Source CNN
Renters are gaining the upper hand in the balance of power with landlords. Apartment units are staying on the market for longer. Vacancy rates are rising. And rental growth is slowing. Now, landlords are being forced to offer sweeteners like free parking and free weeks of rent to get tenants to sign on the dotted line.
The share of rental listings on Zillow offering a concession as an incentive to rent climbed to 33.2% in July. That’s flat from June, but up from 25.4% a year earlier and well above the recent low of 19.4% two years ago, according to Zillow.
“Landlords are basically in a race to get tenants, so they’re throwing in a bunch of deals and perks to sweeten the pot,” said Orphe Divounguy, senior economist at Zillow. “Renters have more bargaining power.”
Deals are especially popular in six major metros areas, where more than half of the rental listings on Zillow are offering sweeteners: Raleigh (53.3%), Charlotte (53%), Atlanta (52.2%), Salt Lake City (50.9%), Nashville (50.8%) and Austin (50.5%).
All of those markets have experienced an increase in landlord concessions over the past year, led by Charlotte, where the share of units offering incentives increased by nearly 16 percentage points.
Natalie Garcia, a 23-year-old graduate student in Arizona, had no trouble finding a deal when she was hunting for a place to live with her boyfriend this spring.
“Honestly, all of the apartments I was looking at were running promotions,” Garcia said in a phone interview with CNN.
Garcia and her boyfriend ended up getting half off the first month of rent at a one-bedroom apartment they recently moved into in Scottsdale. “The concession was a bonus,” she said.
Rylee Dunham secured a free month of rent after she and her boyfriend offered to fix a broken fence at a two-bedroom apartment they were looking at in Gilbert, Arizona.
“We totally lucked out,” said Dunham, a 23-year-old school teacher. “I think we would have gotten the free month of rent anyway.”
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High Cost of Living
Despite these concessions, the cost of housing remains a sore spot in the economy.
Shelter accounted for almost 90% of the monthly increase in consumer prices across the economy in July, according to the Bureau of Labor Statistics. Shelter prices jumped 5.1% from last year, although that represents a deceleration from recent trends.
Apartment rents are still getting more expensive, increasing by 5.1% over the past two years, according to Zillow.
However, that’s in-line with historical trends and marks a major improvement from the 22.3% spike during the prior two years.
The shift in the balance of power in favor of renters has been driven in part by a building boom for apartments.
In June, nearly 60,000 multifamily units were completed across the United States, according to government data. That’s the biggest increase in supply since 1973.
The recent building boom has made it harder for landlords to fill some units. The rental vacancy rate remains at 6.6%, the highest since the winter of 2021.
Divounguy, the Zillow economist, said falling mortgage rates could also work to the advantage of tenants by encouraging some would-be renters off the sidelines and into the housing market.
“By being proactive, informed and realizing their leverage, renters can make the most of the perks landlords are offering,” Divounguy said.
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Listen On:
This week on the podcast, we are doing a shorty episode as an update to a previous episode (#44) on the Deck and Balcony Law, SB721, for California. There have been some significant changes in the dates and inspection specifications.
Now before you click away and say that this law doesn’t pertain to you, take a minute to listen and learn what California is doing to protect tenants and condominium owners when it comes to the safety of their decks and balconies. FYI, Florida has already passed a similar law.
Many states have a law like this on the books and are just working out the details so this might just affect your rental property sooner rather than later.
LINKS
👉 Episode 44: Deck and Balcony Safety Beyond SB-721
👉 Dr. Balcony, SB721 inspectors for southern California.
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Next year is coming in hot! And we are here to talk about why you should NOT be waiting for the new year to focus on your rental property business planning.
This week on the podcast we are talking about planning and strategy. Not only for the next coming year, but for many years out.
We discuss those aspects but will go beyond the focus of financial evaluations and make you think about your business as a whole and what part you play in it.
What do you like best about owning rentals and what makes you cringe when you have to handle it? How much do you want to scale and how quickly do you want to add more rental properties to your portfolio? When do you plan to step back from hands on management?
Property improvements, the value of time, as well as planning for financial growth now and in the future, are all discussed in this episode.
LINKS
👉 Episode 18: 7 Ways to Increase Profit for Your Rental Property.
👉 Property Management Questionnaire 60+ questions you should be asking when vetting a property manager.
