{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"DGS 355: The Future Of Property Management Has No Deposits","description":"What if the friction everyone feels around security deposits (upfront cash, slow refunds, disputes at move-out, etc) was solved with trust?  In this episode of the #DoorGrowShow, Jason Hull talks with Roey Dor, CEO and co-founder of Obligo, about rebuilding the deposit system for the rental industry. Roey breaks down why deposits fail both renters and property managers, how the credit-card pre-authorization model used by hotels inspired Obligo's approach, so property managers don't have to change a thing about how they operate.  Jason and Roey also dig into why fear is the enemy of every landlord-tenant relationship, how removing the deposit burden changes that dynamic, and how a letter of credit with major banks lets property managers trust Obligo the way renters trust a bank. If you've ever wondered whether there's a better way to handle deposits (for your business and for your residents) this conversation lays out exactly how that shift is already happening. You\u2019ll Learn [06:10]  Why everyone hates security deposits [09:04]  The three real reasons property managers need deposits [12:38]  The hotel pre-authorization model that inspired Obligo [15:20]  How Obligo replaces deposits using bank verification [18:59] Sponsor break: Vendoroo [21:04] Embedding Obligo into AppFolio, Yardi, RealPage & Buildium [28:23] Trust, fear, and why the deposit relationship matters Quotables "We did not invent the concept or the idea that a deposit would be replaced with something. Many insurance providers and other companies had different solutions in the market that ticked some of the boxes, but never all three."   "There's one big enemy of good relationships, and that's fear."  "There's billions of dollars that are buried in deposits. There's millions of renters that could enjoy these funds." Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript Jason Hull (00:01) All right, five, four, three, two, one. Hey everybody, I'm Jason Hall, the founder and CEO of DoorGro, the world's leading and most comprehensive coaching and consulting firm for long-term residential property management entrepreneurs. For over a decade and a half, we have brought innovative strategies and optimization to the property management industry. At DoorGro, we are on a mission to transform property management business owners and their businesses.   We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. Now let's get into the show. So my guest today is Roe Dore, the CEO of Obligo, and we're going to be getting into how everybody hates deposits, improving relationships between residents and owners. And I'm excited to hear about his background and how he got into doing what he's doing. So welcome to the show.   Rowie. Jason, I'm so excited to be here. Thank you for having me.   Roey Dor (01:00) Jason, I'm so excited to be here. Thank you for having me   and looking forward to the conversation.   Jason Hull (01:06) Yeah,   so give us a little bit of background. It like in the pre-show, you were chatting a little bit about how you were a fighter pilot. And so I know Sarah's gonna be kicking herself that she wasn't like on this episode or something with me, because she recently got her pilot's license. She thinks that's super cool. So give us a little bit of background for those listening so they get a feel for you and and lead us into how you eventually became the CEO of Obligo. Yeah, well, I don't want to take too much time, but I actually think it's an interesting   Roey Dor (01:30) Yeah, well I don't want to take too much time, but I actually think it's an interesting   story. I failed I failed three driving tests   Jason Hull (01:35) like interesting stories.   Roey Dor (01:40) before I became a fighter pilot. And I don't know if you know this, many people don't know this, but training to become a fighter pilot is a effectively like a long series of driving tests. And you pretty much have to succeed in all of them.   Jason Hull (01:42) Okay. I don't know if you know this, many people don't know this, but training to become a fighter pilot is a effectively like a long series of driving tests. and you pretty much have to succeed in all   of them. Yeah. And the the s the interesting story that also has to do with me becoming an entrepreneur is around the third failure. I was kind of crying and my dad came to me and he said, Hey Roy, you know, why are you crying?   Roey Dor (01:55) And the this the interesting story that also has to do with me becoming an entrepreneur is around the third failure. I was kind of crying and my dad came to me and he said, Hey Roy, you know, why are you crying? And   I'm I was like, I'm so frustrated. I keep failing this driving test. And it's really not up to me. Every time something happens, some you know, somebody gets into a car, turns left instead of right, and it's unpredictable and I can't win.   Jason Hull (02:10) You know I'm I I was like, I'm so frustrated, I keep failing this driving test. And it's really not up to me. Every time something happens, some you know, somebody gets into a car, turns left instead of right. Yeah. And it's unpredictable and I can't   win. I'm not controlling it. Yeah. And and he said, Well, Roy, you know, people are going to do different things, yeah, but you're gonna react. And by reacting, you're going to control the situation. And it gave me this   Roey Dor (02:24) I'm not controlling it. And and he said, Well, Roy, you know, people are going to do different things, yeah, but you're gonna react. And by reacting, you're going to control the situation. And it gave me this kind of   Jason Hull (02:38) kind of   Roey Dor (02:39) feeling of control of the situation. And I was flying and training to become a fighter pilot. It always felt to me like I was in control. And I think when you transition this into entrepreneurship.   Jason Hull (02:39) feeling of control of the situation and I was flying and training to become a final pilot. Yeah I always felt to me like I was in control. And I think when you transition this into entrepreneurship,   Roey Dor (02:54) It is also very, very important. Now it's not that I don't believe in luck at all, but it's very, very important, I think, to be empowered by the feeling of controlling what is eventually going to happen and that you're going to succeed.   Jason Hull (02:54) it is also very, very important. Now it's not that I don't believe in luck at all, but it's very, very important I think to be empowered by the feeling of controlling what is eventually going to happen and that you're going to succeed.   Roey Dor (03:07) It's not a replacement of hard work, but I think it's super, super important to possess that as an entrepreneur. Otherwise it's become, you know, why would I succeed where everyone failed? Why how would I, you know, overcome this and that? So it's ca it's kind of tied in in a sense.   Jason Hull (03:08) It's not a replacement of hard work, but I think it's super, super important to possess that as an entrepreneur. Right. Otherwise it become, you know, why would I succeed where everyone failed? Why how would I, you know, overcome this and that? So it it's ki it's kind of tied in in a sense.   Yeah, it's kind of that you know, we if we have a victim mentality, we're   Roey Dor (03:27) Yeah.   Jason Hull (03:27) not gonna do too well as an entrepreneur. Yeah, you know. We can blame the marketplace, we can blame the bad leads, we can blame the clients.   But blaming everything external doesn't allow you to take ownership and improve things and actually get results. In the marketplace, at least where there's capitalism, it rewards results in the real world. So for   Roey Dor (03:48) Yeah.   Jason Hull (03:49) sure.   Roey Dor (03:49) One hundred percent. so just to follow up on the background, so as a fighter pilot did that for a bunch of years. Me and my friends like   Jason Hull (03:51) Just to follow up on the background, so FighterPilot did that for a bunch of years. Me and my   Roey Dor (03:56) to laugh that we watched too much Top Gun at the time. and that inspired us to open a bar. So me and two friends from the squadron end up owners of a night establishment and it was actually pretty successful. So it led us to eight years in hospitality.   Jason Hull (03:59) Yeah. and that inspired us to open a bar. So me and two friends from the squadron end up owners of a night establishment and it was actually pretty successful. So it led us to eight years in hospitality.   