Famous billionaire, Andrew Carnegie once said, “Ninety percent of all millionaires become so through owning real estate. More money was made in real estate than in all industrial investments combined. The wise or salaried young man of today invests his money in real estate.
Whether his statement about millionaires is true or not, property investment remains
a proven way to grow wealth. But if you choose to invest in physical real estate (rather than REITs), the work does not stop after the purchase of a property.
To ensure the best return on your real estate portfolio, you must effectively manage your property(ies). TenantCloud recognizes this challenge and provides software to help property owners and managers who have to deal with multiple properties.
In this TenantCloud review, I’ll explain how the software works, the pros and cons, and share some comparable alternatives.
- Internet-based property management software designed for small to medium sized property owners.
- It simplifies the sending and acceptance of applications, the signing of leases, the collection of rents and the follow-up of maintenance requests.
- Can be used by owners with a few properties or investors with hundreds of properties.
Unlimited units on all plans
$15-$50/month, 20% off when paid annually
Rent collection, list of properties, selection of tenants
What is TenantCloud?
This means that the software, its security protocols and all 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 more than 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 happy 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. Simplified online rent collection makes it easy for tenants and landlords to manage monthly rent payments. No need to quibble about the due date of the rent, TenantCloud establishes it for you.
In addition to collecting rent, TenantCloud lets you pay service providers, so you can properly allocate your maintenance expenses to each unit. The software makes it easier to determine the profitability of your portfolio and facilitates the deposit of 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 create unique listings for Apartments.com, Realtor.com, Hot Pads, Trulia, etc.
TenantCloud simplifies the listing process by allowing you to create a listing on the TenantCloud platform. When the listing is ready, TenantCloud syndicates it to all major listing sites. Once you mark the property as occupied, TenantCloud removes the listing.
TenantCloud also makes it easier for potential tenants to ask questions and apply for the apartment. You do not need to answer questions via email or SMS. Instead, you can grab all the tracks through the software.
Streamlines tenant onboarding
Marketing your apartment is one thing, but setting up a tenant is another. TenantCloud simplifies this by ensuring that all applicants receive a thorough background check as part of the application process.
The background check covers criminal history, deportation history, income verification and credit history. As the owner, you can choose to pay for the background check or have the applicants pay themselves.
Once you’ve chosen a tenant, you can set it up quickly by using TenantCloud to submit the lease. Both parties can use TenantCloud to electronically sign the lease.
Track maintenance requests online
Rental property doesn’t always mean sunshine and rainbows. Shattered windows, leaky toilets and furnace failures can be all too common. Although TenantCloud cannot repair your home, it does allow tenants to file maintenance requests online.
You can send your requests to the local service providers who can complete the service request and send the invoice to you using TenantCloud. When you use TenantCloud to track maintenance requests, you can be sure financial tracking is covered as well as the work itself.
45 day free trial
If you’re not sure if TenantCloud is right for you, it offers a 45-day free trial for property owners and managers. This trial can help you decide if TenantCloud offers enough functionality or if you need to upgrade to a higher service level or different software.
This low-risk trial is great value if you’re a cost-conscious owner who wants to make sure you’re getting value before paying a monthly fee.
Are there any fees?
TenantCloud offers three tiers of service, Starter, Growth, and Business. Starter costs $12 per month and allows you to list and manage “unlimited” units, however, it does not offer important features such as lease builders, accounting sync with accounting software QuickBooks or one of the property management features (designed for property managers rather than landlords).
Starter also has some practical limitations (specifically only 10 tenant prospects per month) that would make it difficult to effectively manage more than a dozen properties.
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 property management features, so it can be used by property managers as well as landlords.
The Business plan unlocks team management features through TenantCloud. You can easily manage hundreds or even thousands of units through TenantCloud. Pricing for businesses depends on the number of units under management.
How does TenantCloud compare?
While TenantCloud offers very low prices for its starter bundle, functionality is limited compared to its nearest competitor, Rentec Direct. Rentec Direct lets you set up multiple user accounts with its introductory product (Rentec Pro). To unlock this feature, you will need to upgrade to TenantCloud Business.
That said, TenantCloud offers the basics at very little cost. You can advertise your properties, track leads, manage maintenance requests, screen tenants, and collect rent through the software for just $12 per month. Most owners with less than a dozen properties will be perfectly happy with the Starter plan.
Overall, TenantCloud offers excellent value for money for those who can use the Starter level of service. If you need to upgrade to the “Growth” level, Rentec Direct can offer more features at a similar price (although Rentec’s price depends on the number of units listed).
If you are price sensitive, you might want to consider free services like Baselane And To profit from. Both platforms offer surprisingly robust accounting, rent collection, maintenance tracking, and tenant screening tools.
On your mind
$15 to $50/month; save 20% when paying annually, custom pricing available on Business plan
$45 to $2,750/month, save 10% when paying annually
How do I open a TenantCloud account?
To open a TenantCloud account, simply go to green sign up button and enter your email address. Next, provide details of at least one of your rental properties.
After that, you must provide your payment information (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 period.
You can integrate more properties during your trial period or after deciding whether or not to purchase a subscription.
Is it safe and secure?
TenantCloud offers one of the most comprehensive security designs for rental software. Because it is cloud-based software, it is specifically designed to keep tenant and landlord information secure.
It has best-in-class encryption, access, and security policies (something shared by other leading 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 trackable than pen and paper transactions.
There is always a risk that TenantCloud will be hacked and you and your tenants could lose personal information. But the security measures TenantCloud has in place make that a pretty remote possibility.
How do I contact TenantCloud?
TenantCloud’s address is PO Box 709522, Sandy, UT 84070. You can email the customer support team at email@example.com or call 1-888-364-7408 from 9 a.m. to 5 p.m. h, central time. Current customers can also request support using the TenantCloud app.
Is it worth it?
TenantCloud is inexpensive software that makes renting easy. Tenant selection and onboarding is particularly robust considering the price you’ll pay. However, you must upgrade to TenantCloud Business to have robust communication and team management features. If communication is important to you (regardless of the size of your real estate portfolio), you’ll want to look for an alternative.
Overall, TenantCloud is good bargain software, but you can find more robust alternatives for modest price increases.