Finding the Right Property Management Software for You

by Jennifer Minge

Property management software is designed to streamline the management of investment property by easily keeping track of rent payment and expenses, track all property activity, and provide data that can be used to prepare tax returns. There are a wide variety of available software that run the gamut from entry level programs for investors with just a few rental properties to commercial grade programs that can handle thousands of properties. This will review entry level programs designed to handle up to 50 rental units.

Quicken Rental Property Manager 2009

Quicken has been the industry leader in providing software for managing your personal finances. Quicken Rental Property Manager 2009 provides all the features of Quicken Home to manage personal finances plus specific tools to help manage rental properties. This program is very intuitive to use and the inputting of data is very simple. The program is not recommended if you have more than a two dozen rental units.

This program is priced under $120., and it offers a 60-day money-back guarantee. It takes almost no time to enter your properties and start recording transactions. The program offers a “Rent Center” where you can instantly see which tenants have and have not paid rent for the month, including partial payments and late fees. Reporting is a weak area. The only reports the program generates are income and expense and a tax reports that you can use to prepare your Schedule E tax form.

Quicken Rental Property Manager 2009 is best for investors who own a few rental units and have limited computer knowledge.

Landlord Max

Landlord Max is a step up from Quicken Rental Property Manager and is priced slightly higher at $147., and it only offers a 30 day money back guarantee. If you visit their website they list a whole page of awards their program has won. Landlord Max is geared to be able to handle multiple properties and can easily handle more than 50 rental units. It is not as easy to use as Quicken but it offers more features.

Landlord Max does not offer a single spot like “Rent Center” where you can see the status of all your properties at once. The program has the ability to track not only your properties and tenants but also your vendors. The reporting is much better in that you can run reports to show specific tenants, properties, and vendors. The report can also give you up-to-date financial information on your properties.

Landlord Max is best suited for investors who have more than two dozen properties and need more detailed reporting and features than are offered with Quicken Rental Property Manager.

What is the best property management software? As you can see there is no definitive answer to the question. The best property management software application may be the one whose features fit your needs, is easy or intuitive to use, and whose price fits your budget.