Rental deposits replacement start-up Zero Deposit has begun training up negotiators at both Your Move and Foxtons and says it will have between 2,500 and 3,000 letting agents distributing its product within a ‘few months’.
The announcement was made by CEO Jon Notley (pictured, above) during an industry drinks gathering last night in central London at Knight Frank’s swanky London HQ.
“The advice to agents is that if they don’t want to be at the back of the queue, better to contact us sooner rather than later as the queue is getting longer,” he said.
Foxtons is the latest high-profile agent to sign up to Zero Deposit, just ahead of Your Move. Its signing-up is less of a surprise; the estate agency chain’s parent company LSL recently invested in Zero Deposit via a £750,000 convertible loan note.
Representatives of the company’s other backers were also at the gathering including Connells Group Chief Executive David Plumtree and Paul Deveney from the Acorn Group, while the party’s venue was supplied by another backer, Knight Frank.
The company, which was co-founded by Notley with start-up entrepreneur Ben Austin, also claims that half of all tenants offered its service take it up.
Other members of the beefed-up Zero Deposits management team at the party said its service was appealing to upmarket tenants as well as those who can’t afford large deposits.
Chief Operations Officer Gary Wright, who said that upmarket renters in central London facing paying deposits of £6,000 or more were warming to the idea of paying for his firm’s service, preferring to spend the money on lifestyle choices rather than a deposit.
Other new members of the Zero Deposit team include its new Chief Financial Officer Andrew Doyle, who launched property portal Assertahome in 2000.