Property Management?

Unknown

I have been using 'professional' property management software for years but I have given up about 80% of my management business while the software vendor just increased the annual subscription fee by 50% meaning I need to find a cheaper alternative.

I am considering Quicken but am hoping to get some general reviews on user satisfaction before making the jump. At this point I use four different checking accounts with four different buildings and a total of about 45 tenants.

I need to be able to print out checks to various vendors, track lease expirations, move tenants in and out, have the program bill tenant accounts, enter tenant rent payments and have several recurring monthly payments that I can set up once and not have to re-enter every month. Also, I need to be able to review say, 2018 data in 2019.

Do any of the above creat challenges in Quicken? Also, I see there was Property Management software in prior years as a stand-alone product.. What version of cloud-based Quicken do I need to manage property? Many thanks in advance!

smayer97

Quicken does not have any cloud-based version that manages properties. There is only the QWin version called, Home & Business edition which now includes Rental management. But it is desktop based only. You could always use remote access to use it on the road.

I do not have direct experience with the product but I do believe it can handle all that you listed. Note though that it is not an accounting software so does not enforce GAAP if you desire this. 

I am sure another experienced user with this product will clarify the feature set and issues.

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jacobs

You'd want the Home & Business version, the highest tier Quicken product. There used to be Rental Property Manager as a separate, higher tier, but last year they rolled that into the Home & Business version. Be aware that Home & Business is only available for Windows, not Mac.

Also, be aware that Quicken is desktop-based software, not cloud-based. There are a number of things you can upload to Quicken's cloud storage for access via a mobile app or web interface, but the full-featured program works with your data resident on your local hard disk.

I believe it will do everything you asked about, but I'm a Mac user and will let one of the Windows users who has experience with the rental property features definitively answer your questions about the functionality of the program.

smayer97

jacobs said:

You'd want the Home & Business version, the highest tier Quicken product. There used to be Rental Property Manager as a separate, higher tier, but last year they rolled that into the Home & Business version. Be aware that Home & Business is only available for Windows, not Mac.

Also, be aware that Quicken is desktop-based software, not cloud-based. There are a number of things you can upload to Quicken's cloud storage for access via a mobile app or web interface, but the full-featured program works with your data resident on your local hard disk.

I believe it will do everything you asked about, but I'm a Mac user and will let one of the Windows users who has experience with the rental property features definitively answer your questions about the functionality of the program.

BTW, cloud-based features are limited to cash, credit card, bank transactions, budgets, and investment summaries; no scheduled transactions, invoices, etc. Not sure this would be of significant use for rental management as none of the business-related features would be available.

And note that although QMobile works for some, it has been quite problematic, so proceed with caution and set your expectations right on that front.

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Unknown

So I'm a bit confused with the payment model here. If it is desk-based, do you have to sign up for a subscription or is it a one-time payment that theoretically you can use for years after the one-time payment?

jacobs

It's now a subscription-based pricing model. You can buy a one year subscription and let it lapse after that, and the software will will continue to work indefinitely, but all online/downloading features cease to work at the end of your subscription. So for most people, practically, it's something you need to renew on an ongoing basis to keep connectivity (as well as get updates and access to support).

Be aware that you can often find better pricing on retail web sites, like Amazon or Best Buy, and there's no reason not to take the best deal you can find, as you're getting the same product, and all your program upgrades, connectivity, support, etc. come from Quicken whether you buy on quicken.com or elsewhere.

Beijing Mac

I have the Quicken Rental Property Manager version 2017 on my desktop.  I use it to manage 8-10 properties for accounting purposes. 

I believe I've seen Quicken Rental Property Manager is capable of handling 100 properties and 100 units per property, but these are its maximum limits.  https://www.thebalancesmb.com/is-quicken-rental-property-manager-any-good-14041

I have not been successful at finding this on Quicken's site.  I think it should be able to handle 45 properties.  I have about 6-8 years of history on the properties.  I had to train myself on the concept of tags, but once I added that dimension to my thinking, it worked out nicely.