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Topic History of : Does anyone have experience with security deposit alternatives such as Rhino?

Max. showing the last 6 posts - (Last post first)
4 months 1 week ago #51073

Rae Gibbs

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We just started using rhino but haven't had to use it yet.
4 months 1 week ago #51072

Kiely Barrett

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We use Jetty. Pros: we have fewer cancelations due to a high deposit requirement (our demographic doesn't typically have the best credit  ), claims at move out are super easy and we typically get the check within a week or two. Cons: none that have anything to do with the product itself - I have to wait for the check before balances can be written off, so depending on the timing the delinquency suits on my books a little longer. This also can cause a blip in my financials because it makes it look like I collected that full balance because it hasn't been written off yet.

But again that's just timing of the move out combined with our write off policy, doesn't have anything to do with Jetty.
4 months 1 week ago #51071

Ariel Renee

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Rhino is great! I oversee 7 properties and have it rolled out at 5. The only downfall to these deposit alternatives is relying on the staff to actually file a claim. They simply don’t do it. I think incentivizing Rhino collections is ideal. Because it’s really not much different than former resident collections. We pay our ACM’s 10% of former resident debt they collect. If you do something like this, I would also pay 10% of any Rhino collections so the team actually files the claims for reimbursement. But overall, the product itself is fantastic.
4 months 1 week ago #51070

Bernadett Galliher

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Rhino is great option and easy for office and customer
4 months 1 week ago #51069

Trisha Strickland Riley

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We use Lease Lock.
4 months 1 week ago #51068

Sherrie Kasprowicz

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Flex deposit by Assurant. It is a surety bond system. Easy to use.

The prospective tenant applies for the surety bond prior to lease signing. Once approved (based on credit) the tenant pays a fee for the bond. The bond is good for 3 years and secures the security deposit obligations. If there are damages or applicable dues after vacating, the property would file a claim against the bond. The bond would pay the property back for the damages up to the required security deposit. Assurant would then seek those damages on their own from the tenant. Any damages above the required deposit amount/bond coverage amount are the responsibility of the property.

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