In today’s busy world, where renting out your property is an increasingly popular solution to a mortgage, tenant management apps can help you stay on top of the growing number of details that are part and parcel of this responsibility. Landlords have become well aware that it can be hard to keep track of all their properties and tenants, especially if they have multiple rental units or do not live near their investment properties. In this article, we will present you with some smartphone or tablet-based apps which have been designed to help manage your properties with ease.
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Best Apps For Landlords To Collect Rent
- Stessa (5 stars / 1,300 reviews)
Stessa is a digital platform for property investors to manage, monitor, and communicate the performance of real estate assets. Created by real estate investors, Stessa allows users to easily keep track of property performance, finances, and the paper trail that comes with real estate investing—in one central place.
Stessa will track income, expenses, and provide investors with dozens of critical investing metrics and tax-ready documentation.
stessa
Simplify your rental property reporting
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Beyond the fact that it’s free, Stessa also offers a number of innovative solutions for landlords who want a tool that moves beyond simple accounting inputs and outputs. For instance, Stessa recently added real-time receipt scanning with automatic tax-ready real estate categorization to the Stessa mobile apps for iOS and Android.
All receipts and invoices that are scanned with the Stessa app are also available on the online platform and vice-versa, so you always have a complete picture of your property expenses. Stessa’s machine learning and OCR technologies parse all the details and then organizes the information. All transaction details are stored in the cloud with the industry’s best security, so everything is always accessible and available during tax time or for audit purposes.
Further, Stessa has a document storage feature that allows landlords and investors to capture all of their critical financial and accounting documents in one centralized database.
Other cool features from the Stessa accounting software app includes rental reports and a mortgage portal for those looking to explore their financing options.
PROS:
Stessa lets you know exactly how much money your rentals are making you in real time
Stessa automates 90% of the bookkeeping and accounting work so you can spend your time on what matters
Stessa makes tax time a breeze with tax-ready reports
CONS:
Stessa focuses on getting the financials perfect, so the property management features you may need like tenant management and rent collection aren’t included. Stessa does integrate seamlessly with popular property management apps like Appfolio and Propertyware, however, so you can have the best of both worlds.
- Landlordy (5 stars / 1,200 reviews)
Landlordy is a companion app for landlords and property managers. This app is built for the smartphone world and integrates with the iPhone/iPad camera, email, and messaging features. Some of the key features of Landlordy include full and partial rent payment tracking, expense log, receipt scanner and PDF storage, a photo library, and safety and maintenance checklists. - Landlord Studio (5 stars / 288 reviews)
Landlord Studio is a property management app built by landlords. It can help you keep track of rent payments and expenses, generate reports for accounting, automate reminders, and invoice tenants.
Through the Landlord Studio dashboard, you can also get an overview of your investing metrics such as cash flow and expenses, as well as store critical documents with their cloud storage service. This app also supports tenant screening, which is becoming much more important these days.
- Zillow Rental Manager (4.5 stars / 9,200 reviews)
Zillow Rental Manager is all about filing vacancy. This rental property management app is less about the overall management and more about finding renters for and leasing your vacant properties. Once you find a renter, Zillow Rental Manager can help you screen them and collect rent.
Other key features include pricing, rental photos, rent inquiry notifications, rental application tracking and submission, income and credit verification tools, and online rental collections.
- Buildium (4.5 stars / 664 reviews)
Buildium is a powerful full-service software for property managers. It has an impressive amount of features, and is therefore expensive and built for investors with larger portfolios.
Buildium does offer some cool features such as an app, payment tracking, robust accounting, and more. Buildium also includes some in-app calculators and an e-filing tool when it comes to tax time.
Best free rent collection app
Keeping up with the ever-changing digital landscape doesn’t have to be difficult. PayRent’s rent collection app offers a simple and secure way for landlords to collect rent online.
Gone are the days of picking up cash or checks and handwriting receipts. With PayRent, your renters can submit their payments online from any connected device. You’ll receive a notification when a payment is made and the funds will be directly deposited into your bank account.
Use PayRent to collect security deposits, monthly rent charges, repair costs, utility bills, pet rent, parking and garage fees, and more.
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rent collection app, collect rent online
RentDefense™ is a collection of features and controls available only on PayRent. RentDefense protects landlords from late and lost rent with rent collection tools and controls available only on PayRent. Using all of these features together helps to minimize the risk of not getting paid on time.
RentDefense features:
Bank balance verification
Require backup payment method with automatic failover
Require scheduled payment
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Find Great Tenants
Sleep easier at night knowing that your property is in good hands. Finding great tenants is worry-free when you use a trusted tenant screening service.
Shop our in-app marketplace for background checks, criminal checks, tenant history, and credit score reports from one of our trusted partners.
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tenant screening, rent collection app
Automate Everything
Stop spending your valuable time on tedious to-do lists. Delegate your monthly tasks to PayRent.
We’ll automate invoicing, rent reminders, rent receipts, balance tracking, payment history, and credit reporting. Generate reports in-app and upload them to your preferred accounting software.
Tenants can automate their rent payments by scheduling one-time or recurring payments through the tenant portal.
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Finance Repairs and Rehab
Running a rental business can also mean running into unexpected financial strains. Whether you’re expanding your investment portfolio, managing lost rent, or funding emergency repairs and renovations, PayRent can provide the capital you need.
PayRent works with 75+ Lenders to generate offers to match your specific business needs. We are here to support your business growth.
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How to PayRent
The Simplest and Most Convenient Rent Collection App
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or compare our service plans
- Sign up for free
Signing up for our rent collection app is quick and easy. You’ll need your federal tax ID (SSN or EIN) and banking information to get started. We’ll verify your identity on the spot to make sure payments can be safely transferred. You’ll be ready to accept rent payments in about 5 minutes. - Add your properties
Once you’re enrolled, adding rental units is a snap. Each unit can have its own settings for payment due date, partial payment acceptance, and blocking payments. On some service plans, transaction fees can also be absorbed, passed along to the renter, or split between both parties. - Invite your renters
Add your tenants to the platform and we’ll send out an email invitation for them to join the service then help them through the process of adding a payment method. We’re standing by via chat and phone to help them get up and running quickly.
Frequently Asked Questions
You’ve got questions. Here are some of the most common ones people ask. If your question is not answered here, chat with us
Do I need to bank with a specific bank?
No. Like most rent collection apps, PayRent can deposit your rent payments to any bank with branches in the United States, usually within 3 days from when rent payments are made.
Is there a maximum transaction limit?
Yes. Our maximum per transaction is $50,000 USD. However, there is no limit to the number of transactions per month or per property. Splitting rent payments into multiple transactions is acceptable.
Can I create more than one PayRent account?
Yes. You can create as many PayRent accounts as you need. Many Landlords create separate accounts for each property or group of properties. You will need a unique email address for each account.
How do my renters enroll in the service?
Once you are signed up and logged into your dashboard, you have the ability to send an invitation to your renters via email. They can click on the link in that email and sign-up for the service.
What are the options for paying ACH transaction fees?
As a landlord, you have the option to absorb the ACH transaction fees, pass them through to your renter, or split a percentage of the fees between both parties.
Who pays for credit card transaction fees?
Making rent payments using a credit card is considered to be a convenience for a renter and is significantly more expensive than ACH. Renters pay all credit card transaction fees. There is no option for landlords to absorb or split these fees.
Can I prevent renters from making payments?
Yes. Each property has an option to prevent payments which can be manually toggled on or off at your convenience.
Will I receive a 1099K?
Internal Revenue Service rules require that we distribute an IRS 1099-K only if you process more than $600 in rent payments annually through our service.
Conclusion
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