Roey Dor (04:16) Bars, restaurants, clubs, all of that happened in Tel Aviv. And we were having a good time. However, it's not a very suitable lifestyle if you want to start a family.   Jason Hull (04:17) Bars, restaurants, clubs, all of that happened in Tel Aviv. And we were having a good time. However, it's not a very suitable lifestyle if you want to start   a family.   Right,   right. Yeah, I can't I can imagine and you know I've I've all   Roey Dor (04:30) Or your list that's out there.   Jason Hull (04:33) Sarah and I've loved watching a bunch of episodes of Bar Rescue and it does not look like an easy business or industry to be involved in. Yes, it's it's actually it's actually very difficult to be profitable in the in the restaurant business. Yeah. And and it really teaches you a lesson or two about how to manage the type shift. Otherwise things really   Roey Dor (04:40) my yes, it's it's actually it's actually very difficult to be profitable in the in the restaurant business. And and it really teaches you a lesson or two about how to manage a tight shift. Otherwise things really   get out of place pretty quickly. so by the time we were about 30, we said this is not a good lifestyle to kind of move forward.   Jason Hull (04:58) Yeah. Get out of place pretty quickly. so by the time we were about 30, we said this is not a good lifestyle to kind of move forward   and wanted to transition out of it, ended up transitioning into holistic development. There is an interesting Israeli law that allows you to get air rights if you reinforce structures against earthquakes. And we thought that was a nice mission.   Roey Dor (05:09) And wanted to transition out of it, ended up transitioning into real estate development. There is an interesting Israeli law that allows you to get air rights if you reinforce structures against earthquakes. And we thought that was a nice mission   and also an interesting business opportunity. Started a company that actually IPO'd in April of last year. So that was kind of exciting.   Jason Hull (05:27) And also an interesting business opportunity. Started a company that actually IPO'd in April of last year. That was kind of exciting.   I don't take much credit for that because for the last eight years I've been heads down working on obligos. I moved here in 2018, in the summer, with my wife and three daughters, and basically been trying to build trust in an industry.   Roey Dor (05:37) I don't take much credit for that because for the last eight years I've been heads down working on oblique. So I moved here in 2018, in the summer, with my wife and three daughters, and basically I've been trying to build trust in in an industry   that that trust is is sometimes hard to hard to build.   Jason Hull (05:56) That that trust is is sometimes hard to hard to   build. Yeah, yeah. All right. So cool. Well where did Obligo come from and what is it what is it? And for those that have never heard of it.   Yeah, so you know, I like to say everybody hates security deposits. Yeah. Almost everyone has a personal experience with renting and having to fork out a few thousand dollars when they're moving in on top of everything else that's going on.   Roey Dor (06:10) Yeah, so you know, I like to say everybody hates security deposits. Ever almost everyone has a personal experience with renting and having to fork out a few thousand dollars when they're moving in on top of everything else that's going on.   Jason Hull (06:26) Yeah. and also when you think about the move out experience, there's a bunch of different elements there that was revolve around the deposit that are quite frustrating   Roey Dor (06:27) and also when you think about the move out experience, there's a bunch of different elements there that was revolve around the deposit that are quite frustrating.   Jason Hull (06:37) for the average renter, including just waiting around to getting your check in the mail. when you've already moved into a new unit and you're always some of your listeners I can kind of relate to   Roey Dor (06:37) For the average renter, including just waiting around to getting your check in the mail. when you've already moved into a new unit and you have more expenses. And I'm sure some some of your listeners can kind of relate to that.   Jason Hull (06:51) that.   Roey Dor (06:52) but what what not a lot of people know is that the property managers also kind of hate the deposit business. They didn't start a company to manage a deposit bank.   Jason Hull (06:52) Yeah. What what what not a lot of people know is that the property managers also kinda hate the deposit business. If you start company to manage a deposit bank,   there's a   Roey Dor (07:05) There's a ton of compliance   and regulation around how you should collect the money, hold the money, refund the money. And so they're not really enjoying any any aspect of that deposit management on on their on their side. So here you here you have some sort of a an archaic system that causes a lot of friction on on both sides and   Jason Hull (07:09) the money, hold the money, refund the money. Yeah. And well, they're not really enjoying any any aspect of that deposit management on on their on their side. Yeah it can be messy. Yeah so here here you have some sort of an archaic system that causes a lot of friction on on both sides   and when we were thinking about just   Roey Dor (07:34) When we were thinking about just generally   Jason Hull (07:37) Generally, what what can we improve around renting? we we had initially we had kind of like a bigger and this is me and my my brother. we were thinking about how how what where do we want to try to make impact. And our initial dream was kind of big. We said, what about an Airbnb type of company, a trusted third party that would insert itself into the long   Roey Dor (07:37) what what can we we improve around renting, we we had initially we had kind of like a a bigger and this is me and my my brother. we were thinking about how how what where do we want to try to make an impact. And our initial dream was kind of big. We said, what about an Airbnb type of company, a trusted third party that would insert itself into the long term?   Jason Hull (08:02) term rent rental universe?   Roey Dor (08:05) rent rental universe.   So that that would that could be pretty interesting, a pretty interesting challenge. but as you know, starting a company is pretty hard and you need to focus on things that you can actually impact initially. So our trusted third party kind of led us in a journey to try to figure out what is what where is the mistrust and what are the byproducts of mistrust.   Jason Hull (08:07) So that that would that could be pretty interesting a pretty interesting challenge. Yeah, that's starting a company is pretty hard and you need to focus on things that you can actually impact initially. Yeah. So our trusted third party kind of led us in a journey to try to figure out what is what where is the mistrust and what are the byproducts of mistrust.   Roey Dor (08:31) If I rented an apartment to my daughter,   Jason Hull (08:31) If I rented an apartment to my daughter   Roey Dor (08:35) a lot of things would look similar, but I would probably not charge a deposit. Right. If you were renting your apartment to a relative, you probably wouldn't charge them a deposit because you trust them. And so this is a byproduct, clear byproduct of trust. And after you analyze the different sides,   Jason Hull (08:36) A lot of things would look similar, but I would probably not charge a deposit. Yeah. If you're renting your apartment to a relative, you probably wouldn't charge a deposit because you trust them. And so this is a byproduct, clear byproduct of trust. And after you minimize the different sides,   Roey Dor (08:54) the renter and the and the property manager, you see that there's there's there's just a lot of friction there.   Jason Hull (08:58) is there's just a lot of friction   there. And that's what kind of attracted us to the deposit   Roey Dor (09:01) And that's what kind of attracted us to to the deposit piece.   Jason Hull (09:04) piece. Right. Figuring out how do we balance the the property managers need to properly take care of the property and protect the owner's interests while also bringing in some unknown person into the property. How do we verify and make sure things are safe? How do we protect their a interests financially? And then there's all sorts of problems with managing those trust accounts.   