Famed billionaire, Andrew Carnegie once said, “Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”
Whether his statement about millionaires is true or not, real estate investing remains a proven way to grow wealth. But if you choose to invest in physical real estate (rather than REITs), the work doesn't end after you purchase a property.
To ensure the best return on your real estate portfolio, you need to manage your property(s) effectively. TenantCloud recognizes this challenge and provides software to help landlords and property managers who need to take care of multiple properties.
In this TenantCloud review, I'll explain how the software works, the pros and cons, and share some comparable alternatives.
Quick Summary
- Internet-based property management software designed for small and mid-sized landlords.
- It simplifies sending and accepting applications, signing leases, collecting rent, and tracking maintenance requests.
- Can be used by landlords with a few properties or investors with hundreds of properties.
|
TenantCloud Details |
|
|---|---|
|
Product Name |
TenantCloud |
|
Number of Units |
Unlimited units on all plans |
|
Monthly Fee |
$15-$50/month, 20% discount when paid annually |
|
Key Features |
Rent Collection, Property Listing, Tenant Screening |
|
Promotions |
45-day free trial |
What Is TenantCloud?
TenantCloud is a property management software app designed for landlords and property managers. Launched in 2014, the company has a “cloud first” approach to software.
That means that the software, its security protocols, and all of the tools offered by TenantCloud are designed to be secure, internet-based tools. Today, TenantCloud supports over 3 million landlords and tenants in all 50 states and in over 40 countries.
What Does It Offer?
TenantCloud offers tools that help landlords and property managers manage their finances, market their properties, and ensure tenants are satisfied with their rental experience. Here are some of the key features you can expect when you sign up with TenantCloud.
Simplified Rent Collection and Accounting
TenantCloud allows you to collect rent on an unlimited number of units. Online rent collection simplifies makes it easy for tenants and landlords to manage monthly rental payments. No more quibbling over when rent is due, TenantCloud establishes that for you.
In addition to collecting rent, TenantCloud allows you to pay service providers, so you can properly allocate your maintenance expenses to each unit. The software makes it easier to figure out how profitable your portfolio is, and it makes filing your Schedule E taxes much simpler.
List Your Vacant Properties
Listing properties for rent can be surprisingly time-consuming, even if you only have one or two properties to list. You need to make unique listings for Apartments.com, Realtor.com, Hot Pads, Trulia, etc.
TenantCloud simplifies the listing process by allowing you to create one listing on the TenantCloud platform. When the listing is ready, TenantCloud syndicates it to all the major listing sites. Once you mark the property as occupied, TenantCloud takes the listing down.
TenantCloud also makes it easier for potential tenants to ask questions and apply for the apartment. You don’t need to field questions via email or text message. Instead, you can field all leads through the software.
Streamlines Tenant Onboarding
Marketing your apartment is one thing, but getting a tenant in place is another. TenantCloud simplifies that by ensuring that all applicants receive a thorough background check as part of the application process.
The background check covers criminal history, eviction history, income verification, and credit history. As a landlord, you can decide whether to pay for the background check or whether to have applicants pay for it themselves.
Once you have chosen a tenant, you can get them in place quickly by using TenantCloud to send the lease. Both parties can use TenantCloud to e-sign the lease.
Track Maintenance Requests Online
Rental property ownership isn’t always sunshine and rainbows. Broken windows, leaky toilets, and furnace outages can be an all too often occurrence. While TenantCloud can’t fix your house, it allows tenants to file online maintenance requests.
You can send your requests to local service providers who can complete the service request and send you the bill all using TenantCloud. When you use TenantCloud for tracking maintenance requests, you can be sure that the financial tracking is covered as well as the work itself.
45-Day Free Trial
If you aren’t sure whether TenantCloud is right for you, it offers a free 45-day trial for landlords and property managers. This trial can help you decide whether TenantCloud offers enough functionality or whether you need to upgrade to a higher service level or different software.
This low-risk trial is a great value if you’re a cost-sensitive landlord who wants to ensure you’re getting value before paying a monthly fee.
