Should You Use Quicken For Your Rental Properties?

Managing rental properties efficiently is crucial for landlords, but choosing the right software can be a challenge. Quicken Rental Property Manager offers a tailored approach, but is it the best solution for your rental business needs?

In this article, we take a closer look at Quicken Rental Property Manager, how to get set up, the pros and cons for landlords, and the #1 rental property management and accounting software alternative that landlords prefer.

Contents

• What is Quicken Rental Property Manager?
• How to Set up Quicken for Rentals
• The Limitations of Quicken Rental Property Manager
• How Does Landlord Studio Compare vs Quicken
• About Landlord Studio’s Reports
• Final Notes

What is Quicken Rental Property Manager?

Quicken is a personal finance software which has a tailored subscription package for rental property management – this rental management package is called Quicken Rental Property Manager.

A quick rundown of what Quicken allows you to do:

• Track rental income and expenses by property and unit, including partial rent payments and late fees.
• Input tenant information, including name, address, unit number, and lease details.
• Generate real estate tax reports, including Schedule E.
• Manage on the go via their app.

Quicken Rental Property Manager may work well for landlords with smaller portfolios, providing essential accounting tools. However, for those with larger portfolios or more complex property management needs, software like Landlord Studio could be a better fit.

Setting up Quicken Rental Property Manager

The first thing that you’ll need to do is purchase your subscription. Then you can go about the process of adding your rental units to the software.

If you want Quicken to display the income, expenses, and tax deductions by rental property, you must add a separate rental property in Quicken for each real-world rental property.

The process is fairly straight forward following the below steps:

1. Click on the Rental Property tab.
2. Then select the Properties & Tenants button and choose Add Property.
3. Enter the properties name and address for the property.
4. Select whether it is a Single Family Home (SFH), Multi-Unit (HMO).
5. Click OK.

One of the good things about Quicken for rental properties is that, like Landlord Studio, it allows you to manage income and expenses at a property or unit level. Their product Quicken Rental Property Manager is designed with rental property accounting in mind and this does show.

However, perhaps because of this simplicity in set up it does lack some of the functionality that you would expect from a modern rental management solution. Instead, it occupies a sort of middle ground somewhere between rental management and personal finance management rather than specifically or fully servicing either.

For individuals who only have a few rental units and want to manage all their finances easily in one place, this does offer a solution, meaning you don’t have to learn multiple accounting software. For those with multiple units and more advanced needs though, a rental specific solution might be more suitable.

The Limitations of Quicken Rental Property Manager

While Quicken offers basic tracking and reporting features, its dated interface and limited scalability may be a hindrance for landlords looking to expand. For those seeking automation, more advanced features, or a modern user interface, other options like Landlord Studio may provide better solutions.

• ‍Dated User Experience: Quicken was originally launched in 1983 and, despite periodic updates, its interface and functionality still reflect its decades-old origins. While it became a subscription service in 2018, the software remains clunky, with a design that feels outdated compared to more modern tools. This can create friction and slow down workflows, especially for landlords managing multiple properties. In contrast, Landlord Studio offers an intuitive, modern design that makes property management efficient and easy to navigate.‍
• No Free Trial: The right software is crucial to managing your rental property finances, optimizing cash flow, and scaling your business. Quicken, however, doesn’t offer any trial period. Users are expected to commit without seeing if the software truly fits their needs. At Landlord Studio, we understand that choosing the right tool is important, which is why we offer a completely free plan for users to explore our features and determine if it's the right solution for them.‍
• Not Designed for Scale: Quicken’s lack of automation and customization limits its ability to scale with your business. It's a fine solution for landlords managing a small number of properties, but for those handling multi-unit buildings or complex portfolios, the absence of advanced automation can hinder growth. Landlord Studio, on the other hand, is designed to grow with your portfolio, providing automation tools like automatic rent collection, tenant reminders, and reporting features that save time and help landlords focus on scaling their business.‍
• Limited Accounting Functionality: While Quicken offers basic financial tracking, it was originally designed as a personal finance tool rather than a property management solution. For instance, Quicken only allows for cash-based accounting, limiting its use for landlords who need to track revenues and expenses on an accrual basis. Additionally, Quicken doesn’t support key property management needs like tracking property depreciation, creating invoices, or managing inventory.