As a property manager. I mean, I had a client that had a property manager they had hired. This was before they were a client of ours, but they had a property manager steal a hundred thousand dollars from their trust account by writing security deposit checks to themselves. my   Roey Dor (09:43) my god.   Jason Hull (09:43) god. Yeah. And so they were just upside down and f embarrassed, and they had to go to their clients and eat, you know, just it was bad. And so   Yeah, and so yeah and a lot of people maybe don't deal with that dramatic of a situation. But yes, you're right. Security deposits do not sound like a fun thing for people to be dealing with all across the board. So how do we how do we solve this? How do we create a sit a situation where everybody still feels safe, but we don't have the security deposit then?   Yeah, so so that's kind of how we we started.   Roey Dor (10:13) Yeah, so that's kind of how we we started. We try   to map out why they were required. And the at the end of the day, there's three reasons why property managers need the deposit. The first one is trivial. They want the trivial, they want the availability of funds to make repairs where a person moves out, right? So to cover for those damages or for mistrend. there's a couple that are a little bit less obvious. One is it it   Jason Hull (10:20) The at the end of the day, there's three reasons why property managers need the deposit. The first one is trivial. They want the availability of funds to make repairs. Yeah. Right. There's a couple that are a little bit less obvious. One is it   Roey Dor (10:41) is a part of the   liquidity test that the renters go through. If you're unable to provide a deposit, how you know you're not giving me much comfort that you would be able to pay rent. I think my my video is kind of jumping around. okay. Okay, we'll see what we'll see. Okay. so that other the second part is is really   Jason Hull (10:46) Ventures go to group. If you're unable to provide a deposit, yeah, you're not giving me much comfort that you would be able to pay rent. I think by by You're good. It records locally anyway, so it'll upload it afterwards. Okay. We'll see what we'll see. Okay. so that other the second part is is really   Roey Dor (11:12) more around   Jason Hull (11:12) more   around a liquidity or a screening the last piece is a is actually accountability. I wanna know as a property manager that when I rent the unit to a renter, that the renter is incentivized to take good care of the unit and I'm holding this deposit because I want them to know that they're accountable and they have something to lose if they don't treat the unit the way that I'm expecting them to   Roey Dor (11:12) A liquidity or a screening element to it. The last piece is actually accountability. I want to know as a property manager that when I rent the unit to a renter, that the renter is incentivized to take good care of the unit. And I'm holding this deposit because I want them to know that they're accountable and they have something to lose if they don't treat the unit in the way that I'm expecting them to treat it.   Jason Hull (11:41) treat it.   Roey Dor (11:41) So there's more than just the availability of funds and the ability to pay ourselves back for damages. And so the mechanism to replace a deposit needs to kind of take all the three boxes in order to be a good replacement for a deposit. The reason I'm bringing this up is because we did not invent the concept or the idea that a deposit would be replaced with something. Many insurance providers and other companies.   Jason Hull (11:42) So there's more than just the availability of funds and and the ability to pay ourselves back for damages. And so the mechanism to replace a deposit needs to kind of take all the three boxes in order to be a good replacement for a deposit. The reason I'm bringing this up is because we did not invent the concept or the idea that the deposit would be replaced with something. Many insurance providers and other companies   Roey Dor (12:07) had different solutions in the market that ticked some   Jason Hull (12:08) had different solutions in the market that ticked   Roey Dor (12:11) of the boxes, but never all three. And we had thought that that's the reason why they weren't really perfect.   Jason Hull (12:11) Some the boxes, but never all three. And we had thought that that's the reason why they weren't really perfect.   Yeah, that makes sense. So we gotta hit all three of those sort of trust needs   to make   Roey Dor (12:24) Exactly.   Jason Hull (12:25) something that's really gonna be a valid replacement. Right? Exactly. It's   Roey Dor (12:29) Exactly. And and then   Jason Hull (12:31) yeah it's like plant based meat. It's just not quite meat. It's just not taking all the boxes. Exactly. so   Roey Dor (12:36) Exactly. so we   kind of searched around. It was pretty   Jason Hull (12:40) We kinda searched around. It was pretty   Roey Dor (12:43) you know, there there's there's an another pretty common situation where you provide   Jason Hull (12:44) There is there is an another pretty common situation where   Roey Dor (12:47) a deposit when you're checking into a hotel. you provide security, you're not really paying a deposit and you're not really getting that deposit back when you check out. You use if you remember, use your card.   Jason Hull (12:50) checking into a hotel. Yeah. you provide security, you're not really paying a deposit. You're not really getting a deposit back when you check out. Yeah. You use, if you remember, you use your card.   Yeah. And you and you preauthorize the hotel to charge you up to a certain amount. Right. Which is the size of the deposit. Yeah. And and we looked at that and we were like, wow, this is pretty elegant. First of all, a lot of things from hospitality end up   Roey Dor (13:03) You and you pre-authorize the hotel to charge you up to a certain amount, which is the size of the deposit. And and we looked at that and we were like, wow, this is pretty elegant. First of all, a lot of things from hospitality end up kind   of transitioning to long-term residential use. But also this one specifically, if you look historically, up until the 80s,   Jason Hull (13:19) Of transitioning to long-term residential use. But also, this one specifically, if you look historically, up until   Roey Dor (13:27) if you checked into a hotel.   Think we were a little bit too young to do that ourselves, but you would actually pay a deposit when you when you checked in and you would actually get it back when you checked out. And then cards are kind of technology on cards, pre-authorization technology effectively was invented during the 80s, kind of into the 90s. And by the end of the 90s, there was literally no hotels in the in the world that were not using this pre-authorization technology.   Jason Hull (13:32) But you would actually pay a deposit when you when you checked in and you would actually get it back when you checked out. Yeah. And then cards were kind of technology on cards, preauthorization technology effectively was invented during the eighties, kind of into the nineties, and by the end of the nineties there was n literally no hotels in the in the world that were not using preauthorization technology.   Right. And what's nice about that, the reason why it ticks all the boxes   Roey Dor (13:58) And what's nice about that, the reason why it ticks all the boxes is   Jason Hull (14:01) is   Roey Dor (14:02) if you eat MMs in the middle of the night, Jason, you know you're getting charged. There's accountability, right? Exactly. Whatever it is, MMs, you choose what you want, but at the end of the day, you're gonna get charged and you know it. So when you're staying in the un in the hotel room, you know that you're accountable. so that that that box is ticked,   Jason Hull (14:02) If you eat M's in the middle of the night, Jason, you know you're getting charged. There's accountability, right? Yeah. If I'm the rating that mini bar for MMs, I'm gonna have to pay for it. Whatever it is, MMs, you choose what you want, but at the end of the day you're gonna get charged and you know it. So when you're staying in the un in in the hotel room, you know that you're accountable. Yeah. so that that that box is ticked,   Roey Dor (14:26) right?   Jason Hull (14:27) right? At the end of your stay, if there is a charge   Roey Dor (14:27) At the end of your stay, if there is a charge, Visa   is going to pay that hotel immediately. Right? So the availability of funds, you you you get that. You know you're gonna get paid from Visa.   Jason Hull (14:30) Visa is going to pay that hotel immediately. Yeah. Right. So the availability of funds you you you get that. You know you're gonna get paid from visa.   