👉 Dr. Ben Hardy Book: 10x Is Easier Than 2x: How World-Class Entrepreneurs Achieve More by Doing Less
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Written by Emily Koelsch
If you’re like us, zombie mortgage is a new term to you or one that you hadn’t heard before this spring. NPR did an in-depth report on zombie mortgages in May, and The New York Times followed with an article in late June. At the same time, the term is showing up in headlines and real estate news across the country.
That said, most of us still don’t know exactly what zombie mortgages are or how they impact the real estate industry. To help answer those questions, here’s an introduction to zombie mortgages and some tips for how property owners and investors should deal with zombie mortgages.
What Is a Zombie Mortgage?
A zombie mortgage is a mortgage that a lender or debt collector begins to collect after the loan has been dormant for years. To understand why this is such a prevalent issue right now, it’s important to have some historical context.
How Zombie Mortgages Were Created
In the years leading up to the housing crash of 2008, it was a somewhat common practice for property owners to have two mortgages. A primary mortgage covered 80% of the purchase price. Homeowners unable to cover the downpayment took out a second mortgage. The second mortgage covered the remaining 20% of the purchase price.
After the subprime mortgage crisis, many homeowners fell behind on their second mortgages. At that point, housing prices had dropped significantly so there was little value in the second mortgage. While many lenders had a right to foreclose on properties, there was no benefit to doing so. The value of the home only covered the primary mortgage, so there would be nothing to recover for the second mortgage.
As a result, when borrowers fell behind on second mortgages, most lenders did not take any action. Some lenders just stopped sending notices. Other lenders said the loan had been forgiven or told homeowners not to worry about the second loan.
At the same time, these secondary mortgages were written off as uncollectible. Mortgage companies sold them to collection companies for a fraction of the value of the loan. For example, there’s documentation of a collection company buying 9,000 secondary mortgages for $6,000.
Why Zombie Mortgages Are Coming to Life Now
Companies that bought these mortgages held on to them and waited. Now that housing prices have surged, the secondary mortgages have value. As a result, the companies holding them have started trying to collect them.
After years of thinking the loan was inactive, homeowners are now getting notices saying the loan is in default, payment is due, and significant interest and fees have accrued.
For homeowners, this is shocking and distressing. Most homeowners thought these loans had been forgiven or reworked with their primary loan. They are caught off guard when they get notices that they are in default.
To further add to the confusion, most property owners get calls and notices from companies they’ve never heard of – the companies who, unbeknownst to the homeowner, purchased the loan years ago.
Some homeowners think it’s a scam and ignore the communication. There are even extreme examples of homeowners not realizing the loan was active until people showed up at their homes for a foreclosure auction.
What to Do If You Have a Zombie Mortgage
Zombie mortgages are an increasingly prevalent issue affecting thousands of homeowners. If you have a zombie mortgage or are concerned that you could have an outstanding loan, it’s best to be proactive.
First, check to see if there’s a lien on the title. If you still have an active mortgage, the secondary lender will have a lien on the title. You can check the title yourself or have a title company or lawyer check it.
Next, seek legal help. While the owner of a loan has a right to collect the loan value, certain procedures and requirements have to be followed. There are specific foreclosure processes that have to be followed in all circumstances. In addition, lenders cannot collect interest and fees without giving the borrower monthly statements. An attorney can help property owners navigate this process and ensure their rights are protected.
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What Zombie Mortgages Mean for Real Estate Markets
NPR’s research shows there are currently 10,000 old, secondary mortgages with current foreclosure activity. In Maryland alone, there are over 500 second mortgages in default.
This is a relatively new issue that’s creating uncertainty in real estate markets. Many homeowners, who are current on their primary mortgage and surprised to find that they’re in default, are taking legal action. There are even cases where properties are sold at auctions but the homeowner remains in the property while the sale is challenged in court.
Investors purchasing properties at auctions should be leery of homes being foreclosed on because of zombie mortgages. Given the legal battles surrounding these transactions, new owners could be subject to years of legal challenges.
Right now, debt collectors, homeowners, and attorneys are navigating this new issue. Our advice to investors is to avoid being part of these transactions until there’s more clarity about how they’ll be resolved.
