Tenant Surety Bonds
To put it simply, surety bonds protect your properties from financial loss. It’s a guarantee that rental deposits and damages are recouped if a tenant cannot meet the requirements of their lease.
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What Exactly is a Surety Bond?
Surety bonds bring together three parties (renter, property manager and insurance company) in a mutual, legally binding agreement that protects you and increases the overall applicant pool for your properties. The principal or tenant purchases the bond to guarantee they will live on the property peacefully and fulfill the lease agreement. The obligee – you, the property manager – is the entity that requires the bond. The surety is the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfill the lease agreement.
Increase Applications to Your Properties
Drive more traffic to your to your properties by advertising lower security deposits and greater protection. Decreased financial requirements increases applications while at the same time protecting you! Lease apartments faster by doing away with tedious security deposit minutia. Combine smaller cash deposits and surety bonds into a streamlined online process and fill vacancies faster. Being able to hand select the best applicant puts you in a position of power and decreases your chances of a financial loss.
Built-In Financial Protection
Increase your closing ratios with the best applicants and least amount of hassle. Surety bonds decrease or eliminate losses at move out time by covering damages and losses normally paid by deposits. Moreover, you reduce bad debt by stopping it in the first place. Bottom line, surety bonds generate and protect income you otherwise would lose. Rental History Reports provides you with the tools to monitor claim’s pool funds in real time with analytics, so you can fine tune operations and achieve greater profitability.
Here’s How It Works…
Automatic QualificationApplicants do not need to qualify separately for a surety bond. If a tenant is qualified to rent your property, they are automatically qualified to participate in a surety bond. It’s that easy!
Financial AssessmentAccess to collected bond pool funds make repayment to the property quicker and easier. As the value of your bond pool increases, accumulated funds can be used to cover capital expenditures or other operating costs.
Learn More About Surety Bonds…
Increase applicants, protect against financial loss and increase
profitability with surety bonds.