Reposit: The tenancy deposit alternative
A new way of renting without the hassle of a deposit
With the tenant fee ban approaching, letting agents across the UK are looking for ways to reduce costs and increase efficiency. One way agents can not only save time but actually make money is by using Reposit instead of a traditional tenancy deposit scheme.
Over £4billion of tenants' deposit money is tied up in deposit schemes, causing a headache for agents and landlords and a financial burden for tenants. Luckily, these are no longer the only options available. Here's a quick look at how Reposit is making renting faster, fairer and more simple.
What's the problem with using a traditional deposit scheme?
For property managers, the schemes are admin-heavy and inefficient, and in the case of the insured scheme, carry costs which could easily be avoided. Aside from the joining and late registration fees, deposits are an old-fashioned way of letting property which come with a mountain of paperwork hassle not in keeping with the digital age. The £4billion tied up in the system could be put to much better use in the UK economy.
Deposits are a waste of time: 97% are returned without dispute, proving tenants can generally be trusted to be responsible and treat a property like their own home.
Reposit: how and why is it different?
Tenants save and can move faster
With Reposit the tenant pays one week's fee instead of up to six weeks' rent, so they save money and can often move in sooner. There's no need to worry about registering a deposit or release at the end of tenancy, meaning tenants can move faster with less financial pressure.
Up to six week’s rent for damages and arrears
Repsoit offers up to six weeks’ rent for damages and arrears, just like a deposit. We will continue to do so despite the four weeks' rent deposit cap. Reposit also offers free tenant referencing and incentivises tenants to reduce their fee over time through good property care - if a tenant leaves a property with no charges outstanding their next Reposit fee will automatically reduce along with their personal risk.
Earn money as a Reposit Partner
Most importantly, unlike the traditional schemes, the agent/landlord earns commission for each Reposit. For a property with a £1000PCM rent, instead of paying an average deposit of £1500 on top of rent and other moving costs, a tenant would pay a Reposit fee of only £230 and the agent/private landlord would receive £50. It’s a win-win for everyone
Find out more on the Reposit website here including our latest partners and testimonials