If you own multiple properties or act as a landlord to many tenants, it can be difficult to keep track of all the information associated with your management responsibilities. Instead of slaving over a spreadsheet month after month, you may want to consider purchasing property management software.
Good property management software will enable you to email renters, generate invoices, keep track of work orders and vendors, and upload tenant-specific leases, all from within your management system. You should also look for software that meets your specific computing abilities and operating system requirements.
Here are the top two recommendations:
LandlordMAX wins the gold medal for its competitive price and its unprecedented offer of free technical support. Its no-frills approach to property management makes it easy to use whether you’re responsible for one unit or hundreds.
Management Features: LandlordMax is intended for a single user who either manages their own property or does so on behalf of multiple landlords. In the latter case, this software really stands out for its ability to track commissions and adjust accounting entries for properties owned by multiple investors.
This software also offers email from a server-based ISP or domain system, as well as access to Outlook and Gmail accounts. With LandlordMax you can keep track of all pertinent tenant information, including uploaded documents and pictures. You can also customize this software’s interface to suit your needs and preferences.
Accounting: LandlordMAX provides comprehensive accounting tools that help you keep track of individual rents and organize accounts efficiently. This smart software will automatically generate invoices and receipts when you upload new leases. It also offers plenty of highly customizable reporting options to translate your data into easily reviewed graphs and charts.
2. Quicken Rental Property Manager 2011
Quicken takes second place for its excellent management features, comprehensive accounting capabilities, diverse technical features, and extensive customer support options.
Management Features: Quicken Rental Property Manager is designed for sole proprietors. Unlike LandlordMAX, this software does not offer necessary functions for professional property management, but if your personal and business finances overlap than this is the software for you. It comes equipped with all the necessary tools to keep track of your tenant rents and receipts while also tracking your personal budget. The simple interface of this software makes it easy to keep track of your different accounts and properties all in once place.
Accounting: Quicken excels at simple checkbook accounting and also allows you to track the depreciation of fixed assets and mortgage amortization, as well as generate customizable reports. This software’s multifaceted accounting tools enable you to keep track of all your spending, billing, and income in once place and can provide you with a comprehensive view of your liabilities, earnings, and net worth.