Two thumbs up for Stessa: What-gets-tracked-gets-improved made easy.
Well worth the time inputting the data.
Ease of use: It works the way it should.
Automation: Once set up, the transactions of the download from owner each owner portal (when you own several properties), and bank accounts. User experience is similar to mint.com.
Visibility: it creates a consolidated dashboard for the portfolio, and derivative clean graphs, giving perspective and showing trends.
Amazing Customer support: hats-off to the reps, who have answered 10+ "hard questions". I only ask "hard questions" since the FAQ is also excellent.
- Insightful newsletter.
No Cons per se. Just two humble recommendations.
Users of Stessa would benefit tremendously if it:
- it offered a function for marketing the property (i.e. find tenants or buyers). Stessa being a repository of information (location, yr built, sq footage, pictures), a few clicks should allow spreading the good news throughout the specialized sites (Craigslist Zillow, Trulia, Redfin, local websites...)
- kept historical records of the tenant roll. Currently, it only offers a picture at the present time.
Really helpful for portfolio analysis and organization
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.
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!
So far I have no complaints at all about this software.
Nope. Not gonna do it.
None- I never got that far. Maybe it's good, but I won't give out sensitive into to a stranger
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.
Response from Stessa
Hi Nancy - Linking a bank account to Stessa is safe and completely optional, and this is clearly explained during the sign up process.
While secure bank connections are the most seamless way to automatically track rental property income and expenses, Stessa also allows users to create transactions manually or via data file uploads. For users who do choose to link accounts, Stessa uses technology similar to sites such as Mint and Personal Capital to link up with thousands of US based banks and credit unions.
In any event, we're sorry to hear that Stessa isn't for you and wish you luck finding an alternative that meets your needs.
Incredible product for managing my rental properties
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.
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.
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.
Easy to use and fantastic customer service!
Stessa helped me keep track of the accounting side of our real estate so we can easily give all the information to our accountant at the end of the year. It also makes it possible to quickly see a snapshot of our portfolio performance - no more waiting until the end of the year to see how we did!
Stessa makes it easy to look at the performance of my real estate portfolio.No more manual math in Excel for me!
Nada. They continue to update and improve the functionality!
Amazing App For New Real Estate Investors
This has really helped me start organized as I start up our real estate investing portfolio.
I love the ease of use and ability to connect to my business checking account as well as my business credit card.
Inability to do split transactions and didn’t know how to pull reports until recently.
Love this site
This site has really helped me manage my rental properties much more easily and efficiently.... all of my accounting and info about interest rates/insurance/etc are all easily accessible in one spot. And their reports make it all easy to quickly review. Also great for doing my taxes.
Doesn't yet integrate with enough small banks, so I have to manually upload my transactions ever month via Excel.
A must have software program for Landlords
Overall, I can not imagine my life without Stessa now. My partner and I currently have 9 rental properties with a goal to grow to 15 properties in the next year.
Stessa software is the easiest program to manage my rental properties I love that once I set up a property profile and connect my bank account that manages that specific property, Stessa automatically uploads my transactions and sends me a notice to review transactions. Then monthly I get an update about whether I had positive cash flow. I love this program and can easily move between seeing all of my properties collectively or individually if I need to drill down even deeper. This program is a no brainer for anyone owning or managing multiple properties.
This was a little confusing setting up the initial property details, but once I got used to where things were in the program and how to add the information it was alot more friendly for me.
Game-changer for independent rental owners
Most people purchase rentals for the passive income, but once they actually become an operator they realize it is often anything but. While many other proptech companies have tackled the property management aspect, few have offered solutions for the asset management side of the business as well as Stessa has. Automating income and expense data not only frees me from tedious bookkeeping tasks, but it greatly reduces the risk of manual data entry error. The dashboard gives me important at-a-glance metrics so I can easily track my properties performance over time. And the new document storage feature keeps me far more organized than my former decentralized approach of saving files between various other cloud storage services.
Automated income and expense tracking, at-a-glance performance metrics, document cloud storage, AI receipt scanning, easy tax reporting
As a cash-based, single entry accounting system this will not necessarily work as well for larger, more complex operations. Mileage entries are manual, unlike the automated tracking solutions offered by other apps on the market.
