RentSecure TM is designed for long term, short term, vacation, and other property leases. The fee schedule varies to compile fees that are reasonable and cover the associated one time charge required to render the owner with a blocking of the lessee's credit card, enabling the RentSecure landlord to obtain security that could not be achieved by the property owner alone.
Example: Tenant signs a one year lease and pays $500.00 per month in rent. RentSecure blocks 1/2 of the yearly lease term, totaling $3,000.00, or whatever amount you and your tenant agree upon.
Initial Fee: 3% of the total amount blocked on the tenant's credit card, here $90.00.
The initial offering price is now reduced for a limited time to $49.99 (offer expires August 31, 2000).
This fee is paid for by the Landlord, using his or her own credit card. This is done simultaneously with the processing of the RentSecure order. In the event that the Tenant's credit is unworthy, the landlord may continue to provide other tenant's cards or other tenants until a cleared transaction is made for that particular rental unit. These additional authorization attempts are done at no extra charge.
The RentSecure Lease Addendum is designed to authorize the ``blocking" of credit on the tenant's credit card account, for the purpose of posting security. Althorugh no credit card blocks are permanent, the lease addendum states that the tenant must maintain this line of credit as a part of the lease agreement, adding an additional contractual obligation which can be entertained in a court other than a tenant friendly Landlord-Tenant Court. This credit card block is implemented at different points throughout the lease to monitor the credit worthiness and detect any breach in the lease by the tenant.
We cannot accept any applications on a pre-existing lease that has already been signed. however, if you have a potentially problematic tenant, in consideration of any breach of the former lease, you may request that he or she sign a new lease with the RentSecure Lease Addendum.
In the event that a claim is made for unpaid rent, damage, stolen property, etc., RentSecure charges only 15% of the amount collected from the tenant's credit card. Please note that the entire sum collected is held in escrow for 60 days, in the event of a counterclaim from the cardholder's bank.