Yeah, 'cause there's a trusted third party that's that's you know, they've already vouched that they're gonna that it they're gonna pay and they will provide the funds and then they go after the person for the for the credit that's been extended. Exactly. And then you know, when when you're trying to think about   Roey Dor (14:51) Exactly. Exactly. And then you know, when when you're trying to think about   so we we got accountability, right? And we got the availability of the funds, but what about screening or or liquidity? And so effectively, if your credit card is fully fully utilized, you can't you can't run a pre-authorization because it's not gonna work. You need availability of funds.   Jason Hull (14:59) We we got accountability, right? Yeah. But what about screening or or liquidity? Yeah. And so effectively if your credit card is fully fully utilized, yeah, you can't you can't run a preauthorization because it's not gonna work. Yeah, it'll say the insufficient   funds, you don't have the money, whatever. Yeah. Exactly. So that's also resolved.   Roey Dor (15:20) Exactly. So that's also resolved because when you   provide a card that goes through this preauthorization mechanism successfully, as a hotel owner, I know that you have availability of funds. Somebody is guaranteeing that for you. And so that's how we went about solving deposits. We said, we can't use cards. Let's try to use bank accounts. At the time, PLED was really getting started. Everyone's familiar with them now.   Jason Hull (15:26) Pre-authorization mechanism successfully as a hotel owner. I know that you have availability of funds, somebody's guaranteeing that for you. Right. And so that's how we went about solving deposits. We said, we can't use cards, let's try to use bank accounts. At the time, PLED was really getting started. Yeah. Everyone's familiar with them   now. Ability to access a bank account to view most people use it to view information the last two.   Roey Dor (15:49) ability to access a bank account to view most people use it to view information about the last two years.   We also use it to pre-authorize usage of the account. So we can debit the account if we need to. And so and so renters provide a bank account to us. We take a look at their financials. If they're good for it, we would basically allow them to use the funds in the account however they want.   Jason Hull (15:56) We also use it to pre-authorize usage of the account. So we can debit the account if we need to. Got it. Okay. And so and so renters provide a bank account to us. We take a look at their financials. If they're good for it, we would basically allow them to use the funds in the account however they   want. We would assume the position of visa.   Roey Dor (16:18) We would assume the position of visa   by basically making a promise to the property that we would pay out charges immediately as soon as they're submitted. And then we would go after the the the renter and say, Hey, here's your here's your statement. This is what your landlord deducted from your deposit. You owe $400 for a stain on the rug. Here's the evidence provided. How would you like to pay? Do you want to use your bank account or file, credit card on file?   Jason Hull (16:22) By basically making a promise to the property that we would pay out charges immediately as soon as they're submitted. Yeah. And then we would go after the the the renter and say, Hey, here's your here's your statement. This is what your landlord deducted from your deposit. Yeah. You owe four hundred dollars for a stand on the rug, here's the evidence provided. How would you like to pay? Do you want to use your bank account on file, credit card on   file, yeah, any other means of of payment? And   Roey Dor (16:47) any other means of of payment and and   and but that basically solves the whole problem.   Jason Hull (16:52) And and but that basically solves the whole   problem. Got it. Okay. Yeah. Okay. And so it solves that cash flow issue. You can, you know, it it's kind of checking the bank account for funds. So you're like, okay, they have the funds there. Yeah.   Roey Dor (17:06) Yeah.   Jason Hull (17:06) Yeah. So it solves all the problems without them having to actually give up the funds.   Yeah. And for it to be set in   Roey Dor (17:11) Yeah, and also the refund.   Jason Hull (17:13) a account that you're now liable to protect and make sure it's taken care of accurately and legally. Okay. Got it.   Roey Dor (17:20) Yeah.   And then also if you think about the property side, we are turning properties into hotels in that regard,   Jason Hull (17:21) And then also if you think about the property side, we are turning properties into hotels   Roey Dor (17:28) right? Because now they don't have to hold the money, they don't have the scrutiny of a bunch of different regulators around how you hold the money. Refund is basically out the door. There's no refund because there's there was never a a deposit paid. So all the refunds are are immediately kind of out the door. And so   Jason Hull (17:31) Don't have the scrutiny of a bunch of different regulators around how you owe the money fund. It's basically out the door. There's no refund. So all the refunds are are immediately kind of out the door.   And so this streamlines and solves it ever our mission is to rid renters and landlords from the burden of security deposits and build a new standard of trust in renting. And and I just showed you how.   Roey Dor (17:47) This streamlines and solves it our mission is to rid renters and landlords from the burden of security deposits and build a new standard of trust in renting. And and I just showed you how pretty   easily, right, we got rid of the burden. The renters are not paying anything, the properties aren't to refund anything, and we just kind of got rid of this transaction that used to send renters to the bank to actually get a physical check sometimes because the properties wanted certified funds.   Jason Hull (18:01) pretty easily, right? We got rid of the burden. The the renters are not paying anything, the properties aren't to refund anything, and we just kinda got rid of this transaction that used to send renters to the bank. They actually get a physical check sometimes because the properties wanted certified   funds. So it wasn't just it wasn't just paying the money. It was there was a lot of friction around making   Roey Dor (18:17) So it wasn't just it wasn't just paying the money, it was there was a lot of friction around making that payment.   Jason Hull (18:23) that payment. Yeah. Yeah. Yeah, I mean the other issue is s security deposits. I know in California it like   when I was renting at one point many years ago. You know, I think the rule in California is you have to issue the security deposit within two weeks. Otherwise you get like extra. Like they got to pay you extra. And and they   Roey Dor (18:44) There's so many, so many rules.   Jason Hull (18:46) were giving me a hard time giving me my security deposit back when I moved. And we kept it nice and then I was like and they had it taken over two weeks and I was like, cool, do you want to pay this whole extra? And they're like, here's the security deposit back.   Roey Dor (18:59) Yeah.   Jason Hull (18:59) Because they weren't   following the rules. So let me read a quick word from our sponsor. So another issue that people deal with is maintenance coordination. So another complimentary tool. So this episode is sponsored by Venderoo. So if you're working with DoorGrow, you're growing doors, that means you're going to have to keep figuring out how to keep up with maintenance. It gets bigger and bigger of a problem. So instead of doing that, we have recommended a lot of our clients use vendoroo to have the maintenance figured out for you with AI.   Some people are having 85 to 94 95% of their maintenance coordination handled by AI. And if they get it really well dialed in. And so vendor who brings the best practices, workflows, and AI intelligence they developed across hundreds of property management operations and puts it to work in your business. It's an AI that answers the phone, troubleshoots with residents, coordinates vendors, follows up, drives the work order all the way to completion. So as you add doors, you don't have to keep reinventing maintenance.   