Merger Provides eRentPayment Customers with More Robust Feature Set, While RentRedi Scales Through Growth in Team, Revenue, and Subscribers Base
NEW YORK, Aug. 8, 2023 — PropTech leader RentRedi has acquired eRentPayment and PaymentReport, further enhancing its award-winning rental management software that simplifies the renting process for both landlords and renters. The acquisition results in an expansion of the RentRedi team, along with providing substantial growth to the company’s subscribers base. 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. “We are thrilled to bring a more powerful property management tool to thousands of new landlords and their tenants. We also look forward to strengthening our company as we welcome a number of new talented professionals to the RentRedi team.”
Under the terms of the agreement, eRentPayment and PaymentReport will become part of RentRedi, with the founder of the two acquired companies, Rick Sands, serving as RentRedi’s Head of Payments.
“This is an exciting development that provides an expansion of capabilities to deliver industry-leading, convenient rental payment collection and credit reporting services to landlords, property managers, and tenants,” said Sands. “With RentRedi’s expanded suite of property management services, our customers will benefit from more features and payment options that offer even greater convenience along with increased efficiencies.”
eRentPayment and PaymentReport customers now have access to a number of new features that the RentRedi rental software provides, including:
- Full accounting services â€” RentRedi partners with REI Hub to provide automated accounting designed specifically for real estate investors and rental property owners, such as importing all RentRedi properties and charges, adding financial accounts, tracking expenses, and pulling reports.
- Maintenance coordination â€” premium maintenance services are provided through a partnership with Latchel, enabling tenants to submit maintenance requests through call or text on a dedicated line. The requests are then go through screening and troubleshooting before getting forwarded to a contractor. Landlords set rules around the price of repairs and are kept informed every step of the way.
- Renters insurance â€” tenants can purchase a policy through RentRedi or upload their own policy to demonstrate compliance with their leasing agreement.
- Premium listings services â€” access to professional-quality listing pages and syndicated networks such as Realtor.com, Zillow, Trulia, and Hotpads.
- Customizable applications â€” landlords and property managers can build their own pre-qualification and application processes that best serve their individual needs and help them attract and identify more qualified tenants.
In addition, the acquisition will strengthen credit boosting on both sides. Prior to the acquisition, RentRedi offered payments reporting to TransUnion, and eRentPayments offered payments reporting to Experian through PaymentReport. Now, RentRedi tenants will benefit from improved credit boosting when their on-time payments are reported to two major credit reporting agencies.
“This acquisition marks a significant milestone for RentRedi, signaling that the company has become a category leader in the PropTech space,” said Taylor Beaupain, Managing Partner at K1 Investment Management, a leading investment firm that led RentRedi’s Series A funding round last year. “We are enthusiastic about RentRedi’s momentum in the market, and eager to see where it takes them next.”
RentRedi offers an award-winning, cloud-based rental management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. For landlords, RentRedi provides all-in-one web and mobile apps to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. For tenants, RentRedi’s easy-to-use mobile app allows them to pay rent, set up auto-pay, build credit by reporting rent payments to major credit agencies, prequalify and sign leases, and submit maintenance requests through Latchel.
Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market, recently earning recognition as a Capterra “Established Player,” a G2 High Performer and a G2 Momentum Leader based on the software’s user ratings and popularity. To date, RentRedi has more than $15.5 billion in assets under management and over 25,000 subscribers. The company partners with other technology leaders such as Zillow, REI Hub, Realtor.com, Plaid, Stripe, and Sure Insurance to create the best customer experience possible. For more information visit RentRedi.com.