Real estate through the ages

1. Sears used to sell mail-order houses.

Think Amazon revolutionized purchase-and-ship shopping? Think again! In the early 20^th century, Sears, Roebuck & Co. let Americans order entire kit homes through Sears catalog homes — delivered straight to their doorsteps. Sears sold over 70,000 home kits before ending production in 1940. Today, these historic Sears homes are rare finds, often selling quickly, thanks to their unique charm and craftsmanship. Keep an eye out — you might spot one on the market!

2. Russia sold Alaska to the US for 2 cents per acre.

In 1867, Russia sold Alaska to the US for just $7.2 million — a mere two cents per acre, per the US Office of the Historian! At the time, many saw the land as a frozen wasteland, but it later proved to be a gold mine of natural resources like gold, oil, and timber. Talk about a bargain deal in real estate history!

Fun facts about famous homes and places

3. The iconic Hollywood sign was originally a real estate stunt.

The Hollywood Sign wasn’t always a symbol of fame and fortune — it started as a real estate ad! Originally reading “Hollywoodland,” the sign was built in 1923 to promote a new housing development. Over time, the last four letters were removed, and it evolved into the legendary icon of the entertainment industry we know today.

4. The largest residential home is in Mumbai, India.

Antilia, the largest residential home in the world, is located in Mumbai, India, per the Guinness World Records. Owned by Mukesh Ambani, the chairman of Reliance Industries, this 27-story building spans 400,000 square feet and is worth an astounding $2 billion. The house features luxury amenities such as three helipads, nine high-speed elevators, a 50-seat theater, a snow room, and a 168-car garage. It definitely fits the criteria for weird real estate listings!

5. A Canadian company owns the Mall of America.

The Mall of America is the largest mall in the US — it even has its own ZIP code! Owned by the Ghermezian family through their Canadian company, Triple Five Group, this megamall is part of their impressive real estate portfolio, including the West Edmonton Mall in Canada and the American Dream Mall in New Jersey. Originally from Iran, the Ghermezians have built some of the world’s most famous shopping destinations, proving their influence stretches far beyond North America!

Quirky real estate trends and superstitions

6. Corner properties are considered less desirable in some countries.

In some countries, corner properties aren’t always the most desirable. While they offer more visibility and extra sidewalk space, they also come with increased traffic noise, fewer neighbors, and even a higher risk of burglaries. Plus, some buyers find them too exposed to pedestrians, making privacy a concern. Would you consider buying a corner lot, or would you rather stay tucked away?

7. It’s bad luck to give a knife as a housewarming gift.

Gifting a knife for housewarming is considered bad luck in some cultures. According to superstitions, a knife symbolizes severing a relationship or cutting ties between the giver and the homeowner! But if you want to give a knife as a housewarming gift, include a penny with the knife. This way, the homeowner can return the penny to you as “payment” for the knife. So, technically, it’s not a gift! Crisis averted!

8. Architectural eagles symbolize freedom from mortgages.

There are many ways homeowners celebrate the full payment of their mortgage. One of the more popular (and deeply American) ways was to put a cast iron eagle on the outside of a home. The eagle represents strength and freedom, which align with financial independence.

Related: Emerging Real Estate Industry Trends

Eye-opening real estate prices and sales

9. The most expensive ZIP code in the US is 94027.

If you still don’t know this, the most expensive ZIP code is located in Atherton, California. According to data from Redfin, in February 2025, the median home price in Atherton was $12 million. Home to tech billionaires, celebrities, and Silicon Valley executives, Atherton’s exclusivity is maintained by large lots and strict zoning laws that limit housing density. This keeps property values sky-high and competition fierce!

10. A house sold on eBay.

In 2008, British adventurer Ian Usher took “starting fresh” to a whole new level — he put his entire life up for sale on eBay! This included his house, car, job, and even introductions to his friends in Perth, Australia. After a tough divorce, Usher decided to auction off everything he owned, with the winning bid coming in at $384,000 AUD ($305,000 USD at the time). Talk about a bold reset!

Related: Real Estate Agent Statistics, Insights & Trends

Real estate around the world

11. There is a toilet house in South Korea.

In South Korea, there’s a one-of-a-kind toilet-shaped house known as Haewoojae, or “Mr. Toilet House” . Originally the home of Sim Jae-Deok, a passionate advocate for better public restrooms, this quirky structure now serves as a museum dedicated to the history and evolution of toilets. Would you ever list a toilet-shaped property on the market?

12. A building in Vietnam is full of coffee shops.

Coffee lovers, take note! In Ho Chi Minh City, there’s a one-of-a-kind building called “The Cafe Apartment.” This nine-story structure is packed with unique coffee shops, each offering its own ambiance and specialty drinks. Over the years, the building has become a popular destination for locals and tourists, providing a variety of cafes where you can enjoy a drink while overlooking the bustling city. Perhaps the only factor influencing your choice of a coffee shop for the day is its interior design.

Related article: Interior Design Trends Ready to Take Over

13. Scottish homeowners paint their doors red to show they’re mortgage-free.

In Scotland, it’s said some homeowners celebrate paying off their mortgage in style — by painting their front door! This long-standing tradition is a proud symbol of financial freedom and a way to announce their big achievement to the world. After all, what’s more exciting than owning your home debt-free?

14. Japan demolishes houses after 30 years.

In Japan, homes are often demolished and rebuilt after about 30 years — a stark contrast to many countries where historic properties are prized. This practice is driven by many factors, including the necessity to meet evolving green building trends, earthquake safety standards, and a cultural preference for modernity. Would you tear down a home after just three decades?

Related article: Emerging Real Estate Industry Trends

15. Burj Khalifa’s elevator travels through 140 floors.

The Burj Khalifa isn’t just the tallest building in the world — it also has an elevator system that reaches incredible heights! One of its elevators travels through 140 floors, making it the third-fastest elevator globally. But that’s not all — the Burj Khalifa also holds records for having the most floors and the highest occupied floor of any building. Now, that’s what you call taking things to the next level!

16. Castles are for sale in the UK.

While homebuyers in the US are often drawn to the latest smart homes, those in the UK may find a different type of luxury appealing. If your client has millions to invest, tell them it’s possible to buy historic castles in Scotland and Ireland! These castles, often set in sprawling estates, offer luxurious living and a chance to own a piece of history. Forget smart locks — how about a moat?

FAQs

What are some interesting facts about being a real estate agent?

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The final walkthrough

If you love some of these real estate fun facts, share them online (you can use our best real estate social media templates). They’ll be a sure hit for your audience. Do you have more interesting facts about real estate up your sleeve? We’d love to hear them. Let us know in the comments!

The post Real Estate Trivia: 16 Fun Facts You Must Know in 2025 appeared first on The Close.

What Is the Role of a Home Inspector?

A home inspector meticulously examines a residence’s physical structure and systems and then offers a comprehensive report highlighting potential concerns. The inspection covers key areas, such as the condition of the home’s roof, walls, windows, doors, foundation, plumbing, electrical systems, heating and cooling systems, and insulation.

This examination is about identifying current problems and uncovering potential issues that could arise in the future. The best home inspections will include an extremely detailed report that provides a critical overview, allowing buyers to make informed purchasing decisions based on the property’s actual condition.

What to Look for When Choosing a Home Inspector

When selecting a good home inspector, you want to make sure you’re choosing a professional who not only possesses the necessary qualifications to be a home inspector but also has experience. They should embody the key qualities essential for conducting a thorough and informative inspection, like attention to detail and good communication. However, given the homebuying process sometimes moves very quickly, you also want to ensure that the home inspector can finish their report in a timely fashion.

Here are some of the most important documents and elements to look for:

Credentials & Certifications

A professional home inspector should be able to share their credentials and certifications with you. Buyers can verify these credentials to ensure compliance with national and local regulations. Investigating their professional background provides insight into their experience and specialization, particularly concerning the type of home you are considering.

Additionally, membership in reputable industry organizations, such as the American Society of Home Inspectors (ASHI) or the International Association of Certified Home Inspectors (InterNACHI), can further attest to their commitment to upholding high standards of practice.

Cost of Inspection

While the cost is an important consideration when hiring a home inspector, it should not be the deciding factor. Opting for the cheapest option might result in a less thorough inspection, potentially missing significant defects that could lead to expensive repairs.

The price of a home inspection varies based on the size and age of the home, as well as the inspector’s experience and the comprehensiveness of their report. It’s essential to view the inspection fee in the context of the overall investment in your home. Investing in a quality inspection can save you from unforeseen expenses, making it a wise aspect of homebuying. Always ensure you understand what is included in the inspection fee to assess its value accurately.

How Much Should Home Inspections Cost?

A buyer can expect to pay between $200 and $500 for a thorough home inspection, but additional services, such as pest, radon, or mold inspection, may increase the cost. The location of the property also plays a huge factor in the price. States like Washington and New Jersey may have higher average inspection prices than Nevada or Wisconsin based on the licensing requirements for inspectors.

When considering cost, also weigh the inspector’s qualifications, experience, and the thoroughness of the inspection they offer. According to Fixr.com, the home inspection cost by the size of the house is broken down by square footage:

Inspection Logistics

The logistics of the home inspection process are key to its success. The inspection should align with your homebuying timeline by offering flexibility to fit within crucial decision-making windows. A thorough inspection typically takes two to four hours, which can vary based on the property’s size, age, and condition.

An inspector who rushes through this process is likely not providing the detailed scrutiny required to identify potential issues. Scheduling should also allow for you to be present during the inspection. This provides an opportunity to ask questions and gain firsthand insights into the property’s condition.

How Long Should a Home Inspection Take?

A comprehensive home inspection should not be rushed. The duration of a home inspection generally varies depending on the size, age, and condition of the property, as well as the scope of the inspection. On average, a thorough inspection should take two to four hours for a typical single-family home. However, larger homes, older investment properties, or those with additional features, such as pools or outbuildings, may require more time, potentially extending inspection time by up to five hours or more.

Factors influencing the length of an inspection include:

• Size of home: Larger homes have more space and potentially more systems to inspect, naturally extending the duration of the inspection.
• Age of the property: Older homes may have outdated systems, potential safety issues, or wear and tear that require a closer look.
• Condition of home: Homes in poor condition with visible defects or maintenance issues may necessitate a more detailed inspection to assess the extent of the problems thoroughly.
• Additional inspections: Specialized inspections for aspects such as pests, radon, mold, or asbestos are not typically included in a standard home inspection and require additional time.

How to Find a Qualified Home Inspector

After understanding what to look for in a home inspector, buyers can begin their quest to find a reputable inspector. This process requires diligence, but there are easily accessible avenues to help you find a home inspector.

For those anticipating future real estate purchases, establishing relationships with a few trusted inspectors can prove invaluable. Building a network of reliable professionals not only streamlines the process for subsequent acquisitions but also ensures consistency in the quality of inspections.

Various resources are available to buyers for locating a new home inspector:

• Real estate agents: Agents often have a list of inspectors they have worked with in the past and can recommend based on professionalism and thoroughness. However, to avoid any conflict of interest, ensure the recommended inspector is known for impartiality.
• Mortgage lenders: Some lenders may also have experience with home inspectors whose reports they trust and can provide recommendations.
• American Society of Home Inspectors (ASHI): ASHI’s “Find an Inspector” tool allows you to search for certified inspectors in your area. Members are required to adhere to the ASHI Standards of Practice and Code of Ethics.
• InterNACHI: InterNACHI offers a directory of certified inspectors who must meet comprehensive education and training requirements.
• National Academy of Building Inspection Engineers (NABIE): If you prefer an engineer’s expertise, NABIE certifies engineers and architects in building inspection.
• Yelp and Google reviews: Online reviews can provide insights into previous clients’ experiences, offering a glimpse into the inspector’s thoroughness, professionalism, and client interaction.
• Better Business Bureau (BBB): The BBB website can be a resource for finding accredited home inspectors and seeing any complaints or accolades associated with their services.
• Local business directories: Local online or printed business directories can list home inspectors in your area, providing a starting point for further research.
• Real estate websites and forums: Websites focusing on real estate and homebuying may have forums or articles recommending specific inspectors or firms known for quality service.

10 Questions to Ask Potential Home Inspectors Before Hiring

When meeting or speaking with potential home inspectors, asking the right questions is key to ensuring you receive a thorough and effective inspection. Knowing how to choose a home inspector will make it easier when approaching home inspectors with critical questions that identify their expertise. By preparing a concise list of questions, you can effectively assess each inspector’s qualifications and select the professional best suited to your needs.

Example questions below to gauge an inspector’s expertise:

1. What does your inspection cover, and what are the limitations?
2. How long have you been a home inspector, and how many inspections have you done?
3. What kind of tools and technology do you use during inspections?
4. How long have you been practicing as a home inspector, and how many inspections have you completed?
5. How much do you charge for an inspection?
6. Do you have specialization in certain types of properties?
7. Can you provide a sample of your inspection report?
8. Are you a member of any professional home inspection organizations?
9. Can you provide references from past clients?
10. How soon after the inspection will I receive my reports?

Bottom Line

Selecting the right home inspector is a critical step in the homebuying process. An effective inspector identifies current problems while offering insights that can impact your decision-making. The process of how to choose a home inspector involves understanding the inspector’s role, assessing their credentials, and recognizing essential qualities that contribute to a thorough and impartial inspection. With the right approach, home inspection can be a valuable tool in making a confident and informed investment.

The post How to Choose a Home Inspector: A Playbook for Investors appeared first on The Close.

Our step-by-step approach will guide you through when and how to hire a property manager, the qualities of a great property manager, and alternatives.

Step 1: Define Your Needs

Before hiring, you must determine the specific services you require from a property manager, such as tenant screening, maintenance, rent collection, and financial reporting. Additionally, consider the level of involvement you want in property management. Assess whether you need legal and regulatory compliance assistance, and define your expectations.

Here are some questions to ask yourself so you can determine your needs:

• Are you looking for a hands-on role in decision-making, or do you prefer a more hands-off approach, delegating most responsibilities to the manager?
• How often do you want to be notified about how your property is performing: weekly, monthly, quarterly?
• What type of communication do you prefer? Email, video conference, in-person, or phone call?
• How will you pay for the service? Will rents cover it, or will you pay a portion out of pocket?
• Do you want interaction with tenants or to remain somewhat anonymous?
• What is your real estate exit strategy, and does it align with the property management contract terms?
• When and how do you want to receive your net proceeds? Direct deposit? A check? Monthly?
• How much of an advance maintenance deposit do you want to provide? If repairs exceed this deposit, what amount can the property manager go over before contacting you?

Choosing Between a Property Manager & Property Management Company

As you master how to hire a property manager, you should also determine whether you’re interested in hiring an individual property manager or a property management company. The decision often depends on the size and complexity of your real estate portfolio, specific needs, and financial resources.

• Those with a single property and wanting a more personal touch may find an individual property manager more suitable. Property managers can build a closer, one-on-one relationship with property owners and tenants, fostering better communication and trust. Additionally, property managers often charge lower fees, making them a cost-effective choice for owners with a single property. Their direct involvement and familiarity with the property can lead to quicker issue resolution.
• Property owners with multiple properties or those needing comprehensive services typically opt for property management companies. Property management companies excel in managing more extensive portfolios, providing a more comprehensive array of services and maintaining established relationships with contractors and suppliers. These offer convenience and scalability for property owners with multiple units.

Step 2: Evaluate Your Budget

You want to ensure you’re charging enough rent to cover all the property’s expenses, including property management fees. Evaluate your budget and be realistic about the costs of hiring a property manager or management company, considering their fees and any additional expenses that may arise. Property management fees can range from 4% to 12% of the gross monthly rent, depending on location and property type. There may also be additional fees for things like leasing and maintenance.

If you know in advance the most you can afford to pay, you’ll be better prepared when you discuss fees with the property manager. It’s essential to strike a balance between your budget constraints and the quality of services you expect, as choosing a property manager solely based on cost may not always result in the best outcome for your property.

Step 3: Research & Interview

Research local companies or individuals—and don’t hesitate to ask fellow property owners for recommendations and interview several candidates. During these interviews, ask about their experience, credentials, and references to find the right fit for your property.

To find prospective property managers, start by contacting other investors, real estate agents, and landlords with firsthand experience. If you need further research, perform an online search with the keyword “property managers near me” (or your property). Read online reviews, check their social profiles, and evaluate their website.

You’ll also want to speak with them in a formal interview. Prepare questions for your interview based on your needs. These can include things like pricing and fees, communication, tenant screening, and their references. Here are a few questions to help you brainstorm:

• How long have you been in business?
• How many properties are you currently managing?
• Do you have a team or work alone?
• What is your fee structure? Can you provide a list of all fees?
• How often will you keep me updated?
• Can I tour a few of your properties and speak to some landlords and tenants you manage?
• What technology will you use?
• Which vendors and subcontractors will you use to handle maintenance? What is the turnaround time for repairs?

Step 4: Check Qualifications

Before finalizing your choice, ensure the property manager meets all local licensing requirements and holds the necessary insurance coverage. It’s also crucial to do background research to confirm their track record and reputation in the industry. These steps will help you find a trustworthy, qualified professional to manage your property effectively.

Licensing and qualifications vary by state, but here are a few items to verify with the manager:

• Most states require a property manager to have a real estate license and be at least 18 years of age (this requires specified education and passing an exam).
• Proper documentation of insurance coverage.
• Though not required, find someone with experience to reduce potential risks to your investment.
• Certifications are not generally required, but there are many national property management organizations that provide education, training, and certifications, making it a bonus.

Step 5: Discuss Duties & Fees

When evaluating a property manager, talk to them about their duties and responsibilities at your properties, and how much they will be compensated for said duties and general job position. As discussed in step one, depending on your needs, talk about their processes for tenant selection, maintenance and repairs, emergencies, expenses and budgeting, and inspection procedures, as these are all crucial to your success.

Before finalizing your agreement with a property manager, and in accordance with their duties, it’s crucial to grasp the fee structure. This includes management fees, leasing fees, and any markups on maintenance. See to it that you inquire about any hidden costs or unexpected charges to avoid surprises. Property management fees typically fall within 8% to 12% of the property’s gross revenue, but confirming the specifics will help you budget accurately for your property management needs.

Pro tip: Besides their duties and fees, ensure your communication styles mesh to guarantee a good working relationship. Establish clear communication from the outset to set the right expectations and maintain a smooth working relationship with your property manager. Discuss the methods and frequency of updates on property performance and financial reports. This upfront clarity ensures you stay well-informed about your property’s status and financial matters throughout your partnership with the property manager.

Step 6: Visit Their Properties

Whenever feasible, consider visiting properties currently under the management of your candidate property manager. This allows you to assess firsthand their approach to maintenance and tenant relations.

Additionally, don’t forget to obtain and thoroughly check references. Reach out to the references provided by the property manager to gather valuable feedback from fellow property owners who have had direct experience working with them.

Step 7: Review Contracts

Take the time to thoroughly review the property management contract, focusing on fees, responsibilities, and terms to ensure they match your expectations and legal standards. It’s wise to consult an attorney before signing the contract to safeguard your interests. Additionally, inquire about their exit strategy, understanding how they plan to handle the management relationship should it need to end for any reason.

Step 8: Monitor Performance

Maintaining ongoing monitoring of your property manager’s performance is important to ensure they consistently meet your expectations and adhere to the terms outlined in the contract. Regular evaluation helps see to it that your property is well-managed and that issues or concerns can be promptly addressed to maintain the property’s value and tenant satisfaction.

While you don’t want to micromanage your property manager, you do want to ensure that they’re collecting rent, paying the bills, keeping units rented, and maintaining the building in good repair. Ultimately, your weekly, monthly, quarterly, and yearly reports will indicate if the property manager continues to perform well or has dropped the ball.

Qualities of a Great Property Manager & Red Flags to Avoid

While considering when you should hire a property manager, it’s crucial to begin by identifying the key qualities you seek, recognizing that an effective one should possess a diverse set of essential skills.

A great property manager needs strong communication and organizational abilities, which enable effective interaction with property owners and tenants while efficiently managing property operations. Additionally, they should demonstrate problem-solving skills and deeply understand housing and landlord-tenant laws and regulations, ensuring a smooth property management experience when you decide to hire a property manager.

Avoid those who lack transparency and effective communication, as these can lead to trust issues and misunderstandings. Steer clear of property managers who display negligence in maintenance or financial irregularities, as these issues may harm property conditions and financial stability. Financial irregularities include late or incomplete rent payments to property owners, mishandling of security deposits, or unexplained fees.

When to Hire a Property Manager (& When Not To)

Maintaining even one property, let alone multiple rental properties, demands substantial effort. Engaging a property manager is smart for owners seeking assistance with property upkeep or those wishing to avoid daily maintenance responsibilities. When deciding when to hire a property manager—or not to—evaluate the benefits of hiring, including freeing up time toward additional property investments, quality family time, or personal pursuits.

Alternatives to Hiring a Property Manager

In cases where you decide against hiring a property manager, various circumstances may be at play. Perhaps the fees affect profitability, you reside in one of the units, or you prefer self-management. In such scenarios, other options can save significant time and money. These alternatives eliminate the need to chase tenants for rent collection, handle online landlord banking, respond to maintenance requests, and stay organized.

Online Property Management Software

Online property management software helps you manage your maintenance, tenant screening, leasing documents, and listing vacancies online. Online property management software offers comprehensive and a la carte property management. Also, it allows landlords to handle everything in one convenient place conveniently.

Best for	Free property management software for up to 75 units	Independent landlords seeking comprehensive property management services	Property management firms handling up to 5,000 units	Most affordable paid subscription plan for property owners
Key features	Free plan and 14-day free trial TC messenger, built-in communication tool for landlords and tenants 512MB to 100GB storage space	Syndicates listings to sites, such as Zillow, Trulia, and Apartments.com User-friendly platform Online marketing, digital lease signing, online rent payment, and maintenance tracking	Built-in accounting software and calculators Free professional website Property management CRM tools Buildium Academy training and support	Easy Craigslist posting Free online rental application form and rent estimate report Property listing and third-party integration
Pricing	Free; paid plans start at $12 monthly	Free; paid plan costs $7 per unit	$58 per month	Free; paid plans start at $10.75 monthly
Learn more	Visit TenantCloud	Visit Avail	Visit Buildium	Visit TurboTenant

Use AI to your advantage with TurboTenant’s FREE Lease Agreement Audit tool. It’s an AI tool made specifically to review your lease documents and detect risks so your leases stay compliant with constantly changing legal regulations. Just upload your lease and let TurboTenant do the rest. Plus, it’s 100% free and takes only 15 seconds to complete the audit. Check it out today!

Turnkey Rental Properties

When contemplating why to hire a property management company, turnkey properties are a good option if you want to buy a property that doesn’t require upfront maintenance, is sometimes fully rented, and has property management services. When considering a turnkey property, ensure the property management company is experienced. Review their property management agreement and interview them to guarantee they’re a good fit.

If you want to invest in turnkey real estate, Roofstock, one of our leading turnkey real estate companies, offers passive real estate investors several options. It includes the opportunity to invest in a property or a portfolio and also provides a 30-day money-back guarantee and a lease-up guarantee. It operates in 26 states and sells new and completely renovated single-family homes occupied by renters and maintained by a property management company.

