It can be hard enough to find a new place to live, but coming up with the money for a security deposit can be next to impossible for some people. That's why 5 Star Property Management has partnered with a company that offers a deposit-free service.
With this service, you can move into your new home without having to worry about saving up enough money for a security deposit. You'll be able to start your new life without any extra stress.
In this article, we will provide an introduction to billing authorizations and how they can benefit you.
A billing authorization is a tool that allows you to authorize specific payments for goods or services. This authorization provides a guarantee that the funds will be available when the payment is processed.
Billing authorizations are commonly used in business-to-business transactions, where the buyer needs to ensure that the funds are available before placing an order.
There are many benefits of using a billing authorization tool, such as Obligo.
Billing authorizations are also known as bonds.
Obligo works similarly to a hotel check-in process.
You'll be extending a billing authorization to one or more payment methods, allowing your landlord to charge you up to the security amount. This allows you to avoid paying the entire security deposit upfront.
Obligo is not an insurance product, and you will remain accountable for damages, missed rent, or other obligations under the lease. If there are any such charges, you will be responsible for paying those amounts back to Obligo.
Key Quote: "Billing Authorizations are authorizations to existing credit in the form of the rent you have paid on time so you don't have to pay an extortionate security deposit.
At 5 Star Property Management, we understand that paying a security deposit can be a major hoop to Jump through. That's why we have partnered with Obligo to offer qualified renter's the ability to skip a security deposit and live deposit-free. If you are interested in skipping a security deposit, we ask that you complete and submit the renter's application found at https://5starpropertymanage.managebuilding.com/Resident/apps/rentalapp/.
We will only receive Authorization which we can charge towards your Account, provided:
If you decide that you will be outstanding for more than a monthly term, simply pay the security deposit immediately upon the end of your tenancy. The property manager will add the remaining balance to the next month’s rent.
This service can put the burden on your back for a small amount, which is why we allow properties to hold off paying the full security deposit, thus allowing tenants to choose if they would like to pay the total security deposit that is due or some for the security deposit.
As an interested applicant, you will always want to make sure that you complete the application process promptly. Whether it’s your first time submitting a rental application or not, it’s important to know that completing the rental application is vital to get approved.
Applications are processed on a FIRST-COME-PRE-QUALIFIED, FIRST-SERVE BASIS; and, without regard to race, color, religion, disability, sex, sexual orientation, gender identity or expression, age, national origin, veteran status, genetic information, union status, and/or beliefs, or any other characteristic protected by federal, state or local law.
What does a pre-qualified applicant look like? An application is considered pre-qualified if the below has been successfully satisfied/completed:
Written below are the steps on what the rental application process looks like. Typically, this will take one to three (1-3) business days. However, there are times when one application might take longer than usual due to uncontrollable circumstances.
Applicants are asked to enter their:
Please be aware that any false information provided on your application will be grounds for denial.
The application fee will be charged to the account once it’s your turn. The fee is used to cover the administrative, hard, and soft costs of processing individual rental applications. They cannot be ordered/processed collectively or combined.
In evaluating the application, the consumer reporting agency (TransUnion LLC) provides information that in whole or in part influences the approval or denial decision. TransUnion LLC and Vantage Data Solutions provide us with credit and criminal record information. For applicants who have questions about their report(s), they have the right to dispute the matter with the reporting agency, not through 5 Star Property Management, that has provided the report. The reporting agency can be reached through RentPort consumer relations at 1- 800-230-9376 or [email protected].
This is one of the essential parts of the screening process. These data ensure that one can afford the rental property desired by an applicant. While 5 Star Property Management relies on various forms of information to determine if a tenant can afford to rent the property, it’s recommended that these be filled out with all honesty with sources showing the current total net income.
Each animal(s) that will live on the property is required to undergo a screening process with our affiliated company - PetScreening.com
“PetScreening is a simple and secure way to manage important information about your Pet or Assistance Animal. If you have No Pet or Animal you are not required to complete the screening process.
The per-pet application fee is as low as $20 for the first pet and $15 for every additional pet. Each pet profile must be processed separately but the multi-pet discount will be automatically applied to any additional pet profiles processed.
There is no charge ($0) for submitting a reasonable accommodation request for an assistance animal. It will be reviewed by our legal review team per the FHAct guidelines. Please be aware of your state's statutes or local ordinances, if any, for criminal offenses and/or penalties for committing assistance animal fraud.”Source: Petscreening.com
The rental verification assists 5 Star Property Management to verify the rental history of an applicant. In this process, the applicants are asked to sign the Authorization to Release Information to allow us to call/email/text their listed landlord and ask for information in reference to their rental history. This allows us to get more accurate data on how rent payments were delivered, if there were any problems during the lease, or if there had been any complaints. Please know that our decision is based on the information only and not on hearsay, thus we make sure that we do this objectively.
Once all the above information has been gathered, 5 Star Property Management objectively summarizes them and presents them to the rental owners for final approval. Once the decision has been made, it’ll be relayed to the applicant(s).
Upon getting approval, two things take place immediately:
Move-in date is tentatively scheduled as submitted on the rental application. The applicant is asked if there are any changes to it and are reminded how the keys will be handed off.
The lease packet will be drafted within 1-2 business days and sent to the applicant electronically for