Everything you need to know

What does Rimbo offer and why is it different to a traditional tenancy deposit?

Rimbo is a faster, more affordable way to rent: you can kepp your money, and your landlord gets more protection..
When you pay Rimbo’s membership fee, you become part of Rimbo rent revoulution for the entire duration of your rent contract. Your landlord as beneficiary with our international insurance underwriter.

Rimbo’s product is an alternative to cash deposits to the landlord. Instead of the traditional deposit where the tenant pays 3 months cash deposit, the tenant will pay only the equivalent of 1% of the entire contract tenancy as a membership fee. A refundable compulsary one month rent to a governemnt agency is mandatory, which will bereturned at the end of the tenancy.

For example, lets assume your rent is 1000€ a month, for 5 years.
1 month cash deposit is mandatory by law. you would get this back in the end of the tenancy.
with the traditional deposit, you would also have to say goodbye to two additional months worth of rent (or more), in this example, an additional 2000€.
with Rimbo, you keep your money, no need for a deposit! Pay your memberhip fee of 1% of your total rent contract: 1000/m * 12 months * 5 years = 600€. This will allow you to become a Rimbo member, enjoy the many tools we offer but more importnantly, be free from deposits trhougout your entire tenancy.
Its as simple and amazing as this.

Is being a member with Rimbo the same as a giving a deposit?

Not excatly, Rimbo is a deposit replacement service.

Deposit is cash given to the landlord, and is usually refundable. In the end of the tenancy, the landlord has the right so declare to you that he or she keeps your deposit to cover for damages or for unpaid rent. Should the lanlord decides that everything is ok, he will refund you deposit, usually within 60 days. With Rimbo all of this is avoided by paying a small, one time un refundable fee.

Is Rimbo considered a tenant insurance?

No. You’re still liable for damages, rent, cleaning the property, and anything else outlined in your tenancy agreement. You will still need to pay your landlord back at the end of the tenancy if you do break anything.

Rimbo will only relive you of paying deposit for the rent.

Am I eligible for Rimbo service?

Tenants who positively pass our easy online screening will be eligible. All you need to do is upload a few documents

How does Rimbo work for a joint tenancy ?

Multiple tenants can be added to a Rimbo jointly. They will be each reliable for the other

How long is my Rimbo membership valid for?

For the entire leangth of your contract tenancy

Do I get my Rimbo membership fee back?

No, a membership fee is a one time, non refundable charge equal to 0,9% worth of your total rent; a portion of the charge goes towards us adding your landlord to our insurance policy.

Who is Rimbo insured by?

We work with one of the largest legal insurers in the world.

OK, I want to use a Rimbo on my new apartment I am about to rent, what do I do?

Super simple:
1. find your dream apartment. become a Rimbo member: complete registrrion on our website, verify your income your identify
2. Share your awesome rent passport with your agent/landlord
3 Pay your membership fee and move in!

you can contact us at any time at info@rimbo.net

What credit screening will I need to pass to start working with Rimbo?

In order to be approved for the service, Rimbo will ask you to send us a few documents validating your credintials.

1. Three months’ play slips
2. A copy of your DNI/NIE
3. a copy of the employment contract
4. a copy of the rent contract

Easy and fast process. We give back an answer between 1-2 working days

Does Rimbo seeks proof of damage before approving landlords’ claims? How are disputes solved?

Rimbo does not decide about disputes nor does it evaluate the claims. When the landlord is claiming for a dispute, Rimbo will ask for the documents showing the damage (like an invoice or performa), along with the “cehck out report” before charging the tenant for the damages. We in Rimbo beleive that the tenant should have a fair claim for any damage he or she are asked to cover.

What is the benefit of offering deposit free as an option for my properties?

Higher coverage for your property and more ease of mind. Also, as a Landlord, you do not have to deal with the cost and burden of registering cash deposits

What is the cost of Deposit Insurance?

For the landlord is abseloutly free

Who pays?

The tenants

What are the typical minimum requirements that Rimbo would accept for Deposit Free?

Tenants need to pass our credit screening to assure their ability and probability to pay

What does deposit free cover?

Landloeds are covered for unpaid rent, damages to the apartment, any financial lost resulting and legal expsneses (not including eviction), up to the value of three months rent, simillar to traditional deposit, only with more coverage.

