Recommended software for measuring business & property performance?

[Adam GC 2]

Hey

Can anyone recommend a software program that will allow me to me to measure how my business and property portfolio is doing? 

I'd really like it to measure both things in one program (general business performance, and portfolio performance) and it's vital that it will allow me to forecast/test the effect that potential purchases would have.

I'd love to -

• Be able to test what happens to my business cashflow if I buy/remortgage specific properties at a specific points in the year. 
• Compare the performance of two possible purchases to see which is likely to perform best for me in 5/10 year's time
• Keep track of the overall health of my investments
• As a bonus, it would also be great to be able to do basic accounting things like create Profit/Loss statements etc

Is there a program / app / web-service that will allow me to do all of these things?
I could probably fashion something myself in excel, but it'll likely take days of work to build and test and there are better uses of time if it already exists

Any pointers gratefully received!

[Adam GC 2]

Hey Dennis,
Indeed, it would be a lot of work, but I have a bit of a history for creating elaborate excel spreadsheets 
I've done a bit more poking around online and may have found two web-based services that might fit the bill though

Landlord Vision seems to be able to do what I'm after
RentCentral also looks like it might be worth a look

They both have free trials so I'll test them out and report back. If anyone has greater experience with them, let me know!

[Grech5ter 0]

On 2/11/2020 at 10:57 PM, Tass said:

Hey Dennis,
Indeed, it would be a lot of work, but I have a bit of a history for creating elaborate excel spreadsheets 
I've done a bit more poking around online and may have found two web-based services that might fit the bill though

Landlord Vision seems to be able to do what I'm after
RentCentral also looks like it might be worth a look

They both have free trials so I'll test them out and report back. If anyone has greater experience with them, let me know!

 

 

Be interested to hear how you get on.

[alex_favorov 0]

On 2/12/2020 at 12:57 AM, Tass said:

Hey Dennis,
Indeed, it would be a lot of work, but I have a bit of a history for creating elaborate excel spreadsheets 
I've done a bit more poking around online and may have found two web-based services that might fit the bill though

Landlord Vision seems to be able to do what I'm after
RentCentral also looks like it might be worth a look

They both have free trials so I'll test them out and report back. If anyone has greater experience with them, let me know!

Hi Tass,
Have you got a chance to test Landlord Vision and RentCentral? If yes, have they met your expectations?

I'd be very eager to know your feedback about them.I know, they provide many functions, such as property management, maintenance, tenant management, leasing, and some kind of accounting. But investment management doesn't look like their strong suit.

The common downside of the ready-made software is basically its limitations. In my practice, there is no off-the-shelf solution that could cover all needs up to snuff. Mostly every software performs a few functions properly, and many other stated features it covers on a basic level.

That's why so many property management firms start implementing a bunch of separate systems for property management, accounting, investments, etc. Of course, there is a risk to over-complicate the whole management process with a big bunch of software. But with correct integration and synchronization, it could be very beneficial for business.

According to your feature request, I'd tend to agree with Dennis, it's quite a lot for one software. Because if you need to delve into any of those processes, it would be better to use a combination of property management, accounting, and investment software, or an upgrade system with a few custom features.

I can specify my recommendation and go through some practical options if you need.

Look forward to hearing about your experience.