Self-manage Rental Properties

If you only have a few units or are planning to buy a duplex, triplex, or fourplex and live in one unit, you might want to self-manage your rental properties. Hiring a property management company for a few units typically isn’t cost-effective. If you self-manage, you’ll need a separate bank account for handling rental income and expenses.

Crowdfunded Real Estate

If you want to own an investment property without any management responsibilities, you might consider investing in crowdfunded real estate. Real estate crowdfunding is financing investment property by pooling funds from numerous investors through online platforms. This collective investment allows individuals to participate in real estate projects with relatively small amounts of capital, often for fractional ownership or debt investments, aiming for shared profits or interest payments.

Frequently Asked Questions (FAQs)

Should I hire a property management company?

Should you hire a property manager to rent your house?

What's a common reason owners of single-family rental homes employ a property manager?

Bottom Line

Hiring a property manager involves several key steps. Begin by defining your property management needs and budget constraints. Then, research and identify potential candidates or management companies and conduct thorough interviews. Verify their qualifications, reputation, and legal compliance next. You’ll also want to review contracts meticulously, consulting with an attorney if necessary, and understand the fee structure and fee ranges. Finally, establish clear communication channels and monitoring procedures to ensure a successful property management partnership.

The post How to Hire a Property Manager in 8 Steps appeared first on The Close.

To help you find the best real estate investment apps, we’ve compiled a list based on factors like investment choices, property analysis tools, user-friendly interfaces, and achievable minimum investing requirements. Whether you’re a seasoned investor or just starting out, here are the best apps to invest in real estate:

• Best for advanced software and eREITs: Fundrise
• Best for alternative investing: Yieldstreet
• Best for non-accredited investors seeking REITs: RealtyMogul
• Best for commercial real estate properties: CrowdStreet
• Best for single-family rental properties and accredited investors: Roofstock
• Best for beginner investors: HappyNest

Best Real Estate Investing Apps at a Glance

	Starting Price	Geographic Diversification	Offers Multiple Property Types	Customer Support
	$10 per month	✓	✓	Email
		Visit Fundrise
	$10,000	✓	✓	Phone Live chat Email
		Visit Yieldstreet
	$5,000	✓	✓	Phone Email
		Visit RealtyMogul
	$25,000	✓	✓	Email
		Visit CrowdStreet
	$5,000	✓	✓	Phone Email
		Visit Roofstock
	$10	✓	✕	Email
		Visit HappyNest

Fundrise: Best for Advanced Software & Affordable eREITs

4.59

Fundrise Pricing

• Fundrise pro membership costs $10 per month or $99 per year
• $8.50 per year for every $1,000 invested

Pros

• Fully integrated platform
• Low fees
• Offers quarterly liquidity

Cons

• Not available to non-accredited investors
• Does not offer property analysis tools
• Very limited customer support

Our Expert Opinion on Fundrise

Fundrise is a real estate investing app that enables you to invest in different property types, including multi-family apartments, industrial properties, and single-family rentals, with low fees. It’s open to accredited investors only and offers services like eFunds, where you can buy land, construct housing estates, and sell them. It also offers a variety of investing options for multiple property and investment types.
This app is best for online investment in commercial real estate through eREITs, allowing investors to participate in deals for as low as $10. Fundrise offers diversification across multiple properties with ease and affordability. To further improve their services, adding property analysis tools could enhance the app’s value to investors.

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Additional Fundrise Features

• No performance fees: Performance-based fees, like “promote” or “carried interest” fees, are eliminated in funds for everyday investors to avoid short-term decision-making and excessive risk-taking.
• Fundrise Pro: Enables active investors to personalize their allocations, directly invest in specific funds, and access expert-level data for greater control and customization.
• Investor-owned: Investors can own a stake in Fundrise through iPO (internet public offering).

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Fundrise Reviews

Fundrise has an average rating of 2 out of 5 third-party review websites. Customers appreciate its accessibility, user-friendly platform, and quarterly dividend payments. Some customers also commended the ease of tracking investment performance. This allowed them a “hands-off” investment experience and quarterly dividend payments.

However, some reviewers raised concerns about the absence of advisory services, difficulties in retrieving owed funds, and limited low-risk investment options. One customer reported the non-payment of funds owed to him. If you prefer lower-risk investment options, Happy Nest could be an alternative—providing more beginner-friendly investment options.

Visit Fundrise

Yieldstreet: Best for Alternative Investing

4.45

Yieldstreet Pricing

• Minimum investment depends on investment offerings, which may range from $10,000 to $15,000

Pros

• Curated by seasoned professionals
• Access to private market professionals for investor support
• Access to a customizable set of investments

Cons

• High minimum investment
• Most investments are only open to accredited investors
• Does not offer redemption programs for most investments

Our Expert Opinion on Fundrise

Yieldstreet is a leading real estate investing app, particularly for the private market. While it is more accessible to accredited investors, it also provides access to non-accredited investors. Furthermore, it offers a wide variety of investment types and asset classes, which include real estate, art, legal finance, and transportation.

With its broad selection of alternative asset classes, Yieldstreet is best for alternative investing, allowing investors to diversify their portfolios. One way Yieldstreet could improve is by providing more affordable pricing, making the platform accessible to wider audiences.

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Additional Yieldstreet Features

• Additional resources: The website provides a blog featuring a diverse range of articles that offer market data, insights, and educational content about the private market.
• Yieldstreet Prism Fund: A fixed-income portfolio across five asset classes for non-accredited investors.
• Yieldstreet IRA: Allows you to add alternatives to your retirement portfolio for further diversification.

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Yieldstreet Reviews

Yieldstreet has a rating of 1.9 out of 5 from users on third-party websites. It is commended for providing access to multiple types of investments, which include real estate, marine, and art investments. Users liked that it allowed individuals to invest in private structured credit deals. Lastly, because they allow investments backed by assets, customers are provided with more protection.

However, some customers reported inaccuracy in their performance reports. A few reviewers mentioned that customer support was difficult to contact. For those who require a better and more transparent performance report, Fundrise may be an alternative to consider.

Visit Yieldstreet

RealtyMogul: Best for Non-accredited Investors Seeking REITs

4.25

RealtyMogul Pricing

• Minimum investment of $5,000
• 1% to 1.25% of asset management fee per year

Pros

• Provides early redemption programs for REITs
• Allows self-directed IRA (SDIRA) to invest in commercial real estate
• Offers multiple property and investment types

Cons

• Does not offer debt investment type
• Contains a short track record
• High minimum investment requirement

Our Expert Opinion on RealtyMogul

RealtyMogul is a real estate investment app that grants both non-accredited and accredited investors access to various commercial real estate opportunities, such as multi-family properties, offices, retail and medical buildings, and industrial sites. With a wide range of investing options, market data, and insights, the app offers seamless funding and continuous investment monitoring for its users.

This app is particularly best for non-accredited investors looking to invest in REITs. It provides access to two public, non-traded REITs that are not as readily available for them on other platforms. However, it can improve by providing more investment options for non-accredited investors.

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Additional Realty Mogul Features

• Redemption program: Offers a redemption program for RealtyMogul Income REIT and RealtyMogul Apartment Growth REIT, with no penalty after a three-year holding period, subject to availability. There is no redemption program for private placements.
• Share repurchase program: Allows shareholders to sell their RealtyMogul Income REIT and RealtyMogul Apartment Growth REIT investments back to the company on a quarterly basis, starting from the first year, at a reduced price.
• Auto-invest: Once actively enrolled, investors in The Income REIT and The Apartment Growth REIT can enjoy the convenience of watching their investments grow automatically month after month.

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RealtyMogul Reviews

RealtyMogul has a rating of 3 out of 5 based on online reviews. While there is not a lot of positive feedback on third-party reviews, the few reviews reveal a customer expressing disappointment with the outcome and deviation from the expected one- to three-year holding period. Transparency concerns were also raised, with a reviewer expressing frustration over a perceived lack of clear communication from the company. If you prefer better transparency, consider Fundrise, as they actively provide reporting transparency through its software.

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CrowdStreet: Best for Commercial Real Estate Properties

3.94

CrowdStreet Pricing

• $25,000 minimum investment required
• 1% to 2% management fee per year

Pros

• One of the largest online commercial real estate marketplaces
• Provides a wide selection of property and investment types
• Offers free registration

Cons

• Available only for accredited investors
• No mobile app
• Does not provide a redemption program

Our Expert Opinion on CrowdStreet

CrowdStreet, a leading real estate investing app, empowers individual investors to diversify their portfolios seamlessly. It offers a wide range of investment options, comprehensive market data, and research, allowing investors to choose individual properties or invest in CrowdStreet-backed funds comprising a diverse lineup of real estate projects. This simplified approach streamlines the investment process.

This is best for accredited investors looking to invest in commercial real estate properties. It establishes seamless partnerships between individual investors and project developers, fostering opportunities in the commercial real estate sector. To enhance convenience and accessibility, CrowdStreet can further improve by making the app available on mobile devices.

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Additional CrowdStreet Features

• In-depth research: Informative video webinars accompany individual investment offerings, enabling investors to assess the project’s specifics and determine its suitability for their portfolio.
• Additional resources: A learning center provides “how-to” videos and articles about general investing topics.
• Marketplace: Offers a range of five to 15 private equity investment opportunities, encompassing both single-asset projects and funds.

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CrowdStreet Reviews

CrowdStreet holds an average rating of 4 out of 5 from third-party review websites. Positive feedback emphasizes the platform’s diverse investment options and comprehensive research resources. Customers also praise its well-designed technology, high returns, and abundant investor resources available.
However, negative feedback points out certain drawbacks, such as high minimum investment requirements, unavailability to non-accredited investors, long liquidity and hold periods, and high fees. Some customers express dissatisfaction with the lack of effective management and direction. Additionally, there have been reports of issues with customer service. For a more affordable option, consider HappyNest, which allows you to invest for as low as $10.

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Roofstock: Best for Single-family Rental Properties

3.81

Roofstock Pricing

• Minimum investment requirement of $5,000 for Roofstock One
• 0.50% or $500 account fee

Pros

• Offers an integrated financing solution for easier financing
• Sign-up does not require any fees or bank details
• Features a user-friendly interface

Cons

• Real estate properties are highly illiquid investments
• Roofstock One is not accessible to non-accredited investors
• No mobile app available

Our Expert Opinion on Roofstock

Roofstock is one of the best apps for real estate investors, providing an online marketplace where investors can acquire tenant-occupied houses and REIT investments through the Roofstock One platform. It offers a wide selection of pre-vetted properties, low costs, and facilitates immediate rent collection.

This app is best for single-family rental properties with its extensive marketplace featuring hundreds of single-family homes. Additionally, it provides lower transactional fees compared to traditional real estate agents. However, Roofstock can improve accessibility by making the app available on mobile devices, broadening its reach, and enhancing convenience for users.

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Additional Roofstock Features

• Lease Up Guarantee: Roofstock guarantees up to one year of rent coverage if a lease isn’t signed within 45 days of purchasing a vacant “rent-ready” home, providing security for buyers.
• Roofstock One: Allows accredited investors to invest in portfolios of single-family properties, with a minimum investment requirement of $5,000.
• Roofstock Academy: Access an online course on mastering turnkey rental properties, featuring one-on-one coaching sessions and a private network of real estate investors.

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Roofstock Reviews

Roofstock has a rating of 2.9 out of 5. Positive feedback highlights the database with prescreened properties with good return on investment (ROI). It also offers easy financing solutions that address the common challenge of purchasing single-family rental properties. Customers appreciate the thorough inspections conducted by Roofstock, ensuring the quality of the houses and estimating repair costs.

However, negative feedback mentions the lack of availability and poor customer service. Some customers find Roofstock to be relatively expensive compared to alternatives that provide better customer support and faster response times to inquiries. For a more affordable option, consider HappyNest or Fundrise, which have a $10 starting price.

