Introducing Leap’s Guarantor Waiver Service

Concurrent has integrated a new guarantor service to offer frictionless and affordable guarantor waivers within the contract signing journey. Leap, one of the largest guarantor service providers in the US, has an established history within the student sector and is now bringing its tried and tested product to the UK market.

Leap allows you to offer a guarantor waiver option to tenants in exchange for them paying a higher rental price each month. When tenants sign a contract with you, they will have the option to either provide a guarantor or pay a higher rental price, inclusive of the cost of a guarantor waiver. This is ideal for students who may not be able to provide a UK-based guarantor and, therefore, allows you to attract a wider range of tenants while retaining full coverage and security. 

Unlike other B2C guarantor services in the UK, where tenants purchase the product directly from the provider, Leap provides a B2B guarantor product which is sold to property managers. Leap allows property managers to enrol units (rooms or whole properties) directly into their insurance policy, which avoids tenants having to sign up themselves. This drives efficiency and flexibility for property managers and reduces administration for tenants.

The benefits of Leap’s guarantor waiver 

No additional admin for tenants

At the time of booking, tenants can select a rent price that is inclusive of the guarantor waiver cost. Payment is not required upfront, and they do not need to pay the waiver fee separately. This is not an insurance premium; tenants are simply paying a higher inclusive rental price for the benefit of not needing to provide a guarantor for the booking process.

Tenants will pay the guarantor waiver fee as part of their rent instalments through Concurrent, rather than as separate payments. This makes the entire process seamless and hassle-free, and could drive occupancy if your offering becomes more attractive to a greater selection of prospective tenants.

No co-signer requirement 

Waiting on outstanding guarantor signatures can delay the beginning of tenancies and cause unnecessary frustrations. Tenants do not deal with Leap directly or have any relationship with them, so, unlike with B2C guarantor providers, they do not have to provide a personal co-signer. Leap also does not need to sign the property manager’s guarantor agreement. This means there is no period where the tenancy signing process is blocked by outstanding guarantor signatures. Leap eliminates any delays and allows you to complete the booking process more efficiently. 

Flexible periods of cover 

Unlike many B2C providers, Leap does not charge a fixed fee for the entire tenancy. Instead, property managers can choose the duration of coverage, relative to the contract length, that works best for them, which impacts the price. This offers more flexibility in terms of both tenancy length and pricing. 

Get started with guarantor waivers

With Leap, tenants benefit from more choice, reduced admin, and a streamlined payment process. Property managers benefit from more efficient contract signing, greater flexibility, and a wider, more varied pool of tenants to attract. 

Want to find out more about how the guarantor waiver service could benefit you? Get in touch with our team today.