A PropTech supplier claims letting agents can now register deposits at the click of a button thanks to a new integration between Goodlord and mydeposits.
The integration has been trialled by Andrews Property Group. That agency’s compliance officer, Aaron Messenger, claims the firm is saving seven minutes on average per deposit. This is compared to up to 10 minutes otherwise, says Goodlord.
The integration between mydeposits and Goodlord allows letting agents to register deposits as soon as they are received, without the need to manually enter any data, reducing the risk of manual error.
Once the deposit has been registered, the prescribed information is served to tenants automatically, keeping letting agents compliant with deposit protection legislation at the click of a button.
Goodlord says it intends to integrate with additional deposit protection schemes in the near future so that their customers can benefit from a range of options to drive efficiencies and reduce the risk of manual error.
Deposits must both be registered and the prescribed information served within 30 days of payment. If not completed correctly, letting agents could face penalties of up to three-times the amount of the deposit and section 21 notices could become invalidated.
Kate Mutter‑Bowen, head of tenancy deposit protection at mydeposits, comments: "We're thrilled to have integrated with the Goodlord platform to make it easier for all of our customers to protect their tenants' deposits … straight away, ensuring they're compliant with deposit protection scheme legislation right from the outset of the tenancy with minimal hassle."