Set property deposit amount defaults

Each property can be configured to collect different deposit amounts for different types of deposits. Below are instructions for each different deposit type.

Application Deposits

Here's how to set the deposit amount to collect when requiring an application deposit:

1. Enable application deposits by clicking the toggle.
2. Set a name for the deposit (the default is Application Deposit, but Holding Deposit is another common option).
3. Set the deposit amount (it must be a fixed amount since Whale might not know the monthly rent at the point of application submission).

As soon as an application is submitted, Whale will request this amount from the primary resident when enabled.

Learn more about application deposits here.

Security Deposits

Here's how to set the standard and conditional deposit amounts for security deposits:

1. Set the standard deposit amount by choosing from one of the three options. Based on the option selected, enter a value in the input field (fixed amount or multiplier of monthly rent).
2. Set the conditional deposit amount by choosing from one of the three options. Note, if you do not require a standard deposit the option "No conditional deposits at this property" will not be selectable. Based on the option selected, enter a value in the input field (fixed amount or multiplier of monthly rent).
3. Answer the question "Do all applications with a "Conditional" screening decision require a conditional deposit amount?"
4. If the answer to #3 was "No", then specify the specific text string Whale should look for to determine if a conditional deposit is required. For example, the conditional reason provided could be "Increased security deposit".

Whale uses an applicant's screening result to determine if a standard or conditional deposit amount should be requested. Whale then uses these settings to determine the correct deposit amount.

Learn more about security deposits here.

Pet Deposits

Here's how to set the deposit amount to collect when requiring a pet deposit:

1. Enable pet deposits by clicking the toggle.
2. For a total of 1 pet, specify the type (fixed or multiplier) and then the amount.
3. Add additional rows for as many pets as you want to support.

As soon as a pet is added to a lease, Whale will request the amount based on the property's configuration.

Learn more about application deposits here.