Stessa Erfahrungen

Stessa is a game changer for the independent rental owner.

Vorteile:

Stessa offers the most intuitive, purpose-built rental property financial software that I’ve come across. Far too many colleagues of mine are still either using overly complicated general accounting software, or worse, tracking everything manually in Excel. Stessa not only allows me to automate the majority of my bookkeeping, but the real time reporting functionality allows me to monitor the performance of my assets and catch anamolys much quicker. While other property management software may offer expense tracking or basic accounting features, Stessa’s exclusive focus on the financial aspect of rental property ownership allows them to offer a far more robust feature set and innovate at a faster clip.

Nachteile:

As a single-entry accounting system, it comes with all the drawbacks associated with that method of accounting (no cross-checking, greater potential for error, no tracking of real accounts, etc.). This was an intentional design decision, however, as this software is geared to be more user friendly for the average rental owner. While it lacks the sophistication of a double-entry system, Stessa has come up with innovative ways to simulate certain aspects of a double-entry system through features like a derived Balance Sheet report using user provided asset values and debt information.

Stessa Support is non-existent

Kommentare: terrible.. I want my money back but no one will respond since day 1

Vorteile:

ease of use, ease of setup

Nachteile:

support

Buyer Beware

Nachteile:

I’ve been using Stessa to manage my rental properties for a year and a half. Recently discovered that hundreds of receipts are missing. Stessa is unable to assist; Offers no resolve. They also recommend that you check every receipt every month. It is not a reliable product.

Ease of Use

Kommentare: Able to pull reports quickly and professionally.

Vorteile:

The ability to track every important metric used by investors in real estate.

Nachteile:

I wish the system would track owner financing deals

Fantastic Software

Kommentare: I think this is the best thing out there. Everything about Stessa is top notch from the product itself to the customer service.

Vorteile:

Its easy to use, their is no guess work. I like the banking integration, tenant ledgers, general ledger, balance sheet, income statement, cash flow and every other report you could need. The best part for me is the year end package it generates for my tax guy.

Nachteile:

I'd like to see the ability to update the RE Tax PIN number. Although customer service is excellent and will make any updates you need quickly.

Ok for main stream, struggles to adapt

Kommentare: It's ok. we wouldn't pay for it, not remotely. But it seems like they're trying to grow their business by solving the big problems only and ignoring the "small" ones. We will keep with them at least until the end of the year for ease of tax reporting, but will seriously look at other options as December rolls around.

Vorteile:

Look, it's free, we get that. And it has added value to our business. But their inability to resolve a seemingly simple issue after 5 months is inexcusable.

Nachteile:

For a software company, they are surprisingly not agile. Two examples:- For every nearly transaction that comes through, we have to attribute it to the property/tenant in spite of the amounts and ledgers being exactly the same every month. It appears the only AI they use is a checkbox that ties a bank account to a property. That's great for loans, but it should be able to handle rents too. - We can go on mint.com and enter all the log in credentials and that gives us every balance of every card. Stessa has continuously struggled with adding some credit cards attached to one of my banks. We have reached out to them for the better part of a year off and on and they seem perplexed and unable to wrap their heads around it. Now, after 5 months of us staying on them about it, they've ghosted us, or given us the "yeah we're working on it." If it's that hard to do, how can another company just do it with ease?

Right tool for the job

Kommentare: After using Quickbooks for a few years, this program is a breeze and intended just for rental management, so not any clutter to have to work through or modify.

Vorteile:

Pre set up for rental properties with all the categories, tax reports (my tax preparer loves it), etc. Bank transactions transfer into Stessa automatically Rent collection option, which I haven't begun using yet but intend to

Nachteile:

Split transactions appear on the ledger as individual transactions rather than true splits, which makes reconciliation a bit challenging sometimes. Cannot split transactions with the mobile app, only desktop

RE investor? You need to start using Stessa!

Vorteile:

The ease of income and expense tracking allows you to take control of your business. By linking accounts or adding transactions as you go, Stessa does the rest - generating all the reports you'll ever need, making tax time a walk in the park.

Nachteile:

It would be nice to allow another user, like a partner or manager, to login with their own credentials and have limited(or full) accessibility to the your data.

Really helpful for portfolio analysis and organization

Kommentare: This has helped me categorize and organize without me having to "reinvent the wheel" trying to set up a spreadsheet in line with the tax code.

