If you’re looking for a way to set up online or mobile rent payments, you probably have had tenants or friends suggest using Venmo for rent, or other platforms like Zelle or Paypal. Venmo, in particular, is a popular free app people use to electronically transfer money to one another.
However, when you’re looking for a method of mobile rent payment and collection, Venmo leaves a lot to be desired. Sure, your tenant can transfer money to you from a mobile app, but that’s about it. As a landlord or property manager, you’ll want an app that’s as easy for tenants to use as Venmo, with more functionality to support your (and their) rental management needs.
So what are the main differences between using Venmo for rent versus a property management app?
Rent Reminders and Auto-Pay
Venmo doesn’t allow tenants to set their own reminders or schedule auto-pay. If you’re using an app like RentRedi that’s specifically designed for mobile rent payments, tenants have more control over their payments: such as the ability to schedule their own reminders and can even set up auto-pay.
Using Venmo for rent is about all you can use it for. Setting up your tenants with a property management app like RentRedi means that tenants can use the app for more than paying rent, like submitting maintenance requests.
Repair requests can be submitted with a description and category and, importantly, with a 5-second video so you or the maintenance personnel can see exactly what the issue is.
Prescreening and Applying
Finally, Venmo won’t help you find a tenant and connect them to your unit.
RentRedi’s app enables applicants to prequalify for your rental (so you and the tenant won’t have to waste time showing/viewing the unit if they are not qualified for it) and apply the unit—all from the mobile app. When the applicant submits the application, you can also request to run a background check. (RentRedi’s tenant screening is through TransUnion, tenant-paid, and comes with full eviction, credit, criminal reports.)
Why a Property Management App is Better than Using Venmo for Rent
RentRedi is being used by tenants and landlords across the country as an invaluable resource for managing all rental property related needs, saving them time and money. If you are looking for a mobile app to do a little more for managing your rentals and organizing rent payments, an app like RentRedi makes it easier for rent, communication, repairs, prequalifications, and applications.
If you have tenants who have requested to use Venmo, it may be free but isn’t as sophisticated for landlords. And all you can do is transfer money with it. RentRedi allows tenants to apply, fill out information, make maintenance requests, and submit mobile rent payments. Additionally, it also offers the ability to send in-app notifications to tenants and tracking expenses for accounting purposes, with integrations to software like Quickbooks.