As a landlord or property manager looking for an online property management system, you have lots of choices. Two of the most popular are TenantCloud and RentRedi. So, which one is right for you?

In this post, we’ll break down pros and cons of each system to help you make the best decision for your needs. 

To help you make the best choice possible, we’re also including a review of our own tool, Stessa – a rental property software that more than 200,000 investors already use to track over 250,000 properties with more than $60 billion in asset value.

TenantCloud overview

If you’re in the market for affordable and feature-rich rental property software, TenantCloud is worth considering. TenantCloud offers an online payment system and leasing management system to make life simpler for landlords by providing them with a configurable online platform to manage properties and tenants.

Current pricing

TenantCloud offers 3 different pricing plans that currently range from $17 to $55 a month, plus a custom pricing plan designed for investors and property managers with large-sized portfolios. All plans include an unlimited number of properties and units and an unlimited number of online rental listings.

The company also offers one month free for customers who pay annually and a free trial (as of February 2024).

Software features

Starter

The Starter plan is designed for investors looking for basic features. Features include:

• Listings
• Scheduling
• Applicants
• Screenings
• Rent payments
• Maintenance requests

Growth

The Growth plan is a good option for landlords with larger portfolios. It costs $32 a month and currently includes everything in the Starter plan, plus:

• Lease builder
• Landlord forms
• Lead tracking for CRM
• Property message board

Pro

TenantCloud recommends the Pro plan for property managers and owners. The Growth plan costs $55 a month and currently includes everything in the Starter and Growth plans, plus:

• Tax reports
• Vendor network access
• Quickbooks Online sync
• Google Calendar sync
• Management fees

RentRedi overview

If you’re a landlord searching for a rental property software solution that’s easy to use and adopt, RentRedi may be worth investigating. Its technology is affordable for self-managing landlords, and its computer and mobile app offer an all-in-one solution that can be used for current and future needs.

Current pricing

RentRedi’s pricing model is based on subscriptions that vary according to the billing cycle. Landlords can use the software for an unlimited number of rentals, tenants, team members, rental listings, and customer support:

• Monthly: $29.95
• 6 Months: $20 a month (paid every 6 months)
• Annual: $12 a month (paid every 12 months)

REI Hub pricing for financial and accounting is monthly with no long-term contract required:

• Up to 3 units: $25 a month
• 4 to 10 units: $39 a month
• 11 to 20 units: $59 a month
• Unlimited units: $99 a month

Software features

• RentRedi automatically syndicates vacant property listings to Realtor.com and Zillow, 2 of its affiliated sites.
• Upload photographs, create virtual tours, and handle listings, marketing, and showings on a single online dashboard.
• TransUnion provides access to comprehensive credit, criminal, and eviction history reports for every applicant through RentRedi.
• Landlords may create and submit their own lease documents to RentRedi for digital signing.
• Rent, late fees, evictions, and rent reminders can all be managed via the landlord dashboard.
• Rent payments may be made online using a bank transfer, credit or debit card, or cash at over 90,000 retail outlets with RentRedi.
• Landlords can send in-app push notifications to renters and receive maintenance requests.
• REI Hub provides landlord accounting and financial statements as a premium service to RentRedi subscribers.
• Once properties are synced and financial accounts are connected between RentRedi and REI Hub, subscribers can upload and track income and expenses.
• REI Hub offers RentRedi users a comprehensive set of financial reports, including profit and loss (P&L) statement, cash-flow statement, balance sheet, and tax-ready Internal Revenue Service (IRS) Schedule E documents – all of which may be found through their RentRedi account.

TenantCloud vs. RentRedi

TenantCloud and RentRedi are both popular property management software programs. But which one is the better choice for your needs? Here’s a breakdown of the most important features landlords look for to help you decide which platform is right for you.

Listings

TenantCloud connects with online platforms such as Apartments.com, Rentler, and Zillow Group to expand your listings’ reach. You can also create a property-specific website to collect interest from potential tenants at no cost.

RentRedi listings are quickly syndicated to partner sites Realtor.com and Zillow. Furthermore, subscribers gain access to unlimited professional marketing pages to post on social media and can schedule tours with interested tenants only.

Tenant screening

Both TenantCloud and RentRedi partner with TransUnion so landlords can conduct tenant screening. TenantCloud offers tenant screening packages with the fee charged to the applicant. By comparison, all tenant screening on RentRedi includes full credit, criminal, and eviction history reports for a $39.99 processing fee paid for by the applicant.