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By John Triplett
Freddie Mac and Fannie Mae have announced new tenant protections for residents in multifamily properties with mortgages backed by the two Government-Sponsored Enterprises (GSEs), according to a release from the Federal Housing Finance Agency (FHFA).
The new multifamily lease standards policy requirement starting February 28, 2028 will require borrowers with new Enterprise-backed financing to provide residential tenants the following three minimum standards which will be included in all residential leases at properties for which applications for new loans are signed on or after the effective date.
The new multifamily least standards are:
- 30-Day Notice of Rent Increases: Written notice of a rent increase at least 30 calendar days prior to said increase;
- 30-Day Notice of Lease Expiration: Written notice of the scheduled expiration of the residential lease at least 30 calendar days prior to said expiration;
- 5-Day Grace Period for Late Rent Payments: A minimum five calendar day period from the rent due date before late fees or other penalties can be charged, e.g., if rent is due on the 1st day of the month, a late fee cannot be charged until the 6th day of the month if rent is still unpaid.
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“Fannie Mae and Freddie Mac’s (GSEs) announcements today of new multifamily tenant protections mark an important milestone by increasing transparency and improving communication between housing providers and tenants,” said FHFA Director Sandra L. Thompson.
In 2023, Fannie Mae financed approximately 482,000 units of multifamily rental housing, a significant majority of which were affordable to households earning at or below 120% of area median income, according to Mortgage Point.
“These lease standards seek to extend the reach of common baseline tenant protections,” said Kevin Palmer, Head of Multifamily for Freddie Mac. “Although many borrowers already exceed these minimum standards, all will be required to meet the standards to obtain GSE financing in the future. The details we released are intended to give lenders, borrowers, and other market participants clearer expectations with regard to how we will implement, monitor, and enforce the new requirement.”
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Source: Entrepreneur
Investing in real estate can be a smart move — but like any investment, making the most of your money and time is key.
It might not seem like the perfect time to invest in rental property considering current real estate trends indicate we’re in a seller’s market but now might very well be.
According to HousingWire, property appreciation was double its already healthy rate in 2020, and there are plenty of indications that home values will continue to rise steadily in 2021 and beyond. Even large institutional investors continue to bet more on the single-family rental space.
Rental properties, then, have the potential to deliver a steady stream of income for investors both now and into the foreseeable future. If you’re an entrepreneur looking to diversify your portfolio — or are just looking for a vacation home that can double as a sound investment — you would do well to consider adding real estate to your list of assets.
Once you do make that decision to invest, however, another question quickly arises: How do you manage that investment? Owning a rental property comes with plenty of rewards, but there’s no denying there’s also hard work involved. The day-to-day management of a rental property can take up days or even weeks of time every year, and not everyone is able to take on that responsibility.
Working with a variety of owners and property managers over the years, I’ve seen how running a property can be either successful or unsuccessful. During this time, I’ve learned a few ways to make property management easier on you, the owner — and better for renters. That journey begins with the decision of who will actually manage the property.
Should you self-manage or hire out?
Many rental owners choose to self-manage their rental properties in order to save money and be more directly involved in tenant screening, property maintenance and pricing decisions. If you have the time, it might make sense to take this route.
According to data from Millionacres, professional property managers tend to take between 8 percent to 12 percent of a unit’s rent on top of other potential premiums, so cutting that cost can feel like a good start for an investment property.
Before you jump solely into the self-managed world, though, there’s a reason property managers are able to charge that amount; they tend to make your life a lot easier and can also protect you from certain legal situations that you might not know how to handle.
Property managers already have best practices in place for dealing with residents — from resident communication, to expectation-setting, to maintenance needs — which means you can avoid the hiccups and risks that can arise with self-management.
Managing a property comes with many variables and considerations that can affect whether your property is a moneymaker or a money pit. This is true if you choose to self-manage or leave the day-to-day operations to a property manager. In both cases, the key is to strike a balance between cutting costs and satisfying everyone’s needs, keeping your time and mental wellbeing as the owner in mind.
Luckily, there are a few things you can do to make property management easier regardless of which path you choose:
1. Do your homework on the market upfront
As with any investment, it’s important you know what you’re getting into before financially committing. That means visiting the neighborhood yourself and reading various real estate reports and government surveys on topics such as census data and home price appreciation.
