Bondsure, an insurance company that provides tenants with an option to pay their bonds on an installment basis been making waves within the real estate industry 10 weeks after its launch in October.
The product which is specifically aimed at Australia’s growing tenancy market has had over 80 real estate offices signing up to use its services with more expected in the new year.
The company’s executive chairman Michael Wood, an insurance veteran, has been surprised by the uptake and is currently working on several new marketing initiatives to attract more tenants to use the product.
“The first question our relationship teams often get asked from property managers and principals is around why they should offer a product that could attract the wrong type of tenant or someone who they perceive cannot save for a rental bond,” said Wood.
“It’s a logical question and once we explain that a Bondsure approved tenant has been independently identity and credit checked there seems to be an immediate affinity towards the product due to the new choice it allows property managers to offer tenants,” he added.
Wood said Bondsure was designed to act as a ‘second set of eyes’ for real estate groups when vetting tenants, while the bond insurance is aimed at helping tenants protect their bonds and property managers in reducing any incidents of bond disputes.
Besides giving tenants the option to pay their bonds gradually, Bondsure also offers tenants a chance to protect their rental bonds against accidental damage or additional cleaning charges.
“Bondsure’s optional bond insurance product provides tenants with a new choice that they have never had before, namely, whether or not they would like to insure their rental bond against common bond erosion issues,” Wood said.
“We believe there is a growing acceptance in society that consumers deserve a choice between paying for things in full and upfront or in parts over time, and the same principle should apply to expensive rental bonds.”
Since its launch, Bondsure’s website has been swamped by a surge of curious visitors wanting to know more about the product and its overall offerings.
Even the company’s product animation video on YouTube has garnered over 50,000 online viewers in the past few weeks.