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).
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.
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 Investors just getting started
I just bought my second property. I’ve been tracking transactions on my first property for about a year and half now with Stessa. I’m in the process of setting up my second investment property now. It’s super easy for a beginner. The last thing I need to be worrying about is how to navigate accounting software. I need one place to store and track all the transactions on my real estate property. I know I can access them anytime and run a quick report for my accountant at the end of the year. It’s su0per easy to use this platform as a way to analyze whether or not a property is profitable by running a quick report. Looking forward to growing with Stessa as I add more properties to my portfolio!
This is super easy to use and set up. The software walks you through property set up one question at a time. You don’t have to know a lot about accounting or accounting software, but it is evident the software is setting up a structure for you to monitor and track the transactions of your real estate investment(s) and be able to pull financial reports at the end of the year for your accountant. I use it once a month. It takes me less than 5 minutes to enter the transactions and I’m done!
There are no options for assigning HOA fees in the “money going out” category. I lump them under the Management fees section. It would be nice to be able to categorize HOA fees in their own world.
Just what the doctor ordered. No-one is doing this!
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.
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
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.
Property Management Software
Holistic view of the property valuation and cash flow. Tracking expenses and providing required profit and loss for accounting.
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.
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
Great service that continues to improve
Fantastic! They have been responsive and very helpful with every question I've had. Highly recommend to everyone!
Easily track and update my rental portfolio. They help me track expenses and made tax time a breeze
New product that is still missing some features. Have to jump through some hoops to account for sold properties.
Eliminates the need for having a checking account for each investment
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!
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
Stellar Platform with Amazing Customer Service and Great Regular Content
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.
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!
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.
Best rental management program I’ve found
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.
Ease of use, categories, seamless and it just works effortlessly
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
Amazing Tracking and Reporting
I just started using it today so I haven't yet reaped the full rewards.
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.
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.
Great looking tool
I'm pretty satisfied with it.
How can you complain about something with no cost to it?
It's pretty simple to use. If you can't see what to do, there isn't much to search around for to figure it out.
The upload CSV feature doesn't make any sense. It needs more columns, that way I don't have to go and massage every upload to get the item into its proper subcategory.
Interestingly though when you download the CSV, all the columns are there.
Best income property software on the market!
I submitted the 2018 reports to our accountant and he loved them. So much easier than the Excel spreadsheet and shoebox of receipts!
This software is easy to use and comprehensively tracks everything related to our rental properties. I especially love that each property is tracked separately and together in various reports.
It would be nice if a Rent Roll report was available, by property and by portfolio.
Now and invaluable tool for my real estate investing business
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.
Only con for me is that I can't get the mobile app in Canada.
Very nice platform
Really like it. I had built my own excel sheets but this combines all properties together which is really nice for broad view of my portfolio.
Ease of use. I was able to link my bank accounts and it sends all the transactions through which I can then categorize. Also nice that they have a phone app so I can quickly categorize items on the go. They are also very responsive with any questions and helped me retroactively add my own excel sheets to capture the full year
There is a little bit of front end work but that’s going to be the case no matter what... I would like to program certain monthly items to auto categorize which I think is an option but have not looked into as of yet.
Making life easier
Stessa has made the monitoring and managing of my multi-family rentals very easy. It gives you a nice snapshot of your properties performance at any time.
The software allows me to easily manage my multi-family rentals. Transactions can be automated and or easily entered manually.
I do not have any cons at the moment with this software.
Positive, I have already recommended it to my colleagues. Customer Service getting back to me so quick. So I didn’t get overly frustrated and give up.
The customer service! [SENSITIVE CONTENT HIDDEN] always got back to me within 24 hours. Great n very patient w all my questions. Didn’t make me feel dumb. Taxes will be much easier this year. You’ve given my accountant hope and his sanity back, lol. Love the reports the app gives you from transactions info!!
Wish the transactions could show on my laptop. It would be much easier for setting up reports. With my vision getting worse as I get older, it’s hard to read the numbers. I have to enlarge the numbers to read it. A lot of scrolling.