Our mission is to eliminate reservation hesitation by providing a simple and secure way for renters to make payments, especially when renting a place they've never seen from someone they've never met. On the other side of the rental transaction, our objective is to increase credibility, confidence and confirmed bookings for homeowners and agents.
DepositGuard was founded by Alan Lane and Matt Neal while they were working in Cabo San Lucas Mexico selling luxury real estate and vacation rentals. Through their own personal experience and also from so many stories they heard from friends, they realized there is a particular problem in the existing vacation rental market.
After an exhaustive search on the Internet, Alan found the perfect vacation rental property for his family in Cabo. He quickly got in touch with the property owner via email and finished the negotiations with a phone call a little while later. The owner required the rental payment of $4,000 and a $2,000 security deposit for the weekly rental to be sent directly to him once the rental contract was signed. The owner sounded legitimate and probably was, but sending $6,000 to someone located hundreds of miles away that Alan had never met, for a property he had never seen, made him very nervous. So he decided not to rent. He lost this wonderful vacation home and the owner lost the rental revenue.
Matt's story from a friend highlighted a similar issue, for a long term rental deposit. Matt was on the phone with a friend who lives in Aspen, Colorado. His friend was in a difficult situation with a rental home security deposit that was not being repaid to him. It had been over a month since Matt's friend had moved out of a rental home where had paid the owner a $3,000 security deposit and a $500 pet deposit. Now that the lease was over, Matt's friend and his family had moved out, leaving the home in excellent condition. The problem was the owner had spent the $3,500 and did not have the money to refund the deposit. Matt's friend was stuck. He could take the owner – who was also a family friend - to small claims court, but the owner simply didn't have the money, because he had failed to deposit it in a secure, separate account as he should have. Poor accounting and money management cost Matt's friend $3,500 and put his friendship with the owner at risk. The home eventually went into foreclosure and still, to this day, Matt's friend has not received his deposit.
Alan and Matt kept coming across the same dilemma, especially in the vacation rental market – people were anxious about sending money for a rental they had never seen to someone they didn't know, normally many months in advance. Alan and Matt called this Reservation Hesitation and set out to create a solution that would ensure the renter felt safe when making advance rental payments. When you provide peace of mind for the traveler, they will choose to book vacation rental properties more often. That directly and positively impacts the homeowners and agents that work hard to provide great vacation rentals. It is a win-win solution for everyone.
Alan and Matt did a lot of research and commissioned several market research studies that all showed there were no existing solutions to develop trust and offer transparency in the rental transaction. Instead, they found reports of scams, foreclosures and fraud – and many reasons that would make renters nervous about choosing a vacation home rather than a name brand hotel.
To resolve this feeling of Reservation Hesitation, they made sure to build a payment service that is easy to use and extremely safe offering both parties the visibility to see exactly where the money is at all times.
They created DepositGuard--a neutral, third party service that provides a secure way to handle the flow of money between renters and homeowners or agents.
Respect: Our customers, partners, vendors and each other. It really just comes down to what our parents taught us – treat others the way you want to be treated.
Loyalty: Do the right thing and people will chose to work with us again and again. With trust and loyalty, anything is possible.
Teamwork: A company doesn't succeed by luck; success takes a lot of hard work. We will accomplish our goals by working as a team.
Balance: We believe in trying our best in both work and play. Life. We only get one shot at it, so we live it to the fullest.
DepositGuard is proud to be a business that is aware of our effect on the environment. Our entire service is paperless. We strive to keep our company's environmental impact to a minimum. As part of this ongoing effort, we offset our website's carbon footprint by purchasing EPA endorsed certificates. In effect, we power our site with renewable energy from wind and solar farms.