The decision to invest in rental properties has the potential to be enormously lucrative for your portfolio, but it can also be a great challenge if you’re unprepared for the obstacles involved in property investments and upkeep. Not only do you have to scout out qualified tenants and fulfill any requests they have during their lease, but you also have to maintain the property, repair any issues, stay up-to-date on property taxes, and restore it to pristine condition whenever tenants move out.
Rental property ownership is further complicated by distance (if you live 2+ hours’ driving distance away from your rental property), as well as income/expense tracking, which can be quite complicated compared to managing your own personal finances.
To simplify rental property financial management processes, the real estate software company Stessa was founded in 2016 with the #1 purpose of helping rental property owners track income and expenses more efficiently with the help of technology. It only takes 5 minutes to set up your account, followed by 4 easy steps to get started: add your properties, connect your accounts, see performance metrics and run financial reports.
Whether you’re considering an investment into a rental property or you’re already a rental property owner who wants to streamline the financial recordkeeping in order to free up more time for activities you’re truly passionate about, there are many ways the Stessa software program can transform your approach to investment property management.
Analyze Income & Expenses with Stessa
Stessa is a tool that provides Smarter Income & Expense Tracking for 10,000+ investment property owners which has been featured on BiggerPockets, Forbes, and more. By automatically tracking income and expenses for investors, Stessa saves investors time and money. The best part is that the tool is FREE for individual investors!
The primary focus of Stessa’s software is automatically tracking income and expenses through advanced algorithms, easy-to-read graphs and financial reports. The visual dashboards give you a crystal clear look at how your property is performing and if you own multiple properties, then you also have the option to compare the performance of each one to see which property is giving you the highest return on investment.
Monitoring and consolidating transactions related to your rental property becomes a breeze with Stessa because it automatically categorizes bank transactions, loan payments, and other financial matters stemming from your property management accounts.
You can also scan receipts and invoices related to your rental property through Stessa’s desktop website or iOS app. Thanks to its advanced machine learning capabilities, Stessa automatically organizes receipts and invoices into different categories and stores that information in your highly secure account (so you never need to worry about losing a paper receipt again).
Track Key Metrics
In the “Portfolio Overview” part of your Stessa dashboard, you can keep a close eye on key matrics such as:
- Portfolio Value (market value vs. what you paid for it)
- Debt (how much you still have to pay on your loans for 1+ properties)
- Asset Return (appreciation rate and monetary value)
- Occupancy rate
- Income (monthly and annual)
- Cash Flow (monthly and annual)
- Number of Properties, Units
- Income vs. Expense Graphs for Each Property
You’d be hard-pressed to find a better visual dashboard for property investors than the one Stessa offers, especially considering how you’re able to view and compare multiple properties in one convenient place.
How Much Does Stessa Cost?
Amazingly, Stessa offers a completely free option for individual investors (no, not a free limited trial – a free program). This free subscription to Stessa includes all of its core services: property dashboard (for unlimited number of properties), automatic receipt scanning, personalized investment reports, automated income, and expense tracking, partner/family collaborations, tax-ready financial records, bank-grade security, and access to the iOS app to track your properties from anywhere.
If you’re a professional investor, then pricing for Stessa starts at $1,000 per month. This includes everything offered for individual investors, along with a separate portal for Limited Partners (LPs), the ability to track LP contributions and distributions, LP communication tools, and custom LP dashboards.
Should I Manage My Rental Properties with Stessa?
Since Stessa is free, there is very little risk involved for individual investors seeking more efficient solutions for their property management problems. The visualization capabilities make it very easy to consolidate your rental property records all in one place, which is secured with bank-grade encryption, strict internal controls, multi-factor authentication, and third-party security scans.
Imagine what you could do with a few (or several) extra hours per week, after you’ve freed up time previously spent on manual recordkeeping, tracking income & expenses on your own, and trying to analyze your current financial situation with a calculator. It’s time to reap the rewards of growing your portfolio without losing valuable free time to cumbersome processes that an algorithm is better equipped to manage for you. Check out Stessa to see how its user-friendly platform can transform your approach to rental property management.