ST. PETERSBURG, Fla., March 4, 2013 /PRNewswire/ -- Bankers Financial Corporation has introduced RentersAmerica, a new security deposit alternative program designed to help multifamily property owners and managers reduce their bad debt, generate ancillary revenue and lease more units. The company, which pioneered the security deposit industry in 1995, developed RentersAmerica as a resident membership association that also benefits residents by dramatically lowering their move-in cash requirements while affording them opportunities to save on a wide variety of products and services through a rewards loyalty program.
"Bankers developed one of the first resident surety bond programs nearly 20 years ago. That program became the most successful and widely used security deposit alternative program in the U.S." said Wayne Matthews, general manager, RentersAmerica. "Today, we could not be more excited about this new generation of security deposits alternatives. RentersAmerica draws upon the most successful aspects of our first program and transforms it into a truly unique membership program that offers unparalleled benefits to both the multifamily industry and apartment residents," said Matthews.
For property owners and managers, RentersAmerica:
- Reduces bad debt through funds generated from all its residents/members
- Increases occupancy and improves resident retention because they can market their communities more aggressively to prospective residents by offering the option to lower their move-in cash requirement
- Increases ancillary revenue through marketing fees and excess funds not used to pay move-out debt that remains in their disbursement account
- Limits costs associated with the administration of traditional security deposits and collections
- Provides exceptional reporting inclusive of detailed or summary information from the community level to the executive level at a moment's notice
- Provides the program without cost to the property or community
For the resident, RentersAmerica:
- Reduces the move-in cash requirements as residents pay a nonrefundable membership fee which is much less than the traditional security deposit
- Frees up cash which allows residents to use that extra money for other expenses when they need it most
- Provides a meaningful rewards program which offers discounts, coupons and special members pricing for goods and services at over 300,000 national and local providers. Used just once or twice a week, earning $1.00-$2.00 in savings at a time can easily offset or exceed the cost of membership.
"While the security deposit alternative industry has matured and gained wide acceptance – thanks, in large part, to the success of Bankers' first program – RentersAmerica has refined the security deposit alternative concept. The program not only attracts qualified residents and bolsters owners'/managers' NOI, its membership program allows residents to save money at move-in and throughout their lease term through an extensive rewards program. It's a win-win for everyone," said Margaret Phillips, who served as a member of the original development team at Bankers Insurance Company when it pioneered the first security deposit alternative program.
For more information on Bankers Financial Corporation and RentersAmerica, please visit www.bankersfinancialcorp.com.
Nina Dietrich LLC
Media Contact: PHYLLIS MAURO Bankers Financial Corporation, 727-823-4000, firstname.lastname@example.org
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SOURCE Bankers Financial Corporation