As a property manager or landlord, you know the importance of keeping track of your rental property accounting. But with so many different software options available, which one should you choose?

In this blog post, we’ll look at 2 of the most popular options – Stessa and REI Hub – and compare them. By the end, you’ll know which one is best for you.

Stessa overview

Stessa is a cloud-based software that helps real estate investors maximize profits by automating income and expense tracking, personalized reporting, online rent collection, smart money management, and more.

The company was founded in 2016 by 2 experienced real estate investors with 30 years of combined experience. Stessa was created to take care of monitoring and analyzing the details, so you don’t have to. More than 100,000 investors already use Stessa to track over 250,000 properties with over $60 billion in asset value.

Stessa is a Roofstock company that is working to build the leading real estate investment marketplace. The Roofstock platform allows everyone from first-time investors to global asset managers to evaluate, purchase, and own residential investment properties with confidence from anywhere in the world.

Pricing

The Stessa Essentials plan lets landlords use its primary features at no cost. Users can create as many properties and bank accounts as needed, generate unlimited financial reports, and export their transaction data to Excel as often as they like.

Stessa’s tiered pricing structure offers a variety of features for different budgets and needs:

You can always start with the Essentials plan and upgrade to a paid plan as your portfolio expands and your needs evolve.

Software features

• Track unlimited properties (single-family, residential multifamily, and short-term rentals).
• Automate income and expense tracking by linking bank, credit card, and mortgage accounts.
• A rental property chart of accounts assigns income and expenses according to Schedule E.
• Collect rent online with automated ACH payments from tenants and convenient automatic reminders with Stessa online rent collection.
• Publish vacancies, manage tenant application, and screen tenants in one place.
• Stessa Cash Management allows you to create unlimited free business or sole proprietorship accounts, which allow you to open a dedicated account for each rental property or portfolio.
• Get comprehensive performance dashboards at the portfolio and property levels.
• Access your portfolio from anywhere, 24/7.
• Run monthly reports (income statement, net cash flow, capital expenses, tenant rent roll, and more).
• The real estate balance sheet periodically updates property values, mortgage balances, and owner’s equity.
• Easily collaborate with partners, family, lenders, and buyers by granting selected access capabilities.
• Simplify lease signing and other document execution with integrated eSignature capabilities.
• Organize and store all your real estate documents, invoices, and payment receipts to create a record that all investors need.
• Track expenses on the go with the iOS and Android apps.
• Export tax-ready financials and access the Stessa Tax Center (makes tax time a breeze).

REI Hub overview

REI Hub specializes in accounting software for rental property owners and real estate investors who own long-term, short-term, and multifamily rental property. 

Pricing

REI Hub offers 4 pricing plans based on the number of units under management. All plans include access to all features, with no long-term contract required, and the company offers a free 30-day trial:

• Essentials: $15 a month for up to 3 units
• Growth: $25a month for up to 10 units
• Investor: $45 a month for up to 20 units
• Professional: $80 a month, unlimited units included

Software features

• Preconfigured for real estate investments and rental-specific transactions.
• Connect bank, credit card, and mortgage accounts to automate the accounting process.
• Automate mortgage accounting by splitting payments into principal, interest, and property taxes.
• Lease tracking keeps track of tenants, dates, and lease terms.
• A mileage log feeds directly into Schedule E categories for self-managed rental properties.
• Store receipts and documents in the cloud.
• Access all 3 major accounting reports: profit and loss (P&L) statement, statement of cash flows, and balance sheet
• Track your fixed assets (including capital expenses) and accumulated depreciation
• Pull a Schedule E report for each property with no additional configuration

REI Hub vs. Stessa rental property accounting software

There are a few key features to look for when choosing accounting software for your rental property business. Online rent collection, financial reporting, and tax management are some of the most important.

Choosing accounting software with these key features will help you run your rental property business more efficiently and effectively. Here’s a look at how REI Hub and Stessa compare based on these 4 essential features:

Online rent collection

REI Hub does not provide online rent collection. However, there are a variety of online rent payment tools landlords can use, including PayRent and Zillow Rental Manager.

With Stessa, landlords can collect the monthly rent plus one-time fees, such as a security deposit, prorated rent, or late fees for free with Stessa’s online rent collection feature. Tenants can also set up an automatic rent payment to ensure the rent is paid on time. ACH rent payments with Stessa are free for tenants and landlords.

Leasing and tenant screening

Stessa’s powerful suite of leasing tools allow you to list vacancies, review applications, screen tenants, and sign leases – all in one place.

Syndicate your vacant listings out to a variety of websites for maximum exposure to high quality tenants. With RentPrep’s comprehensive tenant screening service integrated into Stessa, it’s easy to make informed decisions about prospective tenants. Get a full credit report along with eviction and criminal history – including bankruptcies, judgements, and liens.

Financial reporting

REI Hub can produce all major accounting reports – P&L (available for portfolio, property, or unit), the statement of cash flows, and the balance sheet (available for your portfolio).

Stessa provides a full range of financial reports for free, including an income statement, net-cash-flow, and capital expense (CapEx) reports, tenant rent roll, real estate balance sheet with owner’s equity for individual rental properties, and entire portfolios.

Tax management

Both Stessa and REI Hub track income and expenses using Internal Revenue Service (IRS) Schedule E categories to help make tax reporting more straightforward.

REI Hub allows you to easily pull a Schedule E report for each property with no additional configuration. The Stessa Tax Center is free for users and includes a personalized year-end tax package with an income statement, net-cash-flow report, and a ZIP file in a single email.

Stessa vs. REI Hub: Which is right for you?

If you’re looking for an affordable and feature-rich rental property accounting software program, then Stessa just might be the better choice. While REI Hub and Stessa are similar, REI Hub requires a monthly subscription plan while Stessa offers a robust free option. Additionally, Stessa offers online rent payments, which can help increase your on-time rent receipts to keep you and your tenants happy.

To learn more about Stessa, visit the website here. 

*Stessa is not a bank. Stessa is a financial technology company. Terms and conditions, features and pricing are subject to change. This article, and the Stessa Blog in general, is intended for informational and educational purposes only, and is not investment, tax, financial planning, financial, legal, or real estate advice.