Baselane Review 2024: Banking for Landlords
Baselane found an untapped niche in real estate management, and luckily for landlords, they did a great job filling it.
Baselane offers free landlord resources for payment collection, accounting, and property management.
Keep reading to learn why Baselane is quickly gaining popularity and trust in the real estate management space, and learn if Baselane is right for you.
Baselane Review: Banking Built for Landlords
Navigating multiple payment, accounting, and property management platforms can be challenging for a real estate investor. Baselane, a fintech startup, aims to solve this pain point by offering an all-in-one banking solution designed specifically for landlords and property managers.
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Quick Overview |
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Baselane |
GET STARTED | |
| Cost to Open | $0 | |
| Minimum Balance Requirement | $0 | |
| Monthly Fee | $0 | |
| Cash Back | Up to 5% | |
| APY | Up to 4.2% | |
PROS
- Complimentary Services: Baselane offers free checking, bookkeeping, rent collection, and performance analytics, easing financial management for landlords.
- Secure Bookkeeping: The bookkeeping app employs third-party integrations for enhanced financial security.
- Tailored Loans and Insurance: Baselane provides customized loan and insurance solutions designed specifically for landlords.
CONS
- Optimal Performance Requires Full Integration: Baselane functions optimally when all landlord financial activities are conducted within the platform.
Streamline operations, boost efficiency, and grow your rental business. Take control of your rental property finances with Baselane today.
Baselane Features
Baselane Banking
- Instant online account opening
- Accounts for individuals and businesses (e.g., LLCs, corporations, and partnerships)
- No minimum deposit or balance
- No monthly fees
- No ACH transfer fees
- Dedicated virtual accounts by rental property
- Virtual account to separate security deposits, savings, etc.
- High-yield 4.46% interest on all balances
- Up to 5% cash back on debit card spent
- Apple and Google Pay support
- Intuitive, digital-first banking experience
Rent Collection
- Receive recurring rent in Baselane or external bank account
- Security deposits and one-time/recurring fees
- Two-day processing
- Automated late fee configuration
- Payment histories
- Invoice management
- Automated payment alerts and reminders
- High daily payment limits (i.e., no Venmo/Zelle restrictions)
- Tenant-friendly payment platform on any device
- Tenant rental payments via ACH, credit card, or debit card
- Enable tenant auto-pay
Bookkeeping
- Integration with Baselane Banking or current bank accounts
- Automated transaction importation
- Unlimited property management
- Categorize income and expenses by property and Schedule E
- Property and portfolio income statements
- Property and portfolio cash flow analysis
- Real-time data visibility
- User-friendly search and filters
- Unlimited report generation
- Export reports to CSV format
- Simplifies tax preparation
Fees Baselane Doesn’t Charge
- No Account Opening Fees
- No Rent Collection Fees
- No Account Minimum Fees
- No Account Monthly Fees
- No Inactive Account Fees
- No ACH Transfer Fees
- No Return Item Fees
- No Overdraft Fees
- No Bookkeeping Fees
Other Baselane Features
FDIC Insured up to $250,000
Baselane’s banking services are provided by Blue Ridge Bank N.A, a member of the FDIC. You can contact Baselane at +1 (888) 586-1618 or support@baselane.com.
Easy Account Setup and Integration
Opening an account with Baselane is a straightforward process requiring minimal documentation. Once the account is live, property owners can easily integrate the account with their existing property management software once the account is live, offering a seamless experience from the get-go.
Simple Rent Collection
One of the standout features of Baselane is its streamlined online rent collection process. They offer direct deposit options, allowing rent payments to automatically appear in your Baselane account. This eliminates the hassle of dealing with checks or transferring funds manually.
In-Depth Financial Analytics
Baselane focuses on providing landlords with actionable insights into their property portfolio. The platform's analytics tools generate easy-to-read graphs and reports on your cash flow, expenses, and net income. This allows for informed decision-making, helping landlords optimize their investments efficiently.
Vendor Payments and Expense Tracking
Baselane doesn't just facilitate incoming payments; it makes outgoing payments easier too. Whether paying for maintenance work or settling property tax bills, the platform offers a centralized solution for all your payment needs. Its expense tracking feature categorizes expenditures, simplifying managing budgets and preparing for tax season.
On-the-Go Management
Baselane's mobile app offers a fully functional banking experience for landlords who are always moving. This is not a watered-down version of their desktop platform; it carries all the features you need to manage your rental properties effectively while on the go.
Wide-Ranging Customer Support
Regarding customer service, Baselane offers several channels, including chat support, phone lines, and an extensive FAQ section. The bank also provides video tutorials aimed at helping landlords make the most of their platform.
Competitive Fees
Banking services often have hidden charges that add up over time. Baselane adopts a transparent fee structure devoid of hidden costs. While it's not the cheapest option on the market, the value you get for the fees you pay is significant, considering the range of features and convenience it offers.
Baselane makes rent collection easy.
Final Thoughts
Baselane offers a promising solution to landlords and real estate investors looking to simplify their financial management processes. With a keen focus on integrating banking with property management tasks, it fills a significant gap in the market. However, potential users should also consider the platform's limitations before fully transitioning their property portfolio to Baselane.
On balance, Baselane is an excellent tool for independent landlords who value efficiency, convenience, and financial insight.
FAQ
Yes, Baselane’s banking, rent collection, and bookkeeping services are all free. There are no account opening fees, recurring monthly fees, account minimum fees, overdraft fees, or inactive account fees (among others).
Baselane makes its money in several ways, including:
- Rent payment processing fees
- Interest from balances held in Baseline bank accounts
- Merchant fees from Baselane debit card use
- Referral fees from partnerships
According to their website, Baselane also plans on creating premium features in the future that will incur a monthly fee.
Baselane itself is not a bank. Instead, Baselane’s banking services are provided by Blue Ridge Bank, N.A., Member FDIC.
Yes. Through its partner bank Blue Ridge Bank, Baselane’s banking accounts are insured for up to $250,000.