If you’re a landlord looking to manage more than just a few properties or aiming to scale your rental business, Landlord Studio provides a comprehensive, all-in-one platform designed specifically for property managers. With advanced reporting, automation, and a modern user interface, Landlord Studio offers far more than Quicken for those ready to take their rental business to the next level. We take a closer look at Landlord Studio in the section below.

How Does Landlord Studio Compare vs Quicken?

When it comes to managing rental properties, Quicken Property Manager offers basic tools, but it lacks the advanced features that landlords with growing portfolios or more complex needs require. Landlord Studio is a property management software built specifically for landlords, offering a comprehensive set of tools that help you manage every aspect of your rental business efficiently.

While Quicken may be suitable for managing just a few rental properties, Landlord Studio provides more flexibility and scalability for landlords and investors. Here’s a quick comparison of the key features that make Landlord Studio a better choice for landlords looking to scale:

• ‍Advanced Reporting: Customize your reports using filters and categories and print or email straight from the app.
• ‍Quick Setup: It takes less than 5 minutes to set up your property on our software.
• ‍Smart Scan Receipts: Scan receipts using your phone to automatically enter expense details and store as a document.
• ‍Bank Feed Integration: Connect your bank accounts to quickly and easily reconcile income and expenses.
• ‍Document Storage: Keep all your important documents organized and stored safely in one place.
• ‍Tenant Management: Screen tenants, set rent reminders, and easily manage communications.

If you're looking to grow your portfolio, streamline operations, and run your rental business efficiently, Landlord Studio is designed to support landlords every step of the way.

With a free plan and easy setup, there’s no reason not to give it a try. Sign up for Landlord Studio today to start optimizing your rental property management and increase your business's revenue.

Landlord Studio’s Reports

At Landlord Studio, we offer powerful, customizable reports to help you streamline your property management and financial tracking. Our two key customizable reports are the Income & Expense Statement (Profit and Loss) and the Schedule E Report - both essential tools for maximizing deductions and maintaining a clear financial overview.

• Income & Expense Statement (Profit and Loss): Tailor this report with filters for date ranges, expense and income categories, and specific properties or units. Track your profit and loss in a way that suits your business needs, giving you an accurate financial snapshot at any time.
• Schedule E Report: Specifically designed for landlords, this report is critical for tax time. Customize it to match your properties and income sources, ensuring your tax filings are as efficient as possible. Whether you're tracking rental income or deductible expenses, this report simplifies the process.

Both reports are fully adjustable with your logo and business name, so they feel professional and reflect your brand. Whether you're preparing for tax season or just keeping a close eye on your portfolio's financial health, these reports give you the flexibility and insight you need to make informed decisions.

Get started today and see how easy it is to gain complete control over your rental property finances with Landlord Studio's customizable reports.

You can export all your reports as .csv files or pdfs. Download them to your device or share them from the software with your accountant.

Final Words: Quickn Rental Property Manager

Quicken Property Manager is primarily a personal finance tool, not a dedicated rental business accounting solution. While it offers basic features for managing a few properties, it lacks the specialized functionality of property management software like Landlord Studio or the scalability of more robust systems like Quickbooks for rentals.

If you’re managing just a few rental units, Quicken might meet your needs. However, for landlords with larger portfolios or plans to grow, you’ll need a more tailored solution designed to scale with your business.

Landlord Studio is the ideal platform for landlords looking to optimize their property management, accounting, and reporting needs. With features like advanced reporting, expense tracking, and full mobile access, it’s designed to help you manage your portfolio more efficiently and grow your business with ease. Explore how Landlord Studio can be your next step toward better property management and financial control - create your free account today.