Any one of us can suggest a platform that works for us but that doesn't mean it will fit your needs. Each landlord, or real estate investor, has different goals. The individual goal determines the needs, or tools, to reach the goal. To answer your question, first you need to outline what your goals are and what tools you need or want, including looking forward at future growth, if applicable. Do you need to record maintenance issues, vendor contacts, applicants, process credit & background checks, etc. Do you need the app to work on mobile devices? Will the app grow with your profile?
If you only need a way for your tenant to pay rent electronically, they could just send the funds electronically from their bank account into your bank account. Otherwise, you will need to spend some time researching the different apps to see what each offer and whether or not they meet your needs. Also, reading the product reviews will provide insights into the pros and cons of the app so you can make a more informed decision.
Any one of us can suggest a platform that works for us but that doesn't mean it will fit your needs. Each landlord, or real estate investor, has different goals. The individual goal determines the needs, or tools, to reach the goal. To answer your question, first you need to outline what your goals are and what tools you need or want, including looking forward at future growth, if applicable. Do you need to record maintenance issues, vendor contacts, applicants, process credit & background checks, etc. Do you need the app to work on mobile devices? Will the app grow with your profile?
If you only need a way for your tenant to pay rent electronically, they could just send the funds electronically from their bank account into your bank account. Otherwise, you will need to spend some time researching the different apps to see what each offer and whether or not they meet your needs. Also, reading the product reviews will provide insights into the pros and cons of the app so you can make a more informed decision.
Thank you for your input. I currently have family that I’m renting Rooms to and I don’t need all the bells and whistles of the more invasive sites with credit checks and such. I just wanted to use my relatives as a “test” if you will, to see what site works best for me when I buy my investment property next year for tenants outdoor of my family.
I personally use Innago, and would definitely suggest looking at the different free property management software options out there, especially if you are just looking for some basic features. Many of these free/cheap options have pretty in-depth features that they offer, but you don't necessarily have to utilize everything. If you're primarily interested in rent collection, then I'd look at a couple different things: (1) The transaction fees and (2) the fund processing times. Some sites are "free" but they charge to speed up the transaction times. Hope this helps!
Hi Ibrahim — great question. There are a lot of tools that can help you to self-manage the rental process. Aside from providing the basics (ie. listing capability to get the property published to 10+ major sites; scheduling tool to schedule viewings, etc.), you can also establish your own tenant screening process. With comprehensive applications -- including pulled reports from TransUnion and nationwide criminal background checks + credit score + full credit history breakdown + eviction history -- the right platform should make it as seamless as possible for you if you're managing on your own. Depending on the tool you use, it can be a great way for the prospective tenant to only need to pay an application fee once (which would include current credit score and a breakdown of their credit history, nationwide background check, and eviction history). This way, if they don't successfully get approved to lease your rental they can still take that application and apply for another listing without having to pay for another app within the time frame of 30 days. Again it is always of best practice to make your own decision based on whether or not the applicant has met your screening criteria. Could be worth it to give it a try as you enter a new leasing season. I hope this helps! And best of luck on your decision! @Ibrahim Yamini