Stessa Review: Should I Use it for My Rental Properties?

Michael QuanAutomation, How to, Misc, Real Estate, ReviewsLeave a Comment

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Stessa

Real estate investors.  How important is it to know your numbers?  It’s everything, right?

But, do you really know them?

If you have more than one rental property it may be a bit cumbersome to log into different accounts to track income and expenses for each one.  It’s time-consuming and quite frankly, a hassle.

There’s a New Way to Manage your Properties

Enter Stessa.

Stessa aims to alleviate these real-life pains of the real estate investor.

How?  Stessa will help you to consolidate all of your real estate investments into ONE central location where you can view them all.

Not only do they have a web portal, but they also have a corresponding App available for your mobile phone too.

That’s a big win in my books because I’m always switching back and forth from my PC and my iPhone.

 

This Stessa review will take a look at both of these platforms and see how well Stessa is able to execute on their overall promise.

How it Works

Stessa has made its interface nice and easy.  The UI (user interface) is clean and concise.

  1. Add your real estate income properties
  2. Connect your accounts (this could be a bank, property managers, insurance providers, etc.)
  3. Organize your documents for each individual property and have ALL within Stessa’s portal
  4. See all of your properties performances from a dashboard, and then dig deeper by clicking on a particular link.

Stessa Centralizes All of Your Real Estate Investments EASY.

Adding Properties

I only have 3 rental properties to deal with, but my experience adding them into Stessa was a breeze.

Just add your address and Stessa will locate the property along with a picture and map location.

It will also show you a snapshot of your current property value and even how much equity you have currently have in it (to get this figure you’ll need to provide the original purchase price).

Adding Accounts

For each property you are tracking, you can also connect to their respective accounts.

  • Mortgage company
  • Property Management
  • Utilities
  • Bank accounts
  • Etc.

This is quite convenient because you can get a very accurate cash flow picture by importing in exact figures.

I think I’m pretty organized when it comes to our finances, and this takes it one step further.

Organize Your Property Documents


Stessa is also a document management platform.  This simply means you can upload a copy of your docs for your property.

For example, upload your annual insurance docs, HOA updates, etc.  It’s perfect to have them all together for easy access and you won’t need to dig around to find it.

Stessa Review

You can upload files directly into the browser (drag and drop), or you can even email them and it will recognize your email and auto upload to the portal… so cool.

Property Performance

Seeing how your rental properties are performing is super important.  You need these metrics to be able to make sound business decisions.

With Stessa you can view your properties individual performance, or you can even organize different properties into portfolios to watch the performance of a particular group.

Knowing your cash flow as a real estate investor is everything.

What I Like About Stessa

One of the coolest features of Stessa is the ability to import property manager statements.  If you’re like me, you may be on two different platforms completely with your property management company.  And, Stessa solves this by consolidating information from both sources.

I also really like the dashboard which has nice visuals.  The indicators for income and expenses are colored-coded in an easy to see green and red.  And if you find yourself in the “red”, it’s easy to drill down in transactions to figure out why.

What I Don’t Like About Stessa

Although there are many things to like about Stessa, there are a couple of things I didn’t like.

First of all, setup can take quite a while.  Connecting different sources and then having to make sure they are categorized correctly can be time-consuming.

Secondly, Stessa doesn’t really know who to deal with dual entries.  I found this out a couple of weeks ago.  When I connect my real estate checking account it will automatically pull over all the transactions that have occurred.  The problem is that some of the same exact transactions also come through on the property manager statement.  So, you are forced to decide which entry to keep and delete one of them.  In my case, I eliminated the checking account transaction and left the mortgage entries intact.

Having said that, once you set up everything properly it should be rather easy to maintain and that’s the ultimate goal with Stessa.

The Mobile App

Stessa’s mobile app is quite functional.  It doesn’t have all the bells and whistles as the web portal, but it does a fair amount and keeps you in the loop with your properties.

Stessa Mobile App

Here’s a screenshot from my phone.

(FYI, I’m not completely set up with the manual data input, but June and July are close to being accurate.)

How is Stessa Priced?

You may be wondering how much this service costs.

And if you’re like me, you’ll probably be surprised to hear it’s FREE!

Stessa Review

That’s quite the value.  And as you can see, once they build a big enough base, they’ll start monetizing the platform with relevant services (eg. mortgages, refi’s, etc.).

Stessa Review

If you want to sign up for free, just go to their main homepage and enter your email address.

Stessa Review: Final Thoughts

Stessa is an impressive and well thought out app.  It’s a tool that’s been missing in the real estate investor space for quite some time.  I can only imagine their product will continue to evolve and get even better.

If you have more than one property, I’d highly recommend you check it out.

Readers, how do you handle your current rental properties?  Would a tool like this make your life easier?

 

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