Are you an out-of-state land lord? Do you have rental properties in San Jose, Los Gatos, Campbell or Saratoga? Well, if you manage these properties yourself then there might be Cloud based application that can help you.
Meet VerticalRent where you can do tenant screening, online payments in addition to some leasing agreement. FCRA-compliant tenant screening software and as you saw in the video, the basic tenant application is free, but the credit reports are charged to your tenants.
In previous blogs we have reviewed another Cloud Based tenant screening app from Cozy which is a Google funded company. Cozy charges $9 flat per unit. The pricing on VerticalRent is for unlimited number of units, but then they charge for each applicants’ State specific contract.
In fact, the pricing sheet for the VerticalRent is not clear if you use your own State specific contract that you have developed for your properties. Ironically, their website does not offer a chance to post a question since we would have liked to know if we can upload our California Association of Realtor contracts and used them with VerticalRent.
Using applications such a Cozy and VerticalRent offers landlords Direct-to-Consumer tenant screening which is fraught with problems if you don’t have very disciplined processed to manager private information of your applicants. For instance, if you accepting online applications from your tenants, then your site has to be SSL certified. And if you are going to charge for credit reports, then you now have to develop a merchant account to process credit cards.
These are all the challenges that are solved when you use services such as Cozy or VerticalRent. We think they offer a valuable service to landlords with small number of properties to manage.
Have you used any of these services? What has been your experience? Let us know.