The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Topic Author

Anonymous

5 years 4 months ago #30402 by Anonymous

The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond). was created by Anonymous

Currently, I’m researching (AskCanopy, Jetty, SelectDeposit, Obligo, LeaseLock, etc.) and have spoken with them about their products. I’m trying to get an understanding of others experience with these companies and with deposit alternatives. Good points/bad points, issues, etc.

5 years 4 months ago #30402 by Anonymous

Topic Author

Steven Krutsch

5 years 4 months ago #30403 by Steven Krutsch

Replied by Steven Krutsch on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Have you looked at BetterNOI?

5 years 4 months ago #30403 by Steven Krutsch

Topic Author

Anonymous

5 years 4 months ago #30404 by Anonymous

Replied by Anonymous on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Better NOI was not looked at in my research.

5 years 4 months ago #30404 by Anonymous

Topic Author

Christopher Koback

5 years 4 months ago #30405 by Christopher Koback

Replied by Christopher Koback on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

We just added Renter's Plus with ePremium. It bundles renter's insurance and a security deposit insurance/bond. Great program!

5 years 4 months ago #30405 by Christopher Koback

Topic Author

Crystal Moore Vaca

5 years 4 months ago #30406 by Crystal Moore Vaca

Replied by Crystal Moore Vaca on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

We just changed to security deposit alternatives. The company we work with is Lease Term Solutions. So far we are good with it. Less time spent with running payments. Also less time spent in refunds at move out.

5 years 4 months ago #30406 by Crystal Moore Vaca

Topic Author

Gigi Marie Durante

5 years 4 months ago #30407 by Gigi Marie Durante

Replied by Gigi Marie Durante on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

We did away with SD and went with a higher move in cost. I've worked with sure deposit or other companies and it was ok. It made it easier dealing with bad debt.

5 years 4 months ago #30407 by Gigi Marie Durante

Topic Author

Rachel Lynette Payton

5 years 4 months ago #30408 by Rachel Lynette Payton

Replied by Rachel Lynette Payton on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Gigi Marie Durante what’s a “higher move in cost” entail? Like admin fees, or other non refundables?? Some states aren’t allowed to do that.

5 years 4 months ago #30408 by Rachel Lynette Payton

Topic Author

Gigi Marie Durante

5 years 4 months ago #30409 by Gigi Marie Durante

Replied by Gigi Marie Durante on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

In Illinois we can charge a move in cost vs SD. Some people are paying non refundable move in cost of 850 for a 2 bed. If they damage the apt they will still be sent to collections. The move in cost is in addition to the admin fee and app fee.

5 years 4 months ago #30409 by Gigi Marie Durante

Topic Author

Robert Tinning

5 years 4 months ago #30410 by Robert Tinning

Replied by Robert Tinning on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Many have “pools” of money and if your damage claims exceed it you don’t get any payments until the fund is built back up.

5 years 4 months ago #30410 by Robert Tinning

Topic Author

Marlena Mourino DeFalco

5 years 4 months ago #30411 by Marlena Mourino DeFalco

Replied by Marlena Mourino DeFalco on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Check out this Multifamily Executive article - talks about the benefits ROCO has realized from using LeaseLock.
www.multifamilyexecutive.com/property-ma...o3QLN-wxu6a4RqohUhkM

5 years 4 months ago #30411 by Marlena Mourino DeFalco

Topic Author

Debbie Engle Nicholson

5 years 4 months ago #30412 by Debbie Engle Nicholson

Replied by Debbie Engle Nicholson on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

LeaseLock is a great solution!!! PM me if you want to chat!!!

5 years 4 months ago #30412 by Debbie Engle Nicholson

Topic Author

Julie Palumbo

5 years 4 months ago #30413 by Julie Palumbo

Replied by Julie Palumbo on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Sure Deposit

5 years 4 months ago #30413 by Julie Palumbo

Topic Author

Laurie Ann

5 years 4 months ago #30414 by Laurie Ann

Replied by Laurie Ann on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

I didnt care for Sure Deposit. I prefer a higher deposit.

5 years 4 months ago #30414 by Laurie Ann

Topic Author

Connie Castello

5 years 4 months ago #30415 by Connie Castello

Replied by Connie Castello on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Lease term solutions

5 years 4 months ago #30415 by Connie Castello

Topic Author

Mike Davis

5 years 4 months ago #30416 by Mike Davis

Replied by Mike Davis on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

DepositIQ and Lease Term Solutions.

5 years 4 months ago #30416 by Mike Davis

Topic Author

Christine Ehrhardt

5 years 4 months ago #30417 by Christine Ehrhardt

Replied by Christine Ehrhardt on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

I'm rolling two of my communities onto LeaseLock this month!! We're very excited about the program & the benefits including increased traffic and lower bad debt!!

5 years 4 months ago #30417 by Christine Ehrhardt

Topic Author

Sydney Bryan

5 years 4 months ago #30418 by Sydney Bryan

Replied by Sydney Bryan on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

I used Lease Term Solutions at the last site I was on and absolutely loved it. The best advice I could give though is to make sure the whole team is heavily educated on the fact this it is absolutely not a deposit and covers nothing at move out in the event of outstanding balances.

5 years 4 months ago #30418 by Sydney Bryan

Topic Author

Babbie Miley Jaco

5 years 4 months ago #30419 by Babbie Miley Jaco

Replied by Babbie Miley Jaco on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

Liberty has a program too. Depending on the size of your deposit pool, you are at risk if the balance is insufficient.

5 years 4 months ago #30419 by Babbie Miley Jaco

Topic Author

Jennifer Dbc

5 years 4 months ago #30420 by Jennifer Dbc

Replied by Jennifer Dbc on topic The company I work for is looking at possibly implementing security deposit alternatives (insurance, surety bond).

We've done away with security deposits. We have an administrative fee with our application fee and once approved we then collect a risk mitigation fee.

5 years 4 months ago #30420 by Jennifer Dbc