Our deposit replacement program lowers move-in costs for residents, increases the pool of qualified residents, and reduces bad debt all with tailored and customized coverage for your properties. By utilizing our deposit alternative program you can improve the resident experience and protection at your communities.
Deposit Select Benefits
When prospects are offered the choice of Deposit Select, more than 80% choose Deposit Select vs. a traditional cash deposit, increasing resident satisfaction and lowering move-in costs. Continue reading to discover more benefits of our deposit alternative product:
Deposit Select runs throughout the term of tenancy
Tailored coverage customizable for each property and/or approval type
Covers the community for up to 2 months of gross rental income, utilities, monthly recurring charges, and physical damage
Provides coverage to offset legal fees in the event of an eviction
All residents in our partner communities are pre-approved to use this program as a deposit option
Deposit Select Features
Drive Ancillary Revenue
Increase Your NOI
Decrease Bad Debt
Drive Leasing Velocity
Expand Prospect Pool
Improve Leasing Process
How does it work?
If they opt in, resident is billed a small monthly deposit waiver fee instead of a large upfront security deposit. If they are approved by your guidelines they are approved by us.
Adds the monthly recurring charge to the ledger via charge code for a seamless leasing experience. Use this opportunity to increase ancillary revenue, too.
Pulls information via API integration in IRIS for binding and invoicing. Say goodbye to the security deposit administration!
Curious to discover how our insurance programs can benefit your apartment communities or single-family rentals? Allow us to arrange a conversation with one of our sales associates who can kickstart your journey!