Ask yourself a few questions: What’s the population growth trend like in the area where you are planning to buy rental property? What about local unemployment and job trends? How is the growth of remote work affecting rental prices in the area? Knowing the answers to these questions can make a huge difference in how a property is managed.
Industry magazines such as Realtor and Multifamily Executive are useful tools to stay up to date on general real estate and long-term rental management trends. Meanwhile, tools such as Transparent and Key Data can help you find information relevant to short-term rental management, such as seasonal demand.
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2. Take a proactive approach
The more proactive you are when managing a property, the easier that task is. For one, residents will be significantly happier, which can lead to positive reviews and more units being filled due to retention and positive word-of-mouth. For another, a proactive approach to things such as maintenance and repairs can save you money during the life of your investment.
One of the best ways to stay on top of things is to spend more at the beginning. High-traffic flooring materials and paints might cost more upfront, but you’ll get your money back (and then some) when it comes to the maintenance costs.
For instance, you also should consider investing in smart technology for your units. Tools such as smart thermostats help keep energy costs down for owners during vacancy and for residents during occupancy.
Similarly, new HVAC system monitoring services can alert landlords of maintenance needs before residents have to pick up their phones, and keyless locks curb re-key costs and improve safety and transparency for residents, because floating keys are eliminated and residents can see who entered their property.
I would also highly recommend installing smart sensors for moisture and leak detection. I’ve seen firsthand how these devices can save owners a significant amount of money and time on repairs.
Water leak damage is the second-most-filed insurance claim, and it costs around $7,000 to repair. Even a small crack in a pipe can leak up to 250 gallons of water in 24 hours. Smart sensors can catch leaks before they become costly floods, and this means less water damage and no mold growth — huge wins for both you and your renters.
3. Figure out how much you want to take on
Even if you’re not concerned about the time commitment involved with managing your property, there are other aspects of management to think about when deciding how much you want to take on yourself. I’ve seen plenty of investors-turned-landlords realize after the fact that they bit off more than they could chew — especially when it comes to dealing with regulatory and compliance issues.
As with any property, there are short-term liabilities to deal with (such as noise regulations and zoning laws) alongside more long-term issues (such as fair housing laws). All of these are often more complicated than they might seem at first.
The recent trend of upzoning in cities such as New York and San Francisco is a good example of the kind of complex web you could be dealing with. In fact, more and more cities are removing old zoning laws that prevented the development of mixed-use and multifamily housing units in order to deal with housing shortages. Although this opens up new opportunities for developers and investors, it also shows how quickly regulations can change.
If it turns out you don’t want to take all of this on but you’re uncertain about hiring a property manager, consider looking at industry associations (such as the Vacation Rental Management Association and the National Association of Residential Property Managers) to find real estate agents in your area who also operate as property managers.
An agent-manager will likely know more about local trends and have a vested interest in managing the property, which means their services will be more competitive. They might even be willing to give you a discount or make their commission part of their property management fees, meaning they’ll save you money.
Real estate is not a short-term market, even with short-term fluctuations. Buying a rental property is a long-term commitment that requires real work to pay off. As long as you get into it for the right reasons and are willing to do your homework -— or hire a property manager to do it for you — you can expect a solid return on your investment.
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By John Triplett
Some landlords are changing how they set multifamily rents as a result of the U.S. Department of Justice lawsuit against RealPage alleging price-fixing on rents by landlords.
At the Bisnow Southeast Summit in Atlanta, Kenneth Racowski, an antitrust lawyer and partner at Holland & Knight, said, “Many multifamily companies are moving away from RealPage products, moving away from revenue-management software that uses private information and moving away altogether from revenue management [software].”
Racowski said the issue comes down to whether the information used to establish apartment rents is coming from exclusively public sources. Racowski has helped two multifamily companies get dismissals from charges of price-fixing using algorithmic price-setting software, the Bisnow article says.
“The most conservative risk-mitigation advice is not to use revenue-management software that uses confidential nonpublic information,” Racowski said.
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RealPage has said in response to the lawsuit that its products that use algorithms are legal. RealPage announced earlier this month a feature that allowed users to remove “nonpublic competitor data” from the results.
Several states, including Arizona, have sued RealPage and landlords for price-fixing and conspiring to illegally raise rents for hundreds of thousands of renters.
