BondSure is seeking to make property managers' lives easier by doing tenant background checks for them and bringing an end to messy disputes. RPM spoke with CEO Paul Mylott about how the product will affect PMs.
A company that loans tenants their bonds may not immediately seem to be a PM’s best friend, but Mr Mylott said a lot of the features that BondSure offers will benefit PMs.
Picture this: you have two tenants to decide between. One has been approved by BondSure, one has not. Why should you pick the BondSure-approved tenant?
“The main difference is that tenant, if they’re BondSure-approved, has been through more rigorous tests or checks for approval than what that agent may have done with the other tenant,” said Mr Mylott.
The company undertakes thorough checks on tenants, from credit checks to identity checks, before it approves them for a bond.
The other product on offer from BondSure is bond insurance, which Mr Mylott thinks will bring about the end of disputes between PMs and tenants.
“If [a tenant] has the property damage insurance, there’ll be a quicker turnaround [in the event of accidental property damage], which will result in better productivity for the agent. In time, less disputes, less aggravation from tenants to agents,” said Mr Mylott.
BondSure hopes that by covering tenants in the case of accidental property damage and allowing them to recoup their entire bond, there will be fewer disagreements between PMs and tenants.
Disagreements with tenants, especially at the end of a lease, is one of the more stressful factors of property management, and if a service like this will lessen the chance of these situations it could really benefit PMs.
“So if the tenant takes that insurance, their bond is protected because the insurance company will step in and pay for accidents to be fixed. The landlord is protected and the agent is in less disputes,” said Mr Mylott.