MARINA DEL REY, Calif., Jan. 15, 2019 /PRNewswire/ -- LeaseLock, the only provider of a nationwide A-rated lease insurance program that replaces security deposits in rental housing, today announced ROCO Real Estate (ROCO) is implementing LeaseLock Zero Deposit™ across its entire portfolio. ROCO, which owns and manages more than 22,000 apartment homes in 13 states, will complete the full portfolio rollout by the end of the month.
By making all properties Zero Deposit, ROCO is transforming its leasing process by completely replacing the antiquated and problematic security deposit process with lease insurance.
"This is a profound, revolutionary shift in the way we do business," said Damon Evert, CFO and chief operating officer at ROCO. "We could not be more excited about the impact this change is having. Since we started the rollout, we have seen an increase of 10 to 20 leads per property with Zero Deposit marketing. It is already tremendously improving our ability to drive more prospects and, in turn, convert more leases by making the move-in process more affordable."
ROCO's adoption of LeaseLock Zero Deposit will remove the need for security deposits, surety bonds, cosigners and guarantor services - dramatically simplifying the leasing experience, according to Evert. Furthermore, ROCO will no longer have to deal with residents who are upset about the amount of their deposit refund after moving out.
Renters simply pay a monthly fee starting at $19 to waive the security deposit requirement. ROCO properties are then insured 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. Other operators who have replaced security deposits with LeaseLock include Avenue5 Residential, Lennar Multifamily Communities and The Bainbridge Companies.
"ROCO is a future thinking company, we are beyond thrilled about their adoption of our Zero Deposit solution," said Derek Merrill, founder and COO of LeaseLock. "By eliminating security deposits, ROCO is making apartment living more accessible by significantly reducing move-in costs. Expensive deposits are a financial burden for many prospects who ultimately are good paying renters. LeaseLock helps renters while enhancing protection for properties."
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