Does anyone have any comments regarding software to manage rental properties.
I own 4 properties with approximately 80 tenants. I’ve been using Excel very effectively but am wondering if software will help me become more efficient.
I have it narrowed down to Rent Manager, Appfolio, and Buildium but am leaning towards Buildium due to lower cost based on the number of units.
I use buildium , have considered the switch to RM but im sub 100 units and cost structure is better ( or at least when i checked). Also, Buildium is user friendly so i like that. I have toured app folio and felt the same way about that. I felt RM was a bit more clunky but maybe its more robust and thats why. Overall satisfied customer about 6 years and dont plan on switching. They are user friendly in my opinion always innovating . They do bump the price on occasion so just make sure you compare all the others as i stopped shopping a while back on price .
We use Rent Manager and currently have about 1000 lots under ownership on four properties. It’s extreamly powerful and we find that once the property managers are trained to use all the features it’s a fantastic accounting and control platform. That said it does require some time and effort for migration and mastery of the software but we’ve found it to add a lot of value to our operations overall.
How did you go about getting up the learning curve on Rentmanager? I use it but only for basics — I’d like to take advantage of all it has to offer.
Rent Manager offers support and training which we’ve leveraged quite a bit. They also have ‘Rent Manager University’ which offers in depth training. All that said it’s a matter of having someone in your orgainzation become ‘fluent’ in RM and then make sure property level managers are trained and supported. It takes a little time but once you’re leveraging all of the functions of the system it’s a fantastic control and accounting platform.
Thanks, using their support and training was going to be my first step.
If you need on-line applications, credit/background reports, tenant payments (bank account, credit/debit card, and tenant’s can pay with cash at MoneyGram…pay at Walmart, etc.), and expense tracking, take a look at ScheduleMyRent. It doesn’t have all the options of the big companies, but is easy to use and saves a lot of time over using excel.
I use tenant cloud. It has a tiered pricing plan from free to 100 a month. It is effective most of the time. The one gripe I have with it is when I need a question answered right then, I cant just pick up the phone and talk to someone.
How do you like Tenant Cloud’s accounting features? I hear they are quite limited.
They are good for what I use them for. Keeping up with my expenses/running reports for taxes. I know that they just released where now you can sync the info into your quicken.