Let Vendoroo build your maintenance for you, like so many of our DoorGrow community members have already done. You focus on growing doors. Build an AI first maintenance department that will scale with you forever. Check out Venderoo. All right, cool. So one of the questions I have, Rowie, is you know, a lot of times, you know, it's a it's a difficult thing for as a property manager to say, hey, tenant, you didn't keep this place super nice. There are definitely some things that are above   standard   wear and tear. You you know, your son pushing his helmet through the wall and you know, the like the dog peeing on the carpet or whatever, scratching the back door screen up. these are some things we're gonna need to take out. normally if the money's already in the bank account, there's no question. We just they take care of it. They have the money. So how easy is it for the property manager to to do this? Can they complain?   Yeah, how how's this negotiation process go? Is it any different?   yeah, so there's let's let's try to   Roey Dor (20:58) yeah, so there's let's let's try to   to break this down into different components. The first thing is that it's   Jason Hull (21:04) The first thing is   Roey Dor (21:05) important for me to mention that we we we wanted rid to rid   Jason Hull (21:07) mention that we we we wanted rid   Roey Dor (21:10) the properties and the property managers from the burden of deposits, and we wanted to go to the extent that they wouldn't have to change anything in their normal processes, which is why Obligo we worked pretty hard over the last   Jason Hull (21:13) burden of deposits. Yeah. We wanted to go to the extent that they wouldn't have to change anything in their normal processes. Yeah. Which is I obvious pretty   Roey Dor (21:24) three years to embed, actually embed   obbligo inside App Folio, Building, Yardi, and RealPage. And I'm not just talking about a push-pull integration. I'm talking about obigo being the actual deposit replacement product that they offer out of the box. It takes all the information from their move out accounting and it pays them out immediately. So you actually if you're using obligo, you don't have to do anything different   Jason Hull (21:34) Full integration. Yeah. Thinking about Obigo being the actual deposit replacement product that they offer out of the box. It takes all the information from their move out accounting and it pays them out immediately. So you actually, if you're using Obigo, you don't have to do anything different   at the move out stage than you would otherwise do. Nice.   Roey Dor (21:54) At the move out stage than you would otherwise do normally. So that's   one one thing that I wanted to cover. Another thing that I wanted to mention that I think is important. a lot of people came to us, property managers, and said, Hey, this is a great product, but unfortunately, not all renters qualify. And some   Jason Hull (21:58) So that's one one thing that I wanted to cover. Another thing that I wanted to mention that I think is important. a lot of people came to us, property managers, and said, Hey, this is a great product, but unfortunately not all renters qualify   Roey Dor (22:11) renters actually don't want to use this service. And you guys are only partially helping us with the deposit burden because we still have a lot of regular renters paying us the regular deposits. Roe, can you please help me to   Jason Hull (22:11) And some renters actually don't want to use this service. And you guys are only partially helping us with the deposit burden because we still have a lot of regular renters paying us the regular deposits. Roey, can you please help me to   Roey Dor (22:24) remove this whole thing off my plate. I I really don't like managing these deposits and regulation is just getting worse, which is why last year we came out with our full deposit management program, which actually allows   Jason Hull (22:24) remove this whole thing off my plate? I I really don't like managing these deposits, and regulation is just getting worse. Which is why last year we came out with our full deposit management program, which actually allows   Roey Dor (22:39) for property managers to completely outsource their deposit management such that no matter what the renter wants to do, if they want to pay   Jason Hull (22:39) For property managers to completely outsource their deposit management such that no matter what the renter wants to do.   Roey Dor (22:49) a traditional deposit that goes to us.   Jason Hull (22:49) They want to pay a traditional deposit that goes to   us. Okay. And we're handling the refunds instead of the properties having to mess around with with that. So there is an option for renters to provide a deposit to obligo. We actually give them two percent interest, which is nice, it's a nice benefit for them. And instead of this deposit going to the property, the property had to issue the refund. Got it. So that's so it's not going into a a   Roey Dor (22:53) And we're handling the refunds instead of the properties having to mess around with that. So there is an option for renters to provide a deposit to obligo. We actually give them two percent interest, which is nice, it's a nice benefit for them. And instead of this deposit going to the property and the property having to issue the refund. so that's that's another thing that   Jason Hull (23:18) trust account at the property management's bank.   Roey Dor (23:22) Yes.   Jason Hull (23:22) The property management companies bank. Th this is now it's it's somewhere else. It's not their problem to deal with. Their team member can't go steal a hundred thousand dollars. Exactly. Exactly. Think about this as a again going back back to that hotel example. Think about one hundred percent of renters producing an obligation. Yeah. And whether or not they wanted to back that obligal with cash   Roey Dor (23:32) Exactly. Exactly. Think about this as a again, going back back to that hotel example, think about 100% of renters producing an obligo instead of a deposit. And whether or not they wanted to back that oblique with cash or not,   Jason Hull (23:47) or not.   Roey Dor (23:47) that's their business with obligo. The the the landlord is going 100% deposit-free. There's no more deposits handled at the property.   Jason Hull (23:48) That's their business with all the go. Got it. So   there's some property managers that are using you to handle security deposits or to handle the kind of unique obligo way of non-security deposits.   Roey Dor (24:06) Yeah.   Jason Hull (24:07) and they don't have to deal with any of that. Yeah, so you can go with us and just use it for the renters that wish   Roey Dor (24:11) Yeah, so you can go with us and just use it for the renters that wish not to provide   a deposit, should just for the deposit alternative piece, or you could say, actually, I want to outsource this whole thing. I don't want to manage it anymore. And in some some states we see a lot of demand for that just because of the scrutiny that they're that that they're being kind of put under.   Jason Hull (24:18) just for the deposit alternative piece. Or you could say actually I wanna outsource whole thing. I don't want to manage And in some some states we see for that just because of this root that they're that they're being kind of   put under. Got it. So is this an like an like they can choose it's plan A or plan B as they're going through this process, or   Roey Dor (24:39) Yeah, so   Jason Hull (24:40) is this like some companies will just do a A or some will just do B or how does this work? Yeah so   Roey Dor (24:46) Yeah, so we never   do just B, if I'm reading what you're saying correct. So always, always we insist that renters have the option to avoid the down payment. What properties decide on is whether or not that is the only option that goes to obligo or whether cash also goes to obligo, in which case they're not getting any deposits anymore.   Jason Hull (24:47) We never do just the if I'm reading what you're saying, correct? So always always we insist that renters have the option to avoid the down payment. What properties decide on is whether or not that is the only option that goes to Obigo or whether cash also goes to Obigo, in which case they're not getting any deposits anymore.   Got it. Okay. So it can be just the typical   U unique obligo way or it can be the standard way and the obliquo way. If I'm exactly and then the renters see a side by side option and can just choose which one   Roey Dor (25:20) Exactly. And then the renters see a side by side option and they can just choose which one they want.   