In Guide
TenantPay vs MipropertyPortal: A Comparative Analysis for Property Managers and Landlords
Landlords and property managers can find it challenging to decide which property management software best meets their needs. In this article, we will examine TenantPay and MipropertyPortal, two popular Canadian real estate market choices.
By observing their features, pricing, and overall value, we will help you decide which software best meets your property management requirements.
Overview of TenantPay
TenantPay is a payment solution for renters who wish to pay online. It was founded in 2006 by Tom Lennox. The main objective is to give tenants a convenient and safe payment method in Canada. TenantPay was acquired and relocated from Vancouver to Montreal in March 2021.
TenantPay is an excellent option for landlords or co-ops looking for basic rent collection services. It allows tenants to pay through online banking, ATMs, or cash at Money Mart using 14-digit TenantPay number. Tenant can accrue Paytm points or credit card rewards in-app without paying extra fees.
The platform has no hidden fees, no NSF charges, and offers quick payment processing, making it a simple, cost-effective choice for smaller portfolios
Key features of TenantPay
Pros of TenantPay
Pricing structure for TenantPay
There are no hidden or monthly costs, setup fees, or support costs.
Pricing structure for TenantPay
Good support when needed.
Efficiency
Set up recurring payments to the TenantPay payee through your banking system. For automated payments, you get to choose the monthly amount and day. The landlord or property manager receives rent payment within 24 to 48 hours.
Overview of MipropertyPortal
MipropertyPortal is a versatile property management platform offering a wide range of features that cater to landlords and property managers of all sizes. Unlike TenantPay, which is more finance-focused, MipropertyPortal covers everything from rent application collection to lease management to maintenance tracking, making it a comprehensive tool for rental property management.
Key features of MiPropertyPortal
Lease Management
MipropertyPortal allows property managers to easily manage lease agreements, renewals, and terminations, keeping all essential documents in one place.
Lead Management, Tenant Screening and Tenant Management
One platform to manage the information of prospective rent application (Lead Management), tenant screening process through SingleKey and managing all tenant’s information, deposits, documents, and move-in/move-out processes.
Maintenance Tracking
The platform offers tools for tracking maintenance requests, ensuring issues are resolved quickly and efficiently.
Document Management
MipropertyPortal, powered by Microsoft Azure, provides a secure space for storing important documents.
Provincial Residential Tenancy Board Forms
Essential Provincial tenancy board notices are automated with e-signature capabilities.
Online Rent Collection
Get rent payment within 2-3 business days. The payment is accepted from all Canadian banks or through credit cards.
Accounting & Reporting
MiPropertyPortal provides a full-fledge property accounting module which is well integrated with other modules. It offers numerous reports to make your business operations and year-end tax return a breeze, such as
- Rent Roll
- Monthly Tenant Summary
- Habitually Late Rent Payment
- Lease Expiring
- Outstanding Rent
- Tenant Invoice Payments
- Email Delivery Status, etc.
- Aged Receivables
- Owner Statement
- Rent & Disbursements Summary
- Yearly Portfolio Summary
- Work Order Summary
- Vendor Credit / Advance Payment Summary
Property Inspection with E-Signature
Customizable Move-In and Move-Out Inspection with e-signature capability makes your maintenance more compliant.
Tax related reports
- Sale Tax Report
- CRA HST/GST return form
- CAM Calculation
- NR4
- WSIB form
Pros of MipropertyPortal
Comprehensive Management Tools
MipropertyPortal offers many features, making it an all-in-one property management software as a service.
Highly Customizable Platform
The software can be tailored to fit the specific needs of landlords and property managers, regardless of the size of their portfolio.
Competitive Pricing
MiPropertyPortal offers pricing plans for small and large property management operations, making it accessible to a wide range of users. The starting package is called Silver package, starts from CAD 0.89/unit/month.
Feature Comparison
Rent Collection
TenantPay: Focus on seamless rent payments and transaction tracking
MiPropertyPortal: Offers complete property management solution including rent collection.
Additional Features
TenantPay: Primarily payment-focused with basic ledger functionalities.
MiPropertyPortal: A comprehensive platform with tenant management, accounting, maintenance tracking, and much more.
User Interface & Accessibility
TenantPay: Simple and intuitive interface as it only deals with rent collection and disbursement.