Vorteile:

This software takes all the input and then collates it and calculates it giving you an analysis of individual properties as well as the portfolio in general. It helps me as a newer investor to categorize my transactions which I suspect will be very helpful when it comes to tax season. I like the mileage tab as well as I was bad about recording my mileage and this tab serves as a reminder for me. I'm very excited to see how helpful and effective the software is when it comes to tax time!

Nachteile:

So far I have no complaints at all about this software.

Stessa Changed My Life!

Kommentare: Allows me to spend far less time managing the accounting aspects of my business. I am a small business owner with a full life and Stessa has allowed me to have a more enjoyable work/life balance.

Vorteile:

Stessa is an easy to use, online real estate management software that is reliable, easy to learn, easy to use and almost fun. It had changed the way I look at accounting (a pain in the past), and I almost look forward to opening Stessa!

Nachteile:

I wish I could force the software to "name" certain vendors the way I like when their info is automatically imported. It's a bit of a pain to have to go in and constantly update them from their "DBA" name to the name that I recognize in my daily business. Not a deal breaker, just a suggestion!

The links NEVER work

Kommentare: Worst Experience ever.

Vorteile:

It was great at first until their customer service is the absolute worst and my link has not worked for 5 months and they just keep telling me sorry. They even told me if it does somehow work again, I will have to manually enter in EVEYTHING! It has been a nightmare.

Nachteile:

Their customer service. Every time I received a response, it was very general and never helpful.

Great for finding a tenant then you try to collect rent

Vorteile:

The rental application process is simple

Nachteile:

Rent collection. They fail to tell you to use it you have to use THEIR checking account. So you jump through hoops to set up a checking account you dont want. Then you try to get the money out of the account you didnt want in the first place and its a nightmare. And every problem is not their problem its your problem or your banks problem. Customer service is non existant. I wish I hadnt already asked my tenant to pay through them.

Great Mobile Management for all Real Estate

Kommentare: It’s the first platform I’ve used that I have been able to use as a one stop shop for everything for our portfolio. We can manage our vacancies and tenancies, as well as our finances. It’s been great. Thanks [SENSITIVE CONTENT] and the Stessa team!

Vorteile:

This app is amazing. It’s the first platform that has allowed me to manage our entire portfolio directly from my phone if I want to. I can track all expenses and directly import from the bank, and assign to each property and even a specific unit.

Nachteile:

I wish the transaction importing would occur in real time directly, versus having to log in and refresh the transactions.

Great Product

Kommentare: I purchased a group of 8 properties as my first investment deal. One loan, one insurance bill, multiple taxes in escrow complicated the property setup and accounting. This was easy to address with the software and when I asked for help on the "help me" message board, I got a complete, useful answer the next day. A few more questions and support called me "to chat" and were happy to do a WebEx type session to see what I was doing and offered tools and techniques that were very helpful. It was not long that I was doing all of the imports, and reporting on my own and felt confident that I was doing it right (or at least not wrong).

Vorteile:

There is nothing to install as it is in the cloud. Setup the first few properties was a easy and quick. Back filling data was relatively easy and they could pull data from my bank even with two factor authentication, and could get the data from my property managers software which is little more than a zip file with receipts and PDF owner report.

Nachteile:

I found that I have some duplicate items from different data sources that I set aside in a "For Audit" bucket (like a company entity). So while this gets ignored by the real company buckets it is included in the 'all companies reports".

Perfect for Rental Owners

Kommentare: My accountant loves it and it saves me hours of manual entry. As an added bonus, I have critical information in real time that can help me make good decisions for the future. Haven't really even scratched the surface on this part but it's all there.

Vorteile:

I have used QuickBooks for years but got tired of the barrage of come-ons and sticky marketing techniques they use on customers. It seemed every time I opened the program, there would be new hoops to jump through if I wanted to do any actual work. Stessa is designed from the ground up for rental property owners. You enter income and expense items, that's it. All items fall under one of the carefully considered categories they provide. Multiple locations and units are also accounted for. You can add or sell buildings, add or replace tenants, run targeted reports including exporting the year end to your accountant and graphically view your performance which is generated by your data. Even more powerful, you can auto import entries from bank account, credit accounts, whatever. Once you're up and running, all your data is entered for you to edit or delete as needed. Saves a ton of time. Oh, did I mention it's free??? Don't know what the long range plan is, but this software won't cost you a dime. It makes QB look tired and cumbersome, not to mention annoying, which it really has become over the years.

Nachteile:

This is not a property management platform in the sense that you can schedule maintenance and track hours. However, you can capture and import invoices so your records are all in one place.

Easy to use

Vorteile:

Stessa is easy to use and keeps me organized. At tax time I am not scrambling to get information to my accountant.

