MARINA DEL REY, Calif., Oct. 10, 2018 /PRNewswire/ -- LeaseLock, the only provider of a nationwide A-rated lease insurance program that replaces security deposits in rental housing, today announced that it has completed the integration of its pure insurance solution with Yardi's property management software suite.
Earlier this summer, LeaseLock integrated its first-to-market insurance solution with RealPage's property management software, and the company is currently integrating with additional leading platforms like Entrata, ResMan and MRI.
"This marks a very exciting period in the history of our company, as our integration with Yardi and RealPage make it that much easier for multifamily operators to replace security deposits with our pure insurance program," said Reichen Kuhl, founder and CEO of LeaseLock. "By replacing security deposits, apartment companies are eliminating unnecessary tension between operators and renters, significantly reducing move-in costs, and converting more leases. Some large owners and operators are also seeing a savings of more than $1 million annually on administrative costs associated with handling security deposits."
LeaseLock's Zero Deposit™ solution completely replaces security deposits with insurance. Renters simply pay a monthly fee starting at $19 that insures the property for up to six times the monthly rent and damages. Residents save thousands of dollars at move-in while properties convert more leases with better protection against damage, skips and evictions. LeaseLock is the first nationwide lease insurance program, protecting more than 1 million rental units. Operators who have replaced security deposits with LeaseLock include Avenue5 Residential, Lennar Multifamily Communities, ROCO Real Estate and The Bainbridge Companies.
The integration into Yardi automates the entire LeaseLock process, making the application process for renters and leasing professionals quick and seamless. LeaseLock applies its proprietary risk underwriting algorithm to offer instant coverage for all prospective residents who have been approved by the property. There is no separate application or billing process. This automated setup is accelerating lease processing, resulting in higher conversion rates. Further, LeaseLock clients benefit from eliminating administrative costs associated with managing security deposits, which may amount to millions of dollars annually in operational expenditures. When a resident moves out, the integration prompts an automatic payment wired electronically to the property within 48 hours of move-out to cover expenses associated with turning the unit.
"By integrating LeaseLock into our Yardi suite we greatly enhance the speed of the applicant process, as well as the fidelity of the applicant experience," said Damon Evert, CFO at ROCO Real Estate. "LeaseLock allows us to get away from security deposits—converting leases quickly with enhanced protection. We also reduce resident friction at move-out by eliminating refunds, collections and resident disputes."
LeaseLock helps the world find "home." Powered by insurance and technology, LeaseLock is reinventing the way renters and properties transact - making it faster, simpler and more cost-effective.
Headquartered in Marina Del Rey, CA, LeaseLock replaces security deposits with insurance. Renters pay a monthly fee starting at $19 that insures the property for up to 6x rent and damages. LeaseLock is the first nationwide A-rated (Excellent) lease insurance program, protecting more than 1,000,000 apartment homes. In April 2018, the company secured a $10 million Series A funding from leading insurtech and real estate technology funds including Wildcat Venture Partners, Liberty Mutual Strategic Ventures, American Family Ventures and Moderne Ventures. For more information, please visit www.leaselock.com