DoorLoop

Incredible reporting and robust accounting

Puntos a favor:

I have known many of the founders for several years and they have an impressive record of successful ventures, so I was lucky enough to get invited for an early access trial. So far I've found it to be incredibly intuitive, easy to use and above all the speed with which I can generate my reports is incredible. From a tenant perspective, the portal has greatly improved my communication and allowed me to easily track maintenance requests submitted by my tenants. I'm excited to grow with the product and already see huge benefits implementing this into my business.

Contras:

As I noted, I'm one of the first users to gain access to the system so it's still missing some small features, however after speaking with their support team, even the smallest functionality I will need for my business is on their roadmap to be released over the next couple of quarters.

Excellent Property Management Software

Comentarios: Great experience thus far. I have no major complaints.

Puntos a favor:

DoorLoop pretty much handles every aspect of my property management business very well. The tenant experience is incredibly intuitive.

Contras:

DoorLoop took a while to learn and set-up. This is because there are a lot of features. Additionally, DoorLoop uses double-entry accounting. This is a professional accounting method, which just requires training / understanding.

Not Designed for the Accountant at Heart

Comentarios: It is a start up so you are going to get a very start up based experience. Meaning, that you may end up knowing more than the person helping you. I quickly found that after using the product for an hour I knew more about certain parts of the software than the sales rep. I was also a little disappointed that the sales team does not know "Property Management" they are just trying to see you a product. So be prepared to educate on the business to some degree. They are all nice people and they do want to do a good job, they are just in their words "new". I think that in several years they can dominate the market, but they are not there yet. I find that they are responsive and I liked that you communicated by Zoom, it felt more personal.

Puntos a favor:

Single software to address numerous concerns around managing your real estate. The Customer Service was helpful. It feels fresh and clean and is easy to navigate and requires little learning curve to get going. It gives you a intuitive feel when using the majority of the product.

Contras:

Basic Betty is how I felt the product was. So while I was excited that this would be a single software to do it all, I quickly learned that it was just your basic approach to each process they help you manage. So while they can do the majority of what you need in the rental property management space, they are not doing any of it at an expert level. Meaning, you get the entry level for what you are trying to do. The accounting package is okay, but it is not great, you probably want to strongly consider a true accounting software for accounting. They can do more, BUT the name of the game is "work around". I wanted to track specific details for my tenants, like their basic demographic information not an option, told you can just enter random notes in a note pad. Your Google/Apple contacts has the ability to track more information about your tenant that your property management software. That is now where I wanted to be. I want to track expenses at the "Unit" level, they cant not do that they track at the property level, so if you have a single property that has multiple units (Apt Complex, Duplex, Storage Facility) you have to create "properties" for each of these to be able to track expenses for them. Settings are at the Property Level and so you would get the opportunity to change settings for each unit over just changing those setting one time. This can create a lot of work for you if you plan to have larger properties.

ACH TAKES 7 DAYS TO POST

Comentarios: Door Loop has the ACH deposits going to their corporate accounts where they earn interest on them and take their sweet time to forward the funds to your account. Looks like they're taking on average 7 days from the day the tenant pays before you receive funds. Nobody told me about that when I signed up. I could just get checks and get the funds quicker than using their ACH scam.

Puntos a favor:

Door Loop is very intuitive software. It was easy to set up and had videos readily available to learn almost every detail for setup.

Contras:

Door Loop has the ACH deposits going to their corporate accounts where they earn interest on them and take their sweet time to forward the funds to your account. Looks like they're taking on average 7 days from the day the tenant pays before you receive funds. Nobody told me about that when I signed up. I could just get checks and get the funds quicker than using their ACH scam.

DoorLoop has been a great Product for our Unique Business Model

Comentarios: Overall, we are very pleased with DoorLoop. Our members love the portal and being able to set up their payments through an automatic deduction or schedule it every month. They are also able to get notifications and documents through their portal. The reporting is very good, also receiving and making payments is very easy. Setting up the chart of accounts using our format was very easy. Overall a very good experience.

Puntos a favor:

The flexibility DoorLoop offers to test to ensure your business model will work in their system. We spoke to 3 other major property management software systems and they were unwilling to pursue investigating with us. We like how easy the system is to use and all the help including the on line training material.

Contras:

That we were not advised prior to implementation that to get the full functionality/integration of automatic bank reconciliation and syncing, we needed to verify that our bank would accept the interface. Therefore, we have to do manual bank reconciliations and have to check our bank account for the actual balance.