product-news

Qira’s Security Deposit Payment Plan

Author: Kasee Godwin
Date: 05.03.2024

Qira’s Security Deposit Payment Plan

A Comprehensive Solution for Renters and Property Managers

At Qira, we understand that managing security deposits can be one of the more cumbersome aspects of property management. It’s often a significant financial burden for renters and a source of administrative hassle for property managers. Coupled with ever-changing legislation and regulations, security deposit management can become an operational nightmare. 

That’s why we’ve recently developed and launched our Security Deposit Payment Plan, designed to streamline this process, mitigate risks, and enhance renters’ and property managers’ overall rental experience.

This is the final step in offering a full suite of security deposit services to our property management partners and clients, in addition to our security deposit alternatives and traditional security deposit management services. 

Redefining Security Deposit Management

The traditional method of requiring renters to pay a lump-sum security deposit upfront can be daunting and often inaccessible for many.  Our new Security Deposit Payment Plan minimizes financial strain on renters and ensures security and peace of mind for property managers.

The Why Behind Our Service

  1. Offering more choices to renters: Financial flexibility is crucial for renters. While we continue to provide security deposit alternatives, we wanted to offer an additional option that allows renters the opportunity to receive a full refund at the end of their lease. 
  2. Solutions for higher-risk renters: Traditional security deposit alternatives, though beneficial, might not be accessible to all renters, particularly those who are deemed a higher risk based on their screening results. Our installment plan introduces a solution that accommodates these renters. By allowing them to spread out their security deposit payments, we open doors for those who might otherwise face barriers to renting. 
  3. Accommodating property manager preferences: Not all properties may want to adopt security deposit alternatives for various reasons, such as financial policies or specific risk management strategies. Our security deposit installment plan serves as a middle ground. It allows properties to maintain traditional security deposit practices without imposing high upfront costs on renters. This flexibility makes it an attractive option for property managers looking for balanced solutions that protect their assets while making rentals more accessible.

Mutual Benefits for Renters and Property Managers

Our installment-based security deposit plan is designed with the understanding that the initial financial burden of moving can be one of the biggest obstacles for renters. By easing this burden, we make it more feasible for individuals and families to move into their desired homes without the stress of a significant upfront expense. At the same time, property managers receive a reliable security guarantee, fully backed from the beginning of the lease, safeguarding their property against potential damages and financial losses.

This balanced approach benefits all parties involved: renters enjoy a less financially restrictive entry into their new homes, and property managers maintain their security without the administrative complexities typically associated with traditional deposits. By streamlining this process, we help foster a rental environment that is more inclusive, secure, and financially manageable for everyone.

How Our Payment Plan Works

At Qira, we’ve tailored our Security Deposit Payment Plan to provide flexibility and choice, simplifying the deposit process for renters and property managers. 

Here’s how it works:

  • Setting the deposit: Each property sets the security deposit amount based on the renter’s specific circumstances, like unit selection and screening results.
  • Integration and automation: Once a security deposit is determined, the renter automatically enters Qira’s system, typically through our integrations with property management software providers like Rent Manager, Yardi, Resman, RealPage, and others. 
  • Flexible payment options: Renters will receive an automated email outlining their security deposit options. At that point, they can opt to pay their security deposit in manageable installments over three, six, or twelve months, depending on what best fits their financial needs and preferences.
  • End-of-lease process: At the lease’s conclusion, the usual procedures follow—property managers conduct a move-out inspection, finalize the account statement, and determine the refund amount. Qira then processes and issues the refund to the renter. Qira will track and hold the deposit per the state’s regulations. 
  • Guaranteed coverage from day one: Regardless of the security deposit option chosen, we guarantee full coverage of the security deposit from the beginning of the lease, protecting property owners against potential financial losses.

The Impact on Our Business Partners

For property managers, partnering with Qira means reduced administrative burdens and a shift in focus toward improving resident satisfaction and overall property management. Our automated processes prevent common disputes over deposits and streamline end-of-lease procedures, making life easier for everyone involved.

Our plan reduces the financial barriers associated with securing a new lease for renters, making it easier and more affordable for them to move into their desired homes. This is particularly beneficial for those who may find the traditional lump-sum deposit prohibitive.

At Qira, we’re dedicated to innovating rental processes to suit the dynamic needs of today’s market. Our Security Deposit Payment Plan is just one way to make renting more accessible, secure, and hassle-free. By offering more choices, reducing financial pressures, and integrating advanced technologies, we’re not just following trends in property management—we’re setting them. If you want to learn more about our security deposit programs, please book a demo

kasee-godwin-80x80

Kasee Godwin

Position: Director of Marketing
Social Networks

Kasee is the Director of Marketing for Qira. She has nearly 15 years of experience in the real estate marketing industry, including 10 years on the client side. In her spare time, she enjoys reading science fiction, exploring new wineries, and fostering Golden Retrievers.

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