“The conspiracy allegedly engaged in by RealPage and these landlords has harmed Arizonans and directly contributed to Arizona’s affordable-housing crisis,” Arizona Attorney General Kris Mayes said in the release earlier this year.
“In the last two years, residential rents in Phoenix and Tucson have risen by at least 30% in large part because of this conspiracy that stifled fair competition and essentially established a rental monopoly in our state’s two largest metro areas,” Mayes said. “RealPage and its co-defendants must be held accountable for their role in the astronomical rent increases forced on Arizonans.”
Melissa White, the chair of the board of directors for the Atlanta Apartment Association, an organization representing more than 300 companies managing more than 415,000 apartment units, said during the Bisnow multifamily event that even the methods by which apartment owners conduct basic competitive-market studies are seen as risky by association.
“Something as simple as a market survey that we have been doing forever is now looked at in a negative manner, and it could impact any involvement companies are having related to this issue,” said White, a partner with the Atlanta-based urban mixed-use development firm Perennial Properties.
“It’s definitely a conversation that you should all be having if you don’t have priorities established for 2025,” she told the audience at the event, Bisnow reported.
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By Ryan Squires
Finding the best real estate accounting software for your needs is crucial, no matter the size of your portfolio.
Because, let’s face it, streamlining bookkeeping and ensuring your numbers are airtight is non-negotiable.
In this guide, we’ll evaluate eight of the industry’s most trusted real estate accounting software solutions, compare essential factors, and match you up with the best fit for your needs.
And to simplify your search, we’ve split our recommendations into two categories:
- All-in-One Real Estate Accounting + Property Management Software
- Accounting Software without Property Management Features
Let’s get started.
All-in-One Real Estate Accounting + Property Management Software
To begin with, we’ve selected four widely used and highly rated property management software solutions that offer integrated accounting and financial reporting.
While universal accounting solutions like Xero, QuickBooks, and Zoho Books could be adequate for your needs, these platforms weren’t engineered explicitly for landlords, property managers, or real estate investors.
As such, we recommend considering all-in-one property management software that handles accounting and streamlines rental marketing, tenant screening, lease generation, rent collection, maintenance requests, and other essential duties.
Best All-in-One Accounting + Property Management Software
TurboTenant
We’d be selling you short if we didn’t start this guide by recommending TurboTenant, the best property management software with integrated accounting and tax reporting on the market today.
TurboTenant’s highly-rated landlord software integrates with REI Hub’s top-notch accounting features that thrive for landlords, property managers, and real estate investors. Boasting a sterling 5.0-star Google Business rating, REI Hub’s customers have nary a bad word to say about the company.
Perhaps that’s because REI Hub forgoes the antiquated spreadsheet model in favor of more visually appealing features that securely integrate expenses, allow users to create rule-based transaction matching, and generate handy templates that save landlords time and money.
Accounting aside, TurboTenant’s powerful property management software enables landlords to advertise rental properties, process rental applications, screen tenants, craft lease agreements, accept rent payments, handle maintenance requests, and do it all from their laptop or mobile device.
So, sign up for a free account to take TurboTenant for a spin. Most property management features listed above are free, with no strings attached. Plus, we’re offering a 50% discount for the first two months of REI Hub so that you can get a feel for how TurboTenant and REI Hub empower landlords to eliminate pricey property management companies from their bottom lines.
Pros
- Utilizes REI Hub’s highly-rated rental accounting software
- Comes with a full suite of property management financial reporting
- Rent payments and other real estate expenses automatically sync with the software
- Features real-estate-specific capabilities, including tenant screening, rental advertising, lease agreements, maintenance management, and more
- 50% off introductory offer
- Users can track accounting and run reports for unlimited units at only $85 a month
Cons
- REI Hub’s free trial doesn’t transfer to TurboTenant
Best for Small-to-Medium Sized Portfolios
RentRedi
Like TurboTenant, RentRedi utilizes REI Hub’s powerful accounting software to help its customers effortlessly balance their books and generate flawless financial reports.
RentRedi’s accounting features ($39 per month for landlords with ten or fewer properties) work well for landlords of all stripes but best suit those with growing portfolios. Ultimately, their pricing structure for small-time landlords makes the software appealing.
As with TurboTenant, RentRedi offers all of the property management features you’d expect from an all-in-one software, including rent collection, credit boosting, e-signing, renter’s insurance, and more.
