I’m looking to add a zero deposit option to a few of my communities and want opinions please.

I’m looking to add a zero deposit option to a few of my communities and want opinions please. What’s the best and why? I have used Sure Deposit and Jetty in the past.
Thanks in advance!

We use RHINO.I like it and they also offer renters insurance.

Rhino

Absolutely love Rhino!

I have been using Lease Lock and really like the product

Traditional deposits are absolutely best. They give some protection to the asset and they put skin in the game for the resident. The zero deposits options are just collection agencies in disguise.

Shannon Clark disagree. Depends on which service you use. Look at Obligo.

I would look at Rhino. We use it at many sites.

love leaselock!!!

We get a credit fee! Instead of deposits

We use Lease Lock and love it!

Shelly Griggs Thank you Shelly!

We've been using Rhino. However, maybe we are doing it wrong. Here's why I say this. When we would take traditional deposits our policy (I feel it's pretty common in our area) was to keep the deposit if you backed out after approval. We'd keep as liquidated damages due to holding the unit and removing marketing. With Rhino, we approve them and send the link to sign up however, in the last month we have had 3 people cancel on us because as an old boss once said "they don't have any skin in the game". So how is everyone ensuring people won't back out, or are we just allowing it to play out and moving on?

Courtney Jennings we use Lease Lock but our applicants pay an application fee and an Administrative fee when they apply - between the 2 it’s about $325 - $375 depending on the property. The app fee isn’t refundable no matter what and they don’t get the Admin Fee back if they cancel (after 24 hours). It also depends on what your State allows you to collect at application.

Shelly Griggs yeah ours are pretty minimal. $50 for app fee and we don't charge an admin fee.

Shelly Griggs We still require the hold fee/deposit when they apply so they have to pay $40 application fee plus $250 to hold the apartment then if they decide to use rhino after they're approved that will just go toward their move in cost so they have skin in the game Rhino is optional so once they're approved and we know if they're deposit is standard or conditional and higher then they decide if they want to use rhino or not. Our deposit/hold fee is only refundable if they cancel in 72 hours. It's. After that we keep it

Love Jetty

Deposit IQ

Thank you everyone for your opinions! I am speaking with Several companies all seem great just all a little different. I appreciate the feedback!

Rhino is who we use across our whole portfolio