium mentioned a few times. Do either of these platforms charge tenants a fee to pay their rent?

Patrick Drury · Answer

@Travis DumontOnce you get over 50 units you can use Appfolio. My partner uses it to run a PM company and it's pretty good. I know a lot of other people that use buildim and have said it's pretty good. I don't beloved they have a unit restriction for owners

Nathan Gesner · Answer

Software is a common question on BiggerPockets. RentVine and Buildium are for professionals or owners with large portfolios. Here are some things to consider:

• 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.
• 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?
• 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.

Gregory Schwartz · Answer

Buildium has been a fairly robust platform, helping us grow from 4 to 26 units over the past 4 years. I'll be honest, it’s not without its quirks, and there is a learning curve, so I’d recommend getting started early to familiarize yourself.That said, my favorite platform is AppFolio. I used it when managing 150 units for a previous employer, and it's incredibly efficient. However, AppFolio requires a minimum of 50 units, so it's not an option for smaller portfolios.

David Peschio · Answer

I would start now.  Just gets harder and harder to back in to a software with more and more data each month.  We use Rentvine and it works great.  Present yourself as the profesional with high end software and should help to maintain your growth going forward.

Best Property Management software to use??

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