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PropTech firm to scrap tenant screening costs for agents

A PropTech firm says it is going to eliminate tenant screening costs by 2021 for lettings agents and landlords who use its products.

Canopy has this week introduced what it describes as an “improved” rental passport service which allows agents and landlords to know immediately if a tenant is suitable for a property. 

The passport is already free for agents and landlords and as part of tenant screening, Canopy’s checks include so-called ‘soft credit checks’ and income and past rental payments verification.

Canopy claims these cost £60 to £70 plus VAT from other companies but its standard service is free to agents and landlords, and a £3-plus-VAT extra charge for employment and previous landlord references will be scrapped by 2021.

“By 2021 we hope to eliminate tenant screening costs and deposit handling costs via our suite of sophisticated products. We aim to improve rental yields for landlords, and work with lettings agents to grow top-line revenue by offering best-in-class financial wellness products and services” states the PropTech firm’s chief executive Tahir Farooqui.

“Lettings agents can do what is right and allow tenants and landlords to choose the best deposit alternative product that suit their financial needs” he adds.


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