SureDeposit – Increasing risk mitigation and providing residents with options
SureDeposit is a win-win for both landlords and residents. Landlords benefit from increased protection, while Residents are able to move into a new apartment with less cash outlay.
What can SureDeposit do for your property management company?
Decrease your administrative burden: If you’re unable to recover damages or unpaid rent from a resident, SureDeposit steps in. You simply fill out an electronic form to get the claim started; then, SureDeposit provides a speedy payment and takes over the collections on your behalf.
Impact your bottom line: Bond payments are paid by residents. The only indirect cost to owners is the time required to evaluate and integrate the product into the leasing process.
Raise deposit levels: For example, if you wanted to raise your deposit requirement from $500 to $1,000, you could meet this objective with a $1,000 SureDeposit bond, for which the resident would make a one-time, non-refundable payment of only $175.00. This doubles your coverage yet is still appealing to the resident. For less competitive markets, SureDeposit provides a move-in friendly option for residents and supplements current high dollar security deposits.
A great marketing tool: The for-rent ad headline “No Security Deposit for Qualified Residents” typically attracts residents and can help increase occupancy. Clients using SureDeposit have a high opt in rate; over half of all residents that are offered SureDeposit sign up. All training, marketing, desktop signage and enrollment materials are included.
Boost the amount of protection: Despite the fact that SureDeposit reduces a resident’s cash outlay, it boosts the amount of protection you have to offset damages or losses. Property management companies that implement SureDeposit can raise their minimum security deposit requirements to a more appropriate level, resulting in better loss protection, regardless of whether the resident opts to pay the refundable security deposit or the non-refundable surety bond payment.
Decrease administrative expenses: According to the National Apartment Association, the industry average turn over rate is 54 percent. Supplementing or replacing traditional security deposits can help reduce the volume of security deposit processing.
Additional Value to Property Owners
Why would your residents be interested in SureDeposit?
The program's appeal for residents is simple: retaining scarce cash flow. Bond payments are a fraction of the cost of a typical security deposit, which dramatically reduces the up-front costs required to move into a new rental unit.