Why Choose Hemlane Over Mynd: An In-depth Comparison
In the competitive landscape of property management, property owners continue to look to optimize their rental business either through hybrid property management or with traditional property managers. Hemlane and Mynd are two great examples of these methods of managing rentals. While both companies offer similar benefits to owners, it is important to distinguish which one is best for you. Hemlane sets itself apart with a series of unique advantages that allows owners to have more control of their rental properties while utilizing automations to free up their days. Mynd on the other hand provides rental owners a completely hands off approach but at a higher price point. In this article we’ll compare Hemlane and Mynd to help you make a decision when it comes to managing your rental properties.
Hybrid Property Management vs Traditional Property Management
With consistent advancement in technology, rental owners are beginning to move towards a hybrid property management model to better service their properties. The hybrid property management approach would have rental owners utilize technology to automate the daily operations at the rental property, including rent collection, tenant notifications, and more. This allows owners to streamline the processes, increase transparency of their rental property, and save on costs!
While the traditional model can be beneficial to some rental properties, there are many benefits to the hybrid model that you should consider. With a hybrid property management model, the features within are designed to allow owners to take control of their rental properties, when necessary, while providing automation to support them on a daily basis. Rental owners can easily see what is happening at the rental, from the maintenance needs, rent payment, and lease information.
To make this easier, we've provided a breakdown of the benefits of using Hemlane, a hybrid property management platform vs Mynd, a traditional property manager.
|Pricing||$30 Starting||$99 Starting|
|Available across the U.S.||Yes||No|
|Daily financial reporting||Yes||No|
|Rent payments made directly to you||Yes||No|
|Maintenance tracking and 24/7 coordination||Yes||No|
When it comes to your rental properties, having transparency is important as it brings to light how well the property is performing, and if you need to make any changes with your rentals. Through hybrid property management, you can increase the transparency you have with the rental as all the information you need can be found on one platform. With a hybrid platform like Hemlane by your side, you will have access to real-time financial reporting, access to the communication channels between your team and the tenant, documents, and maintenance tracking. With traditional property management, the information you receive can be outdated, depending on how frequent you receive reports.
Flexibility and Scalability
Typical property managers operate in a few locations, and Mynd is no different. With operations in specific cities, you will need to have properties in these areas to work with them. Hemlane on the other hand can be used across the nation. This coast to coast approach allows you to purchase rental properties across states and manage them remotely!
A major advantage to using hybrid property management is the cost savings you experience. Hemlane offers straightforward, affordable pricing, which starts at $30. Our pricing page lists the features and calculates the price directly on the page to ensure you know exactly what you are paying for. Mynd on the other hand, starts at a higher price point of $99. For their additional services, such as lease renewals, they charge an additional fee when the time comes. When looking at the costs, hybrid property management is significantly more affordable, however this does mean there will be some involvement with your properties
Robust Maintenance Coordination
Similar to traditional property managers, like Mynd, Hemlane allows you to be hands-off when it comes to repairs at your rental property! Hemlane’s repair coordination capabilities are second to none, as users can not only track service requests made from tenants, but also get repairs completed without having to be involved. With our dedicated 5-star team, we will work directly with your tenants and service professionals to see these repairs through! The only time you need to get involved is if a repair is quoted above your budget.
When comparing hybrid property management to traditional property management, the decision ultimately depends on what you value for your rental. Although there are cost savings and increased transparency with using a platform like Hemlane, you may still need an on-site manager to oversee the operations. Becoming your own property manager can be simple, as long as you have the right processes in place. With the advancement of technology, we are seeing more and more rental owners move to a hybrid model as they no longer see a need to have a physical presence at the property. Ready to make the switch? Try Hemlane for free today and see why rental owners are moving to a hybrid model