LeaseLock Integrates with Yardi Property Management Software
LeaseLock has announced that it has completed the integration of its insurance solution with Yardi’s property management software suite.
Earlier this summer, LeaseLock integrated its first-to-market insurance solution with RealPage‘s property management software, and the company is currently integrating with additional platforms like Entrata, ResMan and MRI.
“This marks a very exciting period in the history of our company, as our integration with Yardi and RealPage make it that much easier for multifamily operators to replace security deposits with our pure insurance program. By replacing security deposits, apartment companies are eliminating unnecessary tension between operators and renters, significantly reducing move-in costs, and converting more leases. Some large owners and operators are also seeing a savings of more than $1 million annually on administrative costs associated with handling security deposits.” – founder and CEO of LeaseLock, Reichen Kuhl.
LeaseLock’s Zero Deposit™ solution replaces security deposits with insurance. Renters pay a monthly fee starting at $19 that insures the property for up to six times the monthly rent and damages. Operators who have replaced security deposits with LeaseLock include Avenue5 Residential, Lennar Multifamily Communities, ROCO Real Estate and The Bainbridge Companies.
The integration into Yardi automates the entire LeaseLock process, making the application process for renters and leasing professionals quick and seamless. LeaseLock applies its proprietary risk underwriting algorithm to offer instant coverage for all prospective residents who have been approved by the property. There is no separate application or billing process. This automated setup is accelerating lease processing, resulting in higher conversion rates. Further, LeaseLock clients benefit from eliminating administrative costs associated with managing security deposits, which may amount to millions of dollars annually in operational expenditures. When a resident moves out, the integration prompts an automatic payment wired electronically to the property within 48 hours of move-out to cover expenses associated with turning the unit.
Bottom Line: operating in the intersection of PropTech and Insurtech.