Nachteile:

No cons, I love this software and it allow me to focus on my business

Incredible product for managing my rental properties

Kommentare: This is the ultimate tool for managing my rental properties. It allows me to see the performance of my overall portfolio and individual properties. Its also a must come tax season.

Vorteile:

Love the ability to track all of my transactions associated with each property in my portfolio. They also have some great little features like splitting a transaction into the appropriate categories, such as mortgage payments being split into the principal, interest, and escrow, etc. New reporting packages are a great addition.

Nachteile:

Would love to see the ability to copy transactions or have an autofill function (like google search) for common transactions. Could also use some tweaking for comparing long-term vs short-term rental properties on the main dashboards.

Just what the doctor ordered. No-one is doing this!

Kommentare: My overall experience with Stessa has been great. There is nothing like this anywhere that focuses on Real Estate Investors. This is definitely an untouched niche. I have already shared with my real estate investor associates.

Vorteile:

1. Having everything update directly from the source saves me alot of time. I previously spent countless hours updating spreadsheets. Now I have time to drill down on property managers, analyze expenses and make decisions. 2. Can provide key performance indicators used to provide a high-level overview of the state of the business

Nachteile:

1. Investors are not starting from scratch. Need a way to input previous year's earnings. 2. This is more gear to cash-flow. Would like to show the effects of flippers.

Infinite ROI

Kommentare: Eliminates the need for having a checking account for each investment

Vorteile:

Fantastically organizes and maintains the ledgers on each of your RE investments. It's Quicken for real estate investors. Eliminates the need for having a checking account for each investment. At tax time, Stessa provides invaluable year-end reports. The ideal location to store relevant lease information - including a digital copy of the lease, move-in/out date, name of tenant, rent, market rent, etc...AND it's free!

Nachteile:

Would like the ability to link outside banking accounts to get a better estimate of net worth. There's really nothing about the software that I dislike

Very happy with it

Vorteile:

Keeps all info in one place and easier to use and track than excel

Nachteile:

Takes time to initially enter all data but worth it after you do it

Best rental management program I’ve found

Kommentare: I have looked for over 10 years for a program that would work for my husband and I to manage our own rental properties. We now own 15 long term and short term rentals and as much as I wanted to replace our customized excel spreadsheet, it still worked best for our needs after trying other programs specifically for investment properties or general accounting. I always gave up because it just didn’t quite work well enough. Stessa has been the only program that I have found that is easy, seamless and still tailored to every property we own. I can finally get rid of the old spreadsheet. I can’t wait for tax season next year where I have a full year of management with Stessa. It has made attaching receipts, invoices and cash flow so easy. I am so thankful and excited to have stumbled across this program. It works.

Vorteile:

Ease of use, categories, seamless and it just works effortlessly

Nachteile:

At the moment any slight potential tweak I find it seems the staff quickly tries to resolve and fix so that it works even better

Must have for landlords

Kommentare: Very positive. Would definitely recommend.

Vorteile:

Makes the process of tracking expenses very simple. Pulls data very easily from linked accounts.

Nachteile:

I feel that they cash management portion will improve. The feedback from customer support said they are working on adding the features I suggested they add.

Best tool for tracking RE expenses

Kommentare: Stessa has saved me time and their customer service is amazing.

Vorteile:

Stessa has changed how I track my real estate related expenses and boy is life better. I have been able to put more time into investing and less into worrying about tracking expenses.

Nachteile:

I would like more granular control of what I can share with investors.

Amazing Tracking and Reporting

Kommentare: I just started using it today so I haven't yet reaped the full rewards.

Vorteile:

What I like most is the ability to track everything in a neat and professional looking software that automatically creates reports and tax prep documents. I had been keeping all of my records in a spreadsheet which made it very manual. This software has a lot of automated features that save a lot of time.

Nachteile:

It makes me a little bit nervous connecting my financial institutions to the website in light of all the hacking going on these days. However, it's what allows a lot of the automation and I'm putting my trust in Stessa to keep myinformation safe.

Issue with bank integration

Vorteile:

Very intuitive user interface. Free. Logically thought workflow.

Nachteile:

I agree with a few other reviews about opening up the financials of the company to this software. It does not allow to filter rent if you have connected personal accounts for personal properties. Also, it lacks seamless integration with the bank on a daily basis. You have to pull data manually every time you use it. Two-step authentication via text message would have been a better option rather than an authenticator. Reports generation is not enough. Needs more integration of property management tasks.