All Forum Posts by: Jasmine Delves

I haven't personally used it but I know there are some good threads about it on here! If you type it into the search bar, they should come up.

I agree with the advice to look into using property management software. It won't allow carry out showings and inspections for you but it will enable you to automate or streamline a lot of the day-to-day tasks (rent collection, tenant screening, accounting, etc), giving you more time for other things. Your realtor/property manager/partner can then manage the in-person tasks when needed.

There are lots of good options out there! I'd choose one based on the features you prioritize. Some software is especially good for rental accounting and has comprehensive income and expense tracking and report generating capabilities. Others are more targeted at tenant management and maintenance. 

Take advantage of free trials too so you can try them out before you commit to paying a subscription. 

I'd recommend using purpose-built software as it will grow with your portfolio (even if you're just starting off with one unit). It's a lot easier to manage your properties if you're keeping track of everything in the same place. 

Some of them do have a subscription fee but you can try them out first with a free trial. You may find it is worth it for the hassle and time saved by automating online rent collection, late fees, connecting your bank feeds, and organizing your rental property accounting.

I normally run a tenant screening check through TransUnion's SmartMove. This does the credit, background, and rental check for you. You can of course ask additional questions during the initial application process too.

How many units will you be managing? Some of the software is better suited to smaller (or larger) portfolios.

One way to do it is to use property management software that has accounting capabilities. When rent is paid, it will automatically sync to a particular property or unit and you can categorize all of your income and expenses. Some software also has reporting features that allow you to instantly generate financial reports (including P&L and Schedule E reports). 

What are your main priorities when it comes to property management software? Some are great for tenant management and maintenance requests and others are stronger on the rental accounting side of things with features like integrated bank feeds, receipt scanning, income and expense tracking, and accountant-approved reports.

There are lots of options out there so it pays to have a look around and see what might work for you. Some of them also offer free trials which could be a good way to check them out first.

Hope that helps!

I would say that RentRedi is good from a general property management perspective with features for managing tenants and maintenance requests. 

If you're looking for software with strong rental accounting capabilities though, there are apps that have this functionality built into them (rather than paying extra through RentRedi to use the REI Hub. If memory serves, I think it's an extra $99 a month on top of your subscription if you have over 20 properties). Depending on how much money you're willing to pay, it might make more financial sense to use another platform. Other software also has bank feed integration, automated income tracking, receipt scanner, accountant-approved reporting, etc.

Of course, it totally depends on what features you prioritize! 

Another vote for purpose-built property management/income and expense tracking software.