Quicken Rental Property Manager Review
This Dual-Purpose Accounting Software Streamlines Landlord Responsibilities
As a landlord, managing income, tenant information, and maintenance can be overwhelming. You might choose to handle all the bookkeeping yourself to keep your costs low. Quicken Rental Property Manager can help you manage your properties.
Quicken's Dual-Purpose Accounting Software
Quicken Rental Property Manager is not only a property management software but also a personal finance software. In fact, Quicken Rental Property Manager can be described as personal finance software with property management capabilities.
Quicken also offers an upgraded mobile app as of 2017, so you can take care of business on the fly.
Basic Property Management Features
Quicken Rental Property Manager enables you to:
- Track rental income and expenses by property and unit, including partial rent payments and late fees.
- Track tenant information, including name, address, unit number and lease details.
- Generate real estate tax reports, including Schedule E and Schedule C.
Basic Personal Finance Features
Quicken Rental Property Manager also lets you:
- Link to all your bank accounts so you can categorize your income and expenses easily.
- Compare your actual spending to your budget.
- Compare your investments to market performance.
- Set up automatic billing alerts for personal and business expenses.
Quicken Rental Property Manager is capable of handling 100 properties and 100 units per property, but these are its maximum limits.
You may run into difficulty using Quicken Property Manager if you have rental activities of that size and scope. The complexity of managing that many properties will probably require more sophisticated software to be effective. In these cases, the financial and tax reporting features that Quicken Rental Property Manager offers will probably not be enough for you to work efficiently.
It's powerful enough to manage your work if you have fewer properties, however.
Not the Solution for Professional Property Managers
Quicken Rental Property Manager is not designed for all types of landlords or property managers. In fact, it is not well suited for professional property managers. If you are in the property management business, then you should look for other software products to meet your needs. Even individuals who have more than just a few properties will probably want to consider using other property management software.
Limits to Accounting Functions
Quicken Rental Property Manager has limited accounting capabilities. You can keep financial records on a cash basis, not an accrual basis. If you have more sophisticated accounting needs, you'll find that Quicken Rental Property Manager doesn't have the ability to perform some of the tasks you require.
For example, you can't track the cost basis of your property, depreciation, inventory, capital assets, work orders, or even create invoices for tenants with Quicken Rental Property Manager. If you want to send periodic invoices to customers, you'll have to do this in Word or another program.
Quicken Rental Property Manager is a good choice if you are the do-it-yourself landlord with a few rental properties and you want to have a personal finance software as well.
It will let you manage both your personal finances and rental properties within the same program. You won't have to worry about learning separate accounting software programs, just one.
If you have more sophisticated property management needs, you'll probably want to look for another solution or you'll have to develop many workarounds when using Quicken Rental Property Manager. Although this is a good software program and it's ideal for landlords with just a few properties, it's not well suited for those who are juggling multiple multi-unit properties.