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We speak to Eddie Hooker, C.E.O of my|deposits, about the business and where it all started...

Interview by Lee Dahill, Angels Media           
lee.dahill@angelsmedia.co.uk


   
                 

Q:What does it say on your business card?

Eddie Hooker, Chief Executive Officer, my|deposits            

 

Q: Who is mydeposits?

We are a government-authorised tenancy deposit protection scheme.

 

     
                  

 Q: How long has mydeposits been trading?

We started trading when mandatory tenancy deposit protection was first introduced in England and Wales in April 2007.

Q: How did it all start?

Months of hard work went into our bid to the Government to win a contract to run the scheme. And then the hard work started!  my|deposits is joint-owned by the National Landlords Association and Hamilton Fraser Insurance. Hamilton Fraser has run a robust, high transactional insurance business for over 20 years whilst the NLA is the leading trade association for private landlords in the country. By working together, we are able to provide landlords, agents and tenants with a complete tenancy deposit solution.

Q: Why choose mydeposits?

There’s plenty of reasons why agents prefer to use mydeposits, from our unrivalled customer service to transparent fee structure. I regularly speak to our members and these are the top three reasons:

1. As members of mydeposits, letting agents can legally protect their tenancy deposits while holding the money in their own segregated bank account for the tenancy duration.

2. Holding the deposit means keeping control, particularly at the end of the tenancy. Negotiations over deposit deductions can be carried out directly with the tenant without involving us. And critically, the deposit can be handed back without delay once the agent and their tenant have agreed its return. The only time you need to involve us is in the unlikely event of deposit dispute.

3. Our deposit protection fees are a flat rate fee; they are not determined by the number of disputes referred to us by tenants. We only charge for deposits that agents need to protect, rather than an estimated annual subscription. Our pricing policy has remained robust and consistent over the past five years, with no large fee increases forced onto our members.

Q: How do you overcome your competitors?

Well, over 3500 letting agents and nearly 100,000 landlords prefer to use mydeposits, yet we compete with a free-to-use custodial scheme and another insurance-based scheme offering cheaper rates, so why do they choose us? It’s because we offer something different: outstanding customer service and fast, effective systems.

From 5 April 2012 we have reduced our deposit protection fees for accredited agents and the SAFEagent registered agents, so now letting agents have a real choice of which scheme to use. We’ve already had a huge number of enquiries from agents interested in switching to mydeposits since our new pricing structure was announced in late February.

Q: What are your three unique selling points?

1. Fast dispute process:In 2011, we now resolve a deposit dispute in an average time of just 15 days of receipt of the evidence, significantly below the government-set 28 days. Disputes are unfortunate but sometimes unavoidable, the legislation has timeframes we must adhere to but we constantly strive to improve our processes.

2. Online dispute resolution service: we have invested in an online dispute service that enables members to upload all their dispute evidence online, saving time and money on postage.  This same system was nominated for an award for its positive impact on the resolution of landlord/tenant disputes in 2010. 

3. Our Business Development Team:The team are the dedicated points of contact for our agent members. They provide specialist, one-to-one training and advice and will visit members all over the country. The team all have come from successful previous careers in letting agencies. 

Q: How do you create value for your clients (how do you go beyond the call of duty)?

We pride ourselves on our customer service and being the ‘human’ face of tenancy deposit protection.   Our team of Business Development Executives visit our letting agent members and we run regular workshops and seminars on topics that our members want to talk about. On top of that our website is packed with advice and guidance. 

Q: What is your greatest achievement and what made it so special?

Winning the deposit protection business of the two largest letting agents in the UK.  As a scheme originally set up for landlords, the success of attracting letting agents to the scheme showed that the lettings industry is looking for more than just cheap prices.  We have stuck to our model of complete transparency of pricing and a flexible approach to service which has paid dividends in terms of business growth and reputation.  

Q: What do you feel it takes to be successful in the industry?

Understanding what letting agents and landlords want is not enough.  You need to listen and take on board what your customers need and go the extra mile to accommodate their requirements.  Despite this ‘online age’ people still buy people.  Even after five years of operation I still regularly visit landlords and agents to understand how tenancy deposit protection affects their day to day running of their businesses and to deal with their issues sympathetically but fairly.  Finally, stability and quality are important factors.  We’re not interested in being the largest scheme, we want to be the best scheme.  

Q: Are you offering any special promotions?

From 5 April 2012 we will be offering big discounts to letting agents that are members of SAFEagent and those who have Client Money Protection Insurance. SAFEagent members will be able to protect deposits from just £10 (plus VAT) while accredited agents can protect deposits from just £12 (plus VAT).  You can read more about it on our website

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