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HappyNest: Best for Beginner Investors

3.62

HappyNest Pricing

• Starting at $10
• 0.0417% monthly management fee

Pros

• Available for non-accredited investors
• Accessible through mobile app
• No monthly fees and no broker fees

Cons

• Offers limited property and investment types to choose from
• Does not provide market data or insights
• Does not provide access to direct deals

Our Expert Opinion on HappyNest

HappyNest is a simple and straightforward real estate investing app that caters to both accredited and non-accredited investors, offering various investment options, commercial real estate investing, and diversified funds. Notably, the app prioritizes the security of personal data and refrains from sharing it with third-party vendors.

This app is one of the best real estate investment apps for beginners as it allows investing with as little as $10 and without any monthly fees. The user-friendly interface and mobile app make investing more accessible to a broader audience. However, HappyNest could enhance its services by adding more to its portfolio with various property types and direct deals. Currently, it offers only one portfolio comprising three properties. Diversifying the investment choices would provide users with greater flexibility and opportunities for growth.

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Additional HappyNest Features

• HappyNest blog: A compilation of articles that teach people how to invest in commercial real estate.
• Downloadable real estate investing guide: An e-book about learning how to invest in real estate written by a team of financial experts is available for download through the website.
• Partnering with application programming interface (APIs): HappyNest keeps your banking connections secure by using trusted partners who directly connect with your financial institution and employ industry-leading verification techniques.

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HappyNest Reviews

HappyNest has an average rating of 4.1 out of 5 in third-party reviews. Positive feedback emphasizes the simple and straightforward app that makes investing accessible to anyone. It is also commended for having an achievable minimum investing requirement and low fees. Reviewers also appreciated HappyNest as a great place to start investing, finding it accommodating and trustworthy.

However, some reviewers mentioned feeling uncomfortable due to their investments being inaccessible or non-withdrawable for extended periods. Some negative feedback also include delays in receiving refunds, and lack of transparency in the investment process. For those who require better transparency, consider Fundrise, which actively provides reporting transparency through its software.

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How We Evaluated the Top Real Estate Investing Apps

We evaluated the top real estate investing apps to assist you in succeeding on your real estate investing journey, whether you’re a seasoned investor or a beginner. We examined each app’s investment details, general features, ease of use, help and support, customer rating, and expert score to ensure they provide quality investing services.

As a result, we found Fundrise to be the best real estate investment app due to its easily achievable minimum investment requirement and user-friendly yet advanced interface. The app offers accessibility to a variety of investment options and property types, granting you more control and diversification over your investments.

The following are the criteria we used to find the best real estate investing apps:

Breakdown

• 40% General Features
• 25% Investment Details
• 10% Ease of Use
• 10% Customer Rating
• 10% Expert Score
• 5% Help & Support

• General Features 40%

We assessed the different app features, such as property analysis tools, investment calculators, market data, neighborhood information, direct investment opportunities, and crowdfunding capabilities.

• Investment Details 25%

We looked into the minimum investment required as well as the availability of various investment options, property and investment types, and geographic diversification.

• Ease of Use 10%

We evaluated the apps considering the technical skills needed for setup and operation, the user-friendly interface, and mobile app availability.

• Customer Rating 10%

We analyzed customer feedback for each program, with a specific focus on product reviews and provider popularity, to ensure the apps meet user satisfaction.

• Expert Score 10%

Expertise in the field and direct experience with the providers allow us to assess each app’s distinctive features, cost-effectiveness, and ease of use.

• Help and Support 5%

We examined the accessibility and availability of customer service for technical support and instructor assistance.

Frequently Asked Questions (FAQs)

Which real estate investment has the highest returns?

Can I invest $100 dollars in real estate?

What is the most cost-effective way to invest in real estate?

The post 6 Best Real Estate Investing Apps appeared first on The Close.

What Is International Real Estate Investing?

International real estate investing is a type of investment that involves acquiring and managing real estate properties outside the investor’s country of origin. This investment can take many forms, including residential, commercial, or industrial properties. Real estate investors may acquire these assets through direct ownership, partnerships, or investment trusts, depending on their preference and investment goals.

Pros & Cons of International Real Estate Investment

Investing in international real estate can offer attractive returns and diversify an investor’s portfolio, but it also comes with risks, such as regulatory hurdles, currency fluctuations, and cultural differences. Check the table for more information about the advantages and risks of investing in real estate internationally.

Factors You Must Consider When Investing Internationally

Investing in real estate in a foreign country can be a lucrative opportunity. However, it comes with its challenges that make it more complex than investing in local real estate. If you’re considering investing in property abroad, the following are several factors you must keep in mind:

Factor 1: Market Analysis & Research

Factor 2: Local Rules & Laws

Factor 3: Eligibility

Factor 4: Financing Options

Factor 5: Currency

Factor 6: Political Stability

Factor 7: Property Management

Differences in Property Rights Internationally

Understanding how property rights vary worldwide is essential when searching for international real estate investment opportunities. It’s not just about knowing but also researching the laws that govern private property, especially for non-citizens. This is critical because it determines what you’re buying.

For instance, some countries allow foreign property ownership, but there may be limits on the type or location of properties available for purchase. Several countries also require foreigners to obtain special permits or undergo additional legal procedures. Therefore, it is vital to consult with qualified real estate professionals and legal advisers familiar with the specific country’s property laws.

Below are some examples of different types of ownership rights in other countries:

• Owning land in the Philippines: In the Philippines, foreigners cannot own land but can own a residence, such as in a condominium complex, provided Filipino citizens or companies own 60% of the building or project.
• Leaseholding in the United Kingdom and Singapore: A significant portion of real estate is sold as leasehold in these countries. This implies that the buyer owns the property, not the land it is built on. The lease is valid for a specific period, ranging from decades to centuries. After the lease expires, ownership of the property returns to the landowner. In the United States, most real estate is sold as freehold, which grants permanent ownership of the land and its buildings.
• Mexico’s restricted zone: Foreigners are not allowed to own land within 100 kilometers of the Mexican border and 50 kilometers of the coast directly. However, they can invest in nonresidential properties by holding the property through a fideicomiso, a trust held by a Mexican bank or a Mexican corporation.

For more comprehensive information on property rights internationally, read the International Living’s Global Property Ownership Rules and Restrictions.

Tax Implications for International Real Estate Investing

For U.S. citizens who purchase real estate in foreign countries, it’s important to be aware of the tax implications that come with it. You’ll be required to pay property and capital gains taxes in the foreign country where the property is located and report any foreign property you own on your U.S. tax returns. 

This may also subject you to the Foreign Account Tax Compliance Act (FATCA) requirements. The following are the FATCA requirements for individuals:

• Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS generally using Form 8938, Statement of Specified Foreign Financial Assets. The aggregate value of these assets must exceed $50,000 to be reportable, in general, but in some cases, the threshold may be higher.
• The Form 8938 must be attached to the taxpayer’s annual tax return.
• U.S. taxpayers who do not have to file an income tax return for the tax year do not have to file Form 8938, regardless of the value of their specified foreign financial assets.
• You may also have to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) PDF.
• This comparison table will help you figure out whether you need to file Form 8938, the FBAR, or both.
• You should review the instructions for Form 8938 to determine if an exception to the reporting requirement applies.
• Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty of up to $50,000 for continued failure after IRS notification). Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40%. Criminal penalties may also apply.
• See frequently asked questions (FAQs) for Form 8938 for information on real estate, foreign assets held in U.S.-based financial accounts, foreign pensions, valuing certain assets, and more.

To avoid any potential changes in your tax obligations, it’s highly recommended that you consult with a tax professional who fully understands the tax laws of both the foreign country and the U.S. For more information about FATCA requirements for institutions and governments, check out the Internal Revenue Service (IRS) website.

Effects of Foreign or Currency Exchange

Currency exchange rate fluctuations can greatly impact the profit or expenses involved in owning a property in a foreign country. The change in exchange rates between your home currency and the foreign currency will influence the initial purchase price, maintenance expenses, taxes you pay as an owner, and the profit you make from selling or renting the property. A stronger home currency can make the investment more affordable, but if the value of the home currency drops against the foreign currency, your expenses will increase.

Ways of Financing Your International Real Estate Investments

If you have set your sights on investing in real estate abroad, it is crucial to understand the various financing options available to you. Depending on your financial objectives, there are several ways to fund your international real estate investments. Here are some of the most widely used methods of financing your overseas property ventures:

Cash

International Mortgage Lenders

Developer Loans

Self-directed IRA

Country-sponsored Programs

How to Invest in International Real Estate in 5 Steps

Investing in international real estate can be a smart move to diversify your portfolio and generate higher returns. Here are some important steps to follow on how to invest in international real estate:

• Step 1—Research the market: Extensive research is essential before investing in international real estate. The key is to find stable, growing real estate markets that offer good prospects for rental income or capital appreciation.
• Step 2—Find a local partner: Consider finding a local partner who can help you navigate legal or cultural barriers when investing in foreign countries.
• Step 3—Consider your financing options: Financing options vary from country to country. Research local banks and lenders and government programs that may be available. Read our discussion on financing options above for more information.
• Step 4—Hire a reputable local real estate agent: To find the perfect property and get a fair deal, consider hiring an agent. Look for a local agent with a successful track record and experience in the local market.
• Step 5—Consider tax implications: It’s important to be aware that investing in overseas real estate can result in tax obligations in the country where you’re investing and your home country. To fully understand your responsibilities and any possible advantages, it’s recommended that you consult with a tax expert.

Always exercise caution and conduct due diligence when investing in international real estate. Be aware of any risks and pitfalls before making investment decisions.

Best Places for International Real Estate Investing

Looking for an optimal place to invest in international real estate? We’ve listed below some suggestions on the best places to consider. These locations offer great potential for high returns on investment, stable political environments, and growing economies. With careful research and guidance from a trusted real estate adviser, you can make a wise and profitable investment in international real estate.

Frequently Asked Questions (FAQs)

What is the first step in international real estate investing?

What factors should I consider when it comes to financing for international real estate investments?

What must I evaluate in a foreign real estate market before investing?

Bottom Line

Investing in real estate outside your country can be a profitable opportunity, but it also comes with risks. Currency values can change, and the laws and regulations you must follow can be complex. Before you decide to invest, it’s essential to evaluate the potential benefits and risks carefully. It is best to also consider seeking advice from a local finance or real estate expert with experience in international investing. Their guidance can help you navigate this market’s complexities and ever-changing dynamics.

The post International Real Estate Investing: Everything You Need to Know appeared first on The Close.

For a smooth sale, you will want to do all you can to minimize the impact on the tenant while maximizing your profitability during the sale. Read along, and I’ll equip you with information and strategies to help you navigate this type of sale.

Step 1: Evaluate the Lease

Identifying what type of lease you have in place is the first step in selling a house with tenants. Knowing the type of lease will help you determine your legal options. In most states, tenants have the right to stay in the home until their lease expires, no matter the type of lease. Consulting an attorney who knows your state and local laws will help guide you through this process.

The two most common types of leases are fixed-term leases and month-to-month leases. Let’s look at each more in-depth:

Fixed-term Leases

A fixed-term lease is a rental agreement with a predetermined start and end date specified by the contract. These leases can have a variety of different terms, but most commonly these leases are typically not automatically renewed. For the lease to renew past the end date, action must be taken from both the landlord and the tenant.

An early termination clause may allow the lease to be terminated by either party prior to the specified end date. This typically involves a termination fee or other type of financial considerations. If your lease has this type of provision, follow the process outlined in the lease agreement and consult an attorney before speaking to your tenants.

Month-to-month Leases

A month-to-month lease, or periodic tenancy, is a rental agreement that renews automatically every month until notice is given by either the tenant or the landlord. Each state will have its own laws in regard to the tenant rights and notice periods, but most commonly, 30 days is accepted and sufficient.

