FAQ for Owner Operators
Looking for our frequently asked questions for residents? Click here to visit our resident FAQ.
General
About Us
About Cios
Cios is a financial technology company. We developed flexible leasing, a new category of embedded fintech products that modernizes the lease experience by providing flexibility for residents while generating risk-free revenue for owner-operators.
How does Cios' business model work?
We charge a monthly or upfront membership fee for residents to be enrolled for flexible leasing. If residents decide to use their coverage and move out before the end of their lease agreement, we'll charge them a $500 flat fee to cover their rent while we re-lease the vacanted apartment to a new replacement tenant using our software platform.
We use the resident membership fee and the flat fee to cover the costs of operating the software platform, to cover the costs of capital if we are unable to re-lease the vacated apartment, and to provide the best customer experience to our members. Any remainder, we retain as profit to reinvest into making the experience better for everyone.
For Leasing Teams
Signup
How do I sign up an interested resident for flexible leasing?
The rental application add-on (example linked) should be added to the end of your existing rental application form. Residents who are interested simply have to indicate their interest or lack thereof to sign up for flexible leasing.
Please forward or bcc fully executed leases for residents who have indicated interest to secure-upload@getcios.com.
How does the full process work for signing up a resident?
- Resident indicates their interest through the rental application add-on (example linked)
- Forward or bcc fully executed leases for residents who have indicated interest to secure-upload@getcios.com.
- Cios automatically creates an online account and flexible leasing plan for the resident.
- Cios emails the resident a link to activate their flexible leasing plan.
Best Practices for Leasing
Using flexible leasing to address objections
When prospective residents are unsure about applying for an apartment, use flexible leasing as a way to help them overcome uncertainty about their decision. For example:
- “There’s no risk to applying. With our flexible leasing program you have the flexibility to move anytime for any reason without fees.”
- “I know choosing an apartment is a big commitment, but with our flexible leasing program you have the flexibility to move anytime for any reason if you change your mind during these 12 months.”
- “I know a 12 month lease seems like a big commitment, but with our flexible leasing program you have the flexibility to move anytime for any reason if your needs change during these 12 months.”
Using flexible leasing to differentiate
When prospective residents are considering multiple apartment buildings, use flexible leasing as a way to differentiate. For example:
- “XYZ building is a great option, but if you sign with them you’ll be locked in for 12 months, with lease break fees that can be 3x your rent. Our flexible leasing program means you have the flexibility to move anytime for any reason if anything changes during your lease.”
- “Take your time, but know that leasing is really competitive in XYZ city right now. I’m confident that our building is the right decision for you—if you’re worried, our flexible leasing program means you have the flexibility to move anytime for any reason.”
For Your Residents
Pricing
How much does a flexible leasing plan cost for residents?
Flexible leasing plans cost 3.89% of rent, per month for your residents when they sign up through your embedded flexible leasing program.
For example, for a resident renting an apartment for $1,900 per month, a flexible leasing plan would cost $74 per month over the course of their 12 month lease.
Is there a discount for residents who pay upfront?
We offer all residents a 8.33% discount when they pay for their flexible leasing plan upfront.
For example, for a resident renting an apartment for $1,900 per month, they would save $7 per month by paying upfront instead of monthly over the course of their 12 month lease.
Signup
Are residents screened or are they automatically approved?
Residents who have signed up through their landlord with an embedded flexible leasing program are automatically approved for coverage.
Residents who sign up independently for a flexible leasing plan are subject to screening and approval on a case-by-case basis.
What do residents need to activate their flexible leasing plan?
Residents will need to upload a copy of their government-issued ID to verify their identity before their flexible leasing plan is activated.
Are there limitations on when residents can purchase?
Residents can only purchase a flexible leasing plan within 30 days of their move-in date.
Cancellation
Can residents cancel their flexible leasing plan after purchasing?
Residents are able to cancel their flexible leasing plan anytime by signing into their account on our online platform at app.getcios.com. If residents paid upfront, they will receive a pro-rated discount for the unused time on their plan.
Can residents who have cancelled their flexible leasing plan re-purchase?
Unfortunately, residents who have cancelled their flexible leasing plan are not able to re-purchase coverage for the same term and lease agreement.
Moving Out
How do residents use their flexible leasing plan benefits?
Residents who want to move out early can sign into their account on our online platform at app.getcios.com to use their flexible leasing plan benefits.
Are there limitations on moving for residents?
Residents must be in good standing with their rent and other payment balances at time of moving. For a move to be covered, the rental unit must be livable as defined by applicable local landlord-tenant rules and regulations.
Do residents have to give a minimum notice period before moving?
Residents do not need to provide a minimum notice period before moving.
How is compensation paid after residents have moved?
Compensation is paid directly to the lessor stated in the lease agreement until the rental unit is re-letted, up to a maximum of six months of rent.