Innovative Property Solutions reviews all applications on a point system based on a plethora of criteria. The list of the criteria with minimum requirements for each is below. Just meeting the minimum will not make you eligible, but falling below the minimum makes it extremely difficult to be eligible.
Resident Liability Insurance: Included is a Resident Liability Insurance plan. This insurance plan names you, the tenant, as an other insured. The coverage includes $100,000 in liability protection and up to $10,000 in personal possessions. Tenant may opt out of this plan however by having it, it removes the requirement to provide your own renters insurance. We encourage all tenants to speak with their own insurance agent to determine what plan is best for them.
Late Fee and NSF Fee Waiver: At IPS we understand that things happen and at times there are situations where rent is paid late. Our resident benefits package gives Tenants a 1 time waiver of late fees not to exceed $30 and a 1x waiver of NSF charges (non sufficient funds), not to exceed $40.
IPS Credit Reporting: In February of 2023 IPS will begin helping tenants build their credit! As part of our Resident Benefits Package, we will be reporting ON TIME RENT PAYMENTS to the credit agencies. Monthly rent is often the largest monthly expense a resident has, which is why it can be very valuable for our residents to get credit for making on-time payments. Everyone's credit situation is different, but often times a resident's credit score can increase as much as 40 points by having their on-time rent payments reported to the credit agencies.
ACH Rent Payment Processing: Many property management companies charge tenants transaction fees for online payments. However, IPS waives online transaction fees as a perk to the Residents Benefits Package. All online ACH payments are accepted free of service charge. Rent payments should be easy and affordable and IPS accepts payment via any RENTMONEY participating vendor such as Walmart where tenants have the option to pay in cash or via money order. Walmart does incorporate a service fee, however this is a great time-saver option for rental payment. In addition, Walmart time stamps all payments which are added to your ledger within 24 hours.
Credit Risk Mitigation: When moving into a property, tenants are often charged a “Credit Risk Mitigation” fee. Such amounts are substantial, running between $300 and $500. While some of these expenses are necessary, IPS builds such fees into the Residents Benefits Package, thus spreading the cost out over the life a tenant’s lease. Moving is expensive and IPS seeks to make the process as affordable as possible.
Tenant Self Move-In Inspection Software: New tenants can enjoy this special service/app upon move-in allowing them to complete their own property inspection on their own time within 3 days of move in. While IPS performs detailed move-in inspections, photos and video prior to tenant occupancies, this unique feature affords tenants the opportunity to provide additional documentation which supplements IPS inspections.
Utility Concierge Program: The utility concierge service is a third party company which assists tenants in activating utilities, internet, cable and alarm services with one simple phone call rather than individualized requests to specific companies. Companies such as ADT, Comcast and ATT are known to offer promotional programs and discounts. The Utility Concierge Program simplifies the process of transferring all services and utilities into the name of incoming tenant.
Tenant Online Portal: This valuable feature offers tenants 24/7 access to their accounts, records, copies of leases and policies as well as online rental payment and maintenance requests.