For state-specific information on tenant rights, visit the U.S. Department of Housing and Urban Development (HUD) or check your state government website. This information is typically under landlord-tenant law or tenant rights and responsibilities.

Step 2: Understand Your Options

Now that you know your lease type, it’s time to look at your options. There are several ways to sell a property with tenants. Review the options to determine which would benefit you and your tenant most.

Option 1: Offer to Sell the Property to the Tenant

Some tenants are lifetime renters, while others are looking to purchase a home at some point in the future. Offering the tenant the option to buy the house first could be a viable solution for everyone. You get to sell the house, and the tenant gets to stay put. After you have consulted with a real estate agent to determine the property’s fair market value, you can approach the tenant with your offer.

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Option 2: Negotiate Cash for Keys

If you do not have an early termination clause in your lease, you can still talk to your tenant about breaking the lease. Cash for keys is used when a landlord offers a tenant money in exchange for agreeing to break the lease and move out. Offering cash incentives for tenants to move will greatly increase your chance of them taking you up on your offer, but it can be costly. Tenants will want it to be worth their while and have all expenses covered for moving, a new security deposit, and the first month’s rent in their new home.

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Option 3: Execute the Early Termination Clause

If you have exhausted the first two options and your lease has an early termination clause, you can enforce it by providing the required notice and monetary compensation. Try to be as considerate to the tenants as possible, offering to be flexible with private showings, scheduling pre-arranged open houses, and strategically placing signage to limit unwelcome visitors.

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Option 4: Wait Until the Lease Expires

An optimal solution would be waiting until the lease expires to sell your investment property. Vacant homes are easier to show, removing the tenant as an obstacle in the sale. If you choose this option, notify the tenants that you will be selling the home at the end of the lease, and they will need to be moved out on time. Providing them with a courtesy notice will help them prepare to find a new place to live while you work on getting the property ready to sell.

While this option may not always be feasible, depending on the length of the lease term left or the circumstances in which you have to sell, it does make it easier for all parties to prepare for the sale.

Pro tip: Vacant homes can feel empty and show all their imperfections. Consider staging the home to showcase the property features and show potential buyers what it would feel like to live in the home.

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Option 5: Sell With Tenants in Place

If there are no other options, you must sell the house with tenants in place. This means that the purchaser will become the landlord and will be legally bound by the lease that is in place. Selling a house with tenants is actually appealing to an investor. They will not have to work to find someone to occupy it at closing and will reap the benefits from the sale.

On the other hand, if you cannot find an investor to purchase the home, other buyers who wish to live in the house may be reluctant to make an offer with the tenants in place. If the lease is within three months of completion, consider offering incentives to purchase the property, such as offering seller credits or a reduced price.

Pro tip: If you aren’t in a rush and are willing to act as the lender, consider offering a well-qualified tenant owner financing.

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Step 3: Consider the Pros & Cons of Selling a House With Tenants

The next step is to evaluate the pros and cons of selling a house with renters in place. Selling an occupied home can present a unique set of challenges. There are advantages, such as continued rental income for the landlord, as well as drawbacks, like scheduling obstacles. Awareness of these issues can help you make the best decision to sell the property.

Here is a breakdown of the pros and cons:

Additionally, there are a few other factors to weigh in your decision. When looking at market conditions, having a tenant may not be a huge drawback if you are in a seller’s market with higher buyer demand. On the other hand, more houses are for sale in a buyer’s market, which could limit your buyer pool. The length of the tenant’s lease also plays a part because a shorter duration of a lease may not be as deterring as a longer lease period.

Step 4: Work With the Tenants

Now it’s time to start talking to your tenants about their options. I recommend consulting an attorney or real estate agent professional to ensure you know tenant rights in your state before going into the conversation or providing notice.

When you sit down to break the news, consider these tips to have a meaningful and productive conversation:

• Be considerate: The last thing any person is expecting to hear is that they may have to move out of their home before they thought they would. Use positive language and come from a place of understanding to help encourage the tenants to cooperate.
• Communicate clearly: State exactly what you are looking to accomplish. What option did you decide to go with, and what would that look like for the tenants?
• Tell them what to expect next: Now that the tenant knows that you’re selling, tell them exactly what to expect next, from speaking with a real estate agent to getting the home ready to list.
• Offer to help find them a new home: Offering to help your tenant move on to the next phase of life can go a long way.
• Answer any questions: The tenants will likely have questions now and in the future. Be sure to answer any questions they have now and let them know they can contact you with additional questions.
• Solidify the plan: Before ending the conversation, make sure the tenants are clear on the plan, the next steps, and what you need from them.

There is always the risk of tenants getting angry and refusing to cooperate. Showing a home to a potential buyer while a tenant causes problems can be risky. Try finding ways to make the tenant less likely to sabotage your showings by offering compensation for cooperation. Offer a break on their rent or get creative with a gift card to their favorite restaurant if they have the property in show-ready condition and leave during the showing.

Step 5: Market & Sell the Property

Once you have decided if the tenant will stay during the sale, it’s time to determine the best way to market the property. Whether the tenant vacates or remains in the home, different strategies can be used to showcase the property to experienced or beginner investors and buyers who wish to be owner-occupied.

Here are some general tips to help you market your rental property for sale:

• Partner with a local real estate agent: Hiring a local real estate pro can get your property seen by more people. They can help you create an effective marketing plan to sell quickly or for the highest price.
• Strategically price the property: Consider whether you will be making repairs or selling the home as is. Price the home accordingly to remain competitive in the market.
• Highlight investment potential: Market the property to investors by offering a turnkey rental opportunity with or without tenants in place. Emphasize that the current tenants have been properly screened, take great care of the property, and are in good standing with rent payments.

Marketing the property based on whether the tenant vacates or remains in the home is different. Let’s take a more in-depth look at each of these situations.

If the Tenant Vacates

If the tenant moves out or you decide to wait until the lease expires to sell, the sale becomes more traditional. Remember, a vacant rental property translates to lost income for the landlord, so you’ll want to sell the property as quickly as possible. Create a financial breakdown that showcases the potential rental income for investor buyers. If you plan to offer a turnkey property that any buyer can enjoy, highlight any renovations completed after your tenant moved out.

If the Tenant Remains

If the tenant remains in the property during the sale, you should address any challenges upfront to encourage a smoother transaction. It is inevitable that the tenant will experience some disruption and inconvenience during this process. Try to minimize the inconvenience by being transparent, offering a helping hand, and being considerate of the tenant’s needs.

The table below outlines common pain points tenants may experience if they choose to remain in the home for the duration of the sale.

Caution: Evicting a tenant is never easy, but selling a house with tenants who don’t pay rent is worse. Delinquent tenants are not profitable, and potential investors will be detoured from making an offer on your home. Even if they do, rent must be current at closing, so you could be stuck with the bill.

Bottom Line

Selling a property with tenants requires planning, clear communication, and flexibility. When you understand your options and work with your tenants, you will be able to smoothly navigate this process and achieve a successful sale. Remember that a good tenant can be a selling point for investors looking for turnkey rental properties, but poor tenants can make or break a sale.

The post Selling a House With Tenants in 5 Steps: A How-to for Investors appeared first on The Close.

Our DoorLoop review evaluates this top-rated software, considering its general and advanced features, ease of use, customer satisfaction, affordability, customer service, and our unbiased expert assessment. Read along to see if DoorLoop is the right choice for your real estate business needs.

DoorLoop overview

Pros

• Rental listing management
• Leases and applications
• Maintenance requests

Cons

• No “free-forever” plan
• Fee-based Automated Clearing House (ACH) transactions
• No free trial

The Close Score

4.1

Reviews

4.6

Expert score

3.8

Pricing

2.5

General features

5.0

Advanced features

4.0

Ease of use

5.0

Customer service

5.0

out
of

5

Recommended for

• Landlords and property managers who want electronic leases and rental applications
• Easy-to-use tenant portal
• Built-in maintenance requests

Not recommended for

• Real estate investors who want next-day rent payments
• Those looking for a free platform
• Free ACH payments

Quick look at DoorLoop pricing

• Starter: Starting at $49 per month
• Pro: Starting at $99 per month
• Premium: Starting at $149 per month

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DoorLoop reviews: What users think

Score: 4.63 / 5

Positive reviews reported that the DoorLoop software covers what you need to manage your investment properties; thus, it received a high rating of 4.63 out of 5 based on our evaluation. One positive DoorLoop review appreciated that it has a mobile app to manage your rentals from anywhere. Another user said it helped hold all their real estate documents in one place and allowed tenants to pay their rent through the software.

• GetApp: 4.8 out of 5 rating based on 286 reviews
• Software Advice: 4.84 out of 5 rating based on 243 reviews
• G2: 4.8 out of 5 rating based on 44 reviews

Negative reviews stated that the software is not simple to use. One negative DoorLoop review said that training is non-existent and many hidden fees exist. Another reported that you have to start over if you set it up wrong, and they charge to import the tenant’s information. If you’re looking for a simplified dashboard without additional fees, look to Baselane.

DoorLoop alternatives

If you’re looking for alternative property management tools and resources, here are some of our recommended DoorLoop alternatives:

Best for	Automatic reminders	Free online rent collection, accounting, and Baselane banking	Rent collection and tenant screening tools	Streamlining property financials
Key features	Free and paid plans Rental application screening tool Digital lease signing	Free account Free bank account Built-in bookkeeping	Vendor ACH payments Comprehensive tenant screening reports Online rental applications	Lease management QuickBooks integration Maintenance request tracking
Pricing	$0 to $7 per unit	$0	Starting at $45 per month	Starting at $15 per month
Learn more	Visit Avail	Visit Baselane	Visit Rentec Direct	Visit TenantCloud

DoorLoop plans and pricing

Score: 2.5 / 5

Every DoorLoop plan includes a tenant portal, e-signatures, tenant screening, property maintenance requests, client relationship management (CRM), accounting and financials, online rent collection, and email and chat support.

While it’s packed with features that landlords need, DoorLoop pricing for the basic package starts at $24.50 per month, which is higher than its competitors. Its mid-grade packages begin at $49.50 per month, and its Premium package is $74.50 for the first two months. It also lacks a free version or trial, thus receiving a very low score for pricing and plans.

With DoorLoop, you have the option of paying monthly or annually. Annual pricing is paid in full when you subscribe and provides a discount on the monthly pricing. The first two months of every plan are at a reduced price, with the 10 remaining months at the original price. It offers three packages with tiered pricing, with each upgrade adding features with corresponding price increases. DoorLoop pricing also increases by the number of units you own.

Check out the features for each below in the table below:

General DoorLoop features

Score: 5 / 5

DoorLoop’s general features garnered a perfect score, as they provide the tools to acquire and manage your tenants and properties. Manage from your computer or on the go with its convenient mobile app. Your tenants have a convenient app to communicate with you, pay rent and fees, connect their bank accounts, and submit maintenance requests. DoorLoop also integrates with thousands of apps through Zapier, including QuickBooks, FreshBooks, and Expensify.

There’s no limit on the numbers or types of properties you wish to manage. The software works with them all—residential, commercial, community association, affordable and workforce housing, self-storage, mobile homes, and student housing. Property management companies working for owners can also conveniently manage their investor clients.

Advanced DoorLoop features

Score: 4 / 5

DoorLoop is an all-in-one software with accounting, leasing, and tenant and property management features. You can sync bank accounts and automate your advertising, rent collection, and maintenance, freeing time for building your portfolio or nurturing your hobbies.

Owning multiple rental properties, keeping track of tenants, or collecting rent on time can become challenging. Its tenant portal allows them to automate rent payments so they don’t fall behind. If they do, it automatically assesses late fees so they can pay from the app.

