Frequently Asked Questions

Overview

OpenProperty is a ratings platform that consistently delivers ratings. We compile the data necessary to create a rating each time a lease concludes – no asking residents to write reviews and no asking management to write responses. This seamless approach saves time, helps assure accuracy, and lets us hit 100% lease reporting – a level that blows away typical ratings platforms.

On OpenProperty, an overall rating for an apartment community can feasibly take into account hundreds or even thousands of rentals and so, we believe, be the most accurate rating of any site. In addition to pushing expectations with property ratings, we are breaking new ground for residents by letting them build rental history.

  • OPTIONAL FOR PROPERTIES. Properties activate OpenProperty as an easy way to promote an accurate ratings-reputation. If a property signs up, every rental that ends is automatically rated based on lease-end charges. Properties that tend towards low damage, cleaning, and other security-deposit related charges are highly rated.
  • OPTIONAL FOR RENTERS. If a property is onboard (prior bullet), its residents have the option to have their rental history, including lease payments and lease-end charges, saved into their individual renter profiles. Access to their individual renter profiles is free to renters, and those that pay rent on time and leave with low lease-end charges will build positive history.

Renter profiles hold rental history that can be shared like modern reference or verification letters. To facilitate this sharing, a participating property that receives a rental application may directly access the associated renter profile consistent with the Fair Credit Reporting Act (FCRA), if the renter has opted into OpenProperty.

In the future, Landlords may use renter profiles generated by OpenProperty to provide preferential move-in terms to rental applicants.

OpenProperty is free for renters. Properties pay a fee or have our bank partner handle underlying security deposits.

OpenProperty was designed to promote properties that tends towards low lease-end charges and to make life easier for desirable residents by acknowledging that they pay rent on time and leave a rental like they found it, less normal wear and tear.

For renters, the later in your lease that you sign up, the less rent payment history is likely to be included. If you have already moved out, it may or may not be too late; to find out try to sign up and contact us. After you sign up, you may do any of the following on our website:

  • View your profile
  • Share your history and/or use it like a modern rental verification or reference letter
  • See if a landlord has viewed your profile

Renters like to use ratings and they like to hold onto their money. So, OpenProperty opens up many more ratings. And the ratings are focused on the financial unknown of renting: lease-end charges.

OpenProperty works automatically by opening up data through integration with, or regular reports from, property management systems. Additionally, managers should inquire about our ability to bank underlying security deposits and thereby facilitate reporting and resolution processes.

Yes. Exceptions to this include: a lease in which the renter was flagged for not being at least the age of legal majority and, at properties that joined OpenProperty prior to 100% reporting, leases that concluded prior to the property moving to 100% reporting.

Property and Landlord Profiles: Open to all.

Renter Profiles: First, a renter must sign up to have his/her profile built. Sign up must occur at each property from which Renter seeks reporting. From there it is private. Access is limited to: (1) the renter themselves, (2) a landlord on our system who has a legally permissible reason consistent with the FCRA, i.e. you are applying to rent at one of their properties, and (3) OpenProperty for its own internal use or to comply with a valid government request.

Money is top of mind for renters. Since landlords have leeway with lease-end charges greater transparency is long overdue.

Use

Ratings are based upon a score out of 5.00.

The following assumes a resident as well as the property participates – only participants are scored. Scores for renters and properties calculate similarly. 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 lease-end charges related to the security deposit, both renter and property obtain a score of 5.00. Scores will be reduced consistent with the following ratio: a 0.05 reduction in a score for any charge or charges to the security deposit equivalent to 1% of the monthly rent, with the underwritten monthly rent being the greater of (a) $2,000 and (b) the highest actual monthly rent during the lease. For example, if the monthly rent were $2,000, a $100 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, e.g. every month a utility provider bills 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.

Other notes and exceptions:

  • Renter Rating: An overall rating and history on an individual rental will ultimately appear with a rating that is GREEN ("POSITIVE"), GRAY ("NEUTRAL"), or RED ("NEGATIVE") and/or that is a numerical score out of 5.00. A score of 4.25 or higher is rated GREEN or positive, 4.24 to 3.25 is rated GRAY or neutral, and lower than 3.25 is rated RED or negative. Renters can benefit from long-term rentals. If a rental went 2 years or longer, then the renter benefits from adjusted scoring as the dollar amount of charges reduces the score per this ratio: a charge equal to 1% of the monthly rent reduces the score by 0.045 (rather than 0.050). If a rental went 3 years or longer, then the renter benefits from a bigger adjustment: a charge equal to 1% of the monthly rent reduces the score by only 0.040. If the security deposit is inadequate and/or the charges result in an unsatisfied collections action then additional notices may appear. Accounts that are not collected in a timely fashion may result in a deeper reduction in the score.
  • Property Rating and Landlord Rating: History on an individual rental will appear as a star rating. The overall score is the average of individual rentals and appears as a score out of 5.00 that is shown numerically, as stars, or both. To encourage quick turn-around, if the property inputs all information within 20 days of a lease ending, a bonus of 0.10 is given, increasing the maximum score to 5.10. While a property/landlord has leeway with lease-end charges, 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.

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 you put a hole in your wall you could settle the matter with your landlord (pay for the repair) prior to move-out.

Anything Else?

Currently, our service area is the United States.

Encryption Technology

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.

Yes, a landlord or OpenProperty may elect to remove a property. This may occur for various reasons including those related to a change in ownership and/or management.

When a property is removed, it will cease reporting and incomplete renter profiles will remain incomplete.

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.