Reposit, the InsurTech company bringing tenancy deposit alternatives to the forefront of the residential lettings market, has announced its new partnership with Pattinson, the largest independent agency network in the North East of England and its large base of landlord clients.
Reposit helps landlords attract new renters by reducing upfront costs, therefore opening up properties to a wider demographic of potential tenants. The pioneering cover protects landlords from those same issues covered by a traditional deposit, such as rent arrears, damages and cleaning costs.
According to a 2017 House of Commons briefing study, between 1996 and 2006, the North East area saw an increase in private renting of 212%. This rise in the private rental share of the housing market continues in the area, meaning it is an important area for solutions like Reposit, democratising the rental market for agents, landlords and tenants alike.
The InsurTech solution saves money and stress for tenants; its security deposit alternative requires only one week’s rent as a service fee upfront. For Pattinson’s tenants, this would average at £119, compared to £595 in a traditional deposit scheme. The landlord is added to a group insurance policy that is FCA approved and protected by FSCS, demonstrating the care and extensive range of safeguards the modern user expects from financial services and security providers. The tenant remains responsible for any breach of the tenancy agreement and any respective costs at the end, as they are with a traditional deposit.
Pattinson is offering Reposit to all new tenants that pass referencing. Rents with the agency range from £275pcm to £2000pcm across the region. Although Reposit might be seen as a solution for the lower end of the renting market, pound for pound, those paying higher rents have more to save upfront, given the higher deposits paid for those properties at the top end of the market, making it an effective option for virtually all renters.
With this announcement, Reposit continues its efforts to provide a more cost-effective solution for tenants, whilst driving forward with creating a fair system that offers agents, tenants and landlords an attractive, legal and safe alternative to the traditional systems and processes.
Jonathan Parker, Pattinson’s Head of Residential Lettings (MNAEA MARLA) stated: “As a company it is important that we are at the forefront of change and embrace new solutions to existing issues. The 8 weeks of cover for our landlords was a key consideration, especially with traditional monetary deposits being capped at 5 week’s worth of rent come the 1st of June. Reducing move in costs will naturally be an attractive option for tenants when it comes to selecting a property.
With FCA regulation and FSCS protection at the heart of Reposit’s product and a similar mindset to client care, our clients have the assurances they need. We are pleased to offer Reposit as an optional alternative to the traditional monetary deposit, therefore providing potential tenants with an informed choice over what route suits their circumstances best.”
Jude Greer, CEO, Reposit said: “It is great to partner with another major residential lettings agency. Pattinson has an amazing agency network across the North East. We are proud to be able to extend our offering to the North East. We have been impressed with the attention to detail driven approach of Jonathan and the team at Pattinson when it came to selecting us as a partner. We look forward to working with them for many years to come.”
Reposit offers market leading cover of eight weeks rent and the InsurTech firm makes sure that any fees owed to the landlords are paid quickly prior to handling the collection of any owed money from the tenant via its platform.