World-first digital technology to end cash rental bonds
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A world-first technology will make renting more accessible to trustworthy Australians and save them thousands of dollars in the process.
Fintech company Traity has partnered with Australia’s leading landlord insurance specialist Terri Scheer Insurance to this month launch Trustbond. Trustbond lets tenants avoid paying a traditional bond and instead pay a premium, which is a proportion of the rent paid for the term of the lease.
Instead of paying what can often be thousands of dollars up front renters instead would pay as little as hundreds. A renter paying a $2000 bond would instead pay a one off fee of $250. It covers the same breaches of a tenancy agreement including unpaid rent, damage, broken leases and associated costs.
Trustbond uses blockchain to measure the potential trustworthiness of a renter using data from social networks like Facebook, Twitter, LinkedIn, Airbnb, eBay and Uber to determine a tenant's TrustScore.
“In addition to the financial incentives, Trustbond is a better way for tenants to show who they really are. Tenants can use their online accounts to show they are trustworthy. It’s a way to build stronger relationships between tenants, landlords and property managers based on trust,” Traity Country Manager, Will Soutar, said.
There are also key incentives for landlords to choose tenants who are eligible for Trustbond.
“Trustbond is based on the premise that only tenants with a high TrustScore are eligible,” said Terri Scheer Insurance Executive Manager, Ms Carolyn Parrella.
“Landlords who use Trustbond can save time with automatic verification and screening, fill their properties faster by appealing to a broader pool of tenants and make better decisions for tenant selection.”
“Trustbond also gives landlords and property managers the ability to rate and review tenants. This encourages tenants to be responsible and motivates them to take care of their landlord’s property, in order to keep their TrustScore high.”
For more information, watch the video below or go to Trustbond.