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All Forum Posts by: Layton Wyatt

Layton Wyatt has started 1 posts and replied 2 times.

Post: ISO Rent collection/managment software

Layton Wyatt
Pro Member
Posted
  • Posts 2
  • Votes 3
Quote from @Nathan Gesner:

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 other things. You can easily do this on a spreadsheet and it will take less time to track than 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 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 familiar 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 app 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 function. Do one task at a time in each app to 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, 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 stand out for you. Choose that one and use it. No system is perfect, so don't waste time chasing after the next shiny object. You should only have to change when your current software has a flaw or lacking feature causing you to spend too much work on a work-around. Then you can consider researching and finding something that meets your needs better.


 Thank you for your very detailed response! I agree a spreadsheet would be sufficient for me with only two units. My main need starting out is a reliable way for tenants to send payment and I believe learning the software now will help me as I continue to grow to 5-10 units in the years to come!

Post: ISO Rent collection/managment software

Layton Wyatt
Pro Member
Posted
  • Posts 2
  • Votes 3

First time landlord here. Under contract on two out of state single family rental homes.
Looking for advice on payment collection/managment software. I hear a lot about rent redi on the BP Podcast. Some of the reviews are concerning. Wanted to get some first hand feed back from people who have used rent redi or something similar? 


thank you in advance