Setting up Rent Collection with Baselane is easy! First, you must have added a property. Please see here for details on adding a property if you haven’t done this already.
Once you’ve added your property, it will automatically appear on the Rent Collection tab when you start creating Rent Collection terms. You will be able to set up rent collection for every unit of a property.
To set up Rent Collection terms, please follow the steps below:
- From the Rent Collection tab, select the blue 'Set Up Rent Collection' button to begin
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Select a Rental Property: Choose the relevant Property & Unit for this Rent Collection.
- Tip: If you're adding future tenants or have multiple tenants splitting the total rent, you can add new tenants to the platform while keeping rent collection active for your current tenants. This is especially helpful for leases where each tenant pays a portion of the rent, without needing to create separate units.
- Add Rent Details: This includes start/end dates, monthly rent amount, rent due date, recurring fees, and late fees.
- Add Fees & Deposits: In this section, you can collect a security deposit, last-month rent, prorated rent, and any other one-time fees (e.g., move-in fees).
- Review Payment Invoices: Here, you can see all of the invoices that will be generated. If you notice something incorrect, review your Lease Terms and update as required.
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Select Bank Account: Here, you can select the bank account to receive the monthly rent and fees, as well as a separate bank account to collect a security deposit. Note, that rent payments can only be deposited into a Checking account, not a Savings account. However, you can collect security deposits into a Savings account. If you have not yet connected or opened a bank account, you will be prompted to do so.
For more details on how to open a Baselane Banking account, see here.
To learn more on how to connect an external bank account, see here. -
Add Tenant Details: Enter your tenant’s name and contact information. If this is a tenant you’ve previously added to Baselane (e.g., from a prior rent collection setup), select the "Existing Tenant" tab and choose your tenant.
- Reminder: Only one tenant can be invited per rent collection. While the same property can be used multiple times for rent collection, each setup allows for inviting just one tenant.
- Review & invite tenant: Once you have reviewed & submitted the Rent Collection terms, Baselane will automatically invite your tenant to join the Baselane Tenant Platform.
*You can also copy the invitation link and send it to your tenant via any communication method you wish to use. This link will be available to copy after you have submitted the Rent Collection terms.
Note: Tenants will be subject to a 3.49% convenience charge when using a Debit or Credit card to pay their rent.
*Tenant payments via ACH not deposited into a Baselane Banking account will incur a $2 fee. Landlords can cover the fee or pass it on to the tenant.
You can also copy this link on the 'Rent Collection Details' page. To do so, follow the instructions below:
- Go to the Rent Collection tab
- Under the ‘Active’ lease section, click on the Rent Collection property
- Select the 'Copy Invitation Link ' button under the 'Tenant Onboarding Progress' portion of the page