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.
RentRedi Key Features
The best features of RentRedi for tenants are:
- Online rent collection
- Tenant screening
- Application management
- Maintenance request management
- 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 them out to see how good they are.
RentRedi Pricing
RentRedi Pros and cons
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
Ideal for all types of property owners and managers, TenantCloud offers features that are ideal for a single or a dozen units.
TenantCloud Key Features
TenantCloud is a well-liked property management software alternative that lets you:
- List your property across different platforms
- Create new leases
- Receive rental applications
- 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.
TenantCloud Pricing
TenantCloud offers various property management software plans designed to fit a range of needs for landlords and property managers.
At $15.60 per month or $187 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 $29.30 per month or $352 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 Pro plan offers tax reporting features for $50.40 per month or $605 annually. Alternatively, the Business plan offers custom pricing for additional 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.
TenantCloud Pros and Cons
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
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 all-in-one banking and finance management platform built for landlords and real estate investors.
Baselane is designed to save time with purpose-built features like landlord banking, rent collection, rental property bookkeeping and accounting and analytics (plus more) to automate your finances — all for $0 per month.
software, Zillow Rental Manager and TurboTenant are far from the only alternatives. There are many features you may be able to find in addition to tenant screening, rent payments, and maintenance requests if you look beyond these two options.
Take Baselane, for instance, a robust banking and financial platform designed for landlords. It has built-in banking features (business checking account), including online rent collection, accounting, reporting and other capabilities designed specifically for landlords — all with no monthly fees or minimum balance requirements.
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
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.
Watch our demo to learn more about how Baselane.