Pros
- Utilizes REI Hub’s highly-rated rental accounting software
- Full suite of property management features
- Highly rated and reviewed across many platforms
- Users can track accounting and run reports for unlimited units for $99 a month
Cons
- No free trial available
Premium Free Trial
Landlord Studio
Though we recommend TurboTenant and RentRedi above all other property management software solutions, Landlord Studio offers something you can’t find from either: a 14-day free trial to test drive their premium software and accounting features.
If you use Xero, Landlord Studio integrates with it, making the pairing convenient for real estate investors already familiar with the widely used accounting software. Integrating existing financials from Xero to Landlord Studio could get complicated, but don’t say we didn’t warn you.
Since Landlord Studio’s prices operate on a sliding scale, visit their pricing page to see if their software makes sense for your budget.
Pros
- Free 14-day trial for PRO features
- Receipt scanner and mileage tracker are helpful
- Integrates with Xero
Cons
- Doesn’t integrate with REI Hub or QuickBooks
- A maximum of five users are allowed on the PRO Plan
- Pricing only makes sense for landlords with small-to-medium-sized portfolios
Well-Established and Widely-Used
Buildium
Of all the property management software we’ve recommended up to this point, Buildium has been around the longest. Their accounting and reporting software, included in all three pricing tiers, is trusted by thousands.
Buildium’s integrated property management software is robust by industry standards and covers all the essential features you’d expect, including intriguing standouts like client lead generation, and property inspections.
However, Buildium is the most expensive solution among the four products we’ve recommended, and it’s not even close. For instance, a landlord with 150 properties in their portfolio will be on the hook for $375 a month after signing up for Buildium’s Premium Plan.
TurboTenant landlords who subscribe to the Premium Plan and add on accounting features, however, will pay less than $98 per month to manage unlimited properties.
Pros
- Accounting software is included in every tier
- Robust set of property management features
- Widely trusted by property managers
Cons
- Doesn’t integrate with QuickBooks or Xero
- Expensive; the premium plan starts at $375 per month
- Might not make financial sense for landlords with small portfolios
A landlords one stop shop for tenant management…for FREE
You can’t beat free and the only time you pay is if you want to purchase a lease or have expedited rent deposits. Most everything else costs zip, zero, zilch.
Accounting Software without Property Management Features
If the property-management-specific solutions above are giving you pause, you might want to consider a service that focuses solely on accounting and reporting.
Well-known companies like REI Hub, QuickBooks, Xero, and Zoho Books offer intuitive and powerful solutions that can balance your books and take the stress out of tax season.
But keep this in mind: The four companies we’re about to recommend won’t help you accept rental applications, initiate background checks, advertise your rentals, manage maintenance requests, or handle your many other property management needs.
Best Real-Estate Specific Accounting Software
REI Hub
At this point in our write-up, we’ve made our glowing opinion of REI Hub quite clear.
And, though we’d recommend signing up for property management software already integrated with REI Hub’s powerful accounting features, we wouldn’t fault you for seeking out their services independently.
Designed explicitly for property managers and real estate investors, REI Hub’s robust set of features includes 1099 vendor tracking, double-entry accounting, and automatically generated reports like balance sheets, cash flow, P&L, cash-on-cash, and net operating income.
On top of that, REI Hub returns countless five-star reviews from satisfied clients and offers thoughtful customer service from well-trained professionals based in the US.
Property managers who already have their day-to-day operations on autopilot but crave a more streamlined accounting solution might find REI Hub to be the perfect fit.
Pros
- Designed for property managers and real estate investors
- Integrated into trusted TurboTenant and RentRedi
- Each tier enjoys the same full suite of features
- Pricing is based on the size of the portfolio
- 5.0-star Google Business rating
- Free 14-day trial
Cons
- Limited integrations compared to competitors
Best Introductory Offer
Xero
Xero is one of the big names in the accounting software universe, and its services could be helpful for property managers and real estate investors seeking to tidy up their numbers.
Equipped with intuitive features like project tracking, payment collection, payroll, bank reconciliation, automated bill paying, and more, Xero will undoubtedly meet the needs of busy landlords who need to bring order to their finances.
Xero offers potential clients a free 30-day trial and a generous 95%-off introductory rate for their ‘Growing’ and ‘Established’ tiers, allowing users to thoroughly test their product before committing to it long-term.
