Is Rent Redi too good to be true?

Indianapolis, Indiana
Managing Your Property
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Is Rent Redi too good to be true?

Amanda Koenker
Member since 2022 · 12 posts · 7 votes

I'm currently managing our properties (about 50 doors) through my own created system between Google and Quickbooks. But as we are looking to add more employees to our team and expand our doors I'm looking into the best managing systems. As far as features, Rent Redi obviously blew everyone else out of the water. Curious as to whether anyone uses them and has anything negative to say.

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Shannon Smith
Forsyth, GA · Member since 2018 · 25 posts · 30 votes
4y

We just started using Rent Redi at the beginning of the year. I really like it so far. I was originally drawn to it because I wanted to have one place where all my tenants paid rent and where they had the option to set up auto payments. If I recall correctly, Rent Redi even gives them the option to pay using a credit card. The part that I can see being the most beneficial to us, personally, is the "REI Hub" which is the accounting piece that you can opt to pay for as part of your monthly subscription. It links to our business bank account and our business credit card so come tax time, deductions should be easier. I just go in at the first of every month and code each line item to the corresponding property and note what the expense was for (Repair, HOA Fee, Mortgage payment, etc). The only thing I will say that I wish they offered within the app that they don't is a way to track mileage.

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  • Allan Smith
    Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
    4y

    How you made it to 50 on spreadsheets is mind blowing to me. I can't imagine how much extra time is spent without having automation. I use buildium which is a good value and I think the integration with tenant turner alone saves triple the hours needed to be worth the cost.

    1Reply
  • Shannon Smith
    Forsyth, GA · Member since 2018 · 25 posts · 30 votes
    4y

    We just started using Rent Redi at the beginning of the year. I really like it so far. I was originally drawn to it because I wanted to have one place where all my tenants paid rent and where they had the option to set up auto payments. If I recall correctly, Rent Redi even gives them the option to pay using a credit card. The part that I can see being the most beneficial to us, personally, is the "REI Hub" which is the accounting piece that you can opt to pay for as part of your monthly subscription. It links to our business bank account and our business credit card so come tax time, deductions should be easier. I just go in at the first of every month and code each line item to the corresponding property and note what the expense was for (Repair, HOA Fee, Mortgage payment, etc). The only thing I will say that I wish they offered within the app that they don't is a way to track mileage.

    4Reply
  • Amanda Koenker
    OP
    Member since 2022 · 12 posts · 7 votes
    4y
    Quote from @Shannon Smith:

    We just started using Rent Redi at the beginning of the year. I really like it so far. I was originally drawn to it because I wanted to have one place where all my tenants paid rent and where they had the option to set up auto payments. If I recall correctly, Rent Redi even gives them the option to pay using a credit card. The part that I can see being the most beneficial to us, personally, is the "REI Hub" which is the accounting piece that you can opt to pay for as part of your monthly subscription. It links to our business bank account and our business credit card so come tax time, deductions should be easier. I just go in at the first of every month and code each line item to the corresponding property and note what the expense was for (Repair, HOA Fee, Mortgage payment, etc). The only thing I will say that I wish they offered within the app that they don't is a way to track mileage.

    That is so helpful, thank you!
    1Reply
  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    4y

    @Amanda Koenker
    If you are already at 50 doors, you should use Appfolio. They are the best property management software there is, but they have a minimum portfolio size of 50 units. If you meet that requirement, I highly recommend it. 

    [email protected]614-412-4565
    Reafco-556 Reviews
    View Page
    0Reply
  • Jasmine Delves
    Denver, CO · Member since 2022 · 201 posts · 77 votes
    4y

    I would say that RentRedi is good from a general property management perspective with features for managing tenants and maintenance requests. 

    If you're looking for software with strong rental accounting capabilities though, there are apps that have this functionality built into them (rather than paying extra through RentRedi to use the REI Hub. If memory serves, I think it's an extra $99 a month on top of your subscription if you have over 20 properties). Depending on how much money you're willing to pay, it might make more financial sense to use another platform. Other software also has bank feed integration, automated income tracking, receipt scanner, accountant-approved reporting, etc.

    Of course, it totally depends on what features you prioritize! 

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    4y

    @Amanda Koenker curious about which softwares you evaluated to select Rent Redi?

    @Patrick Drury what did you think of Propertyware and Rent Manager?

