Baselane serves as a thorough property management solution, tailored to landlords and real estate investors. It offers a range of financial tools crafted to streamline rental property management. Among its features are specialized banking services, automated bookkeeping, rent collection, and insightful analytics. Baselane empowers users to optimize their rental property finances, automate administrative duties, and derive informed insights for investment decisions.
What does Baselane offer Landlords?
Baselane caters primarily to landlords, providing various banking and rental management features to streamline their operations and cut costs.
For banking, Baselane offers a fee-free bank account designed specifically for landlords. This account combines the advantages of high-yield savings and checking accounts, allowing landlords to earn rewards while efficiently managing their expenses.
With this account, landlords can receive up to 5% cash back on eligible debit card purchases related to home improvement hardware, up to $2,000 annually ($250 cash back). Additionally, all other purchases earn an unlimited 1% cash back, with authorized users also eligible for cash back rewards.
Why Is Baselane The Best Banking Platforms For Landlords?
1. Ability to create multiple account on one platform:
It allows Landlord to create multiple bank accounts within the same platform, making it easy to track expenses and monitor the performance of each property. This means Landlords can say goodbye to the hassle of juggling multiple banking apps and confusing spreadsheets. So, if you’re looking for a simple and streamlined way to manage your property finances, Baselane is the way to go.
All your financial information is organized in one place, so you can quickly and easily generate detailed financial reports. This makes it simple to provide your accountant with the information they need to file your taxes, saving you time and money. And, since the platform is built for landlords, you can be confident that your financials are being tracked in accordance with all applicable tax laws.
2. Automated Rent Collection:
For landlords, collecting rent can be a nightmare. Late payments, bounced checks, and errors can eat up valuable time and resources. Many turn to property management companies to take over the task, but this often means reduced cash flow and extra fees. Baselane offers a different solution – a rent collection system that’s easy for tenants to use and eliminates errors. This means landlords can spend less time chasing rent payments and more time focusing on what really matters – their properties
Baselane’s rent collection tool makes it easy for tenants to pay rent directly to the landlord’s account. There’s no need for third-party apps or complex invoicing processes – everything is done through the Baselane platform.
The software offers several ways to pay, including debit and credit cards, ACH, and check deposits via mobile device. Best of all, there are no daily payment limits, so tenants can pay rent in full and on time. For landlords, the tool offers payment reminders and automatic late fees, streamlining the entire process.
3. Built in Book-keeping:
Managing rental property finances can be time-consuming and demanding. Fortunately, Baselane offers a solution with its intuitive bookkeeping software tailored for landlords. This software effectively streamlines accounting tasks, handling a wide range of transactions associated with rental properties.
From rent collection, security deposits, and late fees to property expenses, mortgage payments, and repair costs, Baselane’s bookkeeping software meticulously tracks every financial aspect of property management. It presents these transactions in a clear ledger format, allowing landlords to monitor their finances in real-time.
What sets Baselane apart is its automatic categorization of transactions by property and Schedule E, facilitating easy tracking of income, expenses, and tax deductions. Even landlords with minimal bookkeeping experience can benefit from this feature. Additionally, the software enables users to add notes to transactions for future reference.
Integration with third-party bank accounts and seamless transaction export further enhances the software’s functionality. Landlords can effortlessly manage multiple properties, as the software organizes finances on a property-by-property basis.
Furthermore, Baselane’s bookkeeping software offers comprehensive reporting capabilities, including unlimited cash flow analytics reports and Schedule E reports for tax purposes. A convenient search and filtering function simplifies transaction retrieval, saving landlords valuable time.
4. Mobile Banking:
Baselane offers a mobile application, enabling users to conveniently access and utilize its features while on the go. With this mobile app, users have the flexibility to manage their tasks and access the platform’s functionalities from anywhere, anytime. Whether checking financial transactions, monitoring property details, or processing payments, users can seamlessly engage with Baselane’s services using their mobile devices.
5. Understandable Analytics:
Baselane comprehensive analytics serves as a valuable tool for landlords seeking to gain deeper insights into their financial data. By providing real-time access to cash flow analytics, it enables users to make informed decisions promptly. Moreover, the capability to generate and export detailed reports, such as Schedule E reports, enhances efficiency in tax reporting procedures. With intuitive features designed to accommodate varying levels of technical expertise, this platform ensures that landlords can navigate complex financial tasks with ease. Ultimately, it empowers users to optimize their financial management practices and achieve greater success in their real estate ventures.
6. Easy To Navigate:
Ease of use is a prominent feature of Baselane, as it showcases a user-friendly dashboard designed for accessibility. Even landlords with limited technological proficiency can effortlessly navigate the platform’s interface. This intuitive design ensures that users can quickly access the tools and analytics they need without encountering unnecessary complexity. By prioritizing user experience, Baselane enhances efficiency and productivity for landlords, enabling them to focus more on strategic decision-making and less on navigating software intricacies. Overall, the platform’s user-friendly approach contributes to its effectiveness in simplifying financial management tasks for landlords of all backgrounds.
7. It Is A No-fee Account:
With Baselane, users enjoy the benefits of a high-yield savings and checking account without the high fees of a traditional bank. There are no setup or maintenance fees, and there’s no minimum balance requirement.
In addition to earning a competitive interest rate on deposits, users can enjoy all the features of a traditional bank account, including mobile deposits, ATM fee reimbursement, and more. Plus, they can access their account 24/7 through the web interface or mobile app
In Summary,
Skip the traditional banks! Baselane partners with Thread Bank to offer landlords high-yield checking and savings accounts specifically designed for their needs. Here’s what sets them apart:
- No fees: Forget setup or monthly maintenance charges. Baselane lets you keep more of your hard-earned rent.
- Flexibility: No minimum balance requirements mean you have easy access to your cash whenever you need it.
- High-yield savings: Earn interest on your deposits! Rates range from 1.95% to 4.19% (depending on Federal Reserve rates) and are compounded monthly. But there’s a catch: To qualify, you need to collect at least $1,000 in rent through Baselane in the past 3 months.
- Stay organized: Manage multiple properties with ease. Set up individual accounts for each rental, simplifying your finances and record-keeping.
- Rewards for improvement: Invest in your rentals and get rewarded! Baselane offers a 5% cash back program on up to $5,000 spent annually at participating home improvement stores (perfect for flippers!). You’ll also earn 1% cash back on all other purchases.
- Account options: Sign up for a Baselane account as an individual, LLC, or even a partnership.
- Convenient features: Baselane accounts come with additional perks like ACH payments, free ATM withdrawals (up to a certain amount), and FDIC insurance for peace of mind.
