Stessa

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

Beware- unresponsive customer service

Vorteile:

Data tracking, ability to compare statistics and metrics

Nachteile:

I initially liked the app, but now the company has gone completely unresponsive- my money is locked in n account which they deleted. I received emails with links to add information, then links said information was already received. I cannot even get a person to call me after weeks of effort via email and online submission. It’s as if my money is held hostage. I spent so much time setting this up, and they have proven to care nothing about me as a customer and now I’ve wasted countless hours. Steer clear of this app, as I now will.

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!

Stessa is a scam

Kommentare: I hate Stessa so much after a week of only broken links and inability to save tenants.

Vorteile:

It downloaded super fast. Like there was no data downloading at all

Nachteile:

Stessa turned out to be a scam! I wish I would not have waisted my time and money.

Why do everything twices

Kommentare: None.....I think it needs to be redesigned.

Vorteile:

I like the interface, very easy to use. The reporting is nice.

Nachteile:

It lacks so many features that you need as a property manager. You have to connect it to bank and credit card accounts to get it to work. So if you have petty cash accounts or anytime up manual transactions that are paid from specific accounts it won't work. Its transaction base which is fine, and you can associate a transaction with a property but you can't associate a transaction with an account, so there is no way to filter by account. If you manually add a transaction you can't associate it with an account. You can't create reoccurring bills or income. You need to have the ability to track different types of accounts and you just can't do that. It lacks a lot of functionality that I think any real estate investor or property manager would need. I think that's from a small investor to a large property manager. You pay for what you get unfortunately and I don't see any value in doing everything twice. Just not worth the time.

Highly recommend Stessa!

Kommentare: Very satisfied with features, ease of use, and overall performance. Highly recommend it.

Vorteile:

Easy to set up, easy to use. Went from using spreadsheets to using Stessa and made a huge difference in productivity and accuracy. Loving it!

Nachteile:

I just wish there was a way to add/modify categories.

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

Stessa is a must have tool for your REI portfolio

Kommentare: I am very happy in the utilization of this software. Very happy to have found it.

Vorteile:

This is a incredibly easy to use software to manage your property rentals. The expense categories break down into subcategories so you know exactly where your money is going and why. Everything you need to know or keep track of is at your fingertips in a simple, yet effective format.

Nachteile:

Thus far, I have no cons. Everything about this software has exceeded expectation.

Property Management Software

Kommentare: Holistic view of the property valuation and cash flow. Tracking expenses and providing required profit and loss for accounting.

Vorteile:

Quick and ease setup. Interface is designed for property managers - provides accounting and bookkeeping using the terms familiar to property managers and owners. Easy to track the expenses and capture everything for expense allocation and audits.

Nachteile:

A few additional features requested: - historical view of the property instead of just point in time - enable leveraging for audits if needed - enable capturing receipt before the transaction comes through the CC to Stessa - store the image until matching available - integration w/ OWA from RentManager

Essential tool for real estate investors

Vorteile:

I like how Stessa connects to my property management company, and to my banks. It's great to see my portfolio snapshot. The tax package is also very useful and saves me a lot of time during the tax return prep.

Nachteile:

Nothing really I dislike. But it would be useful to have a functionality that allows to split the multi-family units into their own units for reporting purposes. Admitted, it's my fault to have started with one property for a multi-unit one.

Free Software

Vorteile:

Able to integrate loan servicing sites and add transactions and account transactions

Nachteile:

Webface is a little more intricate then others, lot of places to tweak, I also don't see where to get training on the webface for ease of use

Stellar Platform with Amazing Customer Service and Great Regular Content

Kommentare: Phenomenal. I've working in management consulting implementing technology systems for years and know what a pain it can be to transition data to a new system - and this experience has been nothing short of awesome. I am thrilled not to be using my Excel pivot table reports or having to manipulate Xero, Wave, QBO, Netsuite, etc. to fit my needs as a real estate investor. Really, incredible strategic move on Stessa's part and we are thrilled end-users.

Vorteile:

Ease of use, integration with current banking systems, and focus on real estate investors. I was planning to drastically manipulate Quickbooks to make it work like Stessa - Stessa basically eliminated all of that work AND has a gorgeous user interface compared to QBO or my rigid Excel sheets!

Nachteile:

Some features are still in the works (e.g. they just implemented new functionality to demonstrate sale proceeds from a flip, and are working to integrate to reporting) - but that's it. Really, it is INCREDIBLY simple to use, and any time I've had a question I've gotten a detailed answer within 24 hours.

Now and invaluable tool for my real estate investing business

Vorteile:

First of all, it's free to use, and by inputting all your property data it gives you a number of different metrics and can sync transactions with your back account. I can also invite other investors and partners to view certain properties, which makes my reporting requirements a lot more seamless.

Nachteile:

Only con for me is that I can't get the mobile app in Canada.

Excellent Product and Customer Support

Vorteile:

This free software from Stessa works wonderfully for tracking expenses. When I had an issue, it was resolved immediately so customer service is top notch as well. Will definitely recommend Stessa to other investors.

Nachteile:

There is no app for Stessa which makes it difficult to manage on the go.

Nope. Not gonna do it.

Kommentare: See above

Vorteile:

None- I never got that far. Maybe it's good, but I won't give out sensitive into to a stranger

Nachteile:

As a landlord with multiple properties, I thought this might be a handy tool, so I began the sign up process. Until they asked for my banking info. What?? What do they need that for? Not happening. I'm out.

Best free real estate landlord software

Kommentare: This software allows you to move from amateur to professional overnight.

Vorteile:

Cash flow tracking Balance sheet Document storage and retrieval Dashboard of KPIs

Nachteile:

Not much, they are always added new features