Property management software

I’m after some information on what software people use and how do they keep track of all of the out going and in comings!

I’ve only got the two IP both with property managers but would love some help & pointers on how to manage things better & pay closer attention to the costings

 

I kept a detailed spreadsheet for years. Very painful as there are quite a few properties involved. I recently started a property management business and to my surprise, some softwares for property managers have an "owner portal" option which shows EVERYTHING! Inspection reports, graphs of costs breakdown, agreements, rents received, Bond held etc... I suspect that would have been an option with my previous property managers as they were large agencies but I never asked and they never offered. Why don't you ask your property managers if they have an owner portal option? Otherwise I can't think of anything other good old EXCEL I am afraid.

 

Hi Adam,

it depends how far you want to go.
An Excel spreadsheet capturing the annual statement your PM sends you is a start. However with one report a year you will only do long term analysis.
You can then go down to tracking every statements your pm sends (fortnightly) but then Excel will become limiting and error prone.

If what you want is track everything then an accounting software is better suited. Quicken, KMyMoney or alike are the first option.

I do my own finance tracking and accounting using a software like this. It is great as i can properly budget for expenses (repairs, water, etc...) and be quickly alerted when a rent did not get paid on time.
Come tax time it is easy to pull out all the data for each propery.

That being said it is time comsuming (even with good processes and automation) and requires some basic accounting knowledge (worth acquiring I reckon).
So be clear on what you want to achieve.

Cheers.

 

I like the spreadsheets from @Paul@PFI very valuable.

 

I hate IP accounting....and it is a mess, cause each PM does different things, as do insurers, lenders, councils, etc etc........

Frankly, it is a pain looking after IPs, the more you have, the more headaches you have.....