SureDeposit’s security deposit alternative to be incorporated into RealPage’s OneSite Screening
(June 21, 2004)—SureDeposit, the nation’s leading security deposit alternative, and RealPage, a leading provider of on-demand property management and property marketing systems to the multifamily industry, today announced a new strategic alliance. Under the agreement, SureDeposit will be offered automatically during RealPage’s OneSite Screening process to prospective apartment residents at communities owned or managed by clients of both programs.
With this alliance, OneSite’s applicant screening and SureDeposit’s enrollment processes will be streamlined into a single step for the leasing agent at properties using OneSite Screening or OneSite’s integrated web-based property management system with applicant screening.
At the time of application, the leasing agent will be prompted to offer the resident a choice between a traditional security deposit and SureDeposit’s lower-cost surety bond. When the SureDeposit option is chosen, an enrollment form with the applicant’s data automatically entered will appear. The incorporation of the two automated offerings also ensures that a property’s on-site leasing staff will comply more easily with corporate policies governing leasing criteria and security deposits, as well as Fair Housing laws.
“Our alliance with RealPage underscores how enthusiastically the industry has embraced the concept of security deposit alternatives, which were only introduced in the late 1990’s,” said Stuart Litwin, CEO and co-founder of SureDeposit. “The multifamily industry has long needed an alternative to traditional security deposits as a means to better manage risk and protect balances sheets while competing more aggressively for residents. By incorporating SureDeposit’s enrollment process into OneSite Screening’s applicant screening process, we each enhance the value of the other’s respective risk management roles on behalf of our clients.”
“This is truly a customer-driven alliance,” explained David Carner, vice president of product development for RealPage. “Because RealPage and SureDeposit have mutual customers, it was a logical next step to incorporate the two processes at our OneSite Screening system. Both companies share the vision of making the leasing process as simple and seamless as possible for our mutual clients.”
“This strategic alliance brings together the best of breed from two growing areas of the real estate services sector,” according to Bob Landis, senior vice president of operations for Alliance Residential Management, L.L.C., whose company has implemented both SureDeposit and OneSite Screening. “SureDeposit has quickly established itself as the industry standard of security deposit alternatives. RealPage really typifies where the apartment industry is headed, having established itself, much like Microsoft did, as the integrated ‘operating system’ for property management processes. We expect that this alliance will allow our on-site staff to be more productive and efficient on these systems right away.”
For example, Alliance Residential offers its prospective B- and C-credit quality residents the SureDeposit program in conjunction with reduced cash deposits. “This simplified leasing process now will direct our agents automatically when to offer the SureDeposit bond to A-credit quality prospects or a combination of the bond and a cash deposit to applicants with B- or C-credit histories based on the results of OneSite Screening,” Landis explained.
Also expecting to benefit from the SureDeposit/RealPage alliance is BH Management Services, Inc. According to Howard Berends, director of asset management for BH Management, the company has been using OneSite Screening for several years and is currently rolling out the SureDeposit program throughout its portfolio of nearly 30,000 units. “With SureDeposit and OneSite Screening processes now streamlined, we can be even more confident that our corporate leasing standards are being followed at the local level because the processes are now automatically programmed for our leasing agents,” he said.
About RealPage, Inc.
RealPage, Inc. provides property management products and services to more than 20,000 apartment communities across the United States. RealPage’s OneSite is an on-demand property management system that streamlines site-based business processes such as screening, leasing, and resident management, and automates back-office accounting and portfolio management. CrossFire is an on-demand property marketing system that automates and enhances the process of capturing and entering leads, provides tools for retaining residents and provides a convenient means for residents to sign up for utilities and other services.
RealPage’s OneSite Screening is a powerful web-based decision support tool that provides management with a centralized, standardized way to analyze and approve application decision activity at all sites. OneSite Screening is the most cost-effective web-based applicant screening system on the market today. It incorporates an expert system that synthesizes the advantages of statistical modeling with minimum and maximum thresholds. With OneSite Screening, property managers can reduce delinquency rates and lower economic vacancy rates.
SureDeposit’s surety bond guarantees the protection of the property and enhances property owners’ risk management, while dramatically lowering residents’ move-in costs. At lease signing, the resident chooses between paying the traditional security deposit directly to the property owner or a one-time, non-refundable bond premium, which costs a fraction of the traditional security deposit, to SureDeposit. If the resident selects the SureDeposit alternative, the bond covers the lifetime of his residency. Because the program is available nationally, residents can transfer their coverage to different communities within an owner’s portfolio or renew their leases without incurring additional expenses. If any damages or lease violations occur, owners file a claim with SureDeposit for prompt reimbursement.
With more than one million units in nearly 3,300 communities under agreement, SureDeposit is the nation’s leading alternative to traditional security deposits. In addition to RealPage, SureDeposit also has strategic partnerships with CreditRetriever, RentGrow and Allied Companies. SureDeposit is headquartered in Livingston, New Jersey, and has regional offices in California, Florida, Georgia, Rhode Island and Texas. For more information, call 1-800-531-SURE (7873), or visit online at www.suredeposit.com.