In Episode 24 of the Profitable Powerhouse Properties Podcast, Jonathan Cook and Bryan Jenkins speak with Eric Krauss of Rhino. They discuss the benefits of using Rhino as an alternative to traditional security deposits, how to get set up and onboarded with the platform, and why you’re doing it wrong if you aren’t signing up for Rhino as soon as you hear this episode! 

 

Episode Highlights:

  • Rhino is a cash security deposit alternative for renters that allows renters to pay a small monthly fee for an insurance policy that accomplishes the same thing.
  • This can increase applicant pools, leasing velocity, and more.
  • Rhino will approve anyone a property manager approves to rent.
  • In addition to the monthly payments, Rhino also offers the option to pay for the entire lease term up front.
  • If you put down a security deposit, you run the risk of that landlord holding your money from you.
  • To sign up, a renter will receive an email from Rhino with all their information populated, they’ll be asked for some basic information, and receive their quote.
  • Property managers can advertise their partnership with Rhino in their listings.
  • Rhino also reduces work and overhead for property managers in terms of returning money to renters.
  • A tenant does not have to choose your property, and your houses are your houses, so think instead about what makes people want to rent from your property management company?
  • Eric sees Rhino as an advocate for renters.
  • Rhino currently has about 1 million units on the platform.
  • Some landlords are now offering Rhino at the point of lease renewal, which allows them to return security deposits back to tenants, which has helped landlords with retention.
  • Onboarding is often the barrier to entry for property owners.
  • How long onboarding takes with Rhino is really dependent upon how available you make your property management staff; it takes a very short amount of time once you get started.
  • Rhino covers loss of rent, damages, and fees—anything you normally would retain from a security deposit.
  • You can file claims mid-lease instead of waiting for the end of the lease term.
  • They ask for one piece of evidence with a claim.
  • You are able to set policy terms individually per tenant.
  • Rhino is able to write a policy for anyone, not just tenants who would already qualify under traditional terms.
  • To renters, this looks like an amenity, but it comes at no cost to the property manager.
  • It literally takes tenants under a minute to sign up.
  • Rhino policies are a three-party agreement between the landlord, the tenant, and Rhino, so if a tenant attempts to cancel a policy, Rhino notifies the landlord to confirm.

 

3 Key Points:

  1. Rhino comes at no cost to property managers but provides a massive benefit to tenants.
  2. Using this service broadens your pool of potential tenants.
  3. Rhino provides additional security beyond a traditional cash deposit by notifying landlords if a tenant attempts to cancel a policy.

 

Tweetable Quotes:

  • “It’s not just people that can’t necessarily afford a security deposit. It doesn’t matter if you can afford a security deposit or not. Why would you pay a security deposit when you have Rhino as an option? Why would anybody do that?” –Jonathan Cook
  • “A happier tenant makes a better kept and maintained property, makes a better investment for an investor or homeowner.” –Jonathan Cook
  • “This isn’t set for just the A-class properties for your approved renters, if there’s a certain credit score we won’t write them a policy, that’s just gonna create a hiccup in your system and make people upset that you’re offering a service they can’t end up using.” –Eric Krauss

 

Resources Mentioned:

  • Check out our website ahiproperties.com
  • Check out Birmingham Insurance Group online or call them at (205) 616-1107
  •  Buy, sell, and own investment properties the way the pros do it with www.roofstock.com
  • Email Jonathan and Bryan at Podcast@AHIProperties.com
  • Rent relief GoFundMe
  • Rhino Wesbite
  • Email Eric: eric@sayrhino.com
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