reOS brings you financial services
Tenant flexibility
Deposit Drop
reOS offers flexible deposit-adjusted renting for tenants wherein reOS will provide free protection against everything that a deposit typically covers.
Learn more ->Landlord protection
Eviction Cover
reOS offers unique and exclusive coverage against evictions for astute landlords who seek to mitigate this risk.
Learn more ->Landlord piece of mind
Rental Guarantee
reOS provides agencies the opportunity to entirely protect against tenant default, giving a full quarter of a year rental guarantee to landlords who want regular cashflow.
Learn more ->Give your agency a boost by making these products available to your valued customers and their tenants with no change to your current management processes whatsoever.
Post-pandemic landlords want to work with reOS-backed agencies to ensure that any legal surprises, and delayed or unpaid rent are well-covered. Plus, giving prospective tenants the opportunity to pay a smaller portion of the required deposit up front - all the while protecting your landlord - enables better applications, and more of them.
Deposit Drop.
The product offers qualifying tenants an 80% drop of the asking deposit - without affecting coverage for the landlord, and without costing the landlord a single cent.
How? reOS covers the rest
Tenants need to complete the affordability vetting process and sign the Deposit Drop agreement
Tenants pay just 20% of the required deposit and an additional non-refundable fee of 5% of the required deposit each month
At the end of the lease, any damages in excess of 20% of the required deposit will be billed to the tenant
Should the tenant not pay, the landlord will be paid regardless (up to the value of the required deposit) as if the full required deposit was being held in a trust account
What is the benefit of Deposit Drop?
Tenants who are otherwise excellent payers, model citizens and superb people may be in need of short-term liquidity, particularly between leases where a previous landlord may not have paid back the security deposit yet. reOS offers all agencies the ability to sign this tenant anyway - with no risk to the landlord. Tenants are able to save up to 80% of their security deposit by taking advantage of Deposit Drop.
Who pays for Deposit Drop?
The tenant pays a small non-refundable fee each month. reOS provides full coverage of the full required deposit amount to the landlord, should it be required for any reason.
Eviction Cover
Reduce the risk of an expensive eviction process by taking out coverage for up to R40,000 in legal fees. Every reOS-backed agency is empowered to on-sell this product to their customers, or indeed absorb the cost to offer it as a benefit to all. In a post-pandemic world, what a fantastic benefit to share.
How does it work?
reOS confirms a tenant’s coverage and is in touch you / your landlord with an agreement.
If a tenant defaults, they are issued a letter of demand.
Should the default persist, an attorney is appointed to cancel the lease (on the landlord’s instruction) and obtain an eviction order if necessary - fully paid for, and handled, by the experts.
What is the benefit of Eviction Cover?
Landlords who take out this cover benefit from up to R40,000 in legal costs for eviction proceedings.
Can Landlords take out Eviction Cover on an existing lease?
Yes, however a 3-month waiting period during which no cover is applicable, will apply.
Who pays for Eviction Cover?
As the agency, it is your choice! reOS offers you the ability to charge it on to your customers or to absorb it as a differentiator and benefit in the market.
Rental Guarantee
The product provides two months’ rental against possible tenant default or late payment, ensuring consistent and de-risked collection for agencies and the huge benefit of peace of mind to landlords who take out this cover.
How does it work?
Landlords opt-in for the Rental Guarantee and tenants are vetted by reOS to confirm their qualification status.
A small % of rent is paid by the landlord each month and is deducted from rental collected and paid out - pricing coming soon.
Should a tenant default on her rental payment, a landlord will be paid for that month’s rental regardless, for a consecutive period of up to two months.
During this period of default, standard lease cancellation processes are followed in order to quickly find a new tenant and protect the landlord’s flow of monthly rental income.
What is the benefit of Rental Guarantee?
Tenants in the current economy do struggle from time to time to make payment as it becomes due, or indeed may fall into harder times and stop paying altogether. reOS provides a Rental Guarantee to protect landlord income, and smooth over the otherwise unpredictable nature of timing of collections.
What does my agency do?
Agencies provide their clients with access to the product at the start or renewal of a lease.
Agencies rely on reOS to collect rental as well as the fees for the product and to pay out rental due to the landlord, whether or not the tenant has paid.
Rental paid to the agency from reOS is then paid out to the landlord client on time, every month.
Who pays for Rental Guarantee?
Typically landlords pay for this product out of their rental each month. reOS also provides an opportunity for agencies to absorb this cost and offer the product for free to their clients.