Smarter security deposits with the only fully-integrated surety bond program for the multifamily industry
DepositIQ is based on a simple concept: instead of a traditional security deposit, residents are offered the option of purchasing a nonrefundable - and much more affordable - surety bond to guarantee lease obligations. The results: a competitive move-in option for lucrative residents, increased lease closings, stronger asset protection, and reduced bad debt, ALL integrated seamlessly into the leasing experience.
Step One: Applicants are qualified within the existing screening process then presented with the option of a standard refundable deposit or a less expensive (but nonrefundable) bond premium, listed at a standard 17.5% of bond coverage.
Step Two: Applicants sign and purchase the surety bond electronically on PC or mobile-friendly device.
Step Three: DepositIQ pays properties up to the bond amount if claims are made, based on an available claim fund at the property or portfolio level - your choice. 60% of all bond premiums fund the property claim fund and are 100% owned by the PMC.
Step Four: All claims paid are turned over to your collection agency to be repaid by the renter.
Step Five: All collected funds are returned to the properties' claim pool.