Passive is a security deposit management platform that automates payment processing, compliance tracking, and escrow account management for property management companies. By streamlining these workflows, Passive reduces the time spent on deposits by up to 95% and minimizes tenant disputes during move-out.
Funding
Funding not disclosed
Founders
Product
Problem
Property management companies face challenges in efficiently managing security deposits, including manual payment processing, compliance tracking, and escrow account management. These outdated workflows consume significant time, increase the risk of mishandling tenant funds, and can lead to disputes with tenants during move-out.
Solution
Passive offers a security deposit management platform designed to automate payment processing, compliance tracking, and escrow account management for property management companies. The platform streamlines deposit workflows, reducing the time spent on these tasks by automating payments, receipts, escrow accounts, and returns. By providing tenants with access to all their deposit details, Passive aims to reduce disputes at move-out and improve the overall tenant experience. The platform ensures compliance and minimizes the risk of mismanaging tenant funds.
Target Audience
Passive primarily targets property management companies seeking to streamline their security deposit management processes, reduce administrative overhead, and minimize compliance risks.
Features
- Automated payment processing for security deposits
- Compliance tracking to ensure adherence to relevant regulations
- Escrow account management for secure holding of deposit funds
- Automated generation of receipts for both property managers and tenants
- Streamlined deposit return process
- Tenant access to deposit details to enhance transparency and reduce disputes