Are There Any Fees?
TenantCloud offers three service levels, Starter, Growth, and Business. Starter costs $12 per month and allows you to list and manage “unlimited” units, however, it doesn’t offer important features like Lease Builders, accounting sync with accounting software QuickBooks, or any of the property management features (designed for property managers rather than landlords).
Starter also has a few practical limits (especially only 10 tenant leads per month) that would make it tough to manage more than around a dozen properties effectively.
The Growth plan costs $40 per month. This level expands the practical limits, and can accommodate up to two dozen or more properties. Growth also unlocks all the property management features, so it can be used by property managers as well as landlords.
The Business plan unlocks features for managing a team through TenantCloud. You can easily manage hundreds or even thousands of units through TenantCloud. The pricing for Business depends on the number of units under management.
How Does TenantCloud Compare?
While TenantCloud offers very low pricing for its starter set, the functionality is limited compared to its closest competitor, Rentec Direct. Rentec Direct allows you to set up multiple user accounts with its introductory product (Rentec Pro). To unlock that functionality, you’ll need to upgrade to TenantCloud Business.
That said, TenantCloud offers the basics very inexpensively. You can advertise your properties, track leads, manage maintenance requests, screen tenants and collect rent through the software for just $12 per month. Most landlords with fewer than a dozen properties will be perfectly happy with the Starter plan.
Overall, TenantCloud offers excellent value for those who can use the Starter service level. If you need to upgrade to the “Growth” level, Rentec Direct may offer more functionality at a similar price point (though Rentec’s pricing depends on the number of units listed).
If you’re price sensitive, you may want to consider free services like Baselane and Avail. Both platforms offer surprisingly robust accounting, rent collection, maintenance tracking, and tenant screening tools.
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Header
|
|
 |
 |
|---|---|---|---|
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Rating |
|||
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Pricing |
$15-$50/month; save 20% by paying annually, custom pricing available on Business plan |
$45-$2750/month, save 10% by paying annually |
Free |
|
Online Payments |
Yes |
Yes |
Yes |
|
Tenant Screening |
Yes |
Yes |
No |
|
Rent Collection |
Yes |
Yes |
Yes |
|
Cell
|
How Do I Open A TenantCloud Account?
To open a TenantCloud Account, simply go to the green sign-up button and enter your email address. Then provide details of at least one of your rental properties.
After that, you have to provide your payment details (Full Name and Credit Card Number) which will be used to pay for your subscription unless you cancel before the end of the 45-day trial.
You can onboard more properties during your trial period or after you’ve decided whether to purchase a subscription.
Is It Safe And Secure?
TenantCloud offers one of the most comprehensive security designs for rental property software. Because it is a cloud-first software, it is designed specifically to keep tenant and landlord information safe.
It has best-in-class encryption, access, and security policies (something shared by other top property management software like Rentec Direct). Overall, using software like TenantCloud is much safer and more secure than using a personal cloud account (like Google Drive), and likely more traceable than pen-and-paper transactions.
There is always a risk that TenantCloud could be hacked, and you and your tenants could lose personal information. But the security measures put in place by TenantCloud make that a fairly remote possibility.
How Do I Contact TenantCloud?
TenantCloud’s address is P.O. Box 709522, Sandy, UT 84070. You can email the customer support team at support@tenantcloud.com or call 1-888-364-7408 from 9 AM to 5 PM Central Time. Current customers can also reach out for help using the TenantCloud App.
Is It Worth It?
TenantCloud is inexpensive software that makes landlording easier. The tenant screening and onboarding are especially robust considering the price you’ll pay. However, you have to upgrade to TenantCloud Business to have robust communication and team management features. If the communication piece is important to you (no matter how small your real estate portfolio is), you’ll want to look for an alternative.
Overall, TenantCloud is a good bargain software, but you can find more robust alternatives for modest price increases.
Editor: Colin Graves Reviewed by: Chris Muller
The post TenantCloud Review: Key Features, Pricing, Pros And Cons appeared first on The College Investor.
from The College Investor
Famed billionaire, Andrew Carnegie once said, “Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.”
