Frequently Asked Questions
What Is OpenProperty?
OpenProperty is a revolutionary ratings platform that taps into unused resident data and uses it to automatically and effortlessly drive new leads to your property. Our platform seamlessly integrates with your property management system to collect move-out costs for 100% of leases as they conclude.
On OpenProperty, an overall rating for an apartment community can feasibly take into account hundreds or even thousands of rentals. We anonymize and publish this data to show how the lease ended, providing an easy way to promote an accurate ratings-reputation — no asking residents to write reviews and no asking management to write responses.
How Does OpenProperty Work?
Properties activate OpenProperty as an easy way to promote an accurate ratings-reputation. Our platform connects directly to the property management system, then automatically collects data — so you can start reaping the benefits without the work.
If a property signs up, every rental that ends is automatically rated based on lease-end charges. The lower the move-out costs, the higher the rating — which means that low damage, cleaning, and other security-deposit related charges are highly rated. Additionally, managers should inquire about our ability to bank underlying security deposits and thereby facilitate reporting and resolution processes.
Why Use OpenProperty Versus Traditional Ratings Platforms?
For properties, you will receive a rating for every concluded rental, resulting in 100% coverage, plus a rating for the management company. Utilizing proven SEO techniques, we aim for our pages to display on page one of the search results. When residents view an OpenProperty page, there are links to visit the property website with a goal of driving additional leads to your community automatically and effortlessly. Plus, setup is incredibly simple. Our platform seamlessly connects to the property management system, then automatically collects data.
For residents, OpenProperty offers an unbiased third-party rating based on actual move-out costs, resulting in transparency into how the rating is created and peace of mind regarding how the property handles move-out costs.
What Is the Cost?
Properties pay a fee or have our bank partner handle underlying security deposits. Contact our team to learn more about our costs.
Why Was OpenProperty Created?
Founded in 2018, OpenProperty was designed to promote properties that tend toward low move-out costs and to make life easier for desirable residents by acknowledging that they pay rent on time and leave a rental as they found it — less normal wear and tear.
Renters like to use ratings when searching for their future apartment home. In fact, studies show that 62% of residents consider online ratings a high priority when making a lease decision. We recognized that while subjective apartment ratings are important, there was a need in the market for objective ratings that offer insight into the financial unknown of renting: move-out costs.
Does a Rating Include Data From 100% of Leases?
Yes. OpenProperty seamlessly integrates with your property management system to collect move-out costs for 100% of leases as they conclude. Exceptions to this include:
- A lease in which the renter was flagged for not being at least the age of legal majority;
- Properties that joined OpenProperty prior to 100% reporting or leases that concluded prior to the property moving to 100% reporting.
Who Can Access Your Reporting?
Property and landlord profiles are open to all for viewing.
Why Does OpenProperty Focus on Move-Out Costs?
Move-out charges are an untapped data source that OpenProperty anonymizes and publishes to generate a rating for the property, show transparency into how the lease ended, and help drive new leads with minimal to no effort.
Residents place significant importance on a management company’s reputation in their decision to lease, and money is often top of mind for renters. OpenProperty offers an unbiased third-party rating, resulting in peace of mind regarding how the property handles move-out costs.
How Do Ratings Work?
Ratings are based upon a score out of 5.00. The following assumes a property participates as only participants are scored. Management will also have a page that includes a “roll-up” of underlying properties and an average score across those properties.
If there are zero move-out costs related to the security deposit, the property obtains a score of 5.00. Scores will be reduced consistent with the following ratio: a 0.05 reduction in a score for any charge(s) to the security deposit equivalent to 1% of the monthly rent, with the underwritten monthly rent being the greater of (a) $2,250 and (b) the highest actual monthly rent during the lease. For example, if the monthly rent were $2,500, a $125 cleaning charge would represent 5% of the monthly rent — thereby reducing the score from 5.00 to 4.75.
Note that no reduction in a score will be made for a charge marked by the landlord as "no-fault.” A "no-fault" charge means a charge for the payment of one or more utility bills for the final period of a rental as agreed to by the landlord and renter. For example, every month a utility provider bills the landlord who then passes individual bills through to renters with the expectation that after a renter moves out any final landlord-renter reconciliation will be handled out of the security deposit.
An additional exception includes unpaid rent. While a property/landlord has leeway with move-out costs, unpaid rent is viewed as a one-sided failing of the renter. Therefore, if there is a charge for unpaid rent, it will not negatively impact the associated property or landlord score.
Note that the grading system is subject to change. If a property were to drop out of OpenProperty prior to posting all information on a lease, then there would not be a complete record with a grade for that lease.
What Charges Are Reported?
Properties are required to report any money charged to the renter after move-out that was deducted out of the security deposit or could lawfully be deducted out of a security deposit. If the security deposit was inadequate, the property may also report if charges were paid or went into collections. Properties are also requested to report rent payment information on participating renters.
If a resident and a landlord resolve a charge prior to move-out, it should not appear in our system. For example, if a resident put a hole in the apartment wall, they could settle the matter with their landlord (pay for the repair) prior to move-out.
Where is OpenProperty Available?
Currently, our service area is the United States.
What Is the Security Protocol for OpenProperty?
We use 256-bit encryption technology to protect your information when using our website. You will know your information is encrypted when the openproperty.com page you’re on starts with “https://” and you see a lock symbol in your web browser.
We work hard to protect your information. We take our responsibility to protect the privacy and confidentiality of your information, including personal information, very seriously. We maintain physical, electronic, and procedural safeguards to secure such information from unauthorized access and use, accidental or unlawful alteration and destruction, and other unlawful or unauthorized forms of processing. We hold our employees accountable for complying with relevant policies, procedures, rules, and regulations concerning the privacy and confidentiality of information.
Can a Property Be Removed From the Platform?
What Types of Landlords Should Participate in OpenProperty?
We are designed for all types of landlords — annual, short-term, vacation, small, or large — who might benefit from the transparency offered by our service.