Letting Agent Software

Can anyone recommend software for a Letting Agent. Currently using CFP.

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We have a client who is currently using CFP software to manage Income from Tenants and payments to Landlords and Contractors. Can anyone recommend any other software providers please?

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stonks
By WinterDragon
18th Jan 2024 14:42

No experience of using any of these but 30 seconds of googling and I've found a piece of software from Reapit who are recommended by the ICAEW. Looks modern enough - maybe worth getting a demo?

https://www.reapit.com/agencycloud/client-accounts/

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Replying to WinterDragon:
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By DebOli
18th Jan 2024 14:54

Thank you. I did google first but am hoping for a recommendation from someone who has used the software.

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Replying to DebOli:
stonks
By WinterDragon
18th Jan 2024 16:16

Didn't mean to insinuate that you hadn't done any research first, but thought I'd have a look and see what I'd pick first from my (very quick) googling.

We have one client that could benefit from this kind of software and they insist on using excel - absolute barbarians!

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By frankfx
18th Jan 2024 16:29

Why not have a word with a landlord trade association?

Or any journals published.

Does your client have any thoughts on suppliers , that you could share here?

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Replying to frankfx:
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By DebOli
22nd Jan 2024 08:44

Thank you I will do that.

It is good to have the opinions of fellow accountants too.

At the moment they haven't made any suggestions but if they do I will post here.

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By puzzel
19th Jan 2024 18:00

Any particular reason for changing?

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By DebOli
22nd Jan 2024 08:43

I think cost is a factor and CFP have brought out new software which they are pushing the client to switch to.

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By Charlie Carne
25th Jan 2024 09:21

I've not used it myself, but Hammock is very widely recommended by accountants and they have a huge presence at the accounting trade shows.
https://www.usehammock.com

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Replying to charliecarne:
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By DebOli
25th Jan 2024 09:32

Thank you I will take a look.

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By MaggieMittens
25th Jan 2024 10:04

Hammock is amazing, we have all our landlord clients using this

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Replying to MaggieMittens:
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By DebOli
25th Jan 2024 10:20

I have had a quick look at it but it seems to be for Landlords who manage their own properties rather than a Letting Agent managing properties for hundreds of landlords.

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By I Can Help Your Business
25th Jan 2024 10:43

What exactly do you want the software to do.

Many standar accounting packages could probably manage the basics.

Without knowing your specific requirements, getting relevant. recommendations might be difficult or irrelevant.

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Replying to I Can Help Your Business:
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By DebOli
25th Jan 2024 13:46

I think it needs to be software specific to Letting agents. I don't see how Quickbooks , Xero, sage etc could be used.
Transactions that need to be tracked include monies coming in from tenants for rent, deposits etc. Agency fees and contractor invoices need to be deducted from rent and the balance paid to landlords.
Contractor invoices are only paid when the rent has been received unless the landlord or tenant have provided funds for this to be done.
Deposits held (either insured or with the DPS) need to be accounted for.
Reports of rent arrears are required.

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Replying to DebOli:
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By I Can Help Your Business
25th Jan 2024 13:56

DebOli wrote:

We have a client who is currently using CFP software to manage Income from Tenants and payments to Landlords and Contractors. Can anyone recommend any other software providers please?

Any accounts package should be able to raise invoices (Income from Tenants) and record supplies (payments to Landlords and Contractors). Some of them might even allow for project (property?) management!

You obviously want more industry specific stuff, but without knowing what you specifically want, short of just searching for industry relevant, it is hard to point you in a direction - very few accounts will use industry software unless they are in that field as well!

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Replying to I Can Help Your Business:
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By DebOli
25th Jan 2024 14:04

I appreciate your reply but it is accountants that use the software that I am looking for really as if you don't process the transactions for letting agents you won't know the complexities.

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By PAMDILL
25th Jan 2024 13:38

DebOli wrote:

We have a client who is currently using CFP software to manage Income from Tenants and payments to Landlords and Contractors. Can anyone recommend any other software providers please?

I have spent several years off and on looking for another software that could replace CFP for my letting agency client, they are keen to move from it, especially as the prices go up every year yet the support goes down. Last year we spent a long time looking at different options as CFP decided the version they were using was outdated and wanted several thousands of pounds to update. I thought that was ridicolous as supposedly the hundreds of pounds charged every month is supposed to be for support and updates.

We could not find any other software that would work the same way, although Alto Software was pretty close.

They still CFP for the letting management and then I post the commission fees etc into Sage and use Sage for the rest of the accounting work.

Xero try to say they have addons for letting agents but none of them provide the CRM, listings, rent chasing etc.

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Replying to PAMDILL:
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By DebOli
25th Jan 2024 13:52

Thank you, that is very helpful.

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By philevo81
25th Jan 2024 21:26

Hammock. Easy to use, some automation and MTD ready

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