Whether his statement about millionaires is true or not, real estate investing remains a proven way to grow wealth. But if you choose to invest in physical real estate (rather than REITs), the work doesn't end after you purchase a property.
To ensure the best return on your real estate portfolio, you need to manage your property(s) effectively. TenantCloud recognizes this challenge and provides software to help landlords and property managers who need to take care of multiple properties.
In this TenantCloud review, I'll explain how the software works, the pros and cons, and share some comparable alternatives.
Quick Summary
- Internet-based property management software designed for small and mid-sized landlords.
- It simplifies sending and accepting applications, signing leases, collecting rent, and tracking maintenance requests.
- Can be used by landlords with a few properties or investors with hundreds of properties.
|
TenantCloud Details |
|
|---|---|
|
Product Name |
TenantCloud |
|
Number of Units |
Unlimited units on all plans |
|
Monthly Fee |
$15-$50/month, 20% discount when paid annually |
|
Key Features |
Rent Collection, Property Listing, Tenant Screening |
|
Promotions |
45-day free trial |
What Is TenantCloud?
TenantCloud is a property management software app designed for landlords and property managers. Launched in 2014, the company has a “cloud first” approach to software.
That means that the software, its security protocols, and all of the tools offered by TenantCloud are designed to be secure, internet-based tools. Today, TenantCloud supports over 3 million landlords and tenants in all 50 states and in over 40 countries.
What Does It Offer?
TenantCloud offers tools that help landlords and property managers manage their finances, market their properties, and ensure tenants are satisfied with their rental experience. Here are some of the key features you can expect when you sign up with TenantCloud.
Simplified Rent Collection and Accounting
TenantCloud allows you to collect rent on an unlimited number of units. Online rent collection simplifies makes it easy for tenants and landlords to manage monthly rental payments. No more quibbling over when rent is due, TenantCloud establishes that for you.
In addition to collecting rent, TenantCloud allows you to pay service providers, so you can properly allocate your maintenance expenses to each unit. The software makes it easier to figure out how profitable your portfolio is, and it makes filing your Schedule E taxes much simpler.
List Your Vacant Properties
Listing properties for rent can be surprisingly time-consuming, even if you only have one or two properties to list. You need to make unique listings for Apartments.com, Realtor.com, Hot Pads, Trulia, etc.
TenantCloud simplifies the listing process by allowing you to create one listing on the TenantCloud platform. When the listing is ready, TenantCloud syndicates it to all the major listing sites. Once you mark the property as occupied, TenantCloud takes the listing down.
TenantCloud also makes it easier for potential tenants to ask questions and apply for the apartment. You don’t need to field questions via email or text message. Instead, you can field all leads through the software.
Streamlines Tenant Onboarding
Marketing your apartment is one thing, but getting a tenant in place is another. TenantCloud simplifies that by ensuring that all applicants receive a thorough background check as part of the application process.
The background check covers criminal history, eviction history, income verification, and credit history. As a landlord, you can decide whether to pay for the background check or whether to have applicants pay for it themselves.
Once you have chosen a tenant, you can get them in place quickly by using TenantCloud to send the lease. Both parties can use TenantCloud to e-sign the lease.
Track Maintenance Requests Online
Rental property ownership isn’t always sunshine and rainbows. Broken windows, leaky toilets, and furnace outages can be an all too often occurrence. While TenantCloud can’t fix your house, it allows tenants to file online maintenance requests.
You can send your requests to local service providers who can complete the service request and send you the bill all using TenantCloud. When you use TenantCloud for tracking maintenance requests, you can be sure that the financial tracking is covered as well as the work itself.
45-Day Free Trial
If you aren’t sure whether TenantCloud is right for you, it offers a free 45-day trial for landlords and property managers. This trial can help you decide whether TenantCloud offers enough functionality or whether you need to upgrade to a higher service level or different software.
This low-risk trial is a great value if you’re a cost-sensitive landlord who wants to ensure you’re getting value before paying a monthly fee.
