My Rental Spot today updated its contractor marketplace so that managers pay each phase of a project when they approve the work, with the money going directly to the contractor’s account. My Rental Spot never holds the funds. The update also adds verified contractor credentials, side-by-side quote comparison and a simple way to bring a manager’s existing vendors onto the platform.
Contractors can request one optional deposit for materials after both sides sign, and it is credited against the final payment, so a contractor never receives more than the contract. When a contractor submits a phase, the manager reviews it and approves and pays in one step, or requests changes. An open dispute pauses payment on that phase. If a manager doesn’t respond within the review window, they are warned before the phase is approved automatically.
Contractors now upload the licences and insurance their trade and state require, and an AI document check helps the My Rental Spot team confirm the holder, number and expiry before a person approves them. Only verified, unexpired credentials appear on a contractor’s profile, and trades that don’t need a licence are clearly labeled. Each quote shows whether the contractor is ID-verified, licensed and insured, and projects with two or more quotes get a side-by-side comparison. New contractors verify their email, phone and government ID before they can quote. Managers can invite the vendors they already work with in a few clicks, and with Smart Access a vendor gets a one-time door code for the visit.
This replaces the escrow payment model announced in June 2026. New projects use pay-on-approval, and projects begun under the earlier model finish on their original terms.
About My Rental Spot. My Rental Spot is a free, all-in-one property management platform for landlords, property managers, renters, HOAs, and facility operators — listings, screening, rent collection, accounting, maintenance, and more, without the per-unit fees of legacy software. Get started free at myrentalspot.com.