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Agency group says no-deposit scheme is no-brainer for clients

Multi-brand agency company Acorn Group says it has rolled out a no-deposit scheme to all 31 of its offices “with a clear indication that there is strong tenant and landlord demand.”

The company uses Zero Deposit - set up by former ZPG commercial director Jon Notley - which is one of a number of no-deposit services currently in the marketplace.

“This is the right product at the right time for tenants who are increasingly finding it difficult to meet the various costs of moving, and landlords who benefit from an easier move in process” says Paul Deveney, main board director for Acorn Group.

Karl Elliott, head of portfolio at Criterion Capital, a large-scale landlord client of the Acorn Group, says: “We will be bringing 404 units to market through our Delta Point scheme over the next few months and out of the first phase released, nearly 50 tenants out of 80 have indicated that they will be choosing Zero Deposit.”

Under the scheme tenants pay the equivalent of one week’s rent for a guarantee, which is non-refundable and which gives the landlord effectively the same cover as a six-week tenancy deposit. Tenants remain fully accountable for any damage or unpaid rents. 

If the tenant and landlord do not agree on any claim, the case is sent to TDS which reviews the evidence. 

Last autumn Notley revealed that Zero Deposit had struck an exclusive deal with TDS, which has made an investment in the new business and takes a seat on the board.

Poll: No-deposit schemes are spreading like crazy - are they good for letting agents?

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