While you shouldn’t doubt Xero’s ability to balance the books, remember that they are a big box supplier that doesn’t offer complimentary real-estate-specific features that you’d enjoy with all-in-one property management software.
Pros
- Incredibly affordable three-month intro offer
- Automation features allow for enhanced efficiency
- Integrates with Gusto payroll
Cons
- Not explicitly made for real estate
- Some users have reported a steep learning curve
- One of the more expensive solutions (after the intro offer)
Used by Millions Worldwide
Intuit QuickBooks
Unless you’ve been living under a rock, you’re likely aware that QuickBooks is a powerhouse in the accounting software arena. They offer a functional and full-featured interface that helps millions of people worldwide keep their finances in order.
QuickBooks has long been the industry standard regarding invoicing, tracking expenses, managing bills, uploading receipts, and integrating with tax software, but their impressive features don’t necessarily mean they’re your best option. Why, you ask?
Exhibit A: Intuit’s abysmal Trustpilot page, where thousands of unhappy QuickBooks users go there to vent about the company’s poor customer service, unexplained account deactivations, and questionable business practices. Yikes.
Not to mention, QuickBooks (as you may have gathered by now) doesn’t offer integrated features built for property managers, such as tenant screening, rental advertising, or maintenance management.
Pros
- Widely-used and full-featured
- Syncs with TurboTax to streamline filings
- Integrates with over 750 other popular business apps
Cons
- Big box company; doesn’t specialize in real estate
- At $235 a month, their Advanced Plan is as expensive as it gets
- Terrible customer service reviews on Trustpilot
Rock-Solid Customer Service
Zoho Books
Zoho Books has all the features you’d expect from a major player in the accounting software game, including expense tracking, purchase approvals, secure document storage, bank synchronization, and more.
However, they separate themselves from the other big names in the industry through top-notch customer service. By all accounts, clients seem thrilled with the support they receive from Zoho’s knowledgeable help team.
To attract potential customers, Zoho Books offers a free 14-day trial to anyone who wants to test their product. They also allow anyone with less than $50,000 in annual revenue to use their software for free as long as they stay below the threshold. That’s pretty generous.
Though we’re impressed with Zoho Books’ customer service ratings and product, we think property management software with integrated accounting features is the no-brainer choice for anyone looking to simplify their real estate investment operation.
Pros
- Offers a free plan for businesses with under $50,000 in annual revenue
- Each plan comes with a free trial
- Great customer service reviews on Trustpilot
Cons
- Like Xero and QuickBooks, not specifically designed for real estate
- Not as many integrations as its competitors
- The highest-tier plan is expensive: $240 a month
We Have a Winner
Thank you for sticking around as we analyzed the best real estate accounting software solutions of 2024.
For our money, we believe TurboTenant’s all-in-one property management software with integrated accounting features from REI Hub is superior to all other options.
TurboTenant’s powerful accounting features can help you track every expense, organize essential data, set customizable rules, and generate easy-to-understand graphs and charts to visualize your financial picture.
All while seamlessly simplifying the rest of your property management needs, such as rental marketing, tenant screening, lease generation, rent collection, and more.
Sign up for a TurboTenant account today to immediately automate your bookkeeping and property management operation.
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When you’re ready to part with old furniture, knowing where to donate furniture can make the process smoother and more rewarding. Why donate, you might ask? Donating helps those in need, supports communities, and reduces waste. On top of that, many organizations offer free pick-up services. All of this makes it easier to get your items into the hands of those who will benefit from them. So, with this in mind, let’s explore some top options for furniture donations. We’ll also give you a few tips on preparing your items.
Why Donate Furniture?
Donating furniture has several benefits that go beyond simply clearing out space. On the one hand, it’s a beautiful way to support those less fortunate. It helps families and individuals struggling to furnish their homes. Therefore, your donations can significantly improve living conditions by providing essential items that others might be unable to afford. Additionally, donating furniture leads to a more sustainable environment. This is because it reduces waste by keeping valuable items out of landfills. It’s a win-win situation where you give back to your community while maximizing space for yourself or your tenants.
