Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Collin Meadows

Collin Meadows has started 1 posts and replied 10 times.

Post: Rental Management Software Ideas

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5
Quote from @Daniel Rosario:
Quote from @Drew Sygit:

@Collin Meadows

How about integrating emails with PMC software, so that they are automatically saved to the owner's/tenant's conversation log in the system. Thereby, allowing everyone in the company and the client to reference them?


 ^^^ This!! a platform where you cant hide ANYTHING... 


 Say more.... :D 

What would you want to see/ have that you do not currently?

Post: Rental Management Software Ideas

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5
Quote from @Richard Fisher:

Good Morning Collin,  I have tried several, TenantCloud, Rentredi, are two. I used Quickbooks for years and loved the accounting side (however I am a CPA by trade so I probably lean on accounting more than most) I have lately settled on Buildium. I think the PM side is pretty good and easy for tenants to use. But I do miss the accounting of Quickbooks. Buildium is pretty different in accounting. I can use it but it frustrates me because it’s not near the accounting software that Quickbooks was. The best possible solution in my opinion anyway is combine Buildium and Quickbooks into one software :). 


Hey! Does Buildium not integrate with Quickbooks?

Also, glad to see another West Virginian respond! You are just down the road from me!
 

Post: Rental Management Software Ideas

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5
Quote from @Christian Szpilfogel:
Quote from @Collin Meadows:
Quote from @Christian Szpilfogel:

I don't mean to be a party pooper but there are literally thousands of PM tools available. Sadly I'm not kidding. So you are looking to develop something in a very crowded field. These PM tools come in various shapes, sizes and price points to address a particular segment's needs. If there is one thing I wish we had was a PM tool selector. LOL.

Before I settled on my current PM tool, I had to wade through a lot of PM tools and short list a few that seemed to be a good fit for my business. I then had to test each of the features to measure the claims made. It was a heck of a process.

The reason it is a heck of a process is because property management has a really long list of required features to address a company's specific processes. You can't even keep the list in your head so in my case I put it into an excel spreadsheet and did a side by side evaluation. Other companies will have a different list and different priorities.

One of the things that keeps PM tools from being a perfect fit is that different jurisdictions have different laws. And if you have a PM tool that can do just about everything then it is usually quite complicated to train and maintain staff.

I'm happy to share my list with you if you feel it will help get you started. :) Just pm me your email address.

Hey Christian! 

Thanks for your response! I completely understand that there are a lot of tools in the space! I too have evaluated quite a few of them! I appreciate you sharing the Excel spreadsheet! If you could send it to me here on BP, that would be great (DM is fine!). 

What I wanted to figure out is, what are the current struggles people are having. I don't want to produce a product like what is out there, but rather produce a solution to a problem people are having. There is a big difference in adding to a crowded space and finding that space that others have ignored because it was too small, didnt really matter, etc. But I am sure you would agree, if you could pay $10/mth on something that saves you 10 hours of work a month, it is well worth it!

I am here looking to understand these problems. If they do not exist, which I do not believe is the case, I can pack up and keep building my own products. But being new to BP, I wanted to reach out and hear about what other real estate investors are having issues with and looking for a better solution on!

All that being said, please send me your spreadsheet! This would help me in more than one way, and I am very interested to see what you found.

Also, writing down - recommendation engine for property management software on the idea board. Revenue generation model - affiliate marketing/ referrals. ;) 


Thanks!
Collin M


 Fair enough. If you are looking to build point solutions then I think there would be some white (or at least grey) space you can work into. I use solutions like this today such as RentSync which complements my Buildium PM tool. RentSync allows me to manage how listings are send to various ILSs. 

The gaps I generally have are related to local jurisdiction issues. For example, issuing legal notices. In Ontario, for example, we have to issue late rent payments (N4), interference (N5), rent increase notices (N1 or N2) on very specific forms and which must be done precisely correct or risk it being voided. The struggle then is that even with a population of 18M in Ontario, a solution may be too niche for a developer such as you. So these kinds of things we have to take outside the PM tool.

I think there are also things that could be done to improve the application process and social media interaction. For them to be useful, using data from the PM tool would be useful. But to get at that data, you would need to access APIs and most PM tools don't have that unless it is in the high end packages. Buildium for example just introduced RESTful APIs but it is only available in their top tier package. Other PM tools that have APIs are typically on the high end packages (e.g. Yardi Voyager, Property Vista, etc) and cost / complexity prohibitive to small investors. 
 If I can think of something useful to contribute, I'll certainly let you know. :) I have absolutely no qualms of paying for something useful!


 These types of niche problems make for great solutions that truly make an impact! The hardest thing about this would not be the technical solution but rather the changes in the actual regulations within each of these local jurisdictionsIt is an interesting thought though, and I am sure one that would be great to have solved with technology! 

Post: Rental Management Software Ideas

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5
Quote from @Drew Sygit:

@Collin Meadows

How about integrating emails with PMC software, so that they are autmatically saved to the owner's/tenant's conversation log in the system. Thereby, allowing everyone in the company and the client to reference them?


This is not already done?.... Wow.

So when you think of this, are you thinking it would get a certain email address? Or this platform would sync with the email provider (say Gmail) and then add them to the PM software? I just want to understand what you are thinking!

Thanks!