MiPropertyPortal: Easy-to-use with many customizable features. It is known for its natural business process flows.
Scalability
TenantPay: Suitable for landlords with simple rent collection needs.
MiPropertyPortal: Designed for property managers with small to large portfolios and broader needs.
Pricing Comparison
TenantPay: There are no hidden or monthly costs, setup fees, or support costs, and the software is affordable.
MiPropertyPortal: There are no Setup Costs or Term Contracts, and you pay on a prorated basis as you use the software, i.e., you use the software for ten days and pay for ten days.
MiPropertyPortal is known for its affordable pricing. The platform offers three tiers:
- Silver: $0.89/month/unit + $69 monthly fee.
- Gold: $1.19/month/unit + $69 monthly fee.
- Platinum: $1.39/month/unit + $69 monthly fee.
Each tier includes core features, while higher-tier packages unlock additional functionality, such as advanced financial reporting and lease management tools.
What’s the real cost?
MiPropertyPortal
- Transaction Fee: $0.50 per rent collection and $0.50 per owner disbursement
- Monthly Platform Fee: $69 plus a per-unit cost of $0.89
- Additional Features: MiPropertyPortal includes more advanced property management tools beyond rent collection.
TenantPay
- Transaction Fee: $1.50 per transaction for rent collection
- No Setup or Monthly Fees: TenantPay charges no setup fees, monthly fees, or NSF charges.
- Payment Processing Time: Payments are processed within 24–48 hours.
MipropertyPortal VS TenantPay: The Final Check
| Feature | TenantPay | MiPropertyPortal |
|---|---|---|
| Country | Canadian | Canadian |
| Rent Collection & Owner Disbursement | Yes | Yes |
| Owner Pay | Yes | Yes |
| Owner Reporting | Yes | Yes, comprehensive |
| Vendor Pay | Yes | Yes |
| License Fee | No | No |
| Prospective Tenant Management | No | Yes |
| Property Management Ecosystem | No | Yes (Comprehensive) |
| Lease Automated | No | Yes |
| Lease Management with E-Signature | No | Yes |
| LTB (Landlord and Tenant Board) Forms | No | Yes |
| Rent Application Collection | No | Yes |
| Tenant Portal | Yes, payment related functionality | Yes, robust |
| Owner Portal | No | Yes |
| Tenant Screening & Credit Check | No | Yes |
| Inspection Management | No | Yes, highly customizable |
| Communication Model | Basic | Advanced |
| Service Request Management | No | Yes |
| Price | moderate | More affordable |
| Setup Costs | No setup fee | No setup fee |
| Provincial Lease Management with E-signature | No | Yes |
| Document Management | No | Yes, Robust |
| Asset Tracking | No | Yes |
| Work Order & Purchase Order Management | No | Yes |
| Parking & Storage Management | No | Yes |
| Complete Accounting Module | Yes, integrates with third-party tools | Yes, built-in |
| Payment Processing Time | 24-48 hours | 24-48 hours |
| Task Management | No | Yes |
Conclusion
When choosing between TenantPay and MipropertyPortal, the decision largely depends on the size of your operation and your specific needs.
If you need only rent collection and rent payment, TenantPay is your thing.
TenantPay is an excellent fit for those seeking a streamlined, cost-effective rent collection system.
At the same time, MiPropertyPortal delivers a more powerful, all-in-one solution for property managers looking to optimize every aspect of their operations with comprehensive tools, including automated rent payment and collection, which can be used for managing properties of any size.
Jahangir Alam
As the Business Development Officer at Mi Property Portal, Canada's premier property management software provider, I've been fueling our growth and forging key partnerships since May 2016. Our mission? To deliver an all-in-one property management platform that's efficient, effective, and cost-cutting.
Frequently Asked Questions
TenantPay excels at online rent payment and collection, so it might be the better option if this is your primary concern. MiPropertyPortal has a wide range of Accounting and Financial Management modules that comply with Canada’s rules and regulations.
TenantPay is generally more user-friendly due to its straightforward online rent collection and payment interface. MipropertyPortal offers more features and customization with an intuitive interface, necessary for Canadian landlords and property managers.
Yes, MipropertyPortal is highly scalable and can efficiently manage small to large portfolios, offering a comprehensive suite of tools for all aspects of property management.
Both platforms offer strong customer support.
