A new product claims to help agents keep tenant deposit records in alignment with tenancy deposit protection schemes.

The Letting Partnership claims its product – DepositAudit – identifies discrepancies between internal records and TDP scheme data, safeguarding compliance and uncovering unnecessary costs from paying premiums for ‘ghost tenancies’ left open in deposit schemes. 

It also claims to eliminate the need for agents to reconcile deposit records line by line – a process that can take days even for the smallest of portfolios.

“When agents come to us for client accounting, we begin by reconciling their protected deposits and in around 95% of cases we find mismatches” says Jennifer Markham, founder of The Letting Partnership, which is offering a 10% discount on the new product for agents completing before December 31.