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
Tenant Shop, an Inchora company is delighted to announce that it has entered into a new partnership with Reposit in order to provide a security deposit alternative product within its portfolio for agents, landlords and tenants. Tenancy deposits have traditionally comprised six weeks rent and despite the cap in the
Reposit, the company changing the way landlords, agents and tenants handle deposits, has announced its latest partnership with property management company Way of Life, providing all customers with an alternative to the tenancy deposit schemes. The InsurTech firm operating in the PropTech space, has also unveiled an extension of its
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.
Tenant Shop, an Inchora company is delighted to announce that it has entered into a new partnership with Reposit in order to provide a security deposit alternative product within its portfolio for agents, landlords and tenants. Tenancy deposits have traditionally comprised six weeks rent and despite the cap in the Tenant Fee Bill bringing this to five weeks, a lump sum of this amount can be difficult for some renters to find. Reposit’s security deposit alternative provides a new way to rent property, with tenants only required to pay a single week’s rent as a service fee to add their landlord to a group insurance policy. The policy covers a landlord for everything that the traditional lump sum would have covered at less cost to the tenant. This innovative product helps landlords fill their properties quickly and securely and gives tenants a deposit alternative. The product crucially includes eight weeks rent as cover (three weeks more cover than cash deposits can legally offer due to capping at five weeks rent) as well as Reposit dealing with all collections of owed money from the tenant via their platform. Tenant Shop prides itself in offering the highest industry standard of products and services to its customers and this is where Reposit’s product excels. Unlike other security deposit alternatives, this product sees a tenant paying a service fee and Reposit then adding their landlord to a group insurance policy as a named beneficiary. As a result only the tenant’s landlord can cancel the policy. This means that the policy is not in the name of someone who cannot claim or be a beneficiary. This ensures maximum regulatory compliance and a far better customer outcome for both landlord and tenant. Reposit’s scheme has significant check-out / claims data to prove that the product works end to end with independent arbitration in the case of a dispute. Underwritten by certain underwriters at Lloyd’s, regulated by the FCA and covered by the FSCS, Reposit proves itself as the strongest product on the market. Tenant Shop has been partnering agents for over ten years providing its dedicated technology platform SULU to help them manage tenancies and reduce workload. It provides agent, landlord and tenant services through notifications, dedicated account management, a unique void solution and utility, media and insurance services (including rent protection). Reposit will be added to the portfolio in April and will be provided in two ways. Letting agents and their landlords will be able to use Reposit via direct introduction from Tenant Shop or coupled with referencing via their preferred referencing partner, UKtenantdata.
Reposit, the company changing the way landlords, agents and tenants handle deposits, has announced its latest partnership with property management company Way of Life, providing all customers with an alternative to the tenancy deposit schemes. The InsurTech firm operating in the PropTech space, has also unveiled an extension of its cover from six to eight weeks, covering all bases from rent arrears to cleaning and damages costs. Founded in 2015, Reposit is the creator of the growing deposit replacement sector in residential lettings, providing customers with an alternative to the standard tenancy deposit. Reposit eases cash flow problems for renters by enabling them to secure a property with just one week’s rent. Way of Life is a property management company currently managing over 550 homes in the UK, with another 300 launching this summer. Its customers enjoy a tailored service from point of enquiry, throughout their stay and until they move on to the next stage of their life. Way of Life customers are given the choice of purchasing a Reposit with just one week’s rent, plus an annual fee of £30 should they stay for more than one year in their home. Way of Life becomes a named beneficiary on the Reposit insurance policy and is protected for up to eight weeks’ rent, for anything a traditional tenancy deposit would have covered. “We want to offer an excellent level of service to our customers. Finding an alternative deposit option was always high on our agenda. After looking at the various deposit replacement offerings, we have chosen to partner up with Reposit to offer a viable option to our customers. It’s ease of integration into our services and the dedication towards compliance under FCA regulation and FSCS protection made the choice easy in the end,” said Way of Life’s Managing Director, Sowgol Zarinchang. Way of Life’s partnership with Reposit comes just before the opening of its new £37 million development in Birmingham, The Lansdowne, which comprises 206 apartments and more than 10,000 sq. ft of shared social spaces including a lounge with big-screen entertainment facilities, a quiet room, a broadband-equipped workspace, a fitness studio and a rentable private party room and kitchen. All customers are invited to choose a Reposit or traditional deposit when signing up. Reposit is also today announcing that it has increased its length of cover to eight weeks, the longest complete cover in the industry. A number unmatched by traditional deposits as government legislation for rent under £50,000 per year is capped at five weeks and six weeks for rent over £50,000. According to recent figures published by the Tenancy Deposit Scheme, the average rental deposit in England and Wales is £1,041, whilst in London, it is typically £1,750. Reposit’s market research data of 1,000 tenants, found that 91 percent of tenants have paid a deposit, with 49 percent claiming they borrowed from family, loans or even payday loans. For people moving between properties, they are expected to provide the deposit for the new contract before an old deposit has been released, causing further cash flow problems and added stress.
