Qira, a financial services platform that provides renters and property managers a way to improve cash flow and avoid debt, now offers full security deposit management services. As a part of its overall goal to give renters more financial options and decrease the upfront cost of moving, these items include security deposit alternative programs, security deposit payments and refunds processing with full escrow management and, now, security deposit payment plan services.
“Qira is proud to provide comprehensive security deposit services that offload administrative tasks, ensure properties are compliant with state laws and significantly reduce properties financial risk,” said Revital Gadish, CEO of Qira. “We believe these programs greatly benefit our audience of property managers who often prefer to outsource the entire security deposit management to Qira and to our renters who now have more alternatives to pay their deposit.”
When using Qira security deposit solutions, properties can offer their renters a zero-deposit program for a fee or pay the full security deposit either as a lump sum or in installments over the lease term. To minimize risk to the property or portfolio, regardless of the renter’s choice, Qira covers the full security deposit for the renter from Day 1 and handles all operational aspects of the transaction with a fully automated and integrated security deposit refund when the renter moves out, reducing the burden on onsite teams.
The security deposit payment plan services include: flexible installment payment plans of three, six and 12 months; renter eligibility to receive a full security deposit refund at the end of the lease; funds held in escrow per state regulations and a fully automated security deposit system for renters and property managers handled exclusively by Qira.
The security deposit management system allows Qira to manage the escrow accounts and ensure operators are compliant with state regulations (including interest-bearing account capabilities). This benefits properties or portfolios that do not offer a security deposit alternative or payment programs to their renters.
Qira’s security deposit alternative service allows renters to opt into paying a nominal fee, as low as $5 a month, rather than paying a bulky upfront security deposit. The property can offer this as an amenity to renters, while Qira covers the full security deposit amount. This is a low-risk solution for property managers to obtain their deposit amount and offer renters a $0 upfront move-in cost.
“Our security deposit management technology is unique, and we have the only integrated payment plan solution on the market,” said Roy Doron, chief technology officer at Qira. “This plan enhances our already-existing integration with leading property management software like Rent Manager, Resman, Yardi, Realpage and more to maximize efficiency for both renters and property managers.”
