All Forum Posts by: Aaron Heers

RentRedi is now available for free (actually $1) for anyone with a Pro membership!

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 a few other things. You can easily do this on a spreadsheet and it will take less time to track than it would to 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 really need that for your one rental?
3. There's no perfect software out there. Every system you try will have flaws or you'll salivate over a feature that shows up in other software.

Some common names you'll see thrown around a lot: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

I recommend you search for each of those apps 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 really function. Do one task at a time in each app so you can 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, 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 of them should stand out for you. Choose that one and use it. No system is perfect, so don't waste your time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature that is causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.

Hi @Aaron Heers! I will add a comment you did not ask for :) 

It's often difficult to connect the dots between activities and income on the ground with your returns when investing in REIT. The returns are often impacted by the mood on Wall St., a war in Europe, a CEO scandal or even a random tweet by an executive (like Elon Musk).

As an example, check out the year-to-date performance of Sun Communities and Equity Lifestyles: 

Sun and ELS both invest in RV parks, mobile home parks and other asset classes that my firm loves. But their investment performance is down about 20%. And each of them follow a similar pattern. But of course we know that their internal operations and profitability certainly do not follow this pattern. They are driven by the market, etc. If you want an investment like this that is fine. Millions of people have benefited. Personally I like direct investments in real estate syndications and funds. Happy investing!