Advancing and DAS Group enter into an agreement to protect rental property owners from non-payment defaults

20 Aug 2021 | Fintech

 

  • The two companies will collaborate to offer guaranteed rent advances and secure rent collection for landlords
  • Defaulting tenants leave on average 3,179 euros of unpaid rents to their landlords

Barcelona, July 22, 2021 Advancing and DAS Group, a company specializing in Legal Protection owned by ERGO Group, one of the largest insurance groups in Europe, have signed an agreement to protect landlords of rental properties against non-payments. The two companies are collaborating to offer landlords both financial and legal protection against possible defaults by their tenants through two different services. These are Advancing 12 Months, which offers a guaranteed 1-year rent advance to landlords, and Advancing Month to Month, which assures landlords of timely rent collection on the 10th of each month. 

“At a time of economic uncertainty like the current one, owners of rental properties want to be sure that they will not have any problems when it comes to collecting their rents. Thanks to the collaboration with DAS and the service offered by Advancing, the owner obtains liquidity, security, and punctuality when collecting their rents,” says Rafel Saurí, CEO of Advancing. 

For his part, DAS Corporate Business Director, Luis Cuervo, said: “We are very pleased to continue participating in the innovation of the rental market, in this case with Advancing, which has trusted DAS to protect its clients. This agreement is the result of our ability to understand the needs of startups and adapt our value proposition to them.” 

Unlike other similar services, which do not have a non-payment policy or pay outstanding monthly payments until the landlord-tenant dispute is settled in an arbitration award, landlords who sign up for Advancing have insurance that is automatically activated after the first non-payment. In addition, Advancing takes care of everything related to the tenant’s monthly payment, allowing the landlord to forget about the formalities involved in collecting the rent.

A loss of 3,179 euros

According to data collected by UNESPA from a study by “Estamos Seguros”, defaulting tenants leave an average of 3,179 euros unpaid to their landlords. The report, which analyzes 12,500 incidents related to property leasing, states that in the most extreme cases, non-payments can reach up to 15,000 euros. 

About Advancing

Advancing is a start-up specializing in the advance payment of rents and protection against defaults for owners of rental properties. Advancing is part of Mutter Ventures.

About DAS

DAS belongs to Munich Re, the world’s largest reinsurance company, as a specialist legal protection company within the ERGO Group.

Currently, DAS Group in Spain is formed by DAS Seguros, the Legal Protection insurance company, and DAS Lex Assistance, the legal services company, to respond in an innovative way to the needs of its clients, including other insurance companies, as well as individuals, entrepreneurs, and companies.

“Our goal is to make people’s lives easier in the legal field by promoting technological innovation and protecting their rights through the optimization of conflict management.”

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