Obligo, a U.S.-based fintech startup that’s focused on the real estate market, announced on Wednesday has launched a lease renewal incentive program, which is designed for residential landlords to increase retention rates, minimize the cost of concessions and provide renters with immediate cash they can use to save, invest or reduce debt.
Obligo further revealed that landlords who participate in the program will be offering a “simple perk” to their renters: receive your deposit back upon renewal. The company explained its latest research showed the renewal offer was shown to be more effective than a 3% concession on the annual rent.
“Obligo helps property owners and managers optimize lease renewals with carefully timed, automated email and text communications, keeping renters engaged throughout their decision making process. When a renter chooses to renew and receive their deposit back, landlords stay protected against damages or missed rent with Obligo’s deposit-free program. Participating landlords only pay for successful renewals.”
Speaking about the program, Omri Dor, COO of Obligo, shared:
“We are thrilled to offer a product that strikes right at the heart of the most important metric for any business: customer loyalty. The level of rent concessions offered today is at an all time high due to the lingering effects of the COVID-19 crisis. Our renewal incentive program provides renters with the cash they need, while giving owners enhanced protection and increased NOI.”
Founded in 2017, Obligo describes itself as a fintech startup that is harnessing “start-of-the-art” open banking technologies to rid both tenants and landlords from the burden of security deposits.
“Owners and managers use Obligo to streamline their operations, comply with changing regulations, make their listings more appealing to renters, and incentivize renewals. As the only non-insurance deposit alternative, Obligo’s credit-based solution keeps landlords secure and renters accountable by combining Open Banking technology with AI-based underwriting and collection capabilities.”