TenantCloud Review: Is It Right for Your Real Estate Business? (2024)

There is a plethora of reasons why we recommend TenantCloud. For one, it has a free trial for 45 days that gives landlords and property managers access to basic property management features, such as unlimited properties, free listing, tenant screening, rent collection, and maintenance tracking. This all-in-one software empowers landlords to be more efficient by automating rental processes, thereby saving time and maximizing profitability.

In addition, TenantCloud provides advanced features for property managers to find and track tenant leads, manage team members, and perform financial reporting on the same platform. What’s more, TenantCloud has a mobile app that landlords, property managers, tenants, owners, and service providers can download for free and use on the go.

While we don’t have a lot of negative things to say about TenantCloud, new landlords might need time to familiarize themselves with the platform due to its robust features. You can try RentRedi, another robust property management platform with multiple landlord functionalities. What we like about RentRedi is its user-friendly mobile app that helps protect your real estate investments, filter the right applicants, and manage existing tenants.

Sample landlord or property manager account (Source: TenantCloud)

TenantCloud offers several tools for landlords to list their properties online. Create your own listing website, market vacancies, and highlight property features to prospects. Add personal and company info, add team members, upload photos, create a gallery, and set up rental applications. If you purchase a Growth or Business plan, you can customize your website to include your unique logo and brand.

Landlords can post unlimited listings and add pictures, unit amenities, descriptions, and lease terms to make the listings stand out. You can even schedule a tour with prospects. Once you post a listing, it will be automatically posted on partner sites like Apartments.com, Rentler, and Zillow Group.

In partnership with Rentler, TenantCloud enables landlords to find millions of potential tenants. All you need to do is add your vacant units to TenantCloud and see all potential tenants matched with your property. You can view prospects who contacted you using the built-in leads tracking tool and invite them to apply. You can also modify the lead status, add notes, log calls and meetings, and upload files.

Your applicants can view your listings and directly apply on your website by simply clicking the “Apply Now” button and filling in the application form. Once a new application is submitted, you will get notified so you can proceed with tenant screening.

Rental applications are sent to your TenantCloud account for you to easily accept them online. Modify your application, add your screening questions, and choose documents tenants must upload. Landlords can customize the application template and include standard information, such as residence and employment history, income, and references. To speed up your application process, set up an application fee that covers the screening costs and request background and credit checks.

TenantCloud helps landlords protect their real estate investments through a comprehensive online tenant screening process. Choose from three tenant screening packages: full check, background check, and credit report. A full report includes background and credit checks and an eviction history.

You can order an individual background report if you only need to verify a tenant’s identity and their criminal, education, employment, and eviction history. The background report will include national criminal search, instant state data, national sex offender data, Office of Foreign Assets Control (OFAC), and most wanted searches.

Order a separate credit report or request a full tenant check to determine the applicant’s financial and payment performance. Powered by TransUnion, the report includes Social Security number (SSN) verification, address history, bankruptcy search, and full credit report with resident score. The tenant screening reports will help you predict the quality of a tenant, so you can make wise investment decisions. You must activate your listing website to access the tenant screening feature.

With TenantCloud, you can build and upload your lease documents. Its document builder allows property managers to create custom lease agreements that adhere to state-specific laws. You simply fill in all the property details, set up rent fees, and have tenants purchase or provide their renter insurance. You can even choose the agreement template using the template builder. Note that the number of templates you can create varies depending on the subscription.

Also, you can request e-signatures from tenants on any device. Once they’ve signed the lease agreement, your lease becomes active, and you can collect their rent payments online. Aside from lease agreements, you can also create notice templates you can use for important announcements. This includes rent increases, move-out forms, and late fee policies, which you can easily share with your tenants. You can also attach and upload your files to the cloud for reference and easy access.

TenantCloud makes it convenient for landlords and tenants to collect and pay rent online. Rent payments will directly go to your bank account, so you don’t need to cash checks in person. Tenants can deposit ACH payments or pay via their debit and credit cards. You can also add multiple bank accounts. Once tenants make payments, you will get notified and can track their payment history. Moreover, you can pay service providers through TenantCloud.

Your tenants can set a recurring monthly payment through Auto Pay. You can also set up grace and late fees and invoices for late payments, which could motivate your tenants to pay their rent on time. Landlords can adjust the payment settings to customize payment allowances for certain tenants, adjust rules for late payments, or allow tenants to pay partial rent before the due date.

