Landlords play a significant role in what we do – after all, without Landlords, Reposit wouldn’t work. Sometimes, however, letting agents are hesitant to adopt a deposit alternative product because they think convincing their landlords may be a challenge…
Here we’ll have a look at landlord-related concerns so that 1) landlords understand the ins and outs of using Reposit and 2) agents know exactly how to explain our product to their landlords.
If the tenant can’t afford a deposit, how will they afford to pay the rent?
This is the most asked question so let’s address it head-on! We believe this isn’t a case of rent affordability, because ultimately, our agents carry out a comprehensive reference check on all tenants (and if tenants don’t pass it, the only way they can purchase a Reposit is either through a guarantor or paying for 6 months’ worth of rent in advance).
This is about giving tenants the opportunity to save on upfront costs and allow them to use that money on something else instead. This can be anything from buying new furniture, saving up for a holiday to opening a general or investment ISA.
Most times, renters don’t want to wait two years to get their deposit money back, they’d rather put their coins back into the economy by saving, spending or investing.
So what are the benefits for landlords?
All of this works in your favour because you can attract more interest in your property if tenants know you offer a deposit alternative option. More interest means your properties are being rented faster = lower void periods.
Reposit works with agents across the country, including Wales and Scotland. They report that offering tenants Reposit reduces void periods by an average of 18 days.
And did we mention we give landlords 8 weeks’ end-of-tenancy protection, the highest level of cover on the market?
Am I allowed to offer Reposit as well as a traditional cash deposit?
Of course you can! In fact, tenants should always have a choice between purchasing a Reposit or paying for a 5 weeks’ deposit. We encourage you and the agent to discuss with tenants the right option for them.
How do I know the tenant won’t cancel the policy?
Unlike other deposit alternatives, Reposit protects landlord by adding them as a beneficiary to our insurance policy, underwritten by Canopius, a Lloyd’s of London syndicate insurer.
With Reposit, the landlord is always in control and thereis no cooling-off period, negating the risk of landlords being left uncovered if the tenant changes their mind.
What happens with claims?
At the end of any tenancy, you will be able to raise a claim via our platform. If there are fair end-of-tenancy charges, tenants are expected to reimburse landlords through the platform. If they default on a fair payment, our insurer Canopius will pay the claim amount directly to you.
You will never have to deal with the insurer.
How do I know tenants won’t dispute every claim raised against them?
Tenants are always within their right to either accept or dispute a claim. However, in order to discourage tenants rejecting valid claims, they are reminded that an additional £120 charge will be added in the event that the dispute is found wholly in favour of the landlord.
And finally, a question about tenant fees…
We can’t charge tenants fees, are you breaking the law?
No, the ban is for lettings fees. Reposit do not let properties. We are a third party service and tenants can you use us if they choose to 😊
🏡 Does this sound more reassuring? Book a 10-minute demo with our partnerships team.