Hello. Because I am indecisive, like software, and want to at least give every platform a chance I have tried MANY software for my 2 condos (and once Airbnb). Most were not great. I am embarrassed to admit how much time I have spend on these and I only have “2 doors”
But I can say I used both Stessa and Landlord studio a lot so can actually be helpful here.
Both are good compared to all the others (e.g. Avail), but Landlord studio is frankly not as intuitive or user friendly. Keep in mind this is what I am USING currently so that tells you about my experience with the other “apps”.
Anyway, I have used it for a year and I am constantly met with quirks and roadblocks. The customer service is awesome though and when they explain why I am having issues, it usually makes sense, but these types of things just aren’t an issue with Stessa. For instance, many categories you might want to file transactions are missing. These are there in Stessa as expected. So you must add them manually in LS. And in the LS background there are all sorts of validations on what you are trying to do, so it just gets frustrating. In short its hard to override things. For instance I got a lot of my rental payment upfront, (a large cash inflow as a payment type) but I cant apply/reconcile it as category “rent” because I already marked the month’s rent as paid – just one quick example. So it sits there in purgatory. I can admit there are likely good reasons for these validations and restrictions for Property management professionals and accounting gurus, but for a small time landlord like myself they come across as annoying.
The price is right and the reports are awesome though. And the customer service is super fast and helpful, although I should also mention you are often just sent a wall of text to read. I get it, but I really wish it was more intuitive from the start. They also have a much more modern look to the software and they have a good Mobile app geared specifically for tenants. SO this could be a huge selling point for some. (None of my 2 tenants used it so cant comment on that). Another thing is a small detail like who pays the ACH fee can be a choice to go to you or tenant. I appreciate things like that and as I said I use it currently but also begrudgingly.
Anyway, Stessa is everything I want mostly (now as they have added desperately missing features the past year), but also more expensive for some reason. I think LS is a small business whereas Stessa is a large corporation (roofstock corp).
That extra cost is not so much the issue though. The reconciliation of transactions is super fast and easy. The tenant and lease set up is way easier and intuitive in Stessa. It’s true nail in the coffin is they FORCE you to open up checking accounts under some bank I never heard called “thread” in order to collect rent. NO THANKS. So they advertise later they will have quick rent payments but I don’t bank with “Thread.” I bank with Chase. So this would require me to manually log in to transfer money to my actual bank anyway for distributions or to receive funds for improvements or whatever. And I can’t link a debit card from that bank. If you can there is no mention. And worse, this bank does not even accept Zelle. I mean what respectable bank does not accept zelle payments? Finally, the Stessa Cash Management Accounts FAQ page is suspiciously lacking in mention around fees. So as a previously burned person in bait and switches am simply assuming that when you don’t talk about fees and you list all these “things” you can do, you are hiding fees later. Sorry, call me cynical there.
Like I said, I am trying to simplify my life, so opening up yet more bank accounts when I already have a trusted rental business account with chase for a small timer like me is not territory I want wade in. If Stessa let me link and use my own bank I would very likely choose them over LS even given the extra cost to get over the frustrations I have with LS.
Oh one more thing and this is subjective.... Where I live, the word "Landlord" is a dirty word. Sad but true. I do not even think I am being sensitive around this. So telling my tenant to pay, get emails from, and use an app called "LANDLORD studio" does make me feel uncomfortable to some degree as it makes it sound more like a 1 sided transaction. "I am your landlord, pay me."
Stessa does have a much friendlier sound to it, almost cute.
Anyway, that is my take. Hope it helps.
