Are you a landlord managing rental properties and struggling to keep track of income, expenses, and tenant payments?
Keeping accurate records is crucial for filing taxes and maximizing deductions. And getting paid on time is essential to maintaining positive cash flow.
That’s where a property software solution like Baselane could come in. It is a banking and bookkeeping software explicitly designed for landlords.
It’s a one-stop shop that streamlines property management tasks, simplifies bookkeeping, and even rewards you for using its platform – all for free!
Our Baselane review will examine how the platform works, its pros and potential drawbacks, and its standout features to help you decide if it’s the right tool for your landlord business.
What Is Baselane?
Baselane is a company that offers a comprehensive financial and banking platform tailored explicitly for landlords. It was established in 2020 to help landlords grow and manage their rental businesses more efficiently.
Unlike traditional landlord management platforms focusing on tenant screening and tracking applicants, Baselane offers a unique approach.
It is a mobile bank that provides bookkeeping and analytics tools to help landlords better understand their business operations.
With Baselane, landlords can easily file their taxes and claim eligible deductions, saving them time and hassle.
Pros of Baselane
- A completely free platform to use
- Competitive 2.60% APY and cash-back rewards
- Helps landlords track income and expenses for filing taxes
- Offers integrated bookkeeping tools
- Free ATM withdrawals at 55,000+ ATMs
- Supports automatic rent payments
Cons of Baselane
- Lacks tenant screening tools
- Does not offer landlord advertising services for finding tenants
Features of Baselane
Let’s have a look at the features you can expect from Badelane.
1. Landlord Banking
Baselane’s no-fee bank account for landlords is a standout feature. It combines the benefits of a high-yield savings account and a checking account, allowing landlords to earn rewards while keeping spending simple.
Baselane’s banking account offers a high 2.60% APY, its most compelling feature for landlords. It also allows unlimited accounts for individual properties, making it easy to categorize and track expenses for multiple units.
2. Easy Online Rent Collection
Baselane’s rent collection solution is an excellent tool for landlords, allowing renters to pay using debit/credit cards or ACH payments.
This system also provides renters with automatic payment reminders and an option to enable auto-pay, which helps reduce late payments. As a landlord, you also have the opportunity to apply late payment fees if desired.
Baselane’s bookkeeping feature is a handy tool for landlords, providing a comprehensive ledger of all transactions. The ability to tag expenses to specific properties makes it easy to track relevant costs, and transactions are automatically categorized for easy management.
This feature helps landlords keep track of all relevant home expenses for potential deductions, including Schedule E transactions. In addition, this makes it easier to report any income or losses from your rentals during tax season.
4. Property Analytics
The analytics dashboard in Baselane provides landlords with an array of data breakdowns, such as operating cash flow, expenses per property (categorized by type), net operating income, Schedule E report, and estimated home appreciation.
With the dashboard, landlords can easily view their month-over-month performance, and the sleek and straightforward report can be exported to CS for convenience.
5. Landlord Insurance
Baselane partners with Obie to offer landlord insurance. You can get a quote and decide if you need coverage by answering a few questions. It’s an easy way to protect your property and have peace of mind.
Baselane has also partnered with Lendency to offer flexible loans for landlords to grow their rental businesses. Loans are available from $50,000 to $2 million, covering many properties. In addition, you can select from long-term rental or rehab loans based on your requirements.
7. Simple Rent Payments for free
Baselane simplifies rent payments for landlords and tenants alike. By onboarding tenants to the platform, renters can pay their rent using bank transfer, debit, or credit card, making it easy to stay on top of payments.
Baselane partners with Stripe and Plaid to ensure the security of financial information and securely process payments.
Baselane partners with Sure to provide affordable rental insurance with customizable coverage options. Plans start as low as $8 monthly and help protect you and your belongings. Additionally, renters insurance can limit liability if someone is injured on your rental property.
Baselane Pricing & Fees
Baselane is an entirely free platform for both landlords and tenants. The platform primarily generates revenue from its banking service through interest on balances and merchant fees from the Baselane Visa debit card.
It also charges a 2.99% fee for tenants who pay their rent with a debit or credit card and receives kickbacks for referring users to its insurance and loan partners. While premium features are in the works for the future, Baselane is a free platform that operates similarly to other free mobile banks.
If you’d like to know how this platform compares to an alternative regarding features and price, you should check out our Mashvisor review.
Is Baselane Worth it?
Baselane is an excellent option for landlords who want to manage their rental properties more efficiently.
However, it’s important to note that Baselane doesn’t offer tenant screening tools or help to advertise rental properties.
If you’re looking for a business banking account with a competitive interest rate, cash-back rewards, and integrated bookkeeping tools, Baselane is worth checking out. Plus, tenants will appreciate the easy and secure rent payment options.
If you’re a landlord looking for a simple way to manage your rental business and potentially save money on taxes, click here to check out Baselane.