ISRAEL21c: Banishing the Hated Rental Security Deposit

Obligo was recently featured in Israel21c, with Chief Operating Officer Omri Dor explaining how we rid both landlords and renters from the burden of security deposits.

“It’s a win-win situation for both parties. Landlords no longer have to spend time and money to comply with complex deposit regulations, while tenants don’t take a hit to their cash flow. 

Obligo’s technology screens renters for financial stability to determine if they will be able to make their monthly rent payments. It does this by looking into renters’ bank accounts using the Open Banking protocol, an open source technology that allows developers to build applications and services around financial institution data.”

For renters, a property manager can only withdraw a limited amount, and unreasonable charges may be disputed, just like a normal deposit.

For property owners and managers, the ability to market a building as “100% deposit-free” can reduce vacancies, free up thousands of hours in deposit-related admin, and increase net operating income (NOI). 

Beyond the financial benefit, Obligo facilitates a trusted relationship between landlords and renters, as Dor notes, “There’s a lot of fear and loathing between the parties, especially around inefficiencies like the security deposit. If we can build trust through technology, that results in a more positive relationship overall.”

Are you a property owner? Schedule a demo today and learn how Obligo can give you an edge.

 

Posted By Team Obligo