What are the similarities and differences of RentRedi and Landlord Studio property management software and which is right for you?
For landlords managing their own rental properties, there are countless apps available that can help with every aspect of property management from online rent collection and tenant screening to accounting. We’re here to help you decide which property management software is the best fit for your portfolio to help you save time, money, and stress.
In this article, we guide you through a comparison of RentRedi and Landlord Studio by taking a closer look at some of the features they offer. Both market themselves as end-to-end solutions for property management but there are a few differences to consider.
They key difference between the two are in the primary functionality of the platforms. Landlord Studio is designed to help you do away with time-consuming and error prone spreadsheets, offering a platform that will help you streamline your income and expense tracking to remove the stress from tax time and help give you nuanced insights into your portfolio performance.
As such, Landlord Studio has powerful accounting features such as bank feed integration, automated income tracking, receipt scanner, accountant approved reporting, and even integrations with powerful full-service small business accounting platforms like Xero.
RentRedi is much more geared towards the property management aspect of running a rental with key features designed to make managing maintenance requests and dealing with tenants easy and efficient.
Whereas Landlord Studio has a full suite of accounting features built into the software, RentRedi offers these features at an additional cost. Through REI Hub, they offer automatic payment syncing, bank feed integration, and income and expense tracking. These accounting features are available at a premium:
With Landlord Studio, these advanced accounting features are built into the standard plan.
Both Landlord Studio and RentRedi offer rent collection tools. RentRedi allows tenants to pay using cash as well as online. Both platforms charge a small transaction fee.
With Landlord Studio, tenants can log into the tenant portal at any time to review upcoming and historical payments, and can easily set their rent payments to be paid automatically. Built into this feature all payments made through Landlord Studio are automatically reconciled in our income tracker.
One feature that RentRedi prides itself on is rental property maintenance. Tenants can submit requests and landlords can coordinate maintenance from the app and there is also a timeline of activity for landlords to view. However, similarly to the accounting features, the full-service maintenance functionality (through RentRedi’s partnership with Latchel) comes at an additional cost:
Landlord Studio plans to release maintenance requests later this year. At this time, landlords have the ability to track maintenance expenses and suppliers through Landlord Studio.
Both RentRedi and Landlord Studio use TransUnion SmartMove tenant screening.
Landlord Studio has integrated their tenant screening reporting into the tenant application process. This allows you to collect and prescreen tenant applicants and then easily run a comprehensive tenant screening report on qualifying tenants with just a few quick taps.
Unlike RentRedi, landlords using Landlord Studio can choose to pass this cost onto their tenants or pay themselves.
RentRedi plans are categorized by duration, rather than the number of units a landlord has or the number of features that are made available. This is great for flexibility, as you aren’t tied into a long contract but the costs can quickly add up with the additional fees incurred to use certain features. For example, the accounting capabilities, which are provided in partnership with REI Hub, and the maintenance features (through Latchel) come at a premium.
RentRedi’s pricing is as follows:
On the other hand, Landlord Studio has a free plan for landlords with 1 - 3 properties and scale as you grow your portfolio and manage more units.
Even on the full Free plan, landlords are able to use essential bookkeeping features such as income and expense tracking and reporting, not to mention online rent collection and tenant screening.
This is a summary of just some of the features and differences between RentRedi and Landlord Studio.
RentRedi’s key benefits include it’s maintenance functionality and rent collection flexibility. However, users will likely find that several of the essential features they require do come at an additional premium.
Landlord Studio outshines with industry leading accounting and tax reporting features. As such, if you’re looking for a way to streamline your rental property accounting through bank feed integration, advanced reporting, smart scan receipts, and more, Landlord Studio is the property management solution for you.
These features are built into the app as a whole, making Landlord Studio a great end-to-end option that will grow with your portfolio.
“Landlord studio has saved me a lot of time and money. The dashboard is a great way to see your incoming rent and outgoings, the app is multi-platform and I end up using this both on my phone and web browser. It supports many types of properties and is good to keep a track of tenants. A lot of features and I see they are implementing new features on a regular basis.”
Manoj P. - REVIEW FROM CAPTERRA
Has all the features I would want. Even more impressive is they have a very engaging development team who are open, responsive and supportive to enhancements if you feel there are improvements that can be made.
Jason J. -REVIEW FROM CAPTERRA
“This software is everything we need for the management of our properties. We can track the expenses, the earnings, the taxes, that’s just a few things we can do with it. Plus, is so easy to use.”
Ashley C. - REVIEW FROM CAPTERRA