Till Launches New Flexible Rent Features That Pay Properties In Full and On Time While Giving Residents Complete Control of Their Rent Payments
WASHINGTON, Aug. 24, 2021 /PRNewswire/ -- Till, the leading flexible rent platform, today announced four new features: Budget and Save, Rent Protection, Free Credit Builder and Rewards for Rent. These flexible rent solutions empower residents to pay rent on their own schedule while increasing the likelihood all renters pay on time and in full the first of the month. Till's solutions are available to rental housing properties and residents nationwide.
Budget and Save is the first proactive rent savings tool that personalizes the rent payment experience. Budget and Save enables residents to allocate rent in smaller installments for their entire rent prior to their due date. While residents maintain the flexibility of incremental payments, Till works directly with the property owners and operators to ensure full payment on the first.
"Matching rent payments to cash flow revolutionizes a resident's ability to budget and an operator's ability to collect rent, ensuring rent is always the priority. Till works with residents - who might have different types of income that is paid at different intervals during the month - to keep rent prioritized and reliably paid." said Brady Nolan, chief growth officer and co-founder of Till. "Budget and Save also sets up all residents living in any type of property to succeed from the start. Personalized rental payments are the newest and most valuable rental amenity yet because it's a win for the resident and the multifamily operator."
Rent Protection is the first product that reimagines how flexible payments can catalyze residents to get back on track and stay on track. Till data shows that 41% of all residents have been late once over the last six months in workforce housing. With Rent Protection, Till covers rent when enrolled residents are short. Whether they had an emergency come up or had to prioritize income elsewhere that month, Till ensures their payments are made in full and on time to the property. Till then enables the renter to successfully repay Till while Budgeting and Saving in advance of the next month's rent.
"It's really important we get properties paid in full and on time," said Ashwin Katikapalli, Till's head of consumer product. "Properties have their own expenses including hard working property managers and mortgages that they have to pay. But that doesn't mean we can't provide residents complete personalization of when rent is paid.
"Every month, Till underwrites the renter's ability to pay and develops a new payment schedule, maximizing each resident's opportunity to pay rent successfully and thrive in the home, and making sure the property is paid per the terms of the lease agreement."
Free Credit Builder incentivizes on-time payments by empowering residents to build their credit history by paying rent, their largest monthly expense. Till offers the only comprehensive rent reporting tool that is free for both properties and residents. On average, residents can increase their credit score by more than 30 points by having rent reported, opening up unprecedented housing and financial opportunities, according to a Credit Builders Alliance study. Credit Builder incentivizes on time payments with participating properties recognizing up to 50% improvements in on-time rent. Not only free, Till Credit Builder offers an opt-out solution that boasts 99.9% ongoing enrollment of residents, an industry best.
With Rewards for Rent, residents using Till to pay their rent will be eligible to win rent payment rewards and have their rent covered by Till. With this rewards program both residents and properties win with enhanced on-time payments and increased resident retention.
"There is an accelerating demand in the rental housing industry for more service-focused financial amenities that improve both the resident experience and property cash flow," said David Sullivan, founder and CEO of Till. "The Buy Now, Pay Later industry is taking off as consumers value matching expenses to their cash flow. Rent, as the biggest expense, is ripe for personalization to improve the renter experience. Flexible rent solutions like Budget and Save and Rent Protection not only improve a renter's experience but improve a property's on-time payments, eliminating delinquencies and proactively mitigating bad debt."
Communities utilizing Till's platform to date have experienced a significant improvement in on-time payments. Till has helped over 72% of delinquent residents catch up on rent payments after the first month of enrollment. The industry is ready for new resident experiences. To date, Till has signed over 60 partnerships with groups that own or manage over 1.4 million units.
About Till
Till is the nation's leading provider of personalized financial solutions for residents, enabling them to pay in full and on time. Its proprietary platform provides a detailed analysis of renter cash flow and expenses to break payments into smaller, more manageable increments throughout the course of the month. For owners and operators, Till provides the ability to provide personalized payment services for their residents, along with advanced property analytics to guide their asset management strategy. For more information, please visit www.hellotill.com
SOURCE Till
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