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One bond insurance company is reporting a rapid uptake of its product as the Christmas season gets into full swing, with over 80 offices signing up for its services in just 10 weeks.
BONDSURE provides renters with an option to pay rental bonds off in instalments, and offers protection accidental damage or additional cleaning charges.
Executive chairman, Michael Wood, said he was “pleasantly surprised” by the strong market reaction.
“BONDSURE was designed to act as a ‘second set of eyes’ for real estate groups when vetting tenants,” he said.
“While the bond insurance is aimed at helping tenants protect their bonds and simultaneously helping property managers by potentially reducing bond disputes.”
He also said the demand for BONDSURE from tenants has been one of the key drivers for so many real estate offices registering with the company so quickly.
Mr Wood said there is a growing acceptance in society that consumers deserve a choice between paying for things in full and upfront, or in parts over time. And the same principle, he said, should apply to expensive rental bonds.
“The team is really motivated by the market reaction so far and hope that more and more agencies will join with BONDSURE in offering consumers these new choices moving forward.”
Approved tenants are independently identity and credit checked.
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