SureDeposit And Resident Data Integrate

LIVINGSTON, N.J - SureDeposit, the nation's leading security deposit alternative for the multifamily industry, and Resident Data, ChoicePoint's comprehensive resident screening service for the multifamily industry, have announced the integration of their product offerings. SureDeposit will now be offered automatically to prospective residents during Resident Data's resident screening process at communities owned and/or managed by clients of both companies.

"While the multifamily industry has benefited from an increase in rental applications, property owners and managers have become more focused on their risk management efforts due to the economic environment," said SureDeposit President Rich Schreiber. "The integration of SureDeposit and Resident Data's enrollment processes is a real benefit to our mutual clients because it instantly enhances their risk management process without additional expense or manpower. This added protection for their bottom line coupled with the more streamlined administration of our programs makes this integration a 'win-win' for our clients."

Specifically, Resident Data's resident screening and SureDeposit's enrollment processes will be streamlined into a single step for the leasing agent at properties using Resident Data's Web-based screening service. When a prospective resident completes a rental application, Resident Data and SureDeposit apply the apartment community's specific decisioning criteria and generate the appropriate bond amount with the bond request. The resident can choose from a traditional security deposit and SureDeposit's lower-cost surety bond. If the resident selects the SureDeposit option, with one click the leasing agent can generate a SureDeposit enrollment form pre-populated with the applicant's data. The integration of the two automated processes not only simplifies the paperwork necessary at the time of application for both the leasing agent and the prospective resident, but also helps the onsite leasing staff comply with Fair Housing laws, as well as with corporate policies governing leasing criteria and security deposits.

According to Mike Beirne, executive vice president of Kamson Corporation, a leading multifamily owner and property manager throughout the Northeast and a mutual client of SureDeposit and Resident Data, "Integration among multifamily service providers has become a business imperative or their technology platforms risk becoming counterproductive to their original intent, which was to simplify their processes. The integration of SureDeposit and Resident Data not only streamlines the leasing process, but also takes the guesswork out of knowing which program to offer a resident based on his credit history."

Mitigating risk is most effectively achieved by tailoring the SureDeposit offer based on an applicant's specific credit profile. For example, a Kamson leasing agent may offer high credit applicants a SureDeposit bond only, while lower credit applicants may be required to supplement their SureDeposit bond with a smaller cash deposit. The integration automates this process, simplifying the onsite workflow.

"The operational efficiencies this integration affords help turn qualified applicants into residents and protect our clients' communities against problem renters. It's a potent partnership that can help improve our clients' net operating income," added Pam Storm, vice president and general manager of Resident Data.