Leaders Romans Group has entered a three year deal with The Depositary, which is claimed could save the group tens of thousands of working hours annually.
The Depositary is an end-of-tenancy PropTech platform which says it cuts agents’ admin work at that stage of tenancies by some 80 per cent.
It’s been founded and developed by high profile lettings agent and industry figure Kristjan Byfield - he calls himself ‘Mission Commander’ at The Depositary.
The aim of the partnership with LRG is to deliver key benefits across the agency group’s network of brands and offices including faster deposit returns, accelerating the group’s digital strategy and enhancing the experience of staff, landlords and tenants.
The Depositary and LRG have also just collaborated on a new reporting module within the platform, delivering tenancy conclusion data which they say has never been seen before.
LRG group managing director Michael Cook says: “I liked The Depositary as soon as I saw it, recognising that Kristjan had built a product to solve a genuine issue letting agents encounter, rather than a perceived one.
“The end-of-tenancy deposit return process can sometimes be fractious between the tenant and the landlord, with a natural conflict of interest, so anything that can help make the process more transparent is a welcome addition.
“Since trialling The Depositary we noted turnaround times to release deposits becoming quicker and dispute levels reducing.”
Byfield himself adds: “We started talking to LRG before we officially launched and it was clear, even at that early stage, that LRG was fully engaged with what we are trying to achieve and wanted to be part of that journey.
LRG went even further, engaging us to develop a unique solution for their in-house NDO (No Deposit Option) product offering, ensuring that we could deliver benefits across a broad cross-section.
“We are really excited to be working with LRG's entire lettings operation and assisting one of the UK's most dynamic letting agencies service their near 70,000 managed tenancies.”