Click on each of the sections below to learn more about the advanced features of DoorLoop:

Property management accounting

• Direct deposits
• Prepare taxes
• Sync bank accounts and credit cards
• Integrate with QuickBooks

DoorLoop’s property management accounting features give you the ability to manage all your costs and revenue related to your properties. You can accurately maintain your ledgers by keeping track of everything from rent payments to maintenance fees, repair charges, deposits, late fees, and owner payouts, saving time by not having to record everything in different spreadsheets manually.

You can save more time if you automate payments and do not have to track down tenants for the rent or manually calculate late fees. The software sends automatic rent bills and late charge notices and provides tenants with payment receipts. Tenants can connect their bank accounts for direct deposit and pay the rent with a credit card. They can also send electronic checks from their bank to yours.

Unlimited custom reports

• QuickBooks and other app integrations
• Avoids double-entries
• Create your own or choose from 60 customizable templates

DoorLoop also saves time and adds convenience to tax preparation by exporting all accounting data with a single click. It integrates seamlessly with QuickBooks online, prevents double data entries, and provides unlimited custom reports based on chosen criteria. Some reports you can include are rent rolls, deposits, profit and loss statements, balance sheets, and 60 customizable property management reports. Choose your criteria, and a full report is generated in seconds.

Leasing management

• Automate rent and fees collection
• Send applications and lease agreements
• Collect electronic signatures
• See who has paid and who is past due

DoorLoop’s leasing process allows you to send new or returning tenants lease agreements, save them as templates, and obtain electronic signatures. Payments can be collected automatically for a nominal fee with RapidRent via credit card or ACH deposits. DoorLoop has partnered with Stripe, so there are no more insufficient funds, and Stripe verifies every bank account to ensure there is money in it.

Sample rent collection (Source: DoorLoop)

Sample rent history (Source: DoorLoop)

Tenant background screening

• Run background, credit, and eviction history
• Powered by TransUnion
• Manage tenant communication

A thorough background screening will help you find your ideal tenants and lessen the risk of property damage or missed rent payments. Prospective tenants can fill out online rental applications and pay for a background check, including criminal, credit, bankruptcy, and eviction histories.

Powered by TransUnion, the tenant background screening costs $39.99, which the applicant can pay with a credit card. Most states allow landlords to upcharge for a background screening, so landlords and property managers can increase the cost, but you must check with their state to ensure it’s legal.

Rental listing syndication

• List vacancies on dozens of popular sites
• Create beautiful, fully branded websites
• Prospective tenants can apply right from the websites

With just a few clicks, DoorLoop’s rental listing management syndicates vacancies across popular sites like Zillow, HotPads, Trulia, and Apartments.com to get empty units in front of as many renters as possible. It can also create customized websites to advertise properties and provides beautifully designed templates to showcase rentals. Tenants can apply online and create a tenant portal login right from the custom website.

Prospective tenants can view images of the unit for rent, pricing, the property address, and the full description on the customized website, where they can submit an online rental application. The site can be branded with the company’s colors and logo.

Tenant portal

• Communicate with tenants
• Tenant information uploads automatically to your portal
• Receive and send notifications
• Tenant-friendly platform

The tenant portal is easy to use and has a simplified dashboard. The portal makes automating rent collection, paying fees, signing documents, communicating, and submitting maintenance requests easy. Everything they enter into the tenant portal populates the necessary fields in your platform and sends you notifications, so you can access everything at your fingertips and respond promptly.

Tenants can toggle on and off the features they want to use. (Source: DoorLoop)

Landlords can see tenants’ recent payments and outstanding balances. (Source: DoorLoop)

You can also program it to send tenants rent reminders and other notices. Tenants can set up their bank accounts and track their rent payment history. As mentioned, they can pay rent with a debit, credit card, or e-check. You can also automate and collect and manage security deposits, pet, and late fees.

Property management software

• CRM system
• File storage
• Manage maintenance

The DoorLoop CRM saves all the leads you’ve generated, allows you to view your application funnel, and tracks tenants, owners, and vendors in seconds from one convenient place. You can also request e-signatures and market your vacant units to prospective tenants. Its unlimited file storage allows you to go paperless, upload, and share your files with whomever you need to by simply dragging and dropping them into the database.

DoorLoop allows you to manage tasks and maintenance to stay on schedule, coordinate vendors, and make repairs before they get worse. Tenants can submit their maintenance requests, and you can set up work orders and send them directly to your repair team.

Tenant maintenance requests are in your dashboard. (Source: DoorLoop)

Set up and send work orders to vendors. (Source: DoorLoop)

Ease of use

Score: 5 / 5

DoorLoop received a perfect score as its dashboard is arranged in such a way that you have everything you need at your fingertips. The software is in-depth, but your information is easy to access from multiple locations within the software, and the search feature can take you directly to what you’re looking for. It’s so intuitive that when you input data in one section, it automatically populates the information in every other section where you want to access it.

It also has an excellent drag-and-drop feature to arrange information in the order that best suits your needs. It’s customizable, so you can add your logo and change the colors. The menu tabs in the sidebar make finding what you’re looking for even more effortless. And if you get stuck, customer service is just a chat, call, or email away.

Customer service

Score: 5 / 5

DoorLoop provides excellent live customer training and support at no extra cost; thus, we gave it a perfect score. Software users can contact them by phone, email, chat, or request a video call. Each customer is assigned an account manager and can get as much onboarding and training as they need.

This is because DoorLoop staff understands that not everyone is tech-savvy, and they want you to succeed and take advantage of all of the software’s bells and whistles to manage your property easily. It also has a FAQs section to answer quick questions when you don’t need to access customer service.

How we evaluated DoorLoop

The best property management software provides landlords, property managers, and real estate investors with the convenience of tools that can manage, track, and analyze their tenants and properties while allowing them to screen applicants and perform business banking, all from one easy-to-use platform.

We compared DoorLoop pricing, general and advanced features, customer service, subscriber reviews, and its ease of use side-by-side with the best property management companies. DoorLoop is a newer company that substantially impacts the online property management software market.

We researched the DoorLoop property management software based on the following criteria:

• Advanced features 30%

Based on various rental payment features that help landlords and property managers simplify rent collection, improve cash flow, and secure rent transactions.

• Pricing 25%

Pricing is based on the cost structure, a la carte options, and availability of online rent payment services for landlords and tenants.

• General features 10%

It consists of various property management features like online payment collection and tenant screening for each tier to meet the specific needs of the property owners and tenants.

• Ease of use 10%

Based on how easy it is to navigate the provider interface and if it provides hassle-free transactions and communication between property owners and tenants.

• Customer rating 10%

Based on customer feedback for each platform, the functionalities that are most useful for property managers, and areas that need further improvement.

• Expert score 10%

Our team’s expertise in the field and firsthand experience with the providers allow us to evaluate the standout features, value for the money, and ease of use for rent payment service software.

• Help and support 5%

We looked into the convenience and attainability of customer service for technical and customer support.

Bottom line

Our DoorLoop review shows that it is an excellent property management software for landlords, investors, and property managers who want the convenience of properties, tenants, maintenance, and owners from one convenient platform. 

You can collect rent, screen tenants, manage leases and applications, and use its powerful CRM to manage owners and prospective tenants. Its seamless integration with QuickBooks Online and other apps allows you to create financial reports, making tax time easier.

The post DoorLoop Review: Is It Right for Managing Your Rental Property? appeared first on The Close.

Our expert Baselane review and evaluation found it to be an excellent option for investors, landlords, and property managers who want a free online rent collection service with bonus features, like property metrics.

Baselane overview

Pros

• Tenant portal
• Affordable pricing
• Mobile-friendly

Cons

• No partial payment option
• No landlord-generated leases
• No rental applications

The Close Score

4.5

Pricing

5.0

General features

2.8

Advanced features

4.1

Ease of use and customer service

4.5

Customer reviews

3.9

Expert score

4.5

out
of

5

Recommended for

• Landlords and property managers who want free rent collection, accounting, and Baselane banking
• Tenant-paid renter’s insurance
• Access to optional financial services

Not recommended for

• Landlords and property managers who want to manage applications and leases online
• Landlords who are not tech-savvy
• Sending and managing maintenance requests

Quick look at Baselane pricing

• Free Baselane rent collection, bookkeeping, and business banking
• FDIC (Federal Deposit Insurance Corporation)-insured up to $250,000
• Baselane fees of 2.99% for rent processing
• Fees for affiliate services
• Baselane earns interest on business banking merchant fees

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Baselane reviews: What users think

Score: 3.93 / 5

Although there are limited customer Baselane reviews online, the excellent reporting features and rent payment services have received high marks. Landlords and property managers value the platform’s simple financial management capabilities and user-friendly interface. A feature that stands out for many customers is the simplicity of producing comprehensive financial reports.

• Trustpilot: 3.9 out of 5 rating based on 14 reviews
• Facebook: 3.4 out of 5 rating based on 6 reviews
• G2: 4.8 out of 5 rating based on 5 reviews

Negative Baselane reviews showed that the platform has a bit of a learning curve and can be confusing. Other reviewers said they had difficulty reaching customer support when they needed help. One reviewer stated that the dashboard isn’t intuitive and struggled with adding and removing properties. If you want highly rated property management software for its ease of use, check out Avail.

Baselane alternatives

Best for	Automatic reminders	Streamlining property financials	Rent collection and tenant screening tools	A variety of rent payment options
Key features	Free and paid plans Rental application screening tool Digital lease signing	Lease management QuickBooks integration Maintenance request tracking	Vendor ACH payments Comprehensive tenant screening reports Online rental applications	Tenant portal Mobile app Client relationship management (CRM) system
Pricing	$0 to $7 per unit	Starting at $15 per month	Starting at $45 per month	Starting at $59 per month
Learn more	Visit Avail	Visit TenantCloud	Visit Rentec Direct	Visit Doorloop

Baselane plans and pricing

Score: 5 / 5

Baselane has no monthly fees. As mentioned, it makes money from rent collection, affiliate relationships, and online banking. Landlords pay 2.99% per rent collection transaction when payments are processed within their Baselane bank account. There are no plans. You can immediately sign up and use its banking, rent collection, and bookkeeping tools.

Add-ons

• Hassle-free loans: Instant quote and receive funds within 10 days, no income verification, loans from $55,000 to $2 million, and 75% loan-to-value for purchases.
• Limited Liability Company (LLC) formation service: Available in some states, $29 fee to set up your LLC, plus state filing fees.
• Rental property insurance: Instant rental property insurance powered by Baselane’s affiliate partner, Obie. You can save up to 25% in two to three minutes.

General Baselane features

Score: 2.75 / 5

Baselane received a lower score for its general features because it is missing a few elements that some of its top competitors have, such as online applications and leases. However, this is because the software is primarily intended for banking, rent collections, and managing finances, for which it is top-of-the-line software.

Baselane’s features support landlords and property managers with its financial and analytics tools. Users can see their bank balances and collected rent from its main dashboard to track which tenants have paid and who is past due. It provides a bank account balance snapshot with credits, debits, and total balance over a monthly period.

Baselane is one of the best rent collection and property management software for its affordability and simplified dashboard. Once you create your free account, add your properties, and link your bank accounts, you can start collecting rent with a low transaction fee, track your property’s transactions, and use the Baselane Visa debit card with its low 4.25% APY.

Advanced Baselane features

Score: 4.13 / 5

Baselane provides various features, from cash flow analytics to property metrics with return on investment (ROI), capitalization rate (cap rate), and cash-on-cash return. Plus, it provides tax reporting tools for your convenience. It also includes tenant screening and a dedicated page for tenants.

