Here are the answers to some common questions we hear from our clients before they partner with Liberty Rent:
What is the Liberty Rent Second Chance Lease Approval service?
It’s a second-chance lease approval program for your denied applicants. It gives renters who may not meet the property’s financial criteria a second chance to qualify for the lease.
Who benefits from this service?
Applicants who can afford to fulfill the lease obligation but didn’t pass the original screening criteria due to their credit score or the property’s income requirements may benefit from a second chance to qualify for their lease. Properties also benefit, as it allows them to increase their occupancy with applicants from their existing applicant pool.
How does it work?
Simply send your applicants who were either denied or conditionally approved (for financial reasons) an invite to participate in the Liberty Rent program to see how we can maximize your qualified resident pool. Our experienced team will evaluate each application using enhanced screening, proven analytics, and 10+ years of focused industry experience. If an applicant is approved, simply issue the lease so the resident can sign and move in! Liberty Rent stands by our approvals and will reimburse you for up to 6 months of rent loss if a resident defaults.
What are the advantages of the Liberty Rent Second Chance Lease Approval service?
Converting more applicants to paying residents. Your screening criteria may pass over residents who have the ability to fulfill the obligations of the lease. We can help identify those residents.
How much will Liberty Rent cost my property?
Nothing. All program fees are paid by applicants to qualify for your lease. Applicants pay an application fee of $35, which is refundable if the applicant is not approved. If the applicant is approved, they also pay a one-time access fee equal to one month’s rent. The access fee is not a deposit and will not be refunded when the resident moves out. The only circumstance in which the access fee will be refunded is if the lease is not signed.
How many properties should my Property Management Company manage to qualify for Liberty Rent’s services?
We work with property owners and Property Management Companies who oversee anywhere from a handful of units to companies with thousands of units. With Liberty Rent, you can give your applicants a second chance to qualify for the lease, and fill your properties with your existing applicant pool.
How does Liberty Rent help me increase occupancy?
The most reliable, and efficient applicant pool is the one you already have. We evaluate the applicants you denied or conditionally approved due to credit or income reasons so that you don’t have to spend any additional marketing dollars to attract a new pool of applicants. Liberty Rent will increase your approvals and occupancy with qualified applicants from this pool who are able to fulfill their lease obligations.
Does Liberty Rent pay the rent for my residents?
No. Your residents are responsible for paying their rent. Participants in the Liberty Rent program, once approved, pay a one-time fee to Liberty Rent, which makes them eligible to sign a lease. Once they sign the lease, they are responsible for all lease obligations. However, if they skip or are evicted, Liberty Rent will reimburse up to 6 months of rent loss.
Which applicants should I send to Liberty Rent?
We recommend you send all applicants who were denied for credit or income reasons so we can maximize your pool of qualified residents. But it’s up to you. If you prefer, you can hold your income requirements and just send the applicants who were denied for credit. You decide!
What does Liberty Rent do to protect against fraud?
We conduct comprehensive background checks and identity verification on each applicant. Each application is also reviewed by both leading third-party fraud detection tools and our experienced screening team.
What happens if a renter defaults on a lease?
Simply file a claim on our online portal during the first month rent was not paid. Liberty Rent will reimburse up to 6 months of rent loss if a Liberty Rent resident skips or is evicted.
Does Liberty Rent offer ongoing support?
Yes. After full-service onboarding for your entire property portfolio, we provide:
A dedicated reimbursement support team.
On-site training for your internal teams.
System integration support and custom process development.
Regular account performance reviews.
How can my Property Management Company get started with Liberty Rent?
Our team is ready to help. Contact us today to learn how we can enable your community to reach its occupancy potential.