• Jeff Barkun

Product Review: Rentmoola - LetUs

Collecting rent is arguably the most important process for a landlord. If they don't do this in a timely and complete manner, well they won't be a landlord for very long. Many operators still go chasing tenants for checks and cash. I was never interested in doing this so when I was managing apartments, I implemented a platform called Rentmoola to digitize and mostly automate this process. With recent events making in person interactions less desirable, there has been a strong push to have more people do it this way, so here are some of my thoughts on this particular option.

What I Like

  1. Many ways to process rent payments: Rentmoola offers renters many options as to how they want to pay and can choose methods with and without transaction fees. The no transaction fee option is absolutely essential to successful adoption and was a key factor in achieving over 95% tenant adoption when I was working as a property manager

  2. Recurring and ad-hoc payments can be executed by manager: One of my favorite features is the 'Make a Payment" button. If you have a PAD agreement with your tenant, in addition to activating and updating recurring payments on their behalf, you can also execute one off payments for a tenant at any time to assure any amounts of money they owe beyond rent are also paid correctly and promptly. This gives the landlord significant control over payment execution. I think it would probably be a good idea to put some security features into place to prevent errors in payment pull requests such as taking the incorrect amount of money due to a data entry error by a careless or unscrupulous manager. I suggest everyone use this feature with caution as making mistakes will quickly lead you to lose this PRIVILEGE.

  3. Public payment portals: Another nice feature is the Quickpay page. You may or may not be aware of this as it is not the best promoted feature and typically needs to be activated by Rentmoola for a particular building, but it has a knack of coming in really handy in some instances when you have someone who needs to make a one off payment quickly, such as a tenant who has moved out and unlinked their account, or if you are operating short term rentals and want to use this as a collection tool.

  4. Additional feature in the pipeline: Rentmoola which seems to be going through a sort of Rebrand and has announced the creation of some other interesting features. These include selling and tracking renter's insurance, a notoriously low compliance lease requirement that can really backfire if something bad happens in an apartment. They are also providing tenants access to credit for those who are struggling to pay their rent, and some sort of landlord risk management dashboard that will enable landlords access credit if they have cash shortfalls or other related issues. The details are still a bit fuzzy but it looks very interesting and I will definitely keep an eye on what they are up to.

What I don't like

  1. Lack of customizability: Users do not have the ability to create custom fields, move columns around and create any kind of custom views which would be nice to have.

  2. Navigation could be a bit faster: There is only a top level menu in the navigation bar. It would be nice to see them add some sub-menus so you can jump around to other places on the platform a bit faster instead of always having to go out to the main screen of a module to then perform operations within it.

Rentmoola operates a pretty simple and elegant platform that serves a simple and understandable purpose. It most definitely cannot be the only tool you use, but it does its job very well and fits into a property manager's tech stack very nicely.

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