As rental property owners, you understand the importance of tenant satisfaction and property maintenance. 80% of tenants prefer online rent payments, according to recent research. This trend is not just an echo of the growing digitalization of services but an indication that online rental platforms provide substantial benefits.
In this scenario, landlords using such services see an increase in on-time payments, leading to more predictable cash flow and less time chasing late payments.
The right platform can turn rent collection from a time-consuming chore into a streamlined, automatic process. Yet, deciding on the right tool for your property management can be challenging.
Two standout platforms in this space, RentRedi, and TurboTenant, promise to streamline operations and boost productivity, transforming property management. Both platforms offer distinctive features and benefits, making life easier for landlords and property managers.
However, as we dig deeper into these platforms, a third contender, Baselane, might surprise you with its compelling offerings.
Let’s explore your options.
RentRedi Overview
RentRedi is a property management software designed primarily for landlords managing multiple properties.
Tailored for landlords with a high volume of cash-based tenants, RentRedi stands as a comprehensive property management software. Unlike many others in the market, RentRedi facilitates cash payments for rent at thousands of retail locations, besides traditional online rent collection. This makes RentRedi an efficient tool for landlords navigating cash payments.
Despite lacking a free plan, RentRedi offers flexible pricing options, ranging from $12 to $29.95 monthly. Tenants incur some fees including, 3.19% + $0.30 for credit/debit cards and $1 per transaction for ACH transfers and cash deposits.
RentRedi Key Features
- Online Rent Collection: With RentRedi, landlords can collect rent online, making the process efficient and hassle-free. This not only provides convenience to tenants but also ensures timely payments.
- Unlimited Payment Accounts: RentRedi allows landlords to link unlimited payment accounts. This makes it easy to manage finances for multiple properties or rental units.
- Mobile App: RentRedi’s mobile app for landlords and tenants makes it easy to manage properties on the go. Tenants can make payments, send maintenance requests, and communicate with landlords, while landlords can track payments, respond to requests, and update property information.
RentRedi Pricing
RentRedi Pros and Cons
Pros
- RentRedi offers rent collection, tenant screening and maintenance requests.
- Its mobile application allows landlords and tenants to manage their properties and rental payments on the go.
- For landlords, it has add-on rental property accounting software.
Cons
- The platform lacks a free plan, potentially turning away landlords who manage a smaller number of properties or those just starting.
- It can take a while (4-5 days) for deposits to process.
- The user interface might seem outdated, and the experience could confuse some users.
TurboTenant Overview
TurboTenant is another property management software that offers additional features like expense tracking, rent reporting, and maintenance requests. Unlike RentRedi, TurboTenant property software has a free basic plan and offers state-specific lease agreements, e-signatures and lease addendums as add-ons.
TurboTenant Key Features
- Expense Tracking: TurboTenant offers basic expense tracking features.
- Rent Reporting: TurboTenant allows landlords to report rent payments to credit bureaus.
- Maintenance Requests: With TurboTenant, tenants can submit maintenance requests online.
TurboTenant Pricing
TurboTenant Pros and Cons
Pros
- TurboTenant provides a free basic plan which is attractive for landlords who are just starting or those with fewer properties.
- The platform offers state-specific lease agreements, making it easy for landlords to comply with local laws.
Cons
- TurboTenant charges tenants a hefty $55 for application fees, which could potentially discourage prospective tenants.
- Additional features like faster payouts and multiple bank accounts come at an additional cost.
- Outdated user experience and interface.
Baselane vs TurboTenant and RentRedi
Unlike RentRedi and TurboTenant, Baselane is an all-in-one banking and financial platform purpose-built for landlords. Baselane offers free online rent collection and an intuitive user interface that’s easy to navigate. One of its standout features is Baselane banking, offering up to 3.56% APY2, unlimited 1% cash back, virtual accounts, virtual cards, automated bookkeeping and much more.
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 3.56% 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.
Hassle-Free 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
Finding the best rent collection tool can make property management smooth and less stressful, giving you more time to grow your rental business.
While RentRedi and TurboTenant each have benefits, Baselane stands out for its financial features like landlord banking and free online rent collection. Plus, it simplifies tasks like income and expense tracking.
So, if you’re a landlord aiming for efficiency, Baselane could be your solution. Remember, the right tool can make you a more effective property manager, so choose wisely.
Sign up for a free Baselane account to start collecting rent, managing your finances, and automating bookkeeping.
Remember, the right tool will help you become the most effective and efficient property manager you can be. Choose wisely!
