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clayclay55

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Posts: 3
Reply with quote  #1 

I currently have one rental property that I just got a renter in this January. I am a new landlord but have been watching/studying real estate and rentals for several years. I currently use Cozy.co for automating my rental payments, which I love. I cannot say enough good things about Cozy.co and the service that they provide. But they are not a property management software company, they do not have any financial tools as of yet. So my question is do I really need property management software?

I currently do not employ a property management company and (knock on wood) have not had any issues pop up. Does anyone on this forum find any features or aspects of property management software that they cannot live without? If so which products would you recommend? 

I must say that Cozy really raised a high bar in the support, ease of use, and beautiful design department. If I was to use any property management software I would really have to see a good solid ROI but also be easy to use and come with great support. 

I look forward to everyone's feedback.

Clay

skrieger

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Posts: 143
Reply with quote  #2 
No Clay you do not need a property management software nor a company especially with just one property. It can all be allocated on paper or a spreadsheet or whatever you feel comfortable with.  But once you get more properties, it becomes difficult to manage without a property management software package that includes a tie-in to financial accounting. Or if you are far away from the property or don't visit it much you may want to consider a property manager.

We use Property Boss with Quickbooks.
clayclay55

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Posts: 3
Reply with quote  #3 
Skrieger, I will look into property boss. I plan on purchasing more properties, but based on your advice and from others I would hold off on any property management software until I have a few more properties. If you are not using an automated payment system, then I would highly recommend http://cozy.co so far they have been really great. Thanks for the feedback.

Clay
NoNonsenseLandlord

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Posts: 178
Reply with quote  #4 
I use Quicken, nothing else.  Of course MS office products too.
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Landlording for maximum profitability and Financial Independence

ahkenaten

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Posts: 156
Reply with quote  #5 
Microsoft Excel... still simple... still the best
davisjone

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Posts: 28
Reply with quote  #6 
These are helpful when you have a lot of properties on lease and you find it hard to keep track of all of them. With just one rental property to look after I don't think a software is required. 
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Kingsbury Homes
KS314

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Posts: 2
Reply with quote  #7 
Hi Clay,

You definitely can manage your property yourself. I have a few units which I manage on my own. It can be a hassle but worth it. 

I use TrueRent.com to management my units. It does it all and it's FREE! I'm not sure how much you are paying now but it's worth a look. It's the only site I have found that give you insight into how your portfolio is performing which is a big perk. 

Good luck,

KS
AccidentalRental

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Posts: 52
Reply with quote  #8 
Hi Clay.  I'm with you.  I too have been using Cozy.co for rent collection primarily.  It is a great service and my tenants love not having to bother with mailing a check, hoping it gets to me on time, etc.  Here is my review of Cozy.co if anyone wants more details.

I only have  a few properties so I haven't felt the need for a true PM software yet.  I looked into it though Appfolio and Buildium seem to be what bigger investors and PM companies tend to use.  Buildium costs about $45/month for up to 20 properties.

Let me know if you decided to go with a PM software and if the benefits were worth the extra costs.  Thanks.

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Domenick | AccidentalRental - A profitable resource for new landlords

LLinVA

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Posts: 216
Reply with quote  #9 
2014
BritneyR

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Posts: 227
Reply with quote  #10 

If you want to keep your rental property in best shape, you must hire a property manager rather than using a software.


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Hunter Rentals & Property Management

LLinVA

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Posts: 216
Reply with quote  #11 
Still from 2014. We don't need to resurrect the dead.
mikebuss

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Posts: 7
Reply with quote  #12 

Hi all,

I've been a landlord for about 4 years now. This summer I will be a tenant in another province while keeping my property at home. I've been frustrated with aspects of both the renting and leasing process and would like to create a product to change that.

My co-founder and I are looking to create a website that improves on the existing home rental sites that are out there...we want to make something more usable and easy to navigate for both landlords and tenants.

We are currently gathering info from a google survey that we made. If you would take the time to fill it out it would be greatly appreciated. I would love to get your perspective on what you think would be a useful product for you.

The survey is very short (12 questions). Here is the link:

For Tenants - https://goo.gl/forms/VgpChqb82qLu301T2 

For Landlords - https://goo.gl/forms/gedrA6BllxJaHKxr2

Thanks so much!

LLinVA

Registered:
Posts: 216
Reply with quote  #13 
Post your own topic, don't post in ones that are three years old.
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