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 to collect 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, using Venmo to collect rent leaves a lot to be desired.
Sure, your tenant can transfer money to you from a mobile app, but that’s about it.
And, as of July 20, 2021, Venmo users who use their personal accounts for business services (i.e., like a landlord using Venmo to collect rent from a tenant), will be subject to new fees.
Venmo, the payments app owned by PayPal Holdings Inc., will soon allow users to sell products and services on their personal accounts, for a fee…
A Venmo spokeswoman said the latest changes mean users who don’t want to create a business profile will be allowed to accept money for goods and services without worrying about running afoul of the rules. They will be charged the same 1.9% plus 10-cent fee applied to customers using business profiles.– Wall Street Journal
As a landlord or property manager, you’ll want a tenant app that’s easier, and cheaper, for tenants to use than Venmo to collect rent, with more functionality to support your (and their) rental management needs.
Why a Property Management App is Better than Using Venmo to Collect Rent
So, why is a property management app like RentRedi better for your rental business than payment apps like Venmo, Cashapp, and Paypal?
Allows You to Determine Who Pays the Processing Fees & It’s Cheaper
With Venmo’s new rules around fee processing for goods & services, landlords will find themselves covering the cost of rent transactions conducted via the app.
With RentRedi, ACH payments are only $1 and typically covered by the tenant. However, should you want to assume the costs of processing rent payments, you can easily select that option to do so right from RentRedi’s landlord app!
Allows Tenants to Set 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.
Allows Landlords to Block Payments in Eviction Situations
If an evicted tenant makes a payment through Venmo towards rent, this will only delay the eviction process for landlords. With a property management app like RentRedi, landlords can block payments right from their dashboard. This is critical to prevent more costly delays if landlords are going through the eviction process.
Makes it Easy to Handle & Track Maintenance Requests
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.
Markets Your Listings
Venmo doesn’t help you advertise your listing. However, when you use a property management app like RentRedi, you can post your listings to Realtor.Com and Zillow.
Additionally, RentRedi takes the extra step to provide landlords with their own free marketing page. This means landlords can share their listing to Facebook Marketplace, Craigslist, their website, or any other social network.
Finds Good Tenants with Background Checks & Screening
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.)
Fundamentally, property management apps help reduce pain points at every step of the landlord process, not just 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 the 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 Online.