AppFolio

5 Ratings

Lucernex Lease Administration & Accounting<a href='https://www.trustradius.com/static/about-trustradius-scoring#question3' target='_blank' rel='nofollow'>Customer Verified: Read more.</a>

25 Ratings

AppFolio

5 Ratings
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Score 9 out of 101

Lucernex Lease Administration & Accounting<a href='https://www.trustradius.com/static/about-trustradius-scoring#question3' target='_blank' rel='nofollow'>Customer Verified: Read more.</a>

25 Ratings
<a href='https://www.trustradius.com/static/about-trustradius-scoring' target='_blank' rel='nofollow'>trScore algorithm: Learn more.</a>
Score 7.7 out of 101

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Likelihood to Recommend

AppFolio

I can only speak for the types of properties I am currently managing, which are single-family, multi-family and small retail. AppFolio is well suited for property management of each of these. As my business grows I will be better able to determine if AppFolio will be suited for other types of property management. I feel very confident that if I have a situation arise that doesn't appear to work well with AppFolio that their development team will work to correct the problem(s).
Robin Quick, CPM®, HCCP profile photo

Lucernex Lease Administration & Accounting

I believe Accruent is well suited for companies with a large amount of leased assets that need to be accounted for under the new accounting standard. Companies with fewer leases would not need an intricate tool of this size. It is suited for both real estate and equipment leases, which makes up the entirety of our portfolio.
Bryan Kelly, CPA, CFE, MBA profile photo

Pros

  • Their search features are awesome and it helps us find Tenants, Owners and Vendors by first name, last name, or phone number. It's great!
  • Reporting and accounting are very simple and have streamlined several of our processes that used to take hours to do usually can be done in one hour or less. Emailing reports to Owners has now been reduced from 2 days to 1 to 2 hours-that has been a great time saver.
  • Being mobile friendly has allow our employees and our tenants access to what they need 24/7 and almost everyone uses some kind of mobile device which has helped increase visibility for our units and helps keep our vacancy rate low.
  • Their support team is always there to help and has been a great asset to have to rely on their help.
Vivian McClintock profile photo
  • Lucernex provides a great platform for linking all key lease data together and generating the related accounting detail and the reports that will be important for our financial reporting purposes. The system will enable us to also manage the day-to-day maintenance of our lease contracts and will streamline our audit processes as well.
No photo available

Cons

  • There is some reporting that we would like to see for our Owners and Tenants. Their vacancy report is one we wish we could pull in the tenants phone number to be able to have it on our report when we print.
  • Maintenance also has reporting that we would like to be able to produce from the keys checked out and keys returned so we can stay on top of checking out our units better. We would also like to do reports from the inspections. Being able to print the units coming vacant at the end of any given month and printing it so we know which unit needs to have painting, cleaning and carpet cleaning done would be very helpful. Right now we export the units and copy and paste into a spreadsheet template to have what we need for our maintenance board.
  • The process to remove misapplied rent or how to refund money to a tenant is a several step process we would like to see simplified.
Vivian McClintock profile photo
  • We haven't used the system yet to provide any example.
No photo available

In-Person Training

No score
No answers yet
No answers on this topic
Lucernex Lease Administration & Accounting7.7
Based on 3 answers
The ability to walk through examples with Lucernex team members on site was amazing. It was also helpful to meet other users and hear their implementation questions and benefit from the answers.
No photo available

Alternatives Considered

This was our old program and it was not user friendly and very inefficient to use. We was never able to answer a question for an owner or a tenant very easily and many times we had to ask for them to let us call them back while we research their question because it was so difficult to maneuver in the program.
Vivian McClintock profile photo
I was not around when the program was selected, but I know at the time that we selected Lucernex mainly because it was the only cloud-based software we knew about at the time and that was a requirement that our IT notified us of late in our search.
No photo available

Return on Investment

  • AppFolio has converted prospective clients to actual clients once they saw how my company could use the program to communicate with on-site property management teams and improve the communication and budgeting process.
  • AppFolio is expensive, especially for a small company, so that may have had some negative impact on the ROI.
  • Overall, AppFolio has also helped improve our ability as a company to communicate with asset manager levels.
No photo available
  • Lucernex does not do anything that affects our business objectives any more than other standard software of its kind.
No photo available

Screenshots

Lucernex Lease Administration & Accounting

Pricing Details

AppFolio

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Entry-level set up fee?
No
Additional Pricing Details

Lucernex Lease Administration & Accounting

General
Free Trial
Free/Freemium Version
Premium Consulting/Integration Services
Yes
Entry-level set up fee?
Required
Additional Pricing Details