NEW YORK, June 24, 2021 /PRNewswire/ -- Obligo, a leading security deposit alternative on a mission to build trust between landlords and renters through financial technology, has launched a solution to return traditional rental deposits electronically. Obligo's platform now fully supports move-ins and move-outs for all renters, whether they qualify for Obligo's deposit-free service or pay a traditional deposit.
Returning security deposits has long been an inefficient and time-consuming process, requiring property owners to track down forwarding addresses, cut checks and adhere to strict state and local regulations on deposit return timelines. Slow deposit returns are also a key driver of negative online reviews, which can have long-term effects on a property's brand reputation.
Fully integrated with the leading property management software systems, Obligo's new solution matches existing move-out accounting workflows to automatically process deductions and engage with renters until their deposit return is reconciled. Funds are pulled directly from the landlord's existing account structure, ensuring that the process is timely and compliant.
Renters use Obligo's secure workflow to verify their identity, connect a bank account, and receive confirmation upon successful funds transfer. In the event of damages or other move-out charges, the platform helps landlords remain compliant by providing all the necessary disclosures to renters, including information about how to dispute unreasonable charges in accordance with the lease agreement and local laws.
"By fully supporting both deposit-free renters and renters with traditional deposits, our solution truly makes the move-in and move-out processes as simple as checking in and out of a hotel," said Omri Dor, COO of Obligo. "This holistic approach rids both landlords and renters from a heavy burden, it's a win-win."
About Obligo Obligo rids both landlords and renters of the burden of security deposits, lowering costs, increasing cash flow and simplifying the move-in and move-out processes. Owners and managers use Obligo to streamline their operations, comply with changing regulations, make their listings more appealing to renters, and incentivize renewals.
As the only non-insurance deposit alternative, Obligo's credit-based solution keeps landlords secure and renters accountable by combining Open Banking technology with AI-based underwriting and collection capabilities. Since launching its fintech solution in 2018, Obligo has established partnerships with leading US property managers in the multifamily, single family, student housing, and workforce rental housing markets.