Should I Go With QuickBooks for My Property Management Software?

Five years ago, very few companies could do property management software right. The systems were convoluted, complex and super-expensive; it was hard to pick one. As a property management business owner, finding the right software is imperative for your company.

Can you get by with using QuickBooks or is there a better alternative for you? If you have struggled to find an affordable, reliable property management software for your business, we have some ideas for you. The companies we list here are recommendations based on what our clients use and are satisfied with.

The Limits of QuickBooks

QuickBooks can be a good system for running your business, but if you are a professional property manager who works for management fees, you need a trust accounting system in place. That means you have to maintain a separate account for the tenant money that gets disbursed to your owners after you collect your fee. You can’t use the money that you collect from rent to pay your own expenses and that is what QuickBooks struggles with. If you own four, five or 10 properties that you manage on your own, check out a company like Cozy.co.

property management softwareSoftware for Larger Portfolios

Professional property management companies that have more than 50 doors need to line themselves up with a reliable software company. There are companies like Appfolio and PropertyWare which will help you streamline processes and organize your trust accounting to make life easier for you. That isn’t all, they will help implement best practices for your company as a whole to get your property management business off the ground.

Which Software Should Property Managers Choose?

To put this all together: if you’re a landlord with a few properties, QuickBooks will do but it’s worth your time to check out Cozy and others. If you have a sizeable portfolio of 50 properties or more, go with Appfolio or something similar. You won’t regret it because this will allow you to focus on growth.

Choose the right company for you. If you have any questions about software or you’d like to talk about property management marketing, please contact us at Fourandhalf. We’re just a phone call or email away.

Alex Osenenko

About Alex Osenenko

Alex's professional mission in life is to help small businesses grow and thrive. He is the President and CEO of Fourandhalf.com and is serving his 5th year on the Board of Directors for CALNARPM. After spending 9 years in the trenches with his property management clients, Alex draws on his experience to host "The Property Management Show" Podcast and co-authors a weekly Property Management Blog on Fourandhalf.com. Alex has extensive experience speaking for various NARPM events at the local, state, regional and national level.

4 Comments

  • Great article, Alex!

    We used QuickBooks and Google Drive for many years, but maxed out at around 300 properties. When we switched to Propertyware it allowed us to scale our business to where we are today at 2,500 units.

    Upgrading to a cloud-based property management software was definitely one of the top decisions we ever made for our business!

    • Avatar for Alex Osenenko Alex says:

      Thanks Douglas. 300 properties on QB – interesting. I am assuming you didn’t have 100s of owners at the time?

  • Avatar for Alex Osenenko Emma Gray says:

    There are a couple of ways that rental managers use to monitor the accounting side of their properties: spreadsheets, QuickBooks, and property management software. I think moving up to a cloud-based property management tool will one of the best choices for the business!

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