Mike Napovanice is a multi-family property manager and President of Orion Property Group(OPG) in Kansas City, MO. His team manages over 9,000 units across the country and has been using Rentable since Summer of 2022 to outsource their security deposit management process and provide a simple resident experience with more transparency and flexible payment options.
less time spent on handling security deposists
residents utilize deposit payment plans
need to reissue security deposit checks
Rentable’s security deposit solution has elevated the leasing experience for managers, residents and corporate staff.”
Before Rentable, each security deposit required up to 4 hours of OPG’s onsite staff and accountant’s time. These tasks included: making sure all charges match, communicating with residents regarding payments, reconciling multiple bank accounts, and collecting forwarding addresses to issue refund checks. Even when the process was executed perfectly, OPG was still stuck dealing with problems surrounding refund checks not being cashed or needing to be reissued.
Mike Napovanice, President of Orion Property Group
Not only were Mike Napovanice and his team drawn to Rentable’s ability to streamline operations, but they were also excited by the opportunity to utilize the company’s payment plan. OPG was a previous user of the traditional bond based security deposit alternative, but found them “hard to explain to residents because residents would be pitched insurance but not receive any money back at the end of their lease.” With Rentable’s DepositBuilder payment plan, qualified residents have the option of paying their security deposit over 3, 6, 12 months. “This option is very easy to sell to prospects because it is a true cash security deposit that residents can get back at the end of their lease.”
Due to the increased transparency, Mike’s renters have a strong appetite for Rentable’s DepositBuilder services. Mike’s communities have seen up to 75% opt in rate for the payment plan. Residents enroll in Rentable’s payment plan to secure their leases faster and spread out the move-in costs so that they use these funds to furnish their apartment and pay for other move-in related expenses.
Rentable uses proprietary technology and machine learning to underwrite residents for the payment plan. Each resident connects their bank account as a part of the screening process to learn about their eligibility. Whether a resident is qualified for a payment plan or decides to pay in full, Orion Property Group is protected for the entire amount of the security deposit. Due to the comprehensive underwriting process, Rentable does not need users to file claims to receive their funds back. This was a major key differentiator for OPG, “we are guaranteed the money and it’s not like we have to go through the whole claims process like we would with the insurance based security deposit alternative program.”
The DepositBuilder payment plan is a true win-win-win scenario for onsite staff, residents and management companies. Leasing staff can easily use this amenity to speed up leasing. Residents are more enthusiastic about the program because they’re familiar with cash security deposits and want to receive refunds at the end of the tenancy. Property managers never lose the ability to protect themselves from damages and bad debt. Rentable’s payment plan is a far superior product than other
Orion Property Group is constantly piloting and adopting new tools to improve their efficiency and provide a seamless resident experience. One of the challenges of new tools is getting buy-in from staff, “it’s really difficult to get 200 employees on the same page and using the product and using the product the way that it’s supposed to be used.”
The onboarding resources and customer support is unmatched, Mike, “whenever our managers or residents ran into issues, we would reach out to their customer service team – and immediately get an answer from a person to answer any questions. That’s truly intangible. With some companies, you can never get in touch with anybody. Rentable’s customer service is a true differentiator to get our staff on board.”
For Mike’s team, Rentable’s easy to use and simple platform allows property managers to invite residents by just entering in basic leasing information. “Buy-in was never an obstacle when rolling out Rentable because of its intuitive experience and easy to use platform. We have rolled out Rentable across all of our properties. This adoption rate is very impressive given our experience with other tools in the past.”
Orion Property Group can focus on delivering quality resident experience by offloading their entire security deposit management process. Rentable’s infrastructure eliminates the countless hours of work: collecting, maintaining and returning security deposits.
Rentable’s DepositBuilder payment plan helps provide residents with flexibility into their renting process while giving them transparency over their funds throughout their lease.
Rentable’s platform is simple and easy for property managers to use and a great benefit for staff and residents.
Rentable is an industry leading company that’s modernizing the move in and move out process for landlords and tenants alike. First and foremost, Rentable is tackling security deposit management, an antiquated, on-paper undertaking that creates unnecessary headaches and friction. Landlords are liable for damages when traditional security deposits are not handled properly, but they have not been provided with effective alternatives, until Rentable.
Rentable’s easy-to-use platform allows security deposits to be managed transparently and with ease, giving landlords and property managers time back to focus on scaling their businesses. Additionally, landlords and tenants seamlessly interact through the platform, creating better relationships that minimize disputes, increase transparency, and decrease turnover.
To learn more, please reach out to sales@rentable.com
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