Demand for alternatives to cash deposits has rapidly increased in recent months, and our research concluded that Reposit has the best offering on the market for landlords and tenants. Our new partnership now gives Landlords access to the following benefits:
- 8 weeks’ worth of cover – Reposit gives you 60% more protection than a cash deposit. This is the most cover available compared to other similar products on the market.
- Increased demand, fewer voids – Properties advertised with a ‘deposit free option’ have been shown to attract 26% more click-throughs online, and will typically let quicker – helping landlords to sustain rent levels and reduce voids.
- Faster dispute resolution – If a tenant raises a dispute at the end of tenancy, Reposit will obtain a final verdict within 14 days, much faster than the traditional cash deposit schemes, which can take 6 weeks.
- Free of charge for landlords – If Reposit is chosen by the tenant, they will pay Reposit a service fee equivalent to just 1 weeks’ rent. Reposit is absolutely free for the landlord.
The Reposit cover is valid for any combination of rent arrears, damages, removals and cleaning – it is essentially a direct replacement for a traditional cash deposit.
At the end of tenancy, Reposit will handle the collection of all valid end of tenancy charges and ensure payment to you. Please note that Reposit mediates the entire end of the tenancy process, so landlords do not need to interact with the insurer directly to make a claim.
Of course, making sure Landlords get paid at the end of tenancy is one of our key concerns. We selected Reposit as our partner because they are FCA regulated and FSCS protected. Their product is built upon a robust insurance structure in which you, the landlord, are the beneficiary.
This means that once the Reposit is set up, Landlords are directly and legally entitled to cover for all valid end of tenancy charges. As such they have always ensured reliable payouts, even during the recent disruption caused by COVID-19.