How to Prepare Your Furniture for Donation
Preparing your furniture for donation involves a few key steps. This can involve a few more things, especially if you live in a busy city like Toronto. However, don’t let this prevent you from donating. First, clean each piece thoroughly to remove any dirt or stains. Then, if the items have glass or other delicate ornaments, wrap them up. This will prevent unnecessary damage. For large items, consider disassembling them to make transportation easier.
If you’re using a moving company, check whether movers do this and how much it might cost, as they often provide disassembly services for relocation. Finally, consult with the donation organization for any specific guidelines they might have. Proper preparation ensures your furniture is ready for its new home and helps the donation process go smoothly.
Top Organizations Offering Free Pick Up
Donating furniture can be a rewarding experience. And the best part? Many organizations offer free pick-up services to make the process more convenient! So, here are some top organizations that provide this valuable service.
Goodwill Industries
Goodwill Industries has a long tradition of dedicated job training and community support. Donations help fund job training programs and other community services, ensuring that your furniture supports a good cause and is reused or resold to benefit local initiatives.
The Salvation Army
The Salvation Army is a well-known organisation and for a good reason. Its wide range of social services includes emergency shelters, addiction recovery programs, and support for needy families. Scheduling a pick-up with them is simple, as their service is designed to make it easy for everyone who wants to make any donation. So, your contributions can help fund critical programs and support individuals and families facing hardship, all while making your apartment cozier and more inviting by reducing clutter.
Habitat for Humanity ReStores
Habitat for Humanity ReStores accepts furniture donations and also offers free pick-up services. Furthermore, the sales from donated items help fund the construction of affordable homes for families in need. So, when you donate your furniture to ReStores, you can also support their mission of building homes. Not to mention that their efficient pick-up service means you’ll have an easier time organizing the donation on your part.
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Tips for Scheduling a Free Pick Up
Scheduling a free pick-up for your furniture donation can be straightforward with the following tips in mind:
- Check local availability: In order to be sure that the organization has free pick-up in your area, contact them directly. Service availability can vary by location.
- Schedule in advance: Book your pick-up appointment as early as possible. This way, you give yourself and the organization enough time for everything. Not to mention, you can avoid delays.
- Prepare your furniture: Find the reparation guidelines for your furniture. This means you might need to do a bit of cleaning or disassembling. Also, don’t forget to wrap delicate pieces to prevent damage.
- Provide accurate information: Be precise with the details about your furniture. Furthermore, give as much information as you can about the pick-up location (availability, parking, and such). The organization will surely appreciate it.
- Confirm the appointment: Last, but probably the most important thing, is to verify the pick-up date and time. Do this a day or two before to ensure everything is on track.
With these tips, the whole furniture donation process will be a breeze!
Where to Donate Furniture if Free Pick Up Isn’t Available
If free pick-up isn’t available in your area, don’t give up on donations. There are still plenty of options. One alternative is to deliver the items directly to a local donation center. Many organizations have drop-off locations where you can bring your furniture during operating hours. If you’re renovating and need to clear out old furniture quickly, check the donation policy with local thrift stores or second-hand shops. Chances are they accept donations and may even offer to assist with transportation. Additionally, consider reaching out to community organizations or shelters that might coordinate pick-up through volunteers or local networks. Exploring these alternatives ensures you can still find a suitable place for your donations, even if free pick-up isn’t an option.
Final Thoughts on Donating Furniture
Donating furniture is a meaningful way to give back to the community and support those in need. Because of this, it’s crucial to understand where to donate furniture. Luckily, you can explore many different options to make a positive impact and help those who might not have the means to furnish their homes. In the end, your contribution helps reduce waste and supports a more sustainable environment. And this is true whether you utilize free pick-up services or explore alternative donation methods. Every piece of furniture you donate has the potential to make a difference in someone’s life. So, give your furniture a chance to find a new home where it can continue to be valued and useful.
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Frequently we are asked “should a landlord get a real estate license”? And where we wish we could give a definitive YES or NO, we can only explain the pros and cons to getting and holding a real estate license.
This episode will give landlords pondering with the thought of getting their real estate license as much information as possible to, hopefully, help you make that decision.
Holding your real estate license is fantastic and has A LOT of benefits, but only if you have a plan on how you will use it. Is it only for personal use in your rental property business or do you plan to manage other investors’ rentals as well? The financial investment into holding that license is something to consider as well.
So, give this episode a listen and see if a real estate license will benefit your rental property business or not.
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