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Roost launches security deposit refund automation software
New solution focuses exclusively on automating security deposit refunds to help property accounting save time and cost by up to 50% while getting refunds back faster to residents
VANCOUVER, Wash, November 1, 2023 Roost (JoinRoost, inc), the leading cash security deposit automation platform with built-in financial amenities for renters, has added a new refund payable software solution to its growing list of services for multifamily owners and operators.
The new software streamlines and automates security deposit refund payables into three steps, helping property accounting teams save up to 50% on refund processing costs while also improving the resident experience.
“Managing refund payables is an expensive, repetitive and regulated property management process resulting in a final refund check mailed to the tenant as late as a month or more after they move-out,” said Chanin Ballance, Roost CEO. “Roost’s new refund payables solution centralizes and automates manual workflow for properties while enabling renters to get their refund back as soon as the day it’s approved.”
A typical 10,000 unit portfolio spends nearly 5,000 hours a year manually processing security deposit refunds. Roost’s refund payables software integrates with the leading property management system providers (Yardi, Entrata, and Realpage) to automate manual workflows and is configured to meet jurisdiction-specific security deposit refund regulations. Key features include:
- Resident choice and conent management
- Interest accrual and payout
- Refund calculation and itemized statement
- Receipt and image proof
- Refund delivery tracking
- Resident support
- Check cancellation/re-issuance
- Uncashed check management
- Real-time reporting
- And, more.
In addition to significant cost and time savings for properties, renters get a set of flexible and first-of-their-kind refund payment features. They can split their refund on a per roommate basis, get their deposit back via debit card within 30 minutes of approval, and track the status of their refund in the app. During their lease, they can also earn interest rewards on their security deposit and have their rent reported to build credit history.
About Roost
Launched in 2021, Roost is a mission-driven tech company focused on improving property NOI and renter financial health. Roost’s cash security deposit automation platform streamlines the deposit intake and refund process, reduces compliance risk, and minimizes disputes. It also provides residents with financial amenities including financial guidance and savings deals, credit history building, and faster refunds.