Selecting the best fit for your community involves examining both cost and coverage, compliance, and support. Below are some questions to guide your decision:
“Is the Coverage Adequate for My Market?”
Check how much coverage is offered per lease. If you operate in an area with high rents or historically higher property damage claims, you may need a program that can match—or exceed—the deposit totals you’d normally require.
“Is This Provider Nationwide?”
If you manage multiple locations in different states, ensure your provider can serve all relevant markets. Regulatory compliance can vary from one jurisdiction to another, so a nationwide provider with a solid legal framework is often a safer choice.
“Is There a Dedicated Customer Success or Advisory Team?”
Some providers offer robust training, onboarding, and ongoing support to ensure your onsite staff and residents have a smooth experience. This can be especially valuable during the initial transition when staff may need extra help learning new processes.
“What Do the Reviews Say?”
Just as renters check out reviews before signing a lease, you should do the same for deposit replacement providers. Look for testimonials from other property management professionals and read case studies that detail real-world performance.
By asking these questions—and getting detailed answers—you can confidently choose a security deposit alternative that aligns with your property’s goals and the needs of your residents.
