Q. What is RentSecure TM ?
A. RentSecure TM is the first program of its kind. It is a combination of patented, trademarked and copyrighted software, by-laws and agreements designed to curb the high percentage tenants who cause financial loss to Landlords by defaulting on rental payments or property damage.
Q. How does RentSecure TM work?
A. RentSecure TM requires the tenant to post added security via his or her credit card. Since RentSecure TM is acting as a limited managing agent, it is able to add this level of security, similar to the way that hotels ``block off" credit on a customer's account when they check in.
Q. Can't the tenant simply cancel his or her card?
A. Most tenants who enter this program never consider that option. While the credit authorization is a powerful tool for the landlord to claim unpaid rent and damages, it usually ``weeds out" the ``Con artists" in the first place. Those who go as far as to cancel their accounts have a contractual obligation to notify us of any new account information and to keep such information current. Failure to meet this contractual obligation may give rise to a claim separate from that for rent, which puts the tenant in jeopardy of litigation in a court other than the tenant friendly landlord-tenant courts.
Q. How else does this benefit me?
A. While this is not a ``credit check", per se, it does give additional insight into the prospective tenant. A tenant who does possess sufficient credit so as to post this security may be a more credit worthy candidate as a tenant in your property.
Q. Can I charge my tenant for back rent and damages to the premises?
A. Yes. The tenant, prior to signing the lease, signs an authorization allowing this type of transaction.
Q. Does this infringe on tenants' rights?
A. Since this is a voluntary security program entered into by prospective tenants (as opposed to forcing an existing tenant to post additional security), and has no other function than to afford a secondary form of security. None of the tenants other rights are affected.