How we make NO security deposits a reality while still protecting you

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  Security deposit is a one-time fee that is collected by most landlords. Usually, they are charging up to three months’ rent and that is the first month, last month, and security. Other terms for a security deposit are: last month’s rent, advance deposit, or cleaning deposit. Whatever you call it, security deposits are so…

How we make NO Security Deposits a reality while protecting our Landlords

 

Security deposit is a one-time fee that is collected by most landlords. Usually, they are charging up to three months’ rent and that is the first month, last month, and security. Other terms for a security deposit are: last month’s rent, advance deposit, or cleaning deposit. Whatever you call it, security deposits are so important because it is used as a guarantee that the tenant will fulfill the terms of the rental agreement and that they will leave the unit in good condition.

 

In Massachusetts, landlords can even charge for key changeover for $250. Let’s pretend you’re looking for a $3,000 worth of apartment but the ones in the market are ranging from $10,000 and up. That’s too pricey for a regular renter. Rents are high actually across the US cities like San Francisco, New York especially in Boston. Some other landlords will require to pay these fee when they sign the lease. Again, imagine having to pay $10,000 up front. Although most landlords do require security deposits, we at Green Ocean Property Management have a way to discard security deposits while protecting our landlords. Read on to know how we do it.

 

Giving tenants a schedule when paying is just one of the two ways on how we PROTECT you, our landlords with NO security deposits.

 

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We give them an option to pay through Obligo

 

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Obligo is an online application that is like your hotel. They pre charge on your credit card to make sure that if you take something from the mini bar, or that you damage the property, they can charge it back on your credit card.

 

Obligo allows us to make sure that there is a portion charged to credit card and bank account. If there is $3,000, they make sure that there are a thousand dollars on your credit card and a thousand dollars in your bank account. Obligo’s technology allows them to do these instead of having to put a security deposit of $3,000 down. They just charge a small percentage to tenants. For example, if they charge 10%, tenants will just pay $300 for not being able to pay $3,000. Tenants might not get that money back but $300 is a much easier pill to swallow.

 

In addition, it’s easier for us because we no longer have to follow the same rules and guidelines of security deposit. If we feel like it’s a great candidate, maybe we don’t ask them to pay for that first month upfront. Imagine a tenant moving into our apartment, maybe they just pay one month upfront, hold the apartment, pay the $300 for the Obligo, and then they pay a dollar one month when they move in on the first month. These steps make it a lot easier for tenants to pay without security deposits resulting in higher demand for occupancy and an easier way to rent.

 

If you or anyone else you know needs help in protecting landlords with no security deposits, please think of Green Ocean Property Management, where you get more than a property manager, you get peace of mind. 

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