Jason Hull (25:25) they want. Okay. Very cool. Yeah, that's really interesting. I didn't I didn't know this. So that sounds very cool. so again we were kind of talking about   Roey Dor (25:31) Yeah. so again, we were kind of talking about   the the the properties ability to you know use the different as as to your question, right? so again, these are the two the two options that the properties can kind of utilize. We spoke a little bit about the integrations.   Jason Hull (25:39) properties ability to you know use the different that's as to your question right yeah so again these these are the two the two options that the properties can kind of utilize we spoke a little bit about the integrations   Roey Dor (25:54) And how this is actually built into your process such that you don't have to do anything differently. So it makes onboarding very   Jason Hull (25:55) and how this is actually built into your process such as you don't have to do anything differently. Yeah. so makes on   Roey Dor (26:01) easy. A lot of the friction that we feel is that when property managers are a little bit scared of change management, they don't want to, depending on the size of their portfolio, they don't want to change the process because that's going to put too much burden on them. that used to block our sales process. And so with this embedded integration, you don't have to change anything. You just toggle a button and that option appears in the moving channel.   Jason Hull (26:07) They don't wanna depending on the size of their portfolio, they don't wanna change the process because that's gonna put too much burden on them. Yeah. that used to block our sales process. And so with this embedded integration, you don't have to change anything. You just toggle a button and that option appears in the   Roey Dor (26:26) Yeah.   Jason Hull (26:24) moving checklist. Got it. So once the   obligo is integrated and connected into their property management software and they enable that, now they can just enable this option for and it's very for each of the, you know, residents is very easy.   For them to do. And   Roey Dor (26:38) Yeah.   Jason Hull (26:38) they really don't have to change their processes or how they do things. And yeah, because that's the biggest challenge with technology is adoption, right? Getting people to use it. So you've kind of figured out a way to mitigate that. Yeah. And so let's cover for a minute. you you were mentioning kind of disputes or charges and how how how properties submit the charges. So I said that there's no difference in how you submit the charges, you just fill in your move out.   Roey Dor (26:51) Yeah. And so let's cover for a minute, you you were mentioning kind of disputes or charges and how how how properties submit the charges. So I said that there's no difference in how you submit the charges. You just fill in your move out,   financial move out report and we feed off that. So that's how we know what happened. Importantly, unlike some of the insurance providers in the market, we don't have a s we we don't scrutinize each   Jason Hull (27:06) financial move up report and we feed off that. So that's how we know what happened. Importantly, unlike some of the insurance providers in the market, we don't have a s we we don't scrutinize   each claim to see whether or not it falls under a certain insurance policy.   Roey Dor (27:18) claim to see whether or not it falls under a certain insurance policy or not.   Because this is a financial product. It behaves a little bit differently. Again, similar to that hotel example. We pay it out, basically immediately as soon as a claim is made, and then the renters pay us back. It's more of a financial instrument rather than a policy that needs to be claimed against.   Jason Hull (27:29) Similar to that hotel example. We pay out basically immediately as soon as a claim is made, and then the renters pay us back. it's it's more of a financial instrument rather than a policy that needs to be claimed   against. Right. Okay, cool. Very cool. So let's chat just a little bit about I know you're you what matters to you and you're you're big on it's important to create a good relationship between the residents.   And the property manager. So let's let's get into talking a little bit about that. And it sounds like obligo is a one way to facilitate that, but why is this important? A lot of property managers think, well, I'm just going to take care of the owners. Tenants can cry and complain and leave me bad reviews and you know whatever, but my I'm my interests are in taking care of the owner and the property. Why maybe is that not the right way to look at things?   Yeah, well, first of all, if you look at the you know, most property.   Roey Dor (28:23) Yeah, well, first of all, if you look at the most property management   sites and their Google reviews, you would generally see something pretty messy happening there. And I always like to say property managers are good people,   Jason Hull (28:28) Reviews, yeah. You would generally see something pretty messy happening there. Yeah. And I always like to say managers are good people.   Roey Dor (28:37) right? They wake up in the morning, they're not trying to harm anyone. In fact, they're trying to help and provide the best experience that they can to their to their renters.   Jason Hull (28:39) In the morning, they're not trying to harm anyone. In fact, they're trying to help and provide the best experience that they can to their   vendors. And they have a long relationship. It could be two, three, four years. Yeah. And it's longer than most of their romantic partners, probably, in some instances. So yeah, and and it kind of usually starts, you know, I'm showing you your new place, and everyone's excited. Yeah. It starts in like a honeymoon period and   Roey Dor (28:45) And they have a long relationship. It could be two, three, four years that they they've kind of worked together. And exactly. And yeah, and and it kind of usually starts, you know, I'm showing you your new place and everyone's excited. And it starts in like a honeymoon period. And overall, usually   if there's no arrears and no issues, there's there's a lot of trust built over time.   Jason Hull (29:08) Issues, there's there's a lot of trust built   over time. Yeah. And then you know, I I have an issue, you solve it for me, we we we we get better and better relationship over time. And there's one big enemy of with relationships and that's fear. Yeah. And what happens at the end of the lease is that fear creeps in.   Roey Dor (29:12) And then you know, I I have an issue, you solve it for me. We we we we get better and better relationship over time. And there's one big enemy of good relationships, and that's fear. And what happens at the end of the lease is that fear creeps in   on both sides. The property managers are saying, wait a minute, it looks like they're going to move out. And I wonder what's going on in there.   Jason Hull (29:32) Wait a minute, it looks like they're going to move out. Yeah. And I wonder what's going   on in there. So that that's kind of the that's the the property manager's angle. Mm-hmm. The renter's angle is you know, I'm moving out. I need funds. I'm getting have to get in a new place. Yeah, yeah. Like I hope they're not gonna charge me for bogus things. Yeah, yeah. So they're concerned, yeah.   Roey Dor (29:38) So that that's kind of the that's the the property manager's angle. The renter's angle is you know, I'm moving out. Yeah, I need I need the deposit. Yeah, like I hope they're not gonna charge me for bogus things. So I hope they're gonna fare with me. And   Jason Hull (29:57) Yeah, that's a problem. That's a problem that both have and any decision   that or action that we usually take out of fear usually isn't the best action or decision. Yeah, and then people exactly and then people it just spirals out of control. Communications become a little bit more aggressive, nasty. And so a lot of times it ends in a pretty messy divorce. Yes. And and when you think about great companies, a lot of great companies were able to build   Roey Dor (30:05) Yeah, and then people exactly, and then people it just spirals out of control. So their communications become a little bit more aggressive or like I just want to make sure and people. And so a lot of times it ends in a pretty messy divorce. And and and when you think about great companies, a lot of great companies were able to build trust.   Jason Hull (30:27) trust. Yeah. And and   Roey Dor (30:27) And and and when you have   trust, things usually work out pretty nicely. So you can look at Airbnb for short-term lit rentals, or you can look for you can look at Uber for people getting into someone else's car, or I don't know, eBay buying a bicycle from some guy in China that you never met. You don't trust the guy in China, but you do trust eBay or Uber exactly.   