Is there overlap between Stessa/Rentredi versus a property manager?

[Carlo D.]

I was hoping to get some clarity on the rent collection functionality of the stessa/rentredi platform, versus hiring a property management company. I'm confused with the potential overlap of functions.

I have read on here that hiring a property manager for out of state rentals include the service of them collecting your rent for you. Since platforms like stessa/rentredi have this feature, can you hire a property manager out of state without the service of collecting rent?

My second question was on the banking services side for these platforms. Are you connecting your traditional bank accounts to the platform? Or do they use the virtual banking model like Baselane and Quickbooks Money, etc?

I heard of a situation (I forget the institution name) that also had the same set up as Baselane. But when their business relationship with the actual bank soured, the API connection was severed and the people were basically left without access to their money.. And FDIC wasn't going to kick in since basically, the bank had not failed.

Hoping to get some clarity from the brain trust here. Thank you in advance.

[Mohammed Rahman]

Hey @Carlo D. - I'm a broker/investor and run my own real estate company in NYC. 

1 - Yes you can hire a PM for their services without having to make them collect rent. I use apartments(.)com as I don't see the need to hire a PM at this stage of my business. Their website lets me manage leases, repair requests, rental listings, payments, etc. all from one platform. 

2 - Yes connecting my bank account. I don't use any platform that will "hold" my money in their accounts... nor would I want to use them. Why would I have them hold my money when I can have full control over it if they transfer it over to my accounts in 1-3 business days. 

Good luck! 

[Carlo D.]

Quote from @Mohammed Rahman:

Hey @Carlo D. - I'm a broker/investor and run my own real estate company in NYC. 

1 - Yes you can hire a PM for their services without having to make them collect rent. I use apartments(.)com as I don't see the need to hire a PM at this stage of my business. Their website lets me manage leases, repair requests, rental listings, payments, etc. all from one platform. 

2 - Yes connecting my bank account. I don't use any platform that will "hold" my money in their accounts... nor would I want to use them. Why would I have them hold my money when I can have full control over it if they transfer it over to my accounts in 1-3 business days. 

Good luck! 

Thank you very much @Mohammed Rahman

[Drew Sygit]

@Carlo D. the previous response really didn't answer your question.

Not aware of a professional PMC that will handle everything, but NOT collect rents. 

Most PMC software is set up for electronic rent payments by tenants that automatically updates rent ledgers. 

It will be MORE work for a PMC to allow you to collect rents, but monitor tenant payments to chase nonpaying tenants. How often will you send them payment updates?

You can hire a PMC to just place tenants or just manage existing tenant (or ones you place).