Q: What does it say on your business card?
Kevin Paterson, Managing Director, Source Insurance Ltd
Q: Who is Source Let?
We’ve developed a compelling range of products and services specifically designed for letting agents and landlords. Our flagship online tenant referencing service starts from £6 and this service is backed up with a range of insurance products including rent guarantee from a panel of blue-chip insurers.
Q: How long has Source Let been trading?
We launched our pilot SourceLet programme in the mortgage intermediary market in the latter half of last year having spent the past two years developing and testing the concept, building on the 20 years’ experience we have in the insurance market as Source Insurance Ltd.
Q: How did it all start?
The concept behind SourceLet was created back in the 1990s as we developed a number of insurance products designed to help mortgage intermediaries and their landlord clients. SourceLet is a natural extension for our business into a market that we believe has been historically counter-cyclical but mutually supportive. We’ve spent the past couple of years refining and testing our proposition and developing new technology and designing products specifically for letting agents who we believe have been poorly serviced by existing providers. The launch of SourceLet into the lettings sector will change that.
Q: Why choose Source Let?
We are an intermediary centric business. For the past 20 years we have been successfully providing a valued service to mortgage intermediaries and we’re applying those same service principles to letting agents. We’ve combined our years’ of insurance experience with cutting edge technology to give letting agents products that are fit for purpose need backed by a service these agents deserve.
Q: What are your three unique selling points?
Quick, intuitive, comprehensive and easy to use online tenant referencing
A unique algorithm that factors in the tenant’s likely propensity to default, increasing the accuracy of the data
Rent guarantee insurance that is fit for purpose
Q: Who do you currently work with?
We work with over 6,000 intermediaries in the mortgage market and are rapidly increasing our footprint in the letting agent and landlord markets.
Q: How do you overcome your competitors?
Innovation – pure and simple. Letting agents have been badly served by the handful of players that have dominated the tenant referencing and rent guarantee markets over recent years and who have grown complacent, sat back and enjoyed the profit of the boom in the buy-to-let sector.
Q: How do you create value for your clients (how do you go above the call of duty)?
We’re applying the same principles that have added value to the thousands of mortgage intermediaries we have worked with for the last 20 years, building our entire proposition around our clients. We’ve create something that is easy for them to use and delivering products and services that are fit for purpose and will work tirelessly to ensure we continue to do so.
Q: What is your greatest achievement and what made it so special?
I’d say bringing SourceLet to the letting agent market. It’s been two long years in the making but I’m confident that we’ve developed something that will really add value to this market.
Q: What do you feel it takes to be successful in the industry?
I’d say integrity, tenacity and constantly looking to push the boundaries to improve your service and/or product proposition.
Q: Are you offering any special promotions?
Yes, we’re currently offering letting agents the opportunity to ‘try before you buy’ giving them a chance to trial the SourceLet tenant referencing tool for free before they sign up.