Another useful feature is rental accounting, which enables you to store, sort, retrieve, and summarize financial data. With this, you can easily track property transactions and balances, schedule invoices, late fees, and receipts, apply deposits, refunds, and discounts, and export all your account data to a ZIP file.

Additionally, you can produce a Schedule E prep document and other tax reports. Generate a 1099 tax form and conveniently send digital copies to recipients through your account. For Growth plan subscribers, you can synchronize income and expense transactions with QuickBooks to focus on more urgent tasks.

To ensure your rental property is in its best shape, accept and monitor property maintenance requests through TenantCloud. Your tenant can upload pictures and videos to further explain the problem without calling you. This saves you time as you no longer need to drive to the property to understand the issue.

Each maintenance request will have a unique number and undergo three stages: new, in progress, and resolved. Create invoices, share the request with multiple tenants on the lease, and keep track of materials used and time spent to fix the issue.

What’s great about this feature is that it allows you to contact and collaborate directly with service providers registered on the app. Assign a service pro to a maintenance request and message service pros and tenants inside the maintenance request for easy tracking. Further, create invoices linked to the maintenance request to monitor all related expenses. If you need service pros for another home repair or improvement project, simply create a task and get a quote from a local contractor.

TenantCloud makes 24/7 tenant-landlord communication easy. Landlords can chat and share files with tenants through the TenantCloud (TC) Messenger—an internal message system. The Property Message Board is another feature where you can leave messages or post announcements for all tenants on the same property. You can also get email and feed notifications for new invoices and applications on the software. The TC Messenger can be used to contact service providers.

Your contacts will be notified on their account and via email when you send them a message. For your added convenience, the contacts list is categorized into “tenants,” “service pros,” “teams,” “owners,” and “maintenance requests” channels. Note that you can only send and receive messages from connected users within TenantCloud.

TenantCloud’s team management feature is beneficial for property managers handling multiple team members and rental properties. Property managers can add their team members, customize team permissions, assign tasks, and create reminders in one place. With team messaging, contact your team, tenants, and owners on the same messaging platform for more efficiency. You also have the choice to communicate as the property manager or main office.

The property manager can assign properties to specific team members and grant them access to property-related leases, accounting transactions, listings, and applications. By using the team management feature, you can discuss tenant issues as a team and address owner issues faster. To track the changes made by each admin, you can view the team activity history.

If you want to lease the same rental unit to multiple tenants, TenantCloud’s Roommates feature helps you move in tenants and track each of their payments. Each roommate must set up their own TenantCloud account to access the lease and transactions. Tenants can pay their individual portion of the rent or make joint payments.

The Roommates feature further permits you to run a screening report, upload or send lease agreements, and organize rental payments for each tenant. Landlords can also add credits, discounts, and refunds for each tenant, schedule rent increases and decreases, and return or apply deposits toward unpaid invoices. On top of that, landlords can send a notice to a specific roommate.

Lead tracking makes it easy for landlords and property managers to view all prospects and Premium Leads. Leads who reach out from your listing website, request tours, send questions, or submit rental applications will automatically appear in your customer relationship management (CRM) tool. You can also add leads manually.

Invite leads to apply to your vacant rentals using your account, making the rental process easier for landlords and tenants. With Premium Leads, the system matches your vacant properties with the best applicants looking for rental units, helping you fill vacancies faster. If you post your listing on your TenantCloud website, your listing will be sent to tenants using the Rentler app. They will show up as a potential Premium Lead under your listing if it fits their preference.

Once leads are added to the CRM, you can easily monitor and change their status, log calls and meetings, and even add notes and files for future reference. With Leads Text Messaging, you can communicate with leads via text through the “Leads” channel in your TC messenger. If you have team management features, you can assign leads and create tasks for your team members. This makes lead conversion faster and easier.

TenantCloud offers a free mobile app that landlords, property managers, tenants, owners, and service providers can download on iOS and Android devices. This is a perfect solution if you’re always on the go, as you don’t have to constantly log in and out of your account. Easily access your properties, units, leases, accounting, and maintenance requests on your mobile phone and tablet. You can also manage your team, collect rent, and screen tenants on the app.

To ensure your data security and privacy, all your TenantCloud info is protected in Amazon Web Services (AWS) data centers, which provide a secure, extensive, and reliable cloud platform.

TenantCloud customer support (Source: TenantCloud)

Customizing dashboard with widgets (Source: TenantCloud)

• Breakdown
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