QuickBooks property management software was mentioned the fifth most often in response to a question posted on one of the property management groups ("Property Management Professionals") on LINKEDIN. The question someone asked was, "What property management / accounting software is everyone using?". Hundreds of property managers responded to this question.
Here is an analysis of what was said about QuickBooks software based on an analysis of the first 350+ responses:
SUMMARY for QuickBooks Software:
Of those that are currently using QuickBooks or have used it in the past, most liked it because it is inexpensive, simple, and reliable for small property management companies.
For those looking for a more robust product that will support larger, growing companies, QuickBooks might not be the best solution.
And if you missed it, be sure to read:
What Property Management software is everyone using? (Part 1)
An analysis & review of: YARDI (Part 2)
An analysis & review of: AppFolio (Part 3)
An analysis & review of: MRI (Part 4)
An analysis & review of: OneSite (Part 5)
An analysis & review of: Buildium (Part 7)
An analysis & review of: Rent Manager ( Part 8 )
An analysis & review of: Propertyware (Part 9)
An analysis & review of: Tenant Pro (Part 10)
An analysis & review of: Timberline (Part 11)
An analysis & review of: AMSI (Part 12)
An analysis & review of: PROMAS, Skyline, Tenant File, Tops, & Property Boss (Part 13)
An analysis & review of: Spectra, JD Edwards, & Home Grown solutions (Part 14)
An analysis & review of: Instant Software Property Plus, Peachtree, Caliber, & Jenark (Part 15)
DETAILED ANALYSIS of QuickBooks Software:
PROS for QuickBooks Software:
GENERAL COMMENTS:
- Definitely QuickBooks is the best for property management.
- If it is a small company QuickBooks works.
- QuickBooks is good enough for small operations.
- We own 11 units and manage 17. Once we get up to the 50 marker we plan to look into an online software that can give us reports compatible with QuickBooks.
- I currently manage 100 single family homes and am using QuickBooks Pro.
COST:
- It is an inexpensive solution. We are a small boutique management company so resources and costs are very important.
EASE OF USE:
- I have 21 properties and 60 units. I have been using QuickBooks for many years. I find it simple.
QUALITY & SUPPORTABILITY:
- It is built on the engine of QuickBooks, so it has the stability of Intuit’s millions of dollars of research and development behind it.
GENERAL FUNCTIONALITY:
- The QuickBooks template was specifically designed for property management companies not individuals managing their real estate investments.
- It works great to get financial reports.
CONS for QuickBooks Software:
SCALABILITY:
- We’ve been using QuickBooks but it’s definitely not getting things done the way I’d like. We are currently trying to expand as well and we are taking on new business so I am trying to find some new software to convert to while we are in the beginning of the year.
GENERAL FUNCTIONALITY:
- It does not have any maintenance service/request or other property management reports that other software programs offer.
COMPARISONS: QuickBooks Software versus other property management software packages:
Versus Tenant File:
- We are a small boutique management company so resources and costs are very important. We have used Tenant File, but I have found the program to be unstable (at least on my machine), difficult to use, and little support provided. I recently purchased "Manage Properties with QuickBooks”. It appears to be an inexpensive solution designed for property management companies.
Versus Yardi:
- I use QuickBooks Enterprise Solutions – Contractor Edition. Yardi Voyager is a very good property management / accounting software package but expensive.
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