How do I offer this service to my potential tenant?

Great question! That’s easy: tell them about this great opportunity to keep their money and replace the cash deposit with a financial guarantee, by qualifying Rimbo’s tenant passport – for free!
Send them to register with Rimbo and complete their Rimbo-passport for free here (add link). Once the tenant completes this process, they will be notified of thier personal quote (price) of the service. once they pay, you and your tenant will get notified, their membership and they are ready to mobve in to your apartment and the the rent.

How does Rimbo process claims?

You or your API can log in to the Rimbo platform (it’s easy!) Or just email us with the detailed claim. You will need to attach proof of damage. For example: tenant signed entry report, tenant signed exit report, claim amount, itemized, and proof that you have previously requested it from the tenant (for example, a copy of the burofax, email correspondence with the tenant etc …).

What happens if there is a claim dispute between Tenant and Landlord?

As a policy, Rimbo does not take sides in disputes and plays no role in assessing claim correctness or fairness. However, Rimbo believes it is essential that tenants have a fair chance to dispute unreasonable claims.

tenants who intend to dispute claims may ask Rimbo for 14 days of deferred payment until they communicate with their landlord. Rimbo’s intention is to provide sufficient time for residents to either discuss the claim with their property manager or to formally dispute the claim.

Tenants have the legal right to dispute a claim and they may do so in accordance to local laws and practices, just like they would have been able to do with a normal deposit.

Above all,Rimbo encourages the property manager and resident to communicate before any claim is made.

Will it cost me anything to offer tenants Rimbo?

No, Rimbo is abseloutly free for agents and landlords. Not only we dont charge landlords to sign-up with us, but also we pay you a 15% commission of the monthly rent for every new landlord you bring on board. Aside from the benefit of a new revenue stream, and prooven efficiency to decrease vacancy rates.

Which tenants are eligible for Rimbo?

Tenants who pass our fast online cecks

Is the tenant still incentivised to look after the property?

Yes, tenants are still liable for any damages and they will still have to pay any costs at the end of the tenancy, exactly like they would with a regular deposit. We solve this “moral hazard” problem using payments technologies, making sure their payment method is still active. Using our terms and conditions wrriten by our legal team, we explain proufudnly what are the obligations and rights of the tenant, explaing to them that the beneficiary of the plan is the landlord and not the tenant.

Additionally, we offer tenants a reduction on their Rimbo fees by rewarding good behaviour and “on time” payments.

What is covered by a Rimbo?

We are not here to change the staus qou. The contract between the tenant and the landlord remains the same, and each will have to honor it. We are here only to offer an alternative to rental deposits.
As such, traditionaly, like with a normal deposit, the landlord will be covered for rent payments that were not paid, damages to the dweling and legal services (not including eviction).
Unlike the traditional deposit, we will offer the landlord 1 extra month of coverage, all for free.

What happens if there are damages to the apartment at the end of the tenancy?

As normally, at the end of the tenancy, after negotiating with the tenant, the landlord will have to claim for damages. The tenant can pay directly to you or to the landlord and resolve the dispute.

How long does a Rimbo agreement lasts for?

For the entire leangth of the contract and up to 5 years.

How does Rimbo work for a joint tenancy ?

Multiple tenants can be added to a Rimbo jointly. They will be each reliable for the other

Can I offer Rimbo along with a normal deposit?

Of course, we encourage our partners agents and landlords to offer Rimbo’s service as an option. The choice is in their hands. Some landlords or tenants might prefer to pay and go about the normal traditional deposit way.

How do I convince my landlords to use Rimbo’s service with their properties?

We understand that some landlords might feel more secure knowing they have a deposit in their hands. However, once they understand that the protection they get is the same, with a greater coverage, for the entire leangth of their contract, they might understand the benefits and step into the future or renting.

To help you introduce Rimbo, we will provide you with additional information on our website, and also with marketing material to help you better explain the benefits.
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How can I be sure Rimbo will be able to pay damages if the tenant defaults?

Should the tenancy end with demages to the rented dweling, Rimbo will recover this cost using the tenants debt or credit card given to us when he or she signed for the program. In extreme cases we will involve our legal team.
But in any case, if the tenant cannot pay his debts and our claims failed, we still commit to pay out the landlord within 14 days of an accepted claim or dispute.