Powered by insurance technology, LeaseLock replaces security deposits, bonds and guarantors. Renters pay a modest monthly fee that covers losses due to unpaid rent and damages at move-out. Properties benefit from improved debt recovery and accelerated lease conversions.
LeaseLock is rated an average company to work for across various culture dimensions by Comparably.
1. Eliminate Security Deposits
LeaseLock uses insurance technology to replace security deposits and eliminate the need for guarantors and surety bonds. Instead, renters pay a small monthly deposit waiver fee in addition to their monthly rent, which provides more than $5,000 of protection against lost rent and damage loss.
Leaselock’s proprietary risk assessment and underwriting software evaluates an applicant’s full financial history, rental payment history and other indicators beyond credit. The result is a zero-deposit experience that is backed by industry-leading lease insurance rated A (Excellent) by A.M. Best and is fully integrated into the online leasing checkout, resulting in higher conversion rates and more consistent cash flow for property operators.
Employees at LeaseLock enjoy a variety of perks, with Paid Time Off being the most valued benefit at the company. The company has a diverse workforce, scoring 83/100 on Comparably’s Diversity Score. Most employees say their coworkers are friendly, and they like the company’s culture overall. Employees are also satisfied with their total compensation package at the company, and feel well-compensated for their hard work.
2. Reduce Bad Debt
LeaseLock is the industry’s first and only nationwide A-rated lease insurance program. The company eliminates security deposits, surety bonds and guarantors, replacing them with an affordable monthly fee that’s paid along with rent.
The company also offers an on-the-spot move-out claim process, empowering residents to pay for damage they caused while in the property. This allows the company to focus on resolving the claims quickly and efficiently.
A proprietary financial technology platform analyzes the full financial background of the applicant beyond their credit score, assessing all past rent-payment history and other indicators to determine risk for future loss. The company’s operations, application, underwriting, and fast-paced claims systems are completely paperless and run on state-of-the-art software.
According to Comparably’s employee survey, the company’s leadership is highly rated, with 9 out of 10 participants rating their manager and CEO as B+ or higher. Additionally, employees are happy with their total compensation and feel comfortable with the pace of work at the company.
3. Increase Property Value
Leaselock provides a solution to eliminate security deposits, surety bonds, and guarantors in rental homes. Its nationwide A-rated lease insurance replaces these upfront costs with a low monthly fee starting at $19 that insures the property for 6x rent and damages. Renters save thousands at move-in, properties convert more leases, and leaselock turns unpredictable damage loss into stable, dependable revenue and greater asset value for investors.
In addition to replacing expensive security deposits, the leaselock program allows landlords to approve more tenants with a faster underwriting process. According to Reichen Kuhl, president of LeaseLock, “Leaselock enables owners and management companies to approve quality renters that would otherwise be turned away because of credit or income issues.”
The company also partners with other tech vendors like RentPrep to offer a one-stop shop for multifamily operators looking to streamline the process. According to its website, the platform is designed to help property managers and owners “achieve operational efficiencies, increase resident retention, and ultimately maximize ROI.”
4. Increase Revenue
NMHC top 50 operator LeaseLock has quadrupled the number of apartment homes enrolled across its Zero Deposit product since 2020 and is rapidly expanding its footprint. The insurance technology company replaces security deposits, surety bonds and guarantors with a monthly fee starting at $19 that insures the property for up to 6x rent and damages.
LeaseLock uses proprietary financial technology to analyze and evaluate risk beyond a borrower’s credit score by examining their full finances, past rental history and other indicators. Its predictive analytics models are designed to reduce default, improve debt recovery and deliver greater NOI asset performance.
The firm has raised $12 million in total funding to date from investors including Wildcat Venture Partners, Liberty Mutual Strategic Ventures and Moderne Ventures. Its products are fully integrated into leading property management systems such as Yardi, RealPage and Entrata. LeaseLock is headquartered in Marina Del Rey, CA. Employees love their total compensation, including a mix of pay, stock and equity.