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For a startup like Jetty, it might as well be a gold mine.Stuy Town’s property management firm, Stuy Town Property Services, now uses Jetty’s product as a marketing tool to attract and quickly secure prospective renters.“In our case, if you don’t have a guarantor, we will be your guarantor.If you don’t have the credit score, we’ll look at a few other things.The company, called Jetty, offers a three-in-one product to apartment applicants — Jetty Renters Insurance; Jetty Passport Deposit, which essentially gives renters the option to replace the expensive security deposit with a cheaper, one-time payment to Jetty; and Jetty Passport Lease, a fancy way of saying Jetty will serve as guarantor for applicants who need it.
“Jetty would have to go to Yardi, pay K and then have to create an interface gaining access to Yardi’s [system] so it will work more efficiently.” Rudoy declined to confirm whether the company would integrate its system with a property management platform in the near future.“The security deposit product is the one property managers care about most.They see it as a tool to attract tenants and close leads,” Rudoy said.A similar product, called The Guarantors, aims to help tenants lease apartments by selling payment insurance and picking up the slack should residents fall short and become delinquent. ET: A previous version of this story did not clearly explain Jetty’s Passport Deposit product.“There are some other solutions that are sort of mixes of what they’re trying to do,” Brewer said. Renters pay a one-time fee to Jetty in lieu of posting a security deposit.
Property management vet and RADCO Residential Vice President of Operations Mike Brewer, who has 20-plus years in the business, said he can understand the appeal — particularly when it comes to Class-B and Class-C apartments where applicants may not be as creditworthy and can benefit from Jetty’s range of products.