Affordable Rental Housing With Lease Insurance

Q: Abby, can you tell us about ResProp’s portfolio and the scope of your operations

Abby Ordonez: Absolutely. ResProp is a third-party multifamily management company, managing over 70 properties with more than 13,000 units, serving owners in Texas, Florida, and South Carolina. We’ve seen significant growth in recent years, expanding from 4,000 units to our current size, which speaks volumes about our commitment to serve owners and provide quality housing.

Q: Why did ResProp decide to partner with LeaseLock?

Abby Ordonez: During the pandemic, we recognized a need for greater flexibility in our leasing processes. Traditional security deposits were a barrier for many renters, so we explored alternatives that could simplify things for both residents and our management teams. LeaseLock’s Zero Deposit™ program offers a simple, centrally managed claims process and a dashboard that provides excellent visibility for tracking purposes.

Q: How has LeaseLock impacted your business operations?

Abby Ordonez: LeaseLock has had a very positive impact. The Zero Deposit™ program reduces the barrier for new residents, which has encouraged around 80% of our move-ins to opt for it. This integration has become an ingrained part of our properties’ operations. Additionally, it’s driven results by limiting our exposure when residents move out, making the process much smoother for our on-site teams.

Q: Have you received any feedback from your on-site managers about LeaseLock?

Abby Ordonez: Yes, the feedback has been positive. Our managers appreciate how LeaseLock reduces the barriers associated with security deposits and integrates seamlessly into our existing processes. It’s a win-win for both our residents and our management teams. The easy access and visibility provided by the dashboard are particularly appreciated.

Q: With changes in management, how do you pitch the Zero Deposit™ approach?

Abby Ordonez: We don’t always pitch it directly to the owners. Instead, we emphasize the benefits of our centralized teams dedicated to managing the move-out process. This approach helps new owners see the advantages of the deposit waiver program – by tying it back to their operating income.

Q: Can you describe the evolution of your relationship with LeaseLock?

Abby Ordonez: Since we launched the product, it has continually evolved to meet our needs. We’ve had regular meetings to align on changes and improvements, which has strengthened our relationship. As we’ve grown, LeaseLock has adapted, making their product more specialized and beneficial for us. This adaptability has been crucial to our success together.

Q: What is your vision for the future with LeaseLock?

Abby Ordonez: As we continue to grow, we’re looking to further integrate LeaseLock with our property management software.. Specifically, we want to reduce the time it takes to conduct audits and manage enrollments. Utilizing APIs from LeaseLock would be a great step forward in achieving this.

Q: Have you noticed a significant advantage since implementing LeaseLock?

Abby Ordonez: Definitely. The Zero Deposit™ program has driven revenue growth for our properties. By budgeting our income line with the deposit waiver program in mind, we’ve seen a clear increase in revenue, which is reflected in our bottom line.

Q: Do you have any stories about how LeaseLock has helped residents?

Abby Ordonez: While I don’t have specific stories off the top of my head, I can tell you that we’ve been very tactical in how we set up deposits and advertise the program. This approach has helped many residents move in who might not have been able to afford traditional security deposits, ultimately providing housing when they need it most.