Further enhancing its rental management software that simplifies the renting process for both landlords and residents, RentRedi has acquired eRentPayment and PaymentReport. The merger results in an expansion of the RentRedi team, along with providing substantial growth to the company’s subscriber base, and gives eRentPayment customers access to RentRedi’s 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,” says 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.”
The founder of the two acquired companies, Rick Sands, will serve as RentRedi’s head of payments, while customers of eRentPayment and PaymentReport will now have access to a number of new features that the RentRedi rental software provides, including full accounting services, maintenance coordination, renters insurance, premium listings services, and customizable applications.
“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,” says 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.”
Barone explains the benefits of the acquisition further: "Multifamily landlords have a single dashboard from which they can manage their entire portfolio. They can add unlimited units to the RentRedi platform without additional cost, allowing them to scale their business and add their entire team for free and efficiently manage all their rentals from a single location. They can manage all payments, tenants, and track maintenance requests. Additionally, they can offer their tenants a premium renting experience with apps that enable them to submit rent payments, set up auto-pay, submit maintenance requests, and boost their credit by reporting their on-time rent payments to major credit reporting agencies."
RentRedi tenants will have improved credit boosting when their on-time payments are reported to two major credit reporting agencies. Prior to the acquisition, RentRedi offered payments reporting to TransUnion, and eRentPayments offered payments reporting to Experian through PaymentReport.
“This acquisition marks a significant milestone for RentRedi, signaling that the company has become a category leader in the proptech space,” says 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.”