RentRedi, an award-winning property management software that simplifies the renting process for both landlords and renters, has added new features to its platform that particularly benefit landlords of non-traditional rental properties. The features open up new possibilities for those who engage in house hacking, rent-to-own, and renting salons, parking spaces, storage spaces, garages, and student housing.
“There are many ways to generate rental income beyond renting traditional properties such as apartments and single-family homes,” said RentRedi Co-founder and CEO Ryan Barone. “Our mission is to help all landlords and all renters. Therefore, we consider feedback from customers renting out any type of property or space to ensure we’re meeting their needs by offering the most robust rental software and delivering the best experience possible.”
Multiple Schedule and Month-to-Month Leases
Using the RentRedi platform, landlords now have the ability to customize their rent collection schedules. Landlords may want to set up different schedules so that the monthly payments on a three year lease will automatically increase each year. For example, if owners of rent stabilization apartments prefer their tenants sign two year leases, with the stipulation that the rent increases for the second year of the lease, the payments will automatically transition to the new payment amount at the start of the second year of the lease.
Using RentRedi’s month-to-month feature, landlords can also choose to set up a month-to-month lease from the beginning or start out with a year-long lease that transitions to a month-to-month lease after the first year. Month-to-month leases are a good option for renting parking spaces. This is a popular type of rental in metro areas like New York City where parking spaces are scarce, but it’s also a growing trend in other parts of the country where people may need extra space to store boats or RVs as well as vehicles. For instance, farmers commonly rent out land to truckers who need to park their rigs and sleep overnight. All of these use cases make shorter leases more desirable.
Weekly Recurring Payments and Multiple Autopayments
RentRedi is answering the need for a variety of customized payment and autopay options. Recurring weekly payments offer customers the ability to set up their rent collection schedules to handle both weekly payments and tracking. Additionally, landlords can customize their autopay schedules by choosing specific days of the week or month to collect rent.
These features are particularly helpful for salon owners, who prefer to rent booths or chairs to stylists on a weekly basis and may need to offer flexible begin and end dates. They can use the weekly recurring payment and multiple autopay features to manage high turnover more effectively, making their terms more attractive to stylists who crave flexibility and would rather not pay large lump sums for rent each month. These payment and tracking models may also be attractive to managers of storage unit and mailbox rentals for the same reasons.
Although RentRedi launched its new custom applications feature last summer, it’s worth noting that the ability to essentially “make your own” rental management software within the RentRedi platform gives landlords a great deal of control to set their businesses up according to their preferences and personal circumstances. This is especially helpful to landlords with non-traditional rental properties, because their situation often doesn’t fit into a standard one-size-fits-all solution.
“Most independent landlords like to make it up as they go and pave their own way,” said Barone. “We want to ensure that RentRedi provides them with the conveniences and efficiencies they seek, while providing enough flexibility to build their own processes by using our intuitive templates as a guide.”
RentRedi provides landlords with the ability to customize their application process through RentRedi’s template builder, with the option to either start a template from scratch or start by using RentRedi’s default templates. From there, they can add or delete sections, decide which sections are required, add supplemental questions, and mark certain questions as conditional to answers to prior questions. This helps landlords find tenants that are a better fit for their unique rentals, leading to less turnover and evictions.
Income & Asset Verification
RentRedi also recently launched its new Tenant Income & Asset Verification feature powered by Plaid, providing landlords with the ability to seamlessly verify the income and assets of prospective renters, without requiring the exchange of sensitive documents. The integration ensures that applicants retain privacy and supports tenant applicants who earn income from non-traditional sources such as freelancing and side gigs. Because their income is reported directly from the bank rather than the employer, they do not need to disclose sources of revenue streams, making it easier to qualify for rentals. From a landlord’s perspective, this feature helps to verify income for non-traditional renters like freelancers or students who may not have an established source of income that are reflected by pay stubs, but still have the ability to afford the rent. This provides landlords with added assurance of an applicant’s financial security.
RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. For landlords, RentRedi provides all-in-one web and mobile apps to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. For tenants, RentRedi’s easy-to-use mobile app allows them to pay rent, set up auto-pay, build credit by reporting rent payments to major credit agencies, prequalify and sign leases, and submit maintenance requests.
Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market, being named an Inc. Power Partner, a GetApp Category Leader, a Capterra Established Player, and a G2 High Performer and Momentum Leader based on the software’s user ratings and popularity. To date, RentRedi has more than $20 billion in assets under management with nearly 200,000 landlords and tenants using the platform. The company partners with technology leaders such as Zillow, TransUnion, Realtor.com, Plaid, Stripe, and Sure Insurance to create the best customer experience possible. For more information visit RentRedi.com.