TurboTenant & Rentastic: How They Work

As property management undergoes technological advancements, investors now have several options for real estate software to choose from. 

Among these popular platforms, TurboTenant and Rentastic have caught the attention of property investors.  TurboTenant is a popular platform for landlords and tenants due to its all in one features, while Rentastic offers a more comprehensive accounting solution for landlords. 

Both platforms provide users with a secure, reliable, and affordable service, and to help you decide which platform is best suited for your needs or if both products can be used in conjunction, we will compare their features, pricing, and overall functionality.

TurboTenant’s Key Features

TurboTenant is a user-friendly platform that simplifies property management by equipping you with essential features like rental applications, tenant screening, and digital leasing.

1. Rental Applications: TurboTenant provides an online application form that simplifies the tenant selection process. You can customize the questions, and users can swiftly apply directly from your rental listings.
2. Tenant Screening: The platform saves you time and effort by conducting in-depth background checks and credit reports on potential tenants. This feature helps you make informed decisions about unprecedented tenant selection.
3. Digital Leasing: TurboTenant offers electronic lease signing, ensuring both the landlord and tenant have a seamless, hassle-free experience. This feature grants convenience, security, and verifiability to all parties involved.

TurboTenant alone can significantly improve your property management efficiency but together with Rentastic, TurboTenant becomes even more powerful and efficient.

Rentastic and TurboTenant

The essence of Rentastic's value addition to TurboTenant lies mainly in its financial efficacy. 

Rentastic operates as the 'finance hub' in tandem with TurboTenant's comprehensive tenant and leasing management features. This combination enables property investors to keep track of their financials with precision while managing their tenants efficiently. 

Unmatched Financial Tracking

Rentastic boasts its meticulous financial tracking capability, an invaluable feature for property investors. In accompaniment to TurboTenant's ability to manage tenant data, Rentastic enables landlords to track rental income accurately and handle property expenses systematically.

Imagine scheduling rental reminders via TurboTenant and recording payments through Rentastic. This combination of both platforms lets you automate your income tracking, thereby minimizing human error and saving time.

Real-Time Reports and User Experience

As a property investor, it's crucial to have a real-time understanding of your financial health. Rentastic offers this feature, allowing you to generate customized financial reports instantaneously. 

For instance, if you issue electronic leases via TurboTenant, you can quickly capture this operational expense on Rentastic, making it part of your real-time financial updates.

TurboTenant's user-friendly tenant management combines with Rentastic's straightforward financial visuals to provide a seamless experience.

Investment Analysis and Decision-making

Rentastic's ability to offer both individual investment and portfolio-level analysis enhances TurboTenant's performance significantly. 

Unlike TurboTenant, Rentastic displays each property's financial performance and compares it with the others in your portfolio.

With TurboTenant providing operational data and Rentastic providing financial insights, you get a comprehensive view of your portfolio's health.

Closing the Loop of Property Management

Rentastic's investment analysis combined with TurboTenant's property expense tracking provides key financial insights, identifies gaps, uncovers hidden insights, and formulates strategies to adapt investments.

Using Rentastic, you can determine whether your recurring maintenance costs negatively impact the return on a particular property.

In this way, TurboTenant and Rentastic work together to create a well-rounded property management ecosystem. Using both platforms concurrently reinforces the importance of property management and strategic investment decision-making going hand-in-hand.

Payment Structures and Benefits

Understanding the payment structure and associated benefits of each platform might help you decide whether combining these tools is the right choice for you.

TurboTenant has enticing payment options. The free account charges a 3.49% fee on all transactions for both landlords and tenants. Premium account holders also pay the same fee. For example, if a transaction is $1000, the fee would be $34.90, no matter the account type.

Additional features under TurboTenant Premium, like expedited application processing, come at an $8.25/month subscription cost. However, TurboTenant continues to offer free application processing albeit with a slower turnaround time of 5-7 business days.

Rentastic's payment structure has flexible options as well; the free account charges 2.5% on any transaction amount, and the premium account charges 2.00%. For instance, a $1000 transaction would cost $25 on a free account and $20 on a premium account. Rentastic also has optional Stripe fees at $2 per account/month or direct transaction fees at 1.25% + $0.25/transaction on premium accounts.

The pricing models cater to property investors of all scales and budgets, empowering you to choose the best combination based on your needs.

Should you use both or just one?

Every property investor has different requirements and priorities. 

Some may find TurboTenant's standalone features sufficient, while others might see the added value of integrating Rentastic's financial management capabilities. 

Together, these tools can synchronize your managerial processes and financial operations, creating a unified, efficient experience.

However, if a robust accounting framework is a priority, Rentastic's competitive pricing and comprehensive financial reporting make it an ideal choice. Ultimately, thriving in real estate management hinges on selecting the tools that best support and optimize your investments.