RentSimple
Is This Your Business?5.0
While many people dream of earning passive income, few know how to do it. With RentSimple, homeowners can easily rent out their home. RentSimple is a property management software that allows homeowners to easily rent out their home and earn passive income.
Top Ranked Companies
The Good
- Tiered Plans
- RentSimple Guarantees
- Online Portal
Tiered Plans
RentSimple offers three plans for homeowners to choose from, depending on how much coverage they want.
The Essential plan is the most basic and cheapest option but does not come with the Rent Protection guarantee, and RentSimple doesn’t cover any legal, court, or eviction costs.
The Professional plan is RentSimple’s most popular plan and offers several features, including the eviction, court, and legal costs; however, it only covers up to $1,500. Additionally, the Rent Protection guarantee only includes one month’s coverage.
The Premier plan offers the most extensive coverage but is also the most expensive. However, you get everything RentSimple has to offer. This includes unlimited coverage for the Rent Protection guarantee and court and legal costs.
All consumers should know that each pricing plan includes an additional $300 account setup fee.
It is entirely up to the homeowner to decide which plan to choose. Just remember to thoroughly review your contract and go over it with a RentSimple employee to make sure you understand all the benefits and features as well as the terms and conditions.
RentSimple Guarantees
To ensure that homeowners feel comfortable handing over the keys to their rental property, RentSimple offers a number of guarantees that provide an unheard-of amount of coverage. For example, the RentSimple Guarantee (with the Professional and Premier Plans) offers rent protection. If the tenant doesn’t pay the rent, RentSimple will still pay you.
If you have to evict a tenant for not paying their rent, the company promises to cover the court and legal fees (terms and conditions apply and vary per plan).
Homeowners are 100 percent covered if any damage is done if a tenant has pets, thanks to RentSimple’s Good Pet Promise.
Keep in mind that there are some stipulations and as always, we recommend thoroughly going over the terms and conditions before signing a contract. However, the amount of coverage RentSimple provides its homeowners is fairly extensive (especially with the Premier plan) and could save you from a lot of financial headaches.
Online Portal
Once a home is rented, landlords can easily access RentSimple’s online portal anytime, anywhere. Users can view statements, look at upcoming and past payments, review work orders, and more through the portal.
The Bad
- No Long-Term Leases
No Long-Term Leases
RentSimple only offers 12-month leases. This is not ideal for a homeowner who wants to rent a unit to one tenant for a long time. However, RentSimple stands behind their lease length, saying it protects the homeowner. Long-term tenants can be challenging to evict for anything other than non-payment of rent. It is easier to ensure that the tenants are taking care of the property and abiding by the lease with a year-long lease.
The Bottom Line
RentSimple is a great property management system for homeowners who want to earn passive income by becoming a landlord. The company is an excellent resource to homeowners and helps guide them through the process of renting out their home. RentSimple is reasonably transparent with its pricing and upfront about all the features and benefits you receive should you work with them.
Additionally, RentSimple offers a number of guarantees that should help put to rest any hesitations you might have. The company does not allow long-term leases, but that could be a good thing if you ever have a troublesome tenant.
Currently, RentSimple is only available to those who own property in Northern Virginia.
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Alicia Gonzales Warrenton, VA
3 months ago
