DGS 263: PM Software to Collect Payments, Advertise Properties, and Screen Potential Tenants
Description
It’s been 6 years since we’ve had TenantCloud join us on the podcast, and a lot has changed since then!
In today’s episode of the #DoorGrowShow, property management growth expert Jason Hull welcomes Mark DeHaan from TenantCloud to talk about how it can help property managers collect payments, advertise properties, and screen potential tenants.
You’ll Learn
[03:03 ] TenantCloud update!
[06:46 ] How does TenantCloud compare?
[09:34 ] TenantCloud integrations
[12:20 ] Scaling with your software
[15:56 ] Starting strong with Rentler
Tweetables
“A lot of times when you get into rental real estate… you log into a property management system and you're like, "holy smokes, this is so overwhelming like I can't figure this out.”
“A lot of property managers have all of these different tools. They kind of build their own Swiss army knife or stack of different tools and software.”
“A lot of property managers have a challenge with financials and accounting.”
“We love the rental real estate industry and helping people grow and make passive income and that's what we're all about.”
Resources
Transcript
[00:00:00 ] Mark: A lot of times when you log into a property management system and you're like, "holy smokes, this is so overwhelming, like I can't figure this out."
[00:00:07 ] And that's, I think the differentiator that we tried to solve.
[00:00:11 ] Jason: Welcome DoorGrow property managers to the DoorGrow show. If you are property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager.
[00:00:29 ] DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners, and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market and help the best property management entrepreneurs win I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow.
[00:01:10 ] Now, let's get into the show. And my guest today is Mark DeHaan of TenantCloud. So Mark, welcome to the show. Good to have you.
[00:01:19 ] Mark: Yeah. Thanks Jason. Nice to meet you. Appreciate it.
[00:01:22 ] Jason: So we haven't had TenantCloud on the show for like six years. Back then, Joe Edgar was CEO. I had to look it up because I'm like, "I know, that they've been on the show before."
[00:01:32 ] So I'm guessing a little bit's changed since then. So why don't we start by getting into a little bit about Mark. Tell us, tell everybody like, who are you and how'd you get into your entrepreneurial journey and then what led you to being at TenantCloud?
[00:01:46 ] Mark: Yeah, great. Yeah. So I'm based here just outside of Salt Lake city, Utah.
[00:01:50 ] And I was a co founder of Rentler. And we partnered with TenantCloud, merged with them about five years ago with Joe. And when he exited, I ended up taking over as a CEO and running both Rentler and TenantCloud. And it's been a big journey by then, but yeah, my history was rental real estate.
[00:02:13 ] And being an entrepreneur and really sacrificing and so forth. And it's been really exciting, and I love your audience because I think they can relate to, you know, being an entrepreneur and trying to grow in the real estate business.
[00:02:25 ] Jason: So for sure. I'm looking up Rentler right now, cause I don't know what it is.
[00:02:30 ] What's Rentler?
[00:02:31 ] Mark: So Rentler primarily focuses on listings and filling vacancies for landlords, small mom and pop landlords. Yeah. It does some payments and screenings and a few other tools and syndicates out your leads. And then TenantCloud is a lot more robust. It does the accounting, the maintenance, a ton of things that you can track with service professionals and your owners and reporting.
[00:02:53 ] And so they came, they come together really nicely. And we just try to really focus on. landlords and property managers and using technology to make their lives easier.
[00:03:03 ] Jason: Got it. So what's what's been going on at TenantCloud since in the last six years? Like what what are you guys doing lately?
[00:03:12 ] And you know, why should people use TenantCloud? Like, let's get into it.
[00:03:17 ] Mark: Yeah. So the last bit we've been growing tremendously. We're processing over a billion dollars in rent payments a year. Well over that. And TenantCloud really as its core is to help the rental life cycle and help owners, service professionals, tenants, and landlords really come together and leverage technology to run the business and the way we built it was with that in mind to really make things seamless and easy. And you can pay your rent with, you know, ACH, credit, debit, Apple Pay, Google Pay. We have a lot of things that we're working on to just make life easier there. We do screenings, have a ton of different bundles, options for you to do screenings and to protect your investment. And that's been really good to help people with income verification and criminal and background checks and of that nature.
[00:04:11 ] Yeah and we do a lot of accounting. We will even file your Schedule E for you automatically. So the cool thing about TenantCloud is you don't have to have a degree in accounting. You can really log into our software and we're, we'll lead you along that process. And we'll do a lot of the tax reporting team management and you know...
[00:04:33 ] Jason: Can you explain what a schedule E is for those that might not be familiar with it.
[00:04:38 ] Mark: Yeah, absolutely. So schedule E is you know, to report income or loss on your rental real estate. And that's one thing that you'll have to do. You'll get a 1040 form and, you know, the government will want you to file that. And sometimes that can be tough to do, but with our system we will track all of your expenses and all your income and so forth and help you file that form on your behalf.
[00:05:05 ] Jason: So for property managers, they're doing this third party for owners, this then becomes a resource for the owners that they're managing properties for. It will do it for them as well?
[00:05:15 ] Mark: Yes, and we do have like an owner portal. So what's great is you can have your owners log in instead of having that back and forth.
[00:05:24 ] We give them a login where they can have some view access to see their portfolio as well. So it just makes it easy for those property managers to work with their owners.
[00:05:35 ] Jason: Got it. Okay. Now what's different between a property manager using this tool or like owners just going direct and getting TenantCloud and bypassing the property manager?
[00:05:46 ] Mark: Well, yeah, I mean, some owners can do that, but I mean, then they have to deal with a lot of the heavy lifting with the maintenance and managing all the units. And so with the property manager using our system, we make it easy for the owners to have access and you can send your distributions to them and so forth.
[00:06:05 ] But it really comes down to the ease of use and being able to manage all your leads. Manage, you know, all your contracts, all your communications with your tenants and with it, it's such a affordable option. Like our lowest plan is 17 bucks a month and we don't do a lot of unit restrictions like other competitors where you can add a bunch of units on the system. And really make it affordable for you as a property manager. So, yeah, hopefully that answers your question there.
[00:06:36 ] Jason: Got it. Okay. So you would say TenantCloud's probably a lot more affordable than some of the competition that exists for property managers out there. So how would you say TenantCloud kind of compares to some of the big names in the industry like Appfolio, Propertyware, there's a bunch of these You know, and then I know Bodia just came out with RentVine and then Rent Manager, you know, these tools. So we've got clients using all these different tools.
[00:07:03 ] So how does TenantCloud sort of fit into the mix and how do you kind of stand out among all these different tools because there's so many of them now.
[00:07:11 ] Mark: Yeah. So we started with the end user in mind where it was more of a business to consumer platform wher
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