LeaseLock Zero Deposit Insurtech Enhances Leasing Funnel Performance for Strata Equity Group
Integrated deposit replacement technology improves lead-to-application, lead-to-lease and closing rates
LOS ANGELES–(BUSINESS WIRE)–LeaseLock, the world’s leading insurtech platform for real estate, today announced 120-day performance results from Strata Equity Group’s deployment of LeaseLock Zero Deposit™ across their nationwide portfolio of more than 20,000 units. Strata is experiencing improved leasing funnel performance by replacing deposits with lease insurance in the online resident leasing process.
The 57 Strata apartment communities using LeaseLock experienced a collective 3.6% improvement in closing ratios, as well as a 2.3% boost in signed leases and a 6% increase in applications. In addition, those properties saw lead-to-application and lead-to-lease conversions expedited by a full day.
A focus group of 15 Strata properties in North Carolina and Tennessee experienced even more impressive gains after implementing Zero Deposit lease insurance. Applications among the group increased by 8.4%, signed leases went up by 5.3% and closing ratios improved by 3.7%. Zero Deposit communities have also seen a reduction in the time frames for lead-to-application, lead-to-lease and lead-to-move-in by two full days, while application-to-move-in became one-day faster.
“LeaseLock, which replaces expensive and antiquated security deposits, has proven to be a motivating incentive for prospective residents. Our clients are seeing that in terms of both applications and signed leases, as well as the time required to convert leads to leases,” said Ed Wolff, Chief Revenue Officer for LeaseLock.
Andrew Gordon, COO for Strata remarked, “Traditional security deposits are simply outdated and create an unnecessary financial barrier to residency. LeaseLock Zero Deposit creates a more affordable move-in experience for renters while vastly improving leasing performance and protections for operators.”
Earlier this year, LeaseLock surpassed $1 billion in the total value of its insured leases. Unlike surety bond providers, LeaseLock offers the only true deposit replacement, removing a major hurdle in the application process and enabling residents to avoid an expensive upfront deposit. LeaseLock communities also have the ability to market themselves as Zero Deposit™, driving increased lead generation and revenue.
To learn more about Strata’s results with LeaseLock, check out the case study here.
NMHC Top 50 operator LeaseLock clients include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group Management Co., LMC, and RKW Residential. Top ownership clients include Goldman Sachs, ColRich, Strata, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
LeaseLock is the world’s leading insurtech platform for real estate.
Our flagship lease insurance product leverages artificial intelligence to eliminate security deposits from enterprise operating infrastructure—powering a faster, simpler, more affordable rental transaction. LeaseLock seamlessly deploys within the native online leasing checkout, resulting in significant conversion lift—while instantly generating industry-leading coverage for the property on every lease.
LeaseLock has insured over $1 billion in leases backed by insurance rated A (Excellent) by A.M. Best. Our global investors include SoftBank Ventures Asia, Wildcat Ventures, Westerly Winds, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, and Mucker Capital.