    [email protected]248-209-6824
    Logical Property Management4.9465 Reviews
    WebsiteView Page
    0Reply
  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    4y

    @Drew Sygit  

    I have never used either. Our property management used to use Buildim and I know they had problems with them and switched to Appfolio and have been pretty happy since. I have used Appfolio as a leasing agent to put properties up for lease, screen tenants, and rent them out. I also still use it as an owner. I have our in-house property manager here at Reafco manage my rental and so I am pretty familiar with using it as an owner. The interworkings of Appfolio are pretty interesting with how complex it is and all the things you can accomplish. 

    [email protected]614-412-4565
    Reafco-556 Reviews
    View Page
    0Reply
  • Amanda Koenker
    OP
    Member since 2022 · 12 posts · 7 votes
    4y
    Quote from @Patrick Drury:

    @Amanda Koenker
    If you are already at 50 doors, you should use Appfolio. They are the best property management software there is, but they have a minimum portfolio size of 50 units. If you meet that requirement, I highly recommend it. 


     At $280 a month, it's far from $9... What makes it better than Rent Redi?

    0Reply
  • Amanda Koenker
    OP
    Member since 2022 · 12 posts · 7 votes
    4y
    Quote from @Drew Sygit:

    @Amanda Koenker curious about which softwares you evaluated to select Rent Redi?

    @Patrick Drury what did you think of Propertyware and Rent Manager?


     I reviewed Rent Redi, Appfolio, Buildium, TurboTenant, and Yardibreeze. Obviously price wise, Rent Redi was the lowest. We have a solid system in Quickbooks and want to stay with that for financials. We are hoping to streamline tenant communications, maintenance requests, and payment records.

    1Reply
  • David WorkerPro Member
    Springfield, IL · Member since 2018 · 79 posts · 23 votes
    2y
    Quote from @Amanda Koenker:
    Quote from @Drew Sygit:

    @Amanda Koenker curious about which softwares you evaluated to select Rent Redi?

    @Patrick Drury what did you think of Propertyware and Rent Manager?


     I reviewed Rent Redi, Appfolio, Buildium, TurboTenant, and Yardibreeze. Obviously price wise, Rent Redi was the lowest. We have a solid system in Quickbooks and want to stay with that for financials. We are hoping to streamline tenant communications, maintenance requests, and payment records.

     @Amanda Koenker Which property management software did you end up going with and how is your experience? I’m currently managing 45 doors and looking to add a property management software, thanks!

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    Try Buildium

    Logical Property Management4.9460 Reviews
    WebsiteView Page
    1Reply
  • Sean BraunellerPro Member
    Rental Property Investor · Akron, OH · Member since 2020 · 5 posts · 3 votes
    2y
    We have used RentRedi for our properties since Jan 2021.  We knew starting out we wanted to create systems and RentRedi met our needs.  We use RentRedi for tenant screening and management, lease documents, automated late fees, messaging, maintenance requests.  We only have 6 doors.  5 are long term leases and 1 is a furnished medium term rental.  We like the way we are able to screen tenants.  They pay $35 for credit, background, and eviction checks.  All deposits and rents are collected through RentRedi.  We can even return deposits through them too.  Reporting is basic, but it tracks all rent inflows/outflows.  That is all we use it for.
    Negatives are we still use home made Excel spreadsheets for business expense management.  We have a tax accountant and financial planner that needs our data if various formats.  Think Schedule E line items.  And, analyzing ROI, CoC, and rent vacancy rates, etc are all manual.  We haven't found a good software solution for the financials.  We use a hodge podge of various spreadsheets we've found over the years.  
    We recommend RentRedi for tenant and lease management.  It is not recommended for financials that would you would use for business/tax management.
    2Reply
  • Kelly M.
    Real Estate Investor · Medina, OH · Member since 2013 · 32 posts · 21 votes
    1y

    I agree with the original poster. Rentredi sucks big time. it is not user friendly at all. It tries to do too many things and poorly at that. If it would concentrate on rent collection only and do it well, it might be okay. Its dashboard is so cluttered, it hard to see who has paid and who hasn't. I've been trying to have one tenant do the autopayment for 8 months now and it has only worked one time. I had to switch from erentpayment since Rentredi bought them and got roped into a year membership. As soon as the year membership is up, I'm leaving.

    0Reply
  • Nickalaus A GoodmanPro Member
    Rental Property Investor · Salisbury NC · Member since 2019 · 27 posts · 10 votes
    1y

    I agree I used RentRedi before the Bigger Pockets endorsement. I had struggles the did some updates and I was excited to try them again. I feel like they get 90% of your problems solved to create 10% new problems. I have struggled to get my money. Its been almost 2 weeks and I still dont have my rent payments, they are just sitting somewhere other than my bank account and the support has been horrible.

    Just remember you get what you pay for. And there are far better "free" solutions on the market.

    0Reply
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