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Digital property management firm RentRedi has acquired eRentPayment and Payment Report in its ongoing quest to assist independent investors and landlords with an array of asset management solutions, Inman has learned.
Under terms of the agreement, RentRedi will absorb the acquired companies, and those firms’ founder, Rick Sands, will serve as RentRedi’s Head of Payments.
Financial terms of the deal were not disclosed.
“This acquisition will position RentRedi as an even bigger player in the prop tech space,” RentRedi CEO Ryan Barone said of the deal, which he said will increase its user base while enhancing payment workflows system-wide.
“We are thrilled to bring a more powerful property management tool to thousands of new landlords and their tenants,” he added in a statement.
RentRedi is a six-year-old software company that focuses on independent landlords, which comprise the majority of rental property owners in America, according to PropertyManagement.com. The company boasts more than $15.5 billion in assets under management and in excess of 25,000 subscribers.
The company offers a full suite of tools for landlords, including renters insurance partnerships, repair requests and tracking, comprehensive accounting and vacancy marketing, among other features.
“The software allows for granular control of each property, allowing the user to attach separate bank accounts to different properties, link leases to individual tenants and accept, respond to and track maintenance requests per unit,” according to an Inman review of RentRedi published in January.
ERentPayment offers tools for landlords like online applications, management resources and payment collection. Renters benefit from features such as security deposit placement and return, maintenance request capability and payment modules. Payment Report offers payment tracking, rent reporting for landlords and property managers and lease management, according to its website.
As has become common among proptechs in the rental space, tenants under landlords using RentRedi can have their rent payment history reported to TransUnion for long-term fortification of their credit worthiness.
The eRentPayment purchase adds Experian to RentRedi’s mix of credit options.
Building credit through rent payments is a relatively new phenomenon because most landlords — especially those in the owner-operator space — have lacked the ability to make it available to tenants.
A crop of new companies has emerged with credit-building offers, with some reporting to one credit agency and others sending payment histories to all three. Entrata, Gravy and Boom provides users with credit reporting options.