Leasing

A landlord may upload their own lease agreement or create a new one using TenantCloud. The program offers rental agreement templates and electronic signature capabilities. Before taking payment from the tenant online after the lease has been signed, a landlord may use the system to define the rent amount, security deposit, and other costs.

RentRedi’s platform allows you to share, sign, and send lease documents. When the forms are ready to sign, your tenants will be notified, and they may use the RentRedi Tenant App to electronically sign. The lease can be saved online with the tenant’s profile after it has been signed.

Online rent collection

TenantCloud’s Auto Pay system makes it easy for tenants to pay their monthly rent. They can use ACH direct deposit, debit cards, or credit cards, and landlords have the option to apply one-time or automatic late fees if necessary. Tenants can also make partial payments, and funds can be transferred directly to the landlord’s bank account if desired. ACH payments are presently free of charge, but there is a fee of 3.5% plus $0.30 for paying rent with a debit or credit card.

RentRedi provides various payment solutions that can be customized to your preferences. This includes how you want to accept payments and if you desire to charge tenants processing fees. You can accept payments through ACH, credit and debit card, or cash deposit at over 90,000 retail locations. ACH/cash are presently $1 per payment, and card payments are 3.1% of the payment plus $0.30.

Financial reporting

TenantCloud integrates with QuickBooks Online to help keep your property management finances organized. The financial documents available include a summary of deposits, general revenue, property expenses, amortization and depreciation tracking, and a profit and loss statement.

RentRedi requires an add-on paid subscription with REI Hub to access financial reporting and accounting. After signing up, landlords can sync their properties on RentRedi and view recent transactions as well as standardized reporting templates.

Tax management

TenantCloud’s Tax Preparation Report and 1099 Tax Form are used to compute all property income and expenses, including management fees and depreciation cost, in order to generate IRS Schedule E. Data downloads are available in Excel, CSV, QuickBooks, PDF, and Numbers file formats.

Provided you have a paid subscription with REI Hub; you can use RentRedi to generate reports, including a P&L, cash-flow statement, and real estate balance sheet. The system will also produce a Schedule E for filing your year-end tax return.

Stessa vs. TenantCloud and RentRedi

If you own a small rental property portfolio, you might not feel you need to pay for all the features that TenantCloud and RentRedi offer. That’s why Stessa created an easy-to-use financial management system that is free for everyone.

Stessa, a Roofstock company, offers cloud-based software that helps real estate investors maximize profits through smart money management, automated income, and expense tracking, personalized reporting, and more. 

The company was launched in 2016 by 2 experienced real estate investors with 30 years of combined experience. Stessa was built to take care of monitoring and analyzing details, so you don’t have to. More than 100,000 investors already use Stessa to track over 250,000 properties with more than $60 billion in asset value. 

By tracking property performance, finances, and records in one place, Stessa helps property investors save time and optimize their investments.

To get started, simply sign up for a free account and enter basic information about your properties. Within minutes, you’ll have access to your own comprehensive online dashboard where you can track property and portfolio performance in real time:

• Track unlimited single-family rentals, multifamily properties, short-term vacation rentals, and complete portfolios.
• Monitor your rental property investments and portfolios from a single, comprehensive dashboard.
• Automate income and expense tracking after linking property bank and mortgage accounts.
• A real estate balance sheet periodically updates outstanding mortgage balance, property value, and owner equity.
• Use Stessa online rent collection to accept tenant rent payments online with ACH transfer.
• Open an FDIC-insured high-yield bank account* for each property and seamlessly integrate them with Stessa’s financial tracking features.
• Publish a vacancy for rent and syndicate it out across a variety of websites for maximum exposure to high quality tenants.
• Use Stessa’s tenant screening services and free rental applications to find and select qualified tenants.
• Upload your document, tag it for digital signatures, and send it to tenants, vendors, partners, and others. 
• Track expenses on the go with the iOS and Android apps.
• Organize and store all real estate documents in the cloud safely and securely.
• Generate key financial reports, including income, net-cash-flow, and capital expense statements.
• Export tax-ready financials and access the Stessa Tax Center to make reporting a breeze.

To learn more about Stessa, visit the website here.

*Stessa is not a bank. Stessa is a financial technology company. Terms and conditions, features and pricing are subject to change. This article, and the Stessa Blog in general, is intended for informational and educational purposes only, and is not investment, tax, financial planning, financial, legal, or real estate advice.