Finding the right property management software is like finding a magic wand. It can save time, make work easier, and save you money. But picking the wrong one could confuse things, like reading a map upside down. For example, you might miss out on ways to save on taxes.
So, where do you start? First, think about what you need most. What are your pain points? You may need help keeping track of expenses and creating neat reports. Or perhaps you want a better way to chat with your tenants and manage your property listings. Once you know what you need, you can test out tools, like Landlord Studio or TenantCloud, to see which makes your job easier, helps you understand your investments better, and makes you feel less stressed.
This blog post will look at what Landlord Studio and Tenant Cloud offer. We’ll examine what makes each one great, what could be better, and how much they cost. We aim to make it easier for you to pick the best tool for your needs.
Landlord Studio Overview
Landlord Studio, a property management software designed by landlords, caters to do-it-yourself landlords who require property management software tools to simplify and automate daily tasks.
Landlord Studio Key Features
- Mobile-first property management software offering a clear overview of portfolio performance
- Income expense tracker
- Automated bank feeds
- Receipt scanner
- Mileage tracker
- Online rent collection
- Property maintenance management
- Tenant screening
- Rental listings
Despite its many advantages, ease of use, and focus on income and expense tracking, Landlord Studio may not suit landlords with more properties or those who outsource their accounting.
Landlord Studio Pricing
Landlord Studio Pros and Cons
Pros
- Landlord Studio is designed to focus on income and expense tracking, making it simple and efficient to manage the financial aspects of property management.
- The platform offers an intuitive mobile-first property management solution that conveniently handles operations from anywhere.
- Automated features like rent collection and tenant screening simplify property management tasks.
- Professional report generation is helpful for accounting purposes and during tax season.
Cons
- Landlord Studio is not as feature-rich than some competitors regarding managing tenant communications and listings.
- The pricing may not be economical for landlords with multiple properties.
Tenant Cloud Overview
On the other hand, Tenant Cloud is designed for landlords and property managers managing more properties.
Tenant Cloud Key Features
- Online rent collection
- Applicant screening
- Automatic invoicing and late fees
- A free listing website
- Task management and tenant communication
- Tenant chat and maintenance tracking
Tenant Cloud excels in task management and tenant communication, featuring additional elements like tenant chat and maintenance tracking. However, Tenant Cloud has an 87% user satisfaction rating, indicating that it may not meet all user needs as effectively as Landlord Studio.
Tenant Cloud Pricing
Tenant Cloud Pros and Cons
Pros
- TenantCloud is designed to manage more properties, making it ideal for landlords and property managers with a sizable portfolio.
- The platform offers comprehensive task management features, including listings, tenant chat, and maintenance tracking.
- It allows landlords to generate income through indirect strategies such as add-on products and fees for failed payments.
Cons
- Pricing may be expensive for Landlords with less than 20 units.
- For landlords managing the books and looking for detailed financial tracking, TenantCloud may not be as efficient or intuitive as other solutions.
- The user satisfaction rating is lower than that of Landlord Studio.
Baselane vs. Landlord Studio and Tenant Cloud
While Landlord Studio and Tenant Cloud offer unique advantages, they may not cater to every landlord’s specific needs. This is where Baselane comes in, an all-in-one banking and financial platform built specifically for landlords and real estate investors.
Unlike Landlord Studio, which focuses mainly on income and expense tracking, and Tenant Cloud, which centers more on task management, Baselane focuses more on managing real estate finances.
Baselane helps landlords stay organized, save time and maximize their returns with integrated banking, rent collection and landlord accounting, including advanced features, such as an automated payment history, tracking, and automatic financial reporting for individual properties or entire portfolios.
Banking Built for Landlords
- No monthly fees or minimum balance requirements.
- Unlimited checking accounts and savings accounts per property to organize income, operating expenses, security deposits, projects, and more.
- Earn up to 3.35% APY2 and unlimited 1% cash back3 on debit card purchases.
- Physical and virtual debit cards with spend controls and Schedule E auto-tagging.
- One-time and recurring payments and transfers.
- No-fee cash deposits and withdrawals at over 55,000 Allpoint ATMs.
- Mobile check deposits and on-demand checkbooks.
Online Rent Collection & Tenant Management
- Free online rent collection for landlords via ACH and card.
- Automated rent payments, reminders, and late fees.
- Real-time payment notifications and payment tracking.
- Dedicated Baselane tenant portal with auto-pay option.
- Tenant screening reports.
- Digital lease documents and e-sign.
- Maintenance and repair request management.
Accounting Built for Rental Properties
- Automated income and expense tracking.
- Consolidated ledger for Baselane banking and external account transactions.
- Capture receipts and add notes.
- 1-click categorization with 120+ real estate-specific categories based on Schedule E.
- On-demand financial reports and downloadable tax package.
- Real-time cash flow analytics by property.
Final Thoughts
Choosing between Landlord Studio and Tenant Cloud largely depends on your needs as a landlord or property manager. However, Baselane’s commitment to exceptional customer service, ongoing product development, and unique features, such as landlord banking and integrated bookkeeping, make it a compelling option for landlords seeking a more comprehensive solution.
Remember, the right property management software tool can transform your operations, streamline your tasks, and ultimately enhance your rental business’s success. Evaluate your options carefully to select the platform that best aligns with your unique rental property accounting and management needs.
Watch our demo or sign up for a free Baselane account today.
