5 Ways to Make the Most of Your Azibo Bank Account

 Post by Azibo Team on October 19, 2020

Whether you just closed on your first rental property or already have a growing portfolio, an Azibo bank account can help you maximize your real estate investment.

Earlier this year, we officially launched Azibo, the only financial services platform built specifically for independent landlords. Our free tools — including banking, rent collection, and expense management — help rental property owners save time, stay organized, and achieve passive income. 

Whether you just closed on your first rental property or already have a growing portfolio, an Azibo bank account can help you maximize your real estate investment

Here are a few ways that you can make the most of your free Azibo bank account:

1. Let your money make money

Zibo banking hero

Independent landlords tend to keep a substantial amount of cash on hand to cover the unforeseen expenses of owning rentals. But because they need fast access to those funds, the money often sits in a regular checking account — which means landlords miss out on interest. 

With Azibo, you can earn interest on your cash — even in checking accounts. Azibo bank accounts earn 3.75X the national average interest rate on your cash balance, with no monthly or hidden fees. 

And if you’re locked into your current bank accounts because of mortgages, that’s no problem. You can still use Azibo to link your accounts in one place and then open a Azibo checking account as a sweep account to earn interest on your excess cash.

2. Automate and track rent collection

rent collection

Azibo’s free rent collection tool makes it easy to collect and monitor rent payments across properties. Our rent collection dashboard helps you track tenant payment status in one place so you can instantly see who is behind schedule. 

Azibo is also the only online and offline rent collection platform, helping landlords accept both electronic payments and paper checks. For electronic payments, you’ll receive a notification as soon as tenants send their rent, and their payment status will automatically update in your Azibo account. 

If you collect paper checks, you can immediately make deposits from your phone with Azibo’s web-based app. This will help improve your cash flow while saving time spent going to the bank to deposit checks in batches.

3. Organize your security deposits

security deposits

When you own multiple rental properties, keeping track of security deposits (and all of the regulations around them) gets complicated. 

With Azibo, you can open a free bank account to keep your security deposits separate from your rent money. This also allows you to earn interest on your security deposits, which you can either keep or pass on to your tenants to keep them happy (again, just make sure you’re compliant with local regulations). 

Landlords can also use Azibo’s security deposit management tool to track critical information like the lease end date, tenant name, damage deductions and interest owed for each security deposit — helping you stay organized ahead of tenant turnovers.

4. Manage multiple bank accounts in one place

banking dashboard

If you’re like most independent landlords, you have multiple banks and bank accounts for your rental business, thanks to years of buying properties and getting loans. Just keeping track of all of those logins and passwords — let alone managing your books — can be a nightmare! 

With Azibo, you can link all of your bank accounts in one place — allowing you to view and manage all accounts with just one login. You can also use Azibo to easily move money between accounts so you have cash in the right account when you need it. 

5. Simplify tax prep

expense management

Expense management can be a major headache for independent landlords. Come tax season, many rental property owners painstakingly review spreadsheets and bank statements in order to make the most of their deductions. 

With Azibo, landlords can easily tag transactions by property for up to 24 months of expenses. You can even tag expenses in non-Azibo linked accounts.

Landlords can also use Azibo’s tax classification tool to add Schedule E categories, helping to simplify tax prep and reduce time spent manually categorizing expenses. 

Ready to open a Azibo bank account?

We know every rental property business is unique — that’s why Azibo offers a variety of tools to best fit your needs as an independent landlord.

Sign up for a Azibo bank account today to get access to all of our free tools to help you save time, stay organized and grow your business.

Ready to switch to Azibo?

Securely automate rent collection, for free.
Learn more about Azibo

Managing 25+ units?
Call us at (855) 920-9907 or email us at premium@azibo.com for a free onboarding consultation.

Learn about the Azibo landlord signup process in this step-by-step guide.

Want to know what the Azibo experience looks like for your tenants? Read our blog post How Do Renters Sign Up for Azibo? for instructions on the Azibo renter sign-up process.

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