SureDeposit And First Advantage SafeRent, Inc. Announce Product Integration To Streamline Leasing Process, Boost Apartment Owners'/Managers' Risk Management
Livingston, NJ, and Rockville, Md. (Sept. 12, 2006) - SureDeposit, the nation's leading security deposit alternative, and First Advantage SafeRent, Inc., the leading provider of screening and risk management services for the multifamily industry, today announced the integration of their product offerings. SureDeposit will now be offered automatically to prospective residents during First Advantage SafeRent's applicant screening process at communities owned and/or managed by clients of both companies.
Specifically, First Advantage SafeRent's resident screening and SureDeposit's enrollment processes will be streamlined into a single step for the leasing agent at properties using First Advantage SafeRent's RegistryCHECKSM, an exclusive database of landlord-tenant records and lease performance histories, or RegistrySCOREXSM, the industry's only results-based statistical scoring model that includes 36 million landlord-tenant records.
At the time of application, the leasing agent will be prompted automatically by First Advantage SafeRent's software to offer the prospective resident a choice between a traditional security deposit and SureDeposit's lower-cost surety bond. When the SureDeposit option is chosen, an enrollment form with the applicant's data already entered will be generated. The incorporation of the two automated processes also ensures that a property's on-site leasing staff will comply more accurately and consistently with corporate policies governing leasing criteria and security deposits, as well as Fair Housing laws.
"The integration of SureDeposit and First Advantage SafeRent's described processes maximizes two of the industry's most powerful risk management tools, arming our clients with an effective means to reduce their bad debt while taking much of the guesswork and several extra steps out of the leasing process," said Stuart Litwin, CEO and co-founder of SureDeposit.
According to First Advantage SafeRent Executive Vice President Nevel DeHart, "The alliance of our resident screening processes with SureDeposit's unique risk management and marketing tool makes sound operational sense for our mutual clients because it eliminates the duplication of data entry, streamlines the processing of applications and saves valuable time for leasing agents."
Scully Company's Florida Regional Manager Peggy Lugo says, "This alliance between SureDeposit and SafeRent helps our agents by reducing the amount of paperwork and time required to complete the approval process, and at lease signing when we are able to offer them the option between a traditional security deposit or SureDeposit's surety bond. This is true for our properties that process their applications online as well as on paper, giving us real flexibility to enjoy the benefits of this agreement"
About First Advantage SafeRent
First Advantage SafeRent, a wholly-owned subsidiary of First Advantage Corporation (NASDAQ: FADV), is the nation's leading and most innovative provider of screening and risk management services to the multifamily housing industry. Through its offices in Rockville, Md., and more than 40 support offices nationwide, First Advantage SafeRent offers a single source for resident screening services, property performance evaluation tools, renters insurance and employment screening. More than 39,000 properties rely on First Advantage SafeRent every day to help them attain the highest quality residents and maximize profitability. First Advantage SafeRent leads the industry in innovations and enhancements designed to make the decision process faster, easier and more accurate. For more information, visit www.FADVSafeRent.com.
About SureDeposit
SureDeposit's surety bond guarantees the protection of the property and enhances property owners' risk management, while dramatically lowering residents' move-in costs. At lease signing, the resident chooses between paying the traditional security deposit directly to the property owner or a one-time, non-refundable bond premium, which costs a fraction of the traditional security deposit, to SureDeposit. If the resident selects the SureDeposit alternative, the bond covers the lifetime of his residency. Because the program is available nationally, residents can transfer their coverage to different communities within an owner's portfolio or renew their leases without incurring additional expenses. If any covered damages or lease violations occur, owners file a claim for prompt reimbursement.
With more than one million units in nearly 3,300 communities under agreement, SureDeposit is the nation's leading provider of alternatives to traditional security deposits. SureDeposit is headquartered in Livingston, N.J., and has regional offices in Arizona, California, Florida, Georgia, Rhode Island and Texas. Visit SureDeposit online
For more information, visit www.suredeposit.com.
About First Advantage Corporation
First Advantage Corporation combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of consumer credit information in the mortgage, automotive and subprime markets; business credit information in the transportation industry; lead generation services; motor vehicle record reports; supply chain security consulting; employment background verifications; occupational health services; applicant tracking systems; recruiting solutions; skills and behavioral assessments; business tax consulting services; insurance fraud, corporate and litigation investigations; surveillance; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software; renters insurance and consumer location services. First Advantage ranks among the top companies in all of its major business lines. First Advantage is headquartered in St. Petersburg, Fla., and has more than 4,300 employees in offices throughout the United States and abroad. More information about First Advantage can be found at www.FADV.com.
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