Based in Santa Monica, California, E&S Ring Management Corporation (E&S Ring) is a boutique-style management company with over 7,000 upscale multifamily homes. The company manages its own portfolio of properties as well as those representing a diverse set of owners. Recently, a negative customer experience with its deposit alternative drove E&S Ring to switch to lease insurance in order to optimize asset performance and unlock hundreds in net income lift.
Due to economic challenges, E&S Ring wanted to offer prospective residents the flexibility to avoid upfront security deposits while also accelerating lease signings. In addition, the company wanted to be proactive ahead of growing deposit legislation and avoid the added administrative and compliance headaches that new laws introduced.
As a company dedicated to increasing cash flow, maximizing value, and achieving its owners’ strategic goals, E&S Ring needed a solution that would mitigate financial, operational, and regulatory risk while also eliminating financial barriers for its residents.
The progressive management company made the decision to replace its failed deposit alternative with LeaseLock’s lease insurance solution to boost property performance as well as receive superior white-glove support.
“LeaseLock lived up to its steadfast reputation during implementation. The process has been so smooth and comprehensive, and their support team has remained transparent every step of the way.” – Kevin Hott, Vice President of Information Systems and Technology
Along with more affordable move-ins and a frictionless implementation, LeaseLock’s technology platform enabled E&S Ring to strategically optimize coverage by property, resulting in smoother claims processing, hundreds of dollars in loss reduction per unit, and millions in total projected asset value increase.
For a deeper dive into E&S Ring’s decision-making process and the results since switching to LeaseLock, click below to download the case study digest: