RentRedi Acquires eRentPayment and PaymentReport

RentRedi, which has a cloud-based system features that include rental property accounting, rent collection, tenant screening, applications, property marketing and listing, lease e-signing, and renters insurance, has acquired eRentPayment and PaymentReport.

“The acquisition results in an expansion of the RentRedi team, along with providing substantial growth to the company’s subscribers base,” according to the firm. “In addition, the deal provides eRentPayment customers with access to RentRedi’s more robust feature set.”

“This acquisition will enhance our technology and significantly grow our customer base, positioning RentRedi as an even bigger player in the PropTech space,” said RentRedi co-founder and CEO Ryan Barone in prepared remarks.

Under the acquisition agreement, the founder of the two acquired companies, Rick Sands, will become head of payments at RentRedi.

RentRedi looks to bring the eRentPayment and PaymentReport customers into its fold, emphasizing addition features like full accounting, maintenance coordination; renters’ insurance; premium listing services through listing pages and syndication to Realtor.com, Zillow, Trulia, and Hotpads; and customizable applications.

What eRentPayment offered its property managers were tenant screening, online payments, late fees, reminders, credit reporting to Experian, expense tracking, and other tools. Previously, RentRedi offered credit reporting only to TransUnion.

PaymentReport offered uploading of lease details as well as payment history tracking and monitoring.

The last 18 to 24 months have been busy for RentRedi’s expansion plans. In April 2022, the company raised $12 million in a Series A, bringing the total raised to $17 million.

A father-and-son team, CEO and CTO Ryan Barone and CMO Ed Barone, co-founded the company in 2016 when the younger Barone was still in college and trying to gather necessary documents to rent an apartment with some other students. Since 2020, they claim more than 10,000 subscribed landlords and 85,000 properties.

RentRedi had partnered with BiggerPockets on training. BiggerPockets is a system for teaching investment strategies, analyze properties, connect with investor-friendly agents, and more. Supposedly more than two million people use it. There are articles, videos, and guides. BiggerPockets also provides calculators for rental properties, rehab estimators, and running an Airbnb location.

“The BiggerPockets Pro membership offers investors access to a dynamic toolkit as a one-stop-shop for investors to start, scale, and manage their properties,” the companies said. “That Pro package now includes a property management software offer, thanks to RentRedi. With this partnership, investors and landlords can manage their real estate investment properties from wherever, whenever—all as a BiggerPockets Pro member.”