Post: Rental Management Software Ideas

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5
Quote from @Drew Sygit:

The problem is most DIY landlords look for free options - then complain the software doesn't do what they want it to!

There are pretty good options already on the market, but PMC's:
1) Pinch pennies and also go with cheaper options
2) Rarely invest any time into training on the systems, so don't use the full capabilities of the software - and then go looking for an "easier" to use option.

How are you going to address these challenges?


 Hey Drew!

Thanks for reaching out! I agree with that viewpoint! I have seen that as well. As I described in my previous reply (which I posted just minutes ago, so I am sure you have not read), I am not necessarily looking to produce a full property management solution - you are right, there are plenty of those. I am looking for problemsfrustrations, and issues from landlords and property managers which I can make less problematic by developing a niche solution for. If I can save someone 10 hours a month in exchange for $10/mth, its a no brainer!

To answer your questions though:

1) I want to show immediate value. We will not require heavy onboarding, etc, but we will offer a free trial. You sign up, see the value, time savings, and impact that it can have on your business. We also will not be charging a ton for users. I want to produce something in this space that helps solve apparent problems and produce a cool product. I dont need to become a millionaire on this thing, so I am fine producing a product at a low cost, which provides tremendous impact.

2) So, this is actually where I shine. I love building technical products and often times build them for less technically savvy users. As such, I want to build it in a way that onboarding is effectively useless. The products I build are simple, feel familiar, and get their job done. By leveraging modern technology and automation, I have been able to solve this time and time again!

So, let me ask you more directly, what are some problems or issues that you deal with on a day to day basis or week by week basis, that you have designed a hack for or that the process just feels out of whack?

Thanks!
Collin M

Post: Rental Management Software Ideas

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5
Quote from @Christian Szpilfogel:

I don't mean to be a party pooper but there are literally thousands of PM tools available. Sadly I'm not kidding. So you are looking to develop something in a very crowded field. These PM tools come in various shapes, sizes and price points to address a particular segment's needs. If there is one thing I wish we had was a PM tool selector. LOL.

Before I settled on my current PM tool, I had to wade through a lot of PM tools and short list a few that seemed to be a good fit for my business. I then had to test each of the features to measure the claims made. It was a heck of a process.

The reason it is a heck of a process is because property management has a really long list of required features to address a company's specific processes. You can't even keep the list in your head so in my case I put it into an excel spreadsheet and did a side by side evaluation. Other companies will have a different list and different priorities.

One of the things that keeps PM tools from being a perfect fit is that different jurisdictions have different laws. And if you have a PM tool that can do just about everything then it is usually quite complicated to train and maintain staff.

I'm happy to share my list with you if you feel it will help get you started. :) Just pm me your email address.

Hey Christian! 

Thanks for your response! I completely understand that there are a lot of tools in the space! I too have evaluated quite a few of them! I appreciate you sharing the Excel spreadsheet! If you could send it to me here on BP, that would be great (DM is fine!). 

What I wanted to figure out is, what are the current struggles people are having. I don't want to produce a product like what is out there, but rather produce a solution to a problem people are having. There is a big difference in adding to a crowded space and finding that space that others have ignored because it was too small, didnt really matter, etc. But I am sure you would agree, if you could pay $10/mth on something that saves you 10 hours of work a month, it is well worth it!

I am here looking to understand these problems. If they do not exist, which I do not believe is the case, I can pack up and keep building my own products. But being new to BP, I wanted to reach out and hear about what other real estate investors are having issues with and looking for a better solution on!

All that being said, please send me your spreadsheet! This would help me in more than one way, and I am very interested to see what you found.

Also, writing down - recommendation engine for property management software on the idea board. Revenue generation model - affiliate marketing/ referrals. ;) 


Thanks!
Collin M

Post: Rental Management Software Ideas

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5

Hey all!

I am a Software Engineer with a history working in startups building technical products that customers love. 

What I have come to find in the rental management space, is there are a lot of tools that we as landlords need, yet no single platform that does all of these things really well. Heck, Brandon Turner even mentions in one of his books how these software products were clearly produced by people who were not, themselves, landlords. 

So, as is typically my first approach, I wanted to ask all of you. What would you look for in a product to ease your work? What are your biggest struggles? What is a process you hate doing, but have to do it?

Let me hear it! If we get some good thoughts, we can get some people together to beta test it and really build it out!

Thanks!

Collin M

Post: Anyone investing in Huntington?

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5

Hey!

I live in and invest in West Virginia as well. Feel free to reach out if you ever want to connect!

Post: First property destroyed by tenants

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5

Hey @Carissa Clayton!

Going to piggy-back off of @Derrick E. as well. Let me know if you move to the selling side of things. I would be interested in looking into it as well.

Sorry to hear about the luck here. For anyone looking for a good management company along I-64, check out Meeks Rentals & Leasing (https://meeksrentals.com/). -- In case you found yourself here as well.

Post: Property Management Companies in WV?

Collin MeadowsPosted
  • Investor
  • Milton, WV
  • Posts 10
  • Votes 5

Hey! 

Check out Meeks Rentals & Leasing, LLC (https://meeksrentals.com/). They are a local Property Management company based in Hurricane, WV and have extensive experience.

I hope that helps!

Thanks!
Collin M