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Welcome
At Standby, we understand the importance of a smooth introduction to our product. That's why we've curated a collection of videos designed to guide you through every aspect of Standby's functionality. From a basic introduction to our product, to how you close on a deposit, our video library covers it all.
Introducing Standby
Standby allows residents to move in without putting down cash up-front in a deposit. Residents are invited to apply for Standby Deposit upon being approved and having the deposit entered into your property management system.
Benefits to the resident:
- Low-cost monthly fee allowing the resident to use their cash for other purposes
- Only pay the amount owed
- No need to wait to receive your deposit back
Benefits to the property:
- Provides the same protection as a cash deposit
- No checks to return to resident’s at the end of their lease
- No need to manage the deposit
- No claims process
- No commingling of funds
- Keep your existing systems/processes
How a Standby Deposit Works
As a leasing consultant, what do I need to do?
The only 3 steps that are required for you:
1. Approve the leasing application (if applicable)
2. Enter the deposit amount into the property
management system (Yardi, Onesite, etc)
3. Let the resident know that they will be receiving an invitation to apply for a Standby Deposit where they can opt to pay a low monthly or annual fee.
If a resident has a question they can reach out to Standby via the invitation email, their application process (contact us), or our website (support@standby.io)
How do residents sign up?
Most likely your property has the automatic “invite all” setting activated for residents to be opted in, enabling every new applicant at your property to receive an email inviting them to apply for a Standby Deposit.
Please watch the video to see the process.
Your Property Is Fully Protected
Just like with a cash deposit, your property has on-demand access to funds, up to the full deposit amount. On-site teams can rest assured, knowing that the deposit is there but without the hassle of managing it.
How do I charge the resident for damages or close the Standby account?
Upon move out you will have 14 days to charge the resident any damages to the property up to the deposit amount. You initiate the settlement in your property management system (Yardi, Onesite, etc.) as usual and Standby automatically starts the settlement process by charging the credit card on file and/or initiating an ACH debit. No claims process is required.
Please watch the video to see the process.