Are There Any Fees?
TenantCloud offers three service levels, Starter, Growth, and Business. Starter costs $12 per month and allows you to list and manage “unlimited” units, however, it doesn’t offer important features like Lease Builders, accounting sync with accounting software QuickBooks, or any of the property management features (designed for property managers rather than landlords).
Starter also has a few practical limits (especially only 10 tenant leads per month) that would make it tough to manage more than around a dozen properties effectively.
The Growth plan costs $40 per month. This level expands the practical limits, and can accommodate up to two dozen or more properties. Growth also unlocks all the property management features, so it can be used by property managers as well as landlords.
The Business plan unlocks features for managing a team through TenantCloud. You can easily manage hundreds or even thousands of units through TenantCloud. The pricing for Business depends on the number of units under management.
How Does TenantCloud Compare?
While TenantCloud offers very low pricing for its starter set, the functionality is limited compared to its closest competitor, Rentec Direct. Rentec Direct allows you to set up multiple user accounts with its introductory product (Rentec Pro). To unlock that functionality, you’ll need to upgrade to TenantCloud Business.
That said, TenantCloud offers the basics very inexpensively. You can advertise your properties, track leads, manage maintenance requests, screen tenants and collect rent through the software for just $12 per month. Most landlords with fewer than a dozen properties will be perfectly happy with the Starter plan.
Overall, TenantCloud offers excellent value for those who can use the Starter service level. If you need to upgrade to the “Growth” level, Rentec Direct may offer more functionality at a similar price point (though Rentec’s pricing depends on the number of units listed).
If you’re price sensitive, you may want to consider free services like Baselane and Avail. Both platforms offer surprisingly robust accounting, rent collection, maintenance tracking, and tenant screening tools.
|
Header
|
|
|
|
|---|---|---|---|
|
Rating |
|||
|
Pricing |
$15-$50/month; save 20% by paying annually, custom pricing available on Business plan |
$45-$2750/month, save 10% by paying annually |
Free |
|
Online Payments |
Yes |
Yes |
Yes |
|
Tenant Screening |
Yes |
Yes |
No |
|
Rent Collection |
Yes |
Yes |
Yes |
|
Cell
|
How Do I Open A TenantCloud Account?
To open a TenantCloud Account, simply go to the green sign-up button and enter your email address. Then provide details of at least one of your rental properties.
After that, you have to provide your payment details (Full Name and Credit Card Number) which will be used to pay for your subscription unless you cancel before the end of the 45-day trial.
You can onboard more properties during your trial period or after you’ve decided whether to purchase a subscription.
Is It Safe And Secure?
TenantCloud offers one of the most comprehensive security designs for rental property software. Because it is a cloud-first software, it is designed specifically to keep tenant and landlord information safe.
It has best-in-class encryption, access, and security policies (something shared by other top property management software like Rentec Direct). Overall, using software like TenantCloud is much safer and more secure than using a personal cloud account (like Google Drive), and likely more traceable than pen-and-paper transactions.
There is always a risk that TenantCloud could be hacked, and you and your tenants could lose personal information. But the security measures put in place by TenantCloud make that a fairly remote possibility.
How Do I Contact TenantCloud?
TenantCloud’s address is P.O. Box 709522, Sandy, UT 84070. You can email the customer support team at support@tenantcloud.com or call 1-888-364-7408 from 9 AM to 5 PM Central Time. Current customers can also reach out for help using the TenantCloud App.
Is It Worth It?
TenantCloud is inexpensive software that makes landlording easier. The tenant screening and onboarding are especially robust considering the price you’ll pay. However, you have to upgrade to TenantCloud Business to have robust communication and team management features. If the communication piece is important to you (no matter how small your real estate portfolio is), you’ll want to look for an alternative.
Overall, TenantCloud is a good bargain software, but you can find more robust alternatives for modest price increases.
Editor: Colin Graves Reviewed by: Chris Muller
The post TenantCloud Review: Key Features, Pricing, Pros And Cons appeared first on The College Investor.
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