Click on each of the arrows below to learn more about the advanced features of Baselane:

Analytics and reporting

• Real-time cash flow analytics and statement
• Revenue, operating expenses, and capital expenditures breakdown
• Charts and graphs snapshots

With Baselane analytics and reporting features, you can see your rental property’s real-time performance, including cash flow, profit and loss (P&L), capital expenditures, operating expenses, and transfers. Easily consolidate your rental property’s financials from your business banking and external accounts in one convenient place.

The analytics and reporting features remove the hassle of keeping multiple spreadsheets and updating them frequently. Landlords and property managers can save over 20 hours per month by automating their finances, which they can evaluate in convenient real-time reports within the Baselane dashboard.

TransUnion tenant screening

• Full credit reports with rental history and background checks
• Also includes:
  • ResidentScore
  • Credit report
  • Criminal report
  • Income insights
  • Eviction reports
  • Tenant verification

You can start screening tenants from the Baselane dashboard, which redirects you to the TransUnion site (where you can sign up for free). Comprehensive reports provide everything landlords need to know about prospective tenants. TransUnion created ResidentScore to give landlords insights into lease outcomes based on credit, demographic, and eviction data to predict the high risk of tenant default.

This is an excellent feature for landlords and property managers. Proper tenant screening can lessen the risk of payment default, property damage, interference with other tenants’ quiet enjoyment, scams, and difficulties, leading to loss of time and money through expenses, repairs, and tenant evictions.

Property metrics

• Includes data on the purchase price, appreciation, and current market value
• Soon-to-be-added features include:
  • Net operating income (NOI)
  • Return on equity (ROE)
  • Cap rate
  • Cash-on-cash return

Review your property’s key performance indicators (KPIs) from the property metrics page. See how much your property has increased in value with its appreciation and current market value data. Evaluate performance with NOI, ROE, cap rate, and cash-on-cash return to ensure the property remains a solid investment (these latter features are in the works and will be added soon).

Investors benefit from having quick and easy access to how their investment properties are performing so they can know if it’s time to increase rents and add other sources of revenue to their properties, like coin-operated laundry, vending machines, paid parking, and capital improvements.

Dedicated tenant page

• Tenant portal to track and pay rent and fees
• Landlord access to current and past tenants on the tenant page
• Auto-reminders and late fees
• Fast payments to bank account

Baselane provides a dedicated tenant page for landlords to access former and current tenant records. Tenants have their portal to view current and paid rent, with notices when due. Payments are deposited in your bank account within two to three days. It’s easy to set up, and landlords and tenants receive auto-reminders when rent is due.

With the online rent payment system and its convenient tenant page, landlords no longer have to chase tenants for the rent and fees or process payments from platforms like CashApp and Venmo. Viewing former tenants is useful when a previous renter reapplies for another unit. Landlords can review their payment history and other information to decide whether to rent to them again.

Ease of use and customer service

Score: 4.5 / 5

Baselane is an easy-to-use platform. The dashboard is uncluttered, and entering data is simple. The online rent payment services allow tenants to sign up for their accounts and set up auto-pay for their rent within five minutes. Landlords simply set up the payment information from their lease, invite their tenants to enroll, and the rent is deposited automatically into their Baselane bank accounts in as little as two to three days.

Customer support

Score: 5 / 5

The dashboard offers several options to contact Baselane, including 24/7 live chat and call scheduling through its in-app messenger. The Baselane offices are open from 7 a.m. to 5 p.m. Eastern Time, Monday through Friday, or you can email them. There’s also an option to book a live video demo with the company’s onboarding specialists by clicking the “Request a Demo” link at the top of the website page.

How we evaluated Baselane

The best property management software provides landlords, property managers, and real estate investors with the convenience of tools that can manage, track, and analyze their properties while allowing them to screen their tenants and perform business banking, all from one easy-to-use platform. We also considered Baselane landlord reviews of its products and features.

We researched property management software based on the following criteria:

• Advanced features 30%

Based on various rental payment features that help landlords and property managers simplify rent collection, improve cash flow, and secure rent transactions.

• Pricing 25%

Pricing is based on the cost structure, a la carte options, and availability of online rent payment services for landlords and tenants.

• General features 10%

It consists of various property management features like online payment collection and tenant screening for each tier to meet the specific needs of the property owners and tenants.

• Ease of use 10%

Based on how easy it is to navigate the provider interface and if it provides hassle-free transactions and communication between property owners and tenants.

• Customer rating 10%

Based on customer feedback for each platform, the functionalities that are most useful for property managers, and areas that need further improvement.

• Expert score 10%

Our team’s expertise in the field and firsthand experience with the providers allow us to evaluate the standout features, value for the money, and ease of use for rent payment service software.

• Help and support 5%

We looked into the convenience and attainability of customer service for technical and customer support.

Bottom line

Baselane is an excellent option for landlords, investors, and property managers who want the convenience of online rent payment with free accounting and banking services. It’s a top-rated property management software for its affordability, convenience, and additional features. The add-on options for discounted property insurance, loans with favorable rates, and tenant access to rental insurance save money for property owners and tenants alike.

The post Baselane Review: Is It Right for Managing Your Rental Property? appeared first on The Close.

Buildium reviews and our analysis found that it is best for landlords looking for a single system to connect multiple areas of operations.

Buildium overview

Pros

• Automate recurring rent payments to minimize late payments and streamline collection tasks
• Integrates with banks for financial visibility
• Automatic monthly reconciliation following generally accepted accounting principles
• 14-day free trial

Cons

• Limited listing marketing tools
• No dedicated customer relationship management (CRM) tools for lead management
• Additional fees if you want onboarding support
• Portfolio performance and analytics are only available to Growth and Premium plan subscribers

The Close Score

5

Customer rating

4.5

Expert score

4.3

Pricing

3.5

Features

4.6

Ease of use

5.0

out
of

5

Recommended for

• Property managers with the desire for paperless office and transactions
• Property management staff who want to save time by automating and managing maintenance requests and vendors online
• Property managers or associations wanting to foster community with Buildium’s features that connect tenants

Not recommended for

• Property managers with fewer than 100 units under management
• Commercial property management
• Property managers who want to create marketing materials for their listings

Quick look at Buildium pricing

• Essential: Starting at $58 per month
• Growth: Starting at $183 per month
• Premium: Starting at $375 per month

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Buildium reviews: What users think

Score: 4.5 / 5

Buildium property management software reviews show that users appreciate its online rent payment function, maintenance request feature, and the ability to get a ledger for court filings and tenant evictions. One user said he’s most impressed with Buildium’s wide range of functionalities—from accounting and leasing to communication and mobile apps. The software has everything a landlord or property manager needs to manage their portfolio effectively.

• Capterra: 4.5 out of 5 based on 1,969 Buildium reviews
• Software Advice: 4.5 of 5 based on 1,969 Buildium reviews
• G2: 4.4 out of 5 based on 195 Buildium reviews

Less positive Buildium software reviews reveal that one user found it difficult to set up the late fee charge and thought the settings for late fees were too limited. Another Buildium review said the learning curve was too long, and a user who is an accountant found some of the financial reports frustrating.

Buildium alternatives

If you want to explore other property management software that can provide you with listing syndication, maintenance management, tenant screening, and online rent collecting, consider the following alternatives to Buildium:

Best for	Affordability for a small team	Landlords building their portfolio	Management companies with larger portfolios	Budget-friendly property management software
Key features	Free listings website Premium leads matching tenants to available units Templates according to state-specific laws	Affordable subscription rate Renter profile and history available Tenant screening at no cost to property manager	Manage multiple property types Residential surveys Staffing and training features	Free rental advertising Property listing and third-party integration Free rent estimate report
Pricing	Free	Free	$250 per month	Free
Learn more	Visit TenantCloud	Visit Avail	Visit Appfolio	Visit TurboTenant

Buildium plans and pricing

Score: 3.5 / 5

Buildium’s pricing structure is divided into three categories, starting at $52 per month. Standard features with every Buildium plan include a free marketing website, accounting and maintenance tools, task management with vendors, a building violations log, a communication platform for residents and board members, and online portals for owners and residents. Here’s what you’ll find included in the three plan tiers:

Click through the tabs below for more information on Buildium’s plans and inclusions.

Add-ons

Not all add-ons are essential for a successful real estate business, but you may want to add some of them for extra functionality. Before deciding on which add-ons to include in your Essentials plan, consider taking a look at the next available plan, as Buildium may include some of these features within them:

• New client leads, powered by All Property Management: Allows property management companies to get real estate leads consisting of interested property owners and boards seeking property management services.
• Tenant screening: Basic screening (available on all plans) does not require accreditation and performs soft credit checks for $15 per screening (or $30 per screen if you pass the cost to the applicant). The premium tenant screening (exclusive to Growth and Premium options) requires hard credit checks and generates a report in minutes for $18 per screening.
• Onboarding: This support add-on is only available for the Growth and Premium plans. A dedicated team assists with importing your existing data into the Buildium platform and provides training.
• Online payments: To accept online payments from residents or pay your vendors electronically through Buildium, you must pay the EFT transaction charges. Charges vary by plan and whether or not you want to accept credit card payments.
• Bank account setup fees: Attaching your bank account to the Buildium accounting system allows transactions to be collected in your accounting ledger for automatic reconciliation, payments, and deposits. Setting up your bank with the Essential plan is $99 per account, but Premium and Growth plan subscribers receive five free bank account integrations.
• Renters insurance: You may offer residents renter insurance starting at $12 monthly.
• 1099 e-filing: At the end of each calendar year, you’ll have to process 1099s for your vendors. The platform can generate 1099s at $25 per batch and $3 per form.
• Showings coordinator: Starting at $30 per month, automate the rental unit showing process with a virtual coordinator who collects prequalification information, schedules showing appointments, and coordinates follow-ups.
• Remote check printing: Buildium can print and mail checks on your behalf. There is a $30 setup fee and 80 cents per check cost.
• EZMail: Buildium will print and mail property-related documents for you for 80 cents per single-page mailing and 15 cents per additional page.

General Buildium features

Score: 4.63 / 5

Buildium’s features streamline day-to-day property management activities and integrate all significant accounting and leasing functions into one platform. Some tools create lines of communication between residents, vendors, and property owners, all while giving the property manager a comprehensive overview. 

It also has features that reduce stress by providing information to residents via a dedicated portal, the ability to pay online, and automating rent payments to minimize the need for collections.

The general features available on Buildium make it a comprehensive solution for property management companies. It provides portfolio organization and automation regarding tenant communication, building finances, and maintenance work orders. Its objective is to eliminate the pain points of managing multiple units while providing accurate information to all parties involved.

Advanced Buildium features

Score: 5 / 5

For a closer look at some of the key and niche features the Buildium platform offers, read the details about each feature by clicking on the sections below:

For a closer look at some of the key and niche features the Buildium platform offers, read the details about each feature by clicking on the sections below:

Accounting software

• Property-specific accounting
• Overall company accounting
• Financial reporting
• Automatic payments

The property accounting solution tracks transactions relating to a specific property. This includes recording tenant payments and allowing managers to collect necessary fees and deposits or issue refunds. Managers can also pay vendors for maintenance requests directly through the system, which saves time and effort by recording every check and transaction associated with the building.

 

Buildium’s real estate accounting software can also track company expenses and income and provide an accurate snapshot of bills, incoming rent, and security deposits. Financial reporting tools generate reports for cash flow, balance sheets, and income statements. The ability to track all transactions for your business in one place is more efficient and enables you to make better-informed decisions.

Online payments

• Cut payment processing fees
• Automatic deposits
• Set recurring payments

Online payments speed up the process of collecting tenants’ payments and cut payment processing times by up to 70%. Residents can connect their bank account or credit card in the resident portal to set up automatically recurring payments. Recurring payments help to ensure payments are not missed and are on time.

