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.
Software 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.