Starting your own rental business can be very profitable, but it also brings considerable work. As a landlord, every step you take to reduce your work counts, which is why property management software is valuable.
There are dozens of different property manager tools you can use. So, to find the best property management software, you need to know your needs and conduct research until you find the perfect fit.
RentRedi and TenantCloud are good options to help you and your property managers collect rent payments and simplify other necessary tasks.
But which one is the best choice for you?
This article provides a general overview of RentRedi and Cloud Tenant. We will also share the pros and cons, pricing, and everything you need to know about each platform.
RentRedi Overview
If you’ve been searching for property management software, you’ve likely run into RentRedi. This platform allows for online rent payments and cash transactions and allows you to choose between a few payment formats.
Overview of RentRedi's Features
The best features of RentRedi for tenants are its online rent collection, tenant screening, application management, maintenance request management, and marketing capabilities.
RentRedi doesn’t have a free plan available, so you’ll have to decide to sign up after watching the demo.
Additional features are also available for an added cost, such as maintenance coordination and rental property accounting software, but we have not tested them, so you would have to try it out to see how good they are.
Pros and Cons of Using RentRedi
To help us get a better angle in this TenantCloud vs. RentRedi debate, we’ve created a list of pros and cons for each one.
Let’s start with RentRedi.
Pros
- The ability to accept cash payments
- A mobile app that’s available for both tenants and renters
- The ability to create separate invoices for tenants
Cons
- Bank deposits take up to 5 days to be cleared
- No free payment option for your tenants
- User experience leaves a lot to be desired
TenantCloud Overview
Now, let’s move on to our TenantCloud review.
Ideal for all types of property owners and managers, TenantCloud offers features that are ideal for a single or a dozen units.
Overview of TenantCloud's Features
TenantCloud is a liked property management software alternative because it allows you to list your property across different platforms, create new leases, receive rental applications, and collect rent online.
Not only this, but it can add late fees automatically to your invoices, perform tenant screenings, and produce detailed rent reports. You can even automate posting your listings on various platforms as soon as one of your rooms or units becomes vacant.
Pros and Cons of Using TenantCloud
Let’s take a deeper dive and go over the pros and cons of TenantCloud.
Pros
The advantages of using TenantCloud include, but are not limited to:
- Tenants can issue partial rent payments
- As the landlord, you can personalize the rent options based on the tenant’s contract
- You can connect multiple external bank accounts
Cons
The disadvantages of using TenantCloud include the following:
- Payment processing takes up to the several days
- The basic plan doesn’t have full customer support
- ACH transfers are not free, and they cost $2 per transaction
Pricing and Plans Available for TenantCloud
TenantCloud offers various property management software plans designed to fit a range of needs for landlords and property managers.
At $12 per month or $144 annually, the Starter plan provides features such as rent payments, maintenance, listings and applications, tax reports, e-signature, and leads tracking CRM.
The Growth plan, priced at $40 per month or $480 annually, includes everything from the Starter plan plus additional property manager tools like an individual owner portal, management fees, a lease builder, landlord forms, a property message board, and QuickBooks Online Sync.
For more extensive needs, the Business plan offers custom pricing and expands on the Growth plan by adding team management and tools, task management, customization, listings auto-refresh, team messaging, team property permissions, and a custom domain.
All plans allow for an unlimited number of listings. The Business plan is particularly recommended for those managing a team due to its team-oriented features. Depending on your business requirements, each plan offers unique features to suit landlords with varying portfolio sizes, with the Growth plan being optimal for small and medium-sized portfolios and the Business plan being most suitable for property managers.
Baselane vs. RentRedi and TenantCloud
If you’re a landlord seeking a robust property management solution, don’t limit your options to RentRedi and TenantCloud. While they certainly offer valuable features, there’s a platform that caters to landlords managing a portfolio ranging from a few renters up to 50 units, and it might just have the edge you need. This platform is Baselane.
Baselane is a powerful platform for landlords that have from a few renters up to 50 units.
Baselane is designed to help you and the people managing your properties save time. In short, this tool brings landlord banking, rent collection, rental property bookkeeping and accounting, analytics, and additional features that help you automate your finances.
Offering an array of unique features designed to automate financial operations. With its ability to provide seamless rent collection, robust financial features, intuitive reporting, and additional perks such as easy bank loan applications and in-app renters insurance purchase, Baselane isn’t just an alternative but rather a comprehensive, user-friendly, and potentially superior choice for those looking to optimize their property management and financial processes.
Baselane’s Banking and Financial Features:
- No accounting feed or minimum balance requirements.
- Unlimited digital bank accounts for each landlord or manager.
- Capability to automatically label incoming rent payments.
- 4.25% APY and up to 5% cashback
Rent and Collections Capabilities:
- Compatible with all entities and property types for online rent collection.
- Automatic invoice generation for owners and managers who utilize Baselane’s services.
- Easy rent collection from any number of users.
Reports and Accounting Features:
- Seamless integration with accounting platforms.
- Direct upload of expense invoices.
- Comprehensive reporting feature for an extensive overview of properties.
Additional Features:
- User-friendly and intuitive interface.
- Bank loan applications can be submitted directly through the application within 60 seconds.
- Option to purchase renters insurance through the app.
With these features, Baselane not only competes with RentRedi and TenantCloud, but Baselane also provides a suite of tools designed to automate and simplify the financial management of rental properties
Final Thoughts
There is no doubt that software like TenantCloud and RentRedi can help you get the most from your rental properties.
Many great platforms are out there, so you should evaluate all the options, consider your needs, and choose a tool that meets your specific demands.
We can make life easier for landlords while delivering a better experience to their tenants through a comprehensive list of features.
To learn more about how Baselane can help, learn more about us here.
*Please note that the information provided in this blog post is intended to serve as a guide, and it is always advisable to contact the software providers for the most up-to-date and detailed information.*
