Collateral Requirements

Based on a community's loss history, BetterNOI recommends deposit/collateral adjustments. Properly established collateral requirements offset the risk of losses in the future. Additionally, offering alternatives to traditional cash deposits maintains (or accelerates) leasing velocity.

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BetterNOI offers surety bonds as an alternative to traditional cash deposits. Surety bonds offer a win-win opportunity — increased coverage for property managers and reduced move-in costs for prospective renters.
  • Marketing Advantage

    By reducing the funds renters need to move-in, BetterNOI offers your leasing staff a competitive advantage. And as a powerful renewal tool, you can offer bonds to current residents and refund their security deposit.

  • Financial Leverage

    Access to accumulated bond pool funds make reimbursement to the community faster and easier. Residents remain responsible for reimbursing the bond pool for withdrawals, while Better Collections, LLC automatically initiates collection efforts on your behalf through our network of prequalified collection agencies. As the value of your bond pool increases, accumulated funds can be used to cover capital expenditures or other operating costs.

  • Automatic Qualification

    Applicants do not need to qualify separately for the surety bond program. If they are qualified to rent the apartment, they are automatically qualified to participate in the surety bond program.

  • Easy Administration

    BetterNOI reduces the administrative burden and costs required by traditional cash deposits — from deposit account maintenance to deposit interest payments to legal reporting deadlines. BetterNOI offers simple, real-time access through our website or fax options.

Benefits to Prospects
And to Leasing

Surety bonds allow communities to increase their move-in collateral requirements, without increasing "cash out of pocket" for prospects. In the example pictured below, a community with a $1,500 collateral requirement offers three move-in options to prospective residents.

Total Deposit / Bond Coverage: $1,500

Cash Only

Cash Deposit / $1,500
Bond Purchase / $0
Cash Out of Pocket / $1,500

Deposit + Surety Bond

Cash Deposit / $500
Bond Purchase / $176
Cash Out of Pocket / $676

Surety Bond Only

Cash Deposit / $0
Bond Purchase / $264
Cash Out of Pocket / $264

More than just insurance coverage — BetterNOI partners with you to identify and mitigate leasing risk resulting in reduced financial losses. Working together, we can reduce the amount of unit damage expense sent to collections.

Reduce Risk
with Renters Insurance

Communities need an additional layer of protection around their financial performance. A single fire, water or liability related event could have drastic consequences to a community's bottom line without the proper insurance programs in place. Establishing a renters insurance requirement is an important step, however you need a partner who will help you ensure that residents maintain their insurance throughout their tenancy.

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  • Comprehensive Damage Protection

    Expenses add up quickly from fire, smoke or water damage caused by resident negligence. BetterNOI standard liability policies protect the building owner for damages caused to the building while personal property policies protect residents' personal assets. Protection Choice policies are underwritten by RLI, an A+ (superior) rated organization.

  • Blanket Renters Liability Policy

    A Resident Liability Insurance requirement is the first step in protecting your entire community from resident negligence. A Blanket Renters Liability Policy goes one step further, by implementing a community-wide liability policy.

  • Unique Trilateral Relationship

    Developed specifically for the multifamily industry, BetterNOI insurance programs recognize the importance of the three-way relationship between our organization, our property management clients and our shared renter customers. Unlike other insurance companies, we recognize the importance of BOTH types of customers. BetterNOI provides high quality insurance at competitive rates for renters while simultaneously providing outstanding risk mitigation and loss protection for owners.

  • Effective Claims Process

    Damages happen. When they do, BetterNOI makes it easy for property managers to submit claims directly, rather than waiting on residents to take action. Damage claims are expedited and processed quickly, with unit damage payments made directly to the community.

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