As a landlord overseeing rental properties, you likely confront challenges with tracking income, expenditures, and tenant payments.
Precise record-keeping is pivotal when it comes to tax obligations and optimizing deductions. Consistent and timely rent payments are critical to sustaining a positive cash flow.
Property management software can be incredibly useful in such circumstances, and Baselane is one such option to consider. Designed explicitly with landlords in mind, Baselane combines banking and bookkeeping into a unified, cost-free platform.
This Baseline review offers an in-depth understanding of how Baselane functions, its merits and possible shortcomings, and its distinguishing features.
What is Baselane?
If you find yourself in the role of a landlord, you might continually search for ways to manage your rental properties more effectively. Baselane fills this gap by offering a specialized financial and banking solution designed with landlords like you in mind.
Established in the year 2020, the platform has a single, clear objective: to assist landlords in growing and efficiently managing their rental operations.
Unlike traditional landlord management systems, which focus on aspects such as tenant screening or applicant tracking, Baselane chooses to carve out a distinctive pathway.
It is a mobile banking service fortified with essential bookkeeping and analytics tools. These tools are not mere add-ons but are designed to comprehensively deepen your understanding of your rental business operations.
It may also be useful to read this detailed review on Baselane for a broader perspective.
Features of Baselane
Before you decide if Baselane aligns with your needs, it’s important to familiarize yourself with its various features.
1. Specialized Landlord Banking
One salient feature of Baselane is its zero-fee banking account, dedicated exclusively to landlords. This unique account amalgamates the virtues of both high-yield savings and a regular checking account. Furthermore, Baselane allows landlords to maintain separate accounts for individual properties, thereby aiding in simplified expense categorization and tracking.
2. Streamlined Rent Collection
Rent collection is simplified, thanks to Baselane’s flexible rent collection tools. The system allows rent payments through debit, credit cards, or ACH payments. It also sends automatic reminders to tenants for pending payments and even provides an auto-pay feature.
3. Bookkeeping Services
The platform comes equipped with a comprehensive ledger, recording all transactions related to your property. You can easily tag expenses to specific properties, improving cost tracking. Moreover, transactions are automatically sorted into categories, making financial management less complex.
4. Property Analytics
Baselane offers a dashboard that provides various data metrics, such as cash flows, property-related expenses, and net operating income. This helps you easily monitor your property’s month-to-month performance.
5. Landlord Insurance
Through a partnership with Obie, Baselane provides landlord insurance options. You can assess whether this coverage fits your needs with a simple inquiry process.
6. Loan Offerings
Is this the best platform for landlords? You may decide after considering its loan options. In collaboration with Lendency, Baselane provides loans ranging from $50,000 to $2 million, thus covering various property types.
7. Simple and Secure Rent Payments
As Baselane partners with Stripe and Plaid to ensure financial data security, rent payments are streamlined and secure.
8. Renters Insurance
Lastly, Baselane offers renters insurance through a partnership with Sure, adding more protection for your properties.
Baselane Pricing and Fees
Regarding financial commitments, you’ll find that Baselane operates as a free-to-use platform for landlords and tenants. This might raise the question of how Baselane sustains its operations.
The answer lies in the way the platform generates revenue. Primarily, income is generated through its specialized banking services, which include accruing interest on the balances maintained in its accounts and merchant fees associated with using the Baselane Visa debit card.
In addition to these revenue streams, Baselane charge a 2.99% fee from tenants who opt to pay their rent using a credit or perhaps a debit card. Furthermore, Baselane has a referral program with its insurance and loan partners and earns commissions for directing users to these external services.
Pros of Baselane
- No cost for usage.
- Competitive Annual Percentage Yield (APY) of 2.60% and cash-back rewards.
- Efficient income and expense tracking, specifically aimed to assist in tax filing.
- Offers cohesive bookkeeping tools.
- Provides free ATM withdrawals at over 55,000 locations.
- Facilitates automated rent payments from tenants.
Cons of Baselane
- Absence of tenant screening utilities.
- Lack of advertising services for landlords seeking tenants
Is Baselane Worth It?
Your specific needs as a landlord are crucial when determining whether Baselane is a good fit for you. While the platform offers a variety of financial tools and a competitive interest rate, it lacks in certain areas, such as tenant screening and advertising services for landlords.
For those searching for alternatives, alternative platforms are Tellus and Groundfloor Finance.
Ultimately, if you focus on financial management and bookkeeping, Baselane could be a worthy addition to your property management toolkit. Click here to get started with Baselane today.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