Jason Hull (30:29) You have trust things usually work out pretty nicely. So you can look at Airbnb for short term rentals. Yeah. Or you can look for you can look at Uber for people getting into someone else's car. Yeah. Or I don't know, eBay buying a bicycle from some guy in China that you never met. You don't trust the guy in China. But you do trust eBay. You trust the system. Yeah. Exactly.   Roey Dor (30:53) And so the fear is not there. So there's no reason for you   Jason Hull (30:54) And so the fear is not there. So there's no reason for you   Roey Dor (30:58) to pick a fight again into any negative emotional reaction with the other person, not because the anything kind of fundamentally changed, it's just because you know that someone's watching. And so we've been actually looking at not a lot of people know this, but we've been qualifying properties to our network since inception.   Jason Hull (30:59) pick a fight and to get into any negative emotional reaction with the other person, not not because that anything kind of fundamentally changed, it's just because you know that someone's watching. And so we've actually looking at not a lot of people know this, but we've been qualifying properties to our network since   Roey Dor (31:19) It was very important for us that they provide some.   Jason Hull (31:21) They provide   some information about their charge behavior before they get into the network. Because if there are slum lords and they charge 100% deposit every single time and they have terrible reviews online, we don't want to be associated with their properties. Right. So over and we actually award renters properties every every year. We have renters' trust award and we provide we look at all the data that we have and we actually award   Roey Dor (31:22) information about their charge behavior before they get into the network. Because if there are slumlords and they charge 100% of the deposit every single time and they have terrible reviews online, we don't want to be associated with their properties. So over and we actually award renters properties every every year we have a renters trust award and we provide we look at all the data that we have and we actually award property   managers that we believe   Jason Hull (31:50) property managers that we   believe treat their renters very fairly. So we've been doing this for six years in row. Nice. You can keep renters accountable pretty easily. It's a little bit harder as a company to keep property managers accountable. but we try to do both. Yeah. And over time I think we're going to see more and more obvious play a a bigger and bigger role in kind of being that trusted third party that knows just because of the data that we've gathered over the years.   Roey Dor (31:52) treat their renters very fairly. So we have we've been running this for six years in a row. So you can keep renters accountable pretty easily. It's a little bit harder as a company to keep property managers accountable. But we try to do both. And over time I think we're going to see more and more obligo play a bigger and bigger role in kind of being that trusted third party that knows just because of the data that we've gathered over the years how   much it costs to repair X.   Jason Hull (32:20) How much it costs to repair   X in Denver? How much does it cost to do this there? You know, what's covered under the lease? What's the law? And so you can use AI and some additional tools in order to help property managers and guide them to fair charges, to to produce fair charges against their renters, improve their reputation, the disputes and the issues that we're seeing that end up costing them.   Roey Dor (32:22) In Denver, how much does it cost to do this there? You know, what's covered under the lease, what's permissible under the law. And so you can use AI and some additional tools in order to help property managers and guide them to fair charges, to produce fair charges against their renters, improve their reputation, and avoid a lot of the disputes and the issues that we're seeing that end up costing them sometimes   a lot of money because of different, you know, there's class actions, there's lots.   Jason Hull (32:49) sometimes a lot of money because of different, you know, there's class actions.   There's a lot there's a lot going on, especially for the big folks   Roey Dor (32:52) There's a lot going on, especially for the big folks out there.   Jason Hull (32:55) up there. So Obligo acts kind of as this independent, more balanced and fair third party. You have data from both sides to see what looks like a valid repair, what looks like a valid cost for this area. And that allows both to feel a little safer that this is going to be a fair   Roey Dor (33:15) Yeah.   Jason Hull (33:15) medi mediation, you know.   Roey Dor (33:17) Yeah, I think it's, you know, if I'm a renter and I know that the property has been screened, to some extent, I feel a little bit better if they're on the obligo network. And same goes for the for the properties, right? They they like that renters are able to use our product because we also look at some additional things that may they have maybe didn't look at. And so we we're kind of improving improving the the balance on on both sides.   Jason Hull (33:18) Yeah, I think it's you know, if I'm a renter and I know that the property has been screened to some extent. Yeah. I feel a little bit better if they're on the oligo network. And the same goes for their for the properties, right? They they like that renters are able to use our product because we also look at some additional things that they they have maybe didn't look at. And so Yeah. We we we're kind of improving improving the the balance on on both   sides. Got it. cool. Yeah, very cool. So   What   are some of the biggest questions that property managers have or their fears in getting started with this that maybe we haven't addressed yet? Yeah. So when we started, there was a lot of concern around are are you you know, is obligal going to pay me in two or three years from now? Yeah. When these renters move out because you guys are a startup and I don't know if that you're stick around. Right, yeah. How can I trust you, Mr. Third Party? Yeah.   Roey Dor (33:55) Yeah. So when we started, there was a lot of concern around are are you you know, is obligable going to pay me in two or three years from now when these renters move out? Because you guys are a startup and I don't know that you're gonna stick around. So how can I how can I trust you, Mr. Third Party, with with   my deposits? And what we ended up doing is we ended up structuring a letter of credit program.   Jason Hull (34:16) with my deposits. And what we ended up doing is we ended up structuring a letter of credit program   Roey Dor (34:24) Initially with with Wells Fargo, now also with with HSBC, wherein for each property that we work with, we have amounts of money sitting that are supposed to cover any non-payment of their renters in case some   Jason Hull (34:24) initially with with with Wells Fargo now also with with HSBC wherein for each property that we work with we have amounts of money sitting that are supposed to cover any non payment of their renters. Yeah. In case   Roey Dor (34:44) so we we don't count on that to pay out the charges, but in case something was to happen to obligo that they would be they would have enough money.   Jason Hull (34:45) some so we we don't count on that to pay out the charges, but in case something was to happen to Obigo that they would be they would have enough   money sitting in letter of credit under their beneficiary information. Okay. So and again if you think about the letter of credit, yeah that mechanism is actually quite quite frequently used in commercial agreements right so when you when you you want to you want an office or you rent an office   Roey Dor (34:52) sitting in a letter of credit under their beneficiary information to them. So and again if you think about the letter of credit that mechanism is actually quite quite frequently used in commercial agreements right so when you when you you want to you want an office or you rent an office a lot   of times instead of paying a deposit you would provide a letter of credit so that was the inspiration for that we said people they don't need the money they need the guarantee   Jason Hull (35:13) other times instead of paying a deposit you would provide a letter of credit. So that was the inspiration for that. We said people they don't need the money, they need the   guarantee. Yes. A big financial institution behind Obigo that and and funds saved for a rainy day or if in case something would happen to Obigo, that that is a good enough mechanism.   