Surety bonds bring together three parties (renter, property manager and insurance company) in a mutual, legally binding agreement that protects you and increases the overall applicant pool for your properties. The principal or tenant purchases the bond to guarantee they will live on the property peacefully and fulfill the lease agreement. The obligee – you, the property manager – is the entity that requires the bond. The surety is the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfill the lease agreement
What exactly Is a surety bond?
Increase applications to your properties
Drive more traffic to your to your properties by advertising lower security deposits and greater protection. Decreased financial requirements increases applications while at the same time protecting you! Lease apartments faster by doing away with tedious security deposit minutia. Combine smaller cash deposits and surety bonds into a streamlined online process and fill vacancies faster. Being able to hand select the best applicant puts you in a position of power and decreases your chances of a financial loss.