The money is transferred automatically, reducing the need to make manual deposits and visits to the bank. Accepting online payments also allows property managers to collect rental application fees. These fees help offset tenant screening charges and become a source of additional income for property managers.

Rental listing syndications

• Lists units on major third-party platforms
• Anticipate upcoming vacancies
• Full unit descriptions

Property management teams using Buildium can list available or upcoming units with just a few clicks as vacancies within the building arise. Listings can be syndicated to major third-party advertising websites, such as Apartments.com, the Zillow Rental Network, Craigslist, and Zumper.

The platform allows you to input a description for the listing consisting of unit details, amenities, building amenities, and photos or videos of the space. Buildium also provides the ability to see an overview of units listed on the market, units taken off the market, and potential upcoming vacancies and to assign these units to leasing agents.

Rental applications

• Apply for units online
• Customizable applications
• Collect application fees online
• Screen potential tenants

Online rental applications save time and the hassle of physical paperwork and allow interested parties to apply from anywhere. Plus, the building application is fully customizable. Edit the application as needed based on required information from the building owner and showcase building branding on the application to reinforce marketing efforts.

Application fees are automatically processed through the form, and Buildium provides an overview of application status through an applicant dashboard. Following the application, if purchased as an add-on, you can screen tenants directly within the platform.

Tenant screening

• Powered by TransUnion
• Full credit, criminal, and eviction data
• Identity verification

TransUnion, a U.S. credit reporting agency, powers Buildium’s tenant background check service. Landlords can access full credit, criminal, and eviction data to help them avoid tenant scams.

Landlords have two screening options: basic and enhanced. Unlike basic tenant screening, the enhanced tenant screening option allows for customized thresholds on recommendations, requires minimal applicant involvement, and delivers faster results. Both tenant screening plans include rental recommendations from TransUnion, a full credit report, identity verification, eviction history, and background checks for renters.

Document storage

• Unlimited document storage
• Document organization
• Share documents

Within the Buildium platform, you can store an unlimited number of documents. Some documents that should be stored are leases, amendments, insurance policies, floor plans, unit photos, and meeting minutes.

The ability to store important documents is essential when referring to documents such as applications, leases, and renewals, as well as for easy sharing with building owners. Additionally, having documents uploaded into the system enables you to easily search within the resident profiles by name, phone number, or property to find documents pertaining to them.

Maintenance tracking request

• Integrates with accounting solution
• Tenants make maintenance requests online
• Schedule work requests
• Automatic alerts

Through the Buildium platform, tenants can quickly make maintenance requests online, eliminating paperwork and increasing response time. Along with the maintenance requests, residents and owners can submit videos, photos, and documents related to their requests. Vendors can also document completed work with pictures and videos within the platform.

Vendors and managers can receive maintenance request alerts on their phones, tablets, or desktops. Certain maintenance requests will be ongoing for a building and can be scheduled to recur directly through the platform. This feature is integrated with the accounting solution, allowing you to pay your vendors directly through the platform for completed work.

Ease of use

Score: 5 / 5

Buildium’s platform is built to automate and manage tasks conveniently online. Every user can customize their dashboard based on the functions they mostly use. 

With the available onboarding and support options from Buildium, launching the system to manage a portfolio of buildings is streamlined—especially with the Growth and Premium plans. The Buildium team will import all your data to assist you in migrating to the new system. There are also multiple customer support options to assist as issues or questions arise.

Even with the Essential plan, self-guided training is available through the Buildium Academy to help you get up and running fast. Whether it’s making changes to the professional website or rental application, the Buildium system is built to allow easy customization. Try Buildium’s 14-day trial to see how the platform matches your rental business.

How we evaluated Buildium

To determine Buildium’s rating, we evaluated the platform alongside other tenant screening software for landlords and property managers based on its pricing, ease of use, customer reviews, help and support, and general and advanced features. Here are the weighted evaluation criteria used to examine each platform:

• Tenant screening features 25%

Based on various tenant screening features offered that help landlords and property managers evaluate prospects and obtain comprehensive and reliable credit, criminal, and eviction history reports.

• Pricing 20%

Pricing is based on the cost structure, a la carte options, and availability of online tenant screening services for landlords and tenants.

• General features 20%

This includes various property management features like listing syndication, rental advertising, rental property accounting, online payment collection, and maintenance requests.

• Ease of use 10%

Evaluated based on platform usability. This was analyzed in terms of the expertise needed to set up an account, navigate the provider interface, run comprehensive tenant screenings, and view reports.

• Customer rating 10%

Based on customer feedback for each platform, the functionalities that are most useful for property managers as well as areas that need further improvement.

• Expert score 10%

Expertise in the field and firsthand experience with the providers allow us to evaluate the standout features, value for the money, and ease of use for rent payment service software.

• Help and support 5%

We looked into the convenience and attainability of customer service for technical support, onboarding, and training.

Frequently asked questions (FAQs)

Is Buildium a safe site?

Who owns Buildium?

Is Buildium worth it?

Bottom line

Having a comprehensive property management solution adds value to any building and portfolio. Features like online payment options and a dedicated resident portal help decrease unit turnover and keep building owners and investors happy. Based on Buildium reviews, the platform provides all parties involved access to real-time information, streamlining communication to save property managers time and money in the long run.

The post Buildium Review: Is It Right for Your Real Estate Business? appeared first on The Close.

What Is a Mid-term Rental?

If you’ve never heard of mid-term rentals, also known as medium-term rentals, you’re not alone. Most landlords have either operated short- or long-term rentals in the past. Mid-term rentals are defined as a lease agreement that lasts more than one month and less than one year. This differs from other rentals, where short-term rentals typically last for less than a month and long-term rentals last for a year or more.

Mid-term rentals are a great option for anyone needing temporary housing but for extended periods of time. These rentals are typically furnished apartments, condos, townhomes, or single-family homes. What sets this type of lease apart is its flexibility in terms of lease duration and the amenities it offers tenants, making mid-term rentals an attractive option for a diverse range of renters.

Differences in Rental Types

When deciding if a mid-term rental property model is right for you, consider the primary differences between rental types:

Pros & Cons of Mid-term Rentals

Mid-term rentals provide flexibility in lease terms, which allows renters to choose a duration that aligns with their specific needs. Like any housing option, they come with their own set of advantages and disadvantages. Here are some points to consider:

Who Is a Mid-term Rental Best for?

Mid-term rentals cater to a wide range of individuals with vastly different lifestyles. These renters typically seek shorter-term solutions with customizable lease terms and convenient housing options. They want to be comfortable and feel like they are at home without having to commit to a long-term lease.

Transitioning Homeowners

Homeowners have many different reasons for needing transitional housing. It could be that they sold their current property and are waiting to move into their new home or they are looking for a month-to-month solution while they search for their next home. Others may have been displaced from their homes due to natural disasters, insurance claims, or major repairs needed on their current home.

No matter the reason for the transition, these tenants are looking for flexibility while maintaining their home life with minimal interruption.

Travel Workers

Professionals on short-term assignments, like nurses or athletic recruiters, often require temporary housing. Mid-term rentals allow renters to stay in an area for an extended period without having to live out of a suitcase. This type of rental provides a safe place for renters to live in while honoring their work commitments.

Corporations

You may have heard of the term corporate housing or executive rentals. Some large corporations partner with area property management companies to provide rentals to employees at a rate agreed upon in advance. The rent is typically paid for by the corporation. However, the options can be limited. They may not be ideally located, be accessible for families, or provide the accommodations the employee needs—a problem that can be solved by well-positioned mid-term rental options.

Relocation Clients

Relocating to a new and strange city can be a daunting task. Mid-term rentals can make this transition easier for individuals and families, providing comfortable and convenient housing options for everyone. Consider properties with easy access to transportation and local accommodations to appeal to anyone relocating from out of town.

Students

Students and faculty of nearby universities look for housing terms outside of typical yearly lease terms. Some may be looking to rent for a semester, while others may be looking for a lease for the academic year. Providing these options can be a popular choice if you choose to invest near a local college or university.

Offering mid-term lease options for off-campus housing is increasing in popularity, especially in major metropolitan cities where on-campus housing is limited or expensive.

Snowbirds

Areas in warmer climates tend to be popular with retirees who permanently reside in colder, more northern states. Mid-term rentals in these markets are typically fully furnished and offer different amenities for the senior population. This type of rental provides freedom and flexibility for these snowbirds, so they can enjoy life without the commitment of a long-term lease or maintaining a home from out-of-state.

Digital Nomads

A digital nomad is a relatively new term since the inception and increasing popularity of remote work. These individuals want to live life and travel the world while working remotely. They are not interested in purchasing a home or even a long-term lease. They will not stay in one place for an extended period of time. They like having a stable home base (with reliable internet) while maintaining the flexibility to leave when they are ready to move on.

Pro tip: Tailor your mid-term rental listing to the needs of the renters you are trying to attract. Highlight the flexibility of your lease terms and clarify if you are willing to negotiate to accommodate their specific needs.

What to Include in a Mid-term Lease

When screening tenants and creating a mid-term rental lease agreement, it’s important to ensure that the lease outlines all the terms and conditions necessary to protect the landlord and the tenant. Let’s explore some of the more important elements to consider including in your lease.

Types of Mid-term leases

• Term leases: Specifies the entire length of the stay of a predetermined amount of time (one, three, or six months)
• Month-to-month leases: Renews each month automatically unless terminated according to the terms of the lease agreement

Elements of a Mid-term Lease

• Lease duration: Clearly define the duration of the lease with start and end dates.
• Rent amount and payment schedule: Outline the monthly rent amount and specify the dates on which the rent is due. You could also consider offering a discount if the entire lease is paid up front.
• Security deposit: Provide details on the amount of the security deposit and the conditions under which it will be refunded. Be sure to include guidelines for deductions for damages versus normal wear and tear.
• Utilities and services: Be sure to include a chart outlining who will be responsible for each utility or service (e.g., water, electricity, and internet).
• Maintenance and repairs: Specify the responsibilities of both the landlord and the tenant regarding maintenance and repairs. Be sure to include information on how to report issues to the landlord and timeframes in which they can expect them to be resolved.
• Use of property: If there are any restrictions on activities such as subleasing, hosting events, or conducting business, be sure to include these in the lease.
• Pets and smoking: State whether pets or smoking is allowed or prohibited on the property, as well as any fines that could be incurred by a homeowners’ association, if applicable.
• Entry and inspection: Outline the landlord’s right to enter the property for repairs, inspections, or showing the property to the next tenant. Since the lease term is much shorter, you will be looking for your next tenant relatively quickly.
• Termination clause: Including a provision for early termination is a good idea for a mid-term rental. The tenants’ needs could change quickly based on their situation. Determine how you want to handle these situations beforehand so that both parties are aware.
• Additional terms and conditions: If there are any additional terms or conditions that need to be included, such as parking arrangements or use of common areas, be sure to put those in writing as well.

TurboTenant makes it easy to create a state-specific lease agreement for any situation. The guided instructions will help you create exactly what you need. Follow these six easy steps to receive your personalized lease in minutes:

1. Visit TurboTenant’s free online lease agreement.
2. Click “Create My Lease.”
3. Personalize your experience by telling them if you are the landlord or a tenant.
4. Answer the pre-populated questions and click “Continue.”
5. Create an account or log in.
6. Start creating your lease.

Bottom Line

Mid-term rentals offer both landlords and tenants a flexible housing solution that is adaptable to any situation. While landlords can benefit from the higher rental income, they must be prepared to navigate challenges in finding tenants and keeping up with the costs of running a property that is turned over more frequently.

Ultimately, mid-term rentals will appeal to a diverse set of tenants with unique needs. If you are in an area with a need for this type of housing, it may be worth giving it a try. You can always convert it back to a long-term rental if necessary.

The post Mid-term Rentals: The Ultimate Guide for Landlords appeared first on The Close.