Roey Dor (35:22) And so a big financial institution behind obligo that and and funds saved for a rainy day or if in case something would happen to obligo, that that is a a good enough mechanism for for   that exchange.   Jason Hull (35:37) Yeah, it really sounds like you've looked at this through a lot of different angles to how do we facilitate trust and eliminate the fear in all these different ways to make sure that everybody can get on the same page and do it in the way that's maybe the most efficient rather than the most expensive to make everybody feel protected. So it reminds me what you were just talking about a little bit how like people want to use a bank that's FDIC insured. You know, there's a little bit of more security there, then it's just   Some guy who has you know, a safe in his garage   Roey Dor (36:10) Yeah.   Jason Hull (36:10) that he's gonna hold your money for you and he says it'll be there, you know. Yeah. Exactly. Exactly.   Roey Dor (36:14) Exactly, exactly.   Jason Hull (36:16) Cool. Well, Roe, it sounds like you've put together something really innovative and clever. how can people find out more about Obligo if property managers are listening to this going, you know what, maybe this was worth a shot? What would you say to them?   and you know, 'cause I know new things a lot of times people don't want to be the guinea pig. Sounds you figured out and ironed out a lot of the concerns and fears and challenges. But what would you say to those that are listening that like they haven't considered this and they're thinking, Man, I don't see the benefit or why I would ever get rid of security deposits. This might be a little crazy. Well, this is your shot to tell them, Hey, here's what's up.   Yeah, you know,   Roey Dor (36:55) Yeah, you know, I think   Jason Hull (36:57) I think   Roey Dor (37:00) at the end of the day, just just to kind of look at this whole thing, yeah, there's billions of dollars that are buried in deposits. There's there's millions of renters that could enjoy these funds. It would put the renters in a better financial situation if they had the funds, right? Maybe they're less likely to to to you know to go bankrupt or to miss a rent payment.   Jason Hull (37:00) At the end of the day, just just to kind of look at this whole thing, th there's billions of dollars that are buried in deposits. Yeah. There is there's millions of renters that could enjoy these funds. It would put the renters in a better financial situation if they had the funds, right? Yeah. Maybe they'll slightly to to to you know to go bankrupt or to miss a rent   payment. Yeah. It's definitely good for renters. It's a hundred percent good for the properties.   Roey Dor (37:23) It's definitely good for renters. It's a hundred percent good for the properties because again,   everyone that has some experience with this back and forth of managing a little deposit bank at the back, and and kind of adhering to all this compliance and and regulatory environment,   Jason Hull (37:28) Because again, everyone that has some experience with this back and forth of managing a little deposit bank in the back of adhering to all this compliance and and regulatory environment.   Roey Dor (37:40) they understand the benefit on their end. So there's a ton of friction and a lot of you know, a lot of friction that can be removed. The sense of trust, we've been around for over eight years.   Jason Hull (37:44) And a lot of you know, a lot of friction that can be removed. Yeah. The sense of trust, we've been around for over   eight years. Nice. it took us a while to build our brand and to convince some of the largest property management software companies in America to im embed us inside.   Roey Dor (37:51) it took us a while to build our brand and to convince some of the largest property management software companies in America to embed us inside workflow. We have close to a million   units that are enabled, I would call it, such that if renters would move   Jason Hull (38:04) Enabled, I would call it such that it   Roey Dor (38:06) in, they would have the option to use obligo. And if you are on RealPage or on Yardy or on App Folio or on Building, all these four platforms.   Jason Hull (38:10) And if you're on RealPage or on Yardy or on App Folio or on Building, all these four platforms   Roey Dor (38:20) have embedded integrations with obigo such that you can just either go directly to them and inquire there or go to our website obligo.com and then you can just submit a little form and our people would get in touch with you and help you get set up. Setting up super easy.   Jason Hull (38:20) have embedded integrations with PubliGo. So it just either go directly to them and inquire there, yeah, or go to websites obligo.com and then you can just submit a little form and our people would get in touch with you and help you get set up. Setting up super   easy.   Roey Dor (38:38) especially   because of the embedded integration. It's effectively turning something on. We we take some information about where   Jason Hull (38:39) Especially because of the embedded integration, it's effectively turning something on.   Roey Dor (38:45) to pay you out charges and that basically that's basically it. So very, very easy to get started. yeah, we're we we we want we want everyone to join this kind of movement and hopefully we make the the world a little bit better.   Jason Hull (38:49) Basically, yeah. That's basically it. So very, very easy to get started. yeah. Where we we we want we want everyone to join this kind of movement and hopefully we make the the world a little   bit better. Yeah, Rowie, it's I mean, really you guys really have been pioneers in carving out this new path and that's not an easy thing, and I'm sure there was a lot of friction and resistance to doing this in the beginning.   You know, I'm sure you could probably write a book on all the challenges and stuff you went through to get this thing started up. I'm sure it'd be a really interesting story. but you've gotten to the place where you've got lots of integration partners. There's obviously a high trust level. These are some big players in the industry, and you're doing something that really hasn't been done before effectively. yeah, so kudos to you. Really cool to hear about the journey and the story, hear about what your tool does.   And those listening can check you guys out at obligo.com. Yeah. Okay, Google IGO.com.   Roey Dor (39:47) Yeah, OBLIGO dot com.   Jason Hull (39:50) Awesome. Perfect. Well, appreciate you coming out and hanging out with us here on the Doorgrow Show. And for those listening, go check out Obligo. And for those that are listening, if you've ever felt stuck or stagnant, you you've been trying to grow your business, you've been really pushing hard to get and you just think you need more leads.   I just created a new tool. Go to rapidrevamp.com and it will show you why you probably don't need more leads. You need less leaks. And it will actually show you how all your things, your branding, your pricing, your website, your sales pitch, all these different like six major elements are actually causing a massive amount of attrition. And so you're losing hundreds of thousands of dollars of future revenue every single month.   With all these leaks that you can't see in your business. So it will assess your business for you, reveal to you the leaks, and then we can here at Dorgo, we can help you figure out how we solve that with our rapid revamp where we clean up your business and fix those leaks. So go check that out at rapidrevamp.com. And if you want a free training on how to get unlimited leads for free.   Text the word leads to 512-648-4608. Also join our free Facebook community for property management business owners by going to DoorGrowClub.com. And if you want tips, tricks, ideas, and learn about our offer, subscribe to our newsletter by going to doorgrow.com\/slash subscribe. And if you found this episode, hanging out here with Rory and me a little bit helpful, don't forget to subscribe to wherever you saw this. Leave us a review. We'd really appreciate it. Until next time.   Remember the slowest path to growth is to do it alone. So let's grow together. Bye everyone. ","author_name":"Property Management Growth with DoorGrow","author_url":"https:\/\/doorgrow.com\/","html":"