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27 Comments on Property Management software
My company sells online property management software to small to medium sized property managers. We've been around since 2004 and we currently several several hundred customers all across the country managing over 40,000 residential and commerical units. You can sign up for a free trail on our website at www.buildium.com. Our flagship product, Property Manager edition, starts at $9.99/month. As an aside, I'm also a licensed sales agent in MA and RI.
Michael
I don't manage units for others, just my own units and I use QuickBooks. I like the ease of use of the software and the integration/reporting into TurboTax for year-end stuff. I'm finding I'm able to pretty efficiently handle everything I need within QB supplemented by individual file folders on my desktop related to each unit.
There are only two things that don't really work well for me in my set-up. The biggest problem is fixed asset tracking and depreciation. It is rudimentary at best in QuickBooks. My workaround is to use the prior year TurboTax to calculate depreciation amounts (entering the asset into the prior year as if I have bought the asset in the prior year). Then I can figure out what it will be for the current year before I get to year-end tax calculations.
The second difficult area is late fee calculation. It's not too big a chore as it seems like the people who are late are always the same and it is quite easy to see what was charged the last time they were late.
Security deposit accounting is pretty straight-forward as long as you know to set up the tenant as a 'vendor' for receipt (and ultimately the repayment or seizure) of the deposit. Once you set one up, the rest are easy.
I haven't spoken with any other property managers who are 100% happy with their property management software program. We have been uing TenantPro, and it needs improvement.
My biggest issue is that when you move a new tenant into a property, you should be able to post all of their information on one form, and the program should be able to out the informtion where it goes. As it stands now, we have to open several different windows to move in a new tennt, which is very time consuming.
Janice Beam, Broker
Hello,
Have you considered using Rent Manager? They have a standalone and a web verison. They can be found here: www.RentManager.com It is accounting & property management software. No need to run to systems.
Hope that helps,
Bob
I've been looking for a software that can help me with my business for the longest. I'm currently using Quicken's Rental Property Manager but it's geared towards Owners/Landlords of their own propety vs. a Property Manager managing propeties for others. For this reason I use my Microsoft Outlook for my task, reminders and to keep journals. I can use all the help I can get. I'm sure what ever I find, I'll have to tweak. I just want something reasonable. If it costly it better be able to do everything I want it to including wash dishes ;)
Best of Luck to All.
Jo Newton
There will soon be a tool released for those individuals that want to manage their property themselves that will offer many of the robust features of some of the larger scale PM software packages, however this tool will be truly web based, and will offer features and services that will make it easier for the individual investor.
It will be released soon. Stay tuned.
Managers of SFRs should use PROMAS that interfaces with HomeRentals.net ......I would stay AWAY from your client information being on the web.
PROMAS is very inexpensive compared to Yardi. It is VERY user friendly and their tech support is AWESOME. They have classes with most NARPM conferences as well as at their HQ in VA. If you have a website through HomeRentals, you can post owner data on an intranet site and NEVER MAIL A STATEMENT AGAIN....I'm looking forward to doing this next year....
Not a steep learning curve....owners love the reports....I love the mgmt reports and ease of "statement/check" day....if you use HR for posting statements and ACH $$$ - you don't have to go to the post office....
Hi Jeff, I did a couple of interviews regarding Property Management Software. The first in with Wayne Gathright, the owner of Tenant File, and the other is Denis Clark with Domin-8. There may be something in there of interest to you. Very interested in your survey - it's important for us to know what works for landlords.
http://www.american-apartment-owners-association.org/blog/2007/11/30/affordable-property-management-software/
http://www.american-apartment-owners-association.org/blog/2008/02/06/real-estate-investment-secrets-part-nine-of-twelve/
I would suggest DIY Real Estate Solutions. It is web-based and is completely secure, using the same technology as the banking industry. It is geared for both owners and property managers.
Here's the website: http://www.diyresolutions.com
I'm 120% happy with PROMAS.....I just took over 5 SFRs from PM who uses YARDI and the owner can not understand it and the PM's bookkeeper does not understand it. PROMAS y-t-d cash flow actually transposes directly to Schedule E.
PROMAS has frequent user classes at NARPM events and at their office in Vienna, VA...Tech Support is AWESOME!!
We have used Tenant Pro for the last 7 years, I wasn't to happy with it and tried QuickBooks, it's okay but I found myself going back to using Tenant Pro.
I am looking for a rental property management software solution also. Could someone please list the set up steps for using QuickBooks Pro? Since I already have that software, I would like to try using it to manage the small amount of rentals that my company currently manages. We have less than 15 but hope to increase that number soon. Thanks.
We use Yardi but it is only for larger companies, it is expensive. If I was looking right now I would try to find a good internet based program.
Hello members of this group I received an email advertising iRealtyManager.com, which
is a web-based property management software program. I am currently using it to
manage my properties which range from 200 to 225 units (as well as properties I manage
for others) and have had great results. I pay only $75 a month to handle my day-to-day
operational needs which I am thrilled about.
The software allows you to do the following:
· Manage your properties from any PC with internet access
· Give others customized access to your property data at no additional cost
· Quickly record and track income, expense, tenant and lease data
· Create reports in a simple and concise format
· Create pre-populated notices with a click of a button
· Organize maintenance tasks with a convenient calendar feature
· Protect yourself from data loss with their secure server environment
· Simple and easy to use
· Free unlimited customer support
There is a free 15-day trial that you can sign up for and try the software for yourself. If
you manage property, you have to look at this company. Here is the direct link for you to
see for yourself. http://www.irealtymanager.com/ I hope you find that it helps you as
much as it has helped me!
Hi Jeff,
I'm glad I ran across your blog posting and all the great feedback.
I work at RE/MAX Metro Realty in Charlotte, North Carolina and I've been considering adding a property management division to my team.
What should I be aware of before taking on this HUGE project? I would greatly appreciate any advice you're willing to share.
Sincerely,
Brian Belcher - Carolina Home Pros Team - RE/MAX Metro Realty
Brian,
First and foremost keep in mind all the pieces you will have to take on in starting a management side to your business. Most companies will want you to do all the accounting/bookkeeping for a property, meaning you have to find a fully integrated software platform that will help you do the accounting, as well as managing tenants, lease renewals, staffing, etc. IREM has some good webinars (and if you plan to do commercial property management they are a good group to join), and just came out with one called "Starting a Property Management Company and On-going Operations". I dont know as much about the residential side of things, as I focus on commercial, but I think it would depend on if you are looking to form an HOA management company, or just want to manage individual houses. You will also need to set up good contacts, with maintenance people, professionals like plumbers, electricians, etc.
You know, I don't want my PM software to do everything under the sun. I want it only to keep track of tenant's rent payments, let me know who hasn't paid, tally up late charges, let me know when leases need to be renewed. I don't need it to display photos of the tenants or the properties. I don't need it to manage my vendor list. I just want it to "show me the money." As quickly and as painlessly as possible.
Many, many, many years ago we used the old DOS version of Tenant File. Now ~that~ did exactly what I wanted. Sometimes I dream about installing it now, and just running it from a DOS prompt. I'd do it, too, except the staff would probably stage a mutiny. :-)