Baselane Review 2023
|By: Jeremy Biberdorf||May 12, 2023|
In a nutshell: Baselane is a free software solution for landlords, property managers, and real estate investors. Offering a variety of banking services designed to manage your real estate portfolio, the platform can meet many of a landlord’s everyday needs.
Services offered include (but are not limited to): property performance monitoring tools, operating income monitoring, rental income monitoring, and a rental collection feature.
This all sounds good and well, but why is it free? How does it work, and how does the company make any money? Find out the answers to these questions—and more—in our Baselane review!
|Bookkeeping app||None (landlords) 2.99% payment processing fee (tenants)||N/A|
Baselane is best for…
Independent landlords, property managers, and real estate investors who want to keep a close eye on their rental property finances.
Many financial products marketed towards smaller landlords only address a few of the problems they face. Contrarily, Baselane attempts to address all of these issues on a single platform!
From collecting rent payments to monitoring cash flow, Baselane can do it all. By giving property virtual bank accounts within the larger bank account, Baselane makes it easy for landlords to keep track of operating expenses & income on a per-property basis.
Although not a primary selling point, it’s also worth noting that Baselane has various partnerships with other companies. As such, users may be able to receive additional services—such as property insurance or a rehab loan—through one of these partnered offers.
- High APY
- Supports multiple payment methods
- Lending & insurance partnerships
- Limitations on high-interest cash back
- May not be free forever
- Debit card processing fee (tenants)
What is Baselane?
Baselane is a fintech company that aims to be a one-stop solution for landlords. Although the company itself is not a bank, it has partnered with Blue Ridge Bank to offer various Baselane banking accounts.
These banking features work concurrently with the rest of the platform’s various services, which include real-time investment property insights, property valuations, income statements, and more.
Due to its wide range of services and the fact that it is currently offered for free, Baselane is certainly an appealing option to one-off landlords and real estate investors alike.
Baselane’s core features center around banking and payment management. Its primary offering is Landlord banking, which gives virtual accounts to easily manage each rental property, access to a high-yield checking account, and the Baselane debit card.
Comprehensive Account Management
One of the core advantages of Baselane Banking is the ability to create multiple banking accounts on a single platform. This allows you to establish separate accounts for different properties, units, or even business entities such as LLCs, corporations, and partnerships.
By organizing your finances in this manner, you can easily track expenses, manage cash flow, and monitor the performance of each individual investment.
Virtual Accounts for Added Flexibility
Baselane Banking also offers the option to create virtual accounts, which can be useful for managing security deposits or setting aside funds for future property improvements. These virtual accounts provide an additional layer of organization and enable you to maintain clear financial records for each property or unit.
Automated Bookkeeping and Reporting
With Baselane Banking, bookkeeping becomes a breeze. The platform automatically tags transactions to specific properties or units, and smart categorization simplifies the process of generating reports for tax purposes.
This means you’ll spend less time manually tracking expenses and more time focusing on growing your real estate portfolio. Sounds like a dream, right?
Integrated Rent Collection
Receiving rental payments has never been easier, thanks to Baselane Banking’s automated rent collection feature. Landlords can receive rent directly into their bank account, streamlining the payment process and ensuring a consistent cash flow.
High-Yield Interest and Cash Back Rewards
Baselane Banking offers a high-yield interest rate on all deposits, including security deposits. This means your money works harder for you, generating returns far above the national average.
Additionally, the Baselane Debit Card offers up to 5% cash back on the first $5,000 spent on home improvements each calendar year, as well as an unlimited 1% cash back on all other debit card transactions.
Free and Transparent Pricing
Unlike many traditional banking services, Baselane Banking is free, with no hidden fees. You won’t have to worry about fees for cash withdrawals or transfers, and there’s no minimum deposit required. This cost-effective solution makes it even more appealing to landlords and real estate investors looking to optimize their financial management.
Baselane has put significant effort into creating an intuitive and user-friendly platform for landlords and property managers. The dashboard is clean and well-organized, making it easy to navigate and find the information you need quickly.
Features such as the property performance monitoring tools and income statements are presented in a visually appealing manner, making it easier to understand the financial health of your real estate investments.
Moreover, Baselane’s mobile app allows you to manage your properties on-the-go. With the app, you can receive rent payment notifications, monitor property performance, and access bookkeeping features, all from the convenience of your smartphone.
Pricing & Plans
All of Baselane’s features are currently offered for free. The company has hinted at having paid, premium features in the future, but this has yet to happen.
However, offerings that come from company partners aren’t free and will incur their own costs. This includes loans for landlords, landlord insurance, renter’s insurance, and other partnered offerings.
How Does Baselane Make Money?
Despite not charging for any of its services, Baselane still manages to make a profit. It accomplishes this by earning interest on the balances held in Baselane Banking accounts (although part of this interest is enjoyed by the users at a rate of 4.25% APY).
The company also profits from merchant fees.
Baselane understands the importance of providing excellent customer support to its users. The company offers a comprehensive help center, complete with articles and guides that cover various topics related to the platform’s features and services.
Additionally, you can reach out to their support team via email or by submitting a support ticket through their website. The team is known for its timely and helpful responses, ensuring that your questions and concerns are addressed efficiently.
Baselane’s online community is an excellent resource for users who want to learn from other landlords and property managers. This interactive space allows you to ask questions, share experiences, and gather insights from peers who may have faced similar challenges.
Is Baselane Right for You?
Baselane banking is an online solution that just makes sense for landlords, property managers, and real estate investors with multiple properties.
Offering competitive cash back on purchases, interest rates far beyond the national average, and the ability to manage every part of the rental process, Baselane has you covered from security deposit to move-out day.
Baselane Review – Final Thoughts
Baselane is an innovative and comprehensive platform designed specifically for landlords, property managers, and real estate investors. By offering a wide range of features, such as virtual accounts, automated bookkeeping, integrated rent collection, and high-yield interest rates, Baselane provides a one-stop solution for managing rental properties and investments.
With an intuitive user interface and a commitment to transparency, Baselane allows you to focus on growing your portfolio while enjoying the peace of mind that comes with efficient financial management. The fact that Baselane’s core services are currently offered for free makes it an even more attractive choice for property owners looking to optimize their rental operations.
If you are a landlord or real estate investor seeking a reliable, user-friendly, and feature-rich platform to manage your properties, Baselane is definitely worth considering. Don’t miss the opportunity to streamline your rental property management and make your money work harder for you.
Click here to get started with Baselane.