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New tenancy deposit tech cuts registration admin by 70%

Tenancy deposit Initiative developed by mydeposits, Andrews estate agency and Goodlord is now live after a period of testing.

Nigel Lewis

goodlord mydeposits tenancy deposit

New time-saving tech developed by a leading deposits scheme in partnership with the Goodlord lettings platform is now being rolled out across the lettings platform after an initial pilot with the Andrews Property Group.

Mydeposits’ integration with Goodlord means any agent using the platform can now register tenants’ deposits with mydeposits’ custodial and insured deposits.

Goodlord says integration with other deposit schemes will follow.

The key advantage for agents of using the new tech is to save time – mydeposits claims it can take up to 10 minutes to type in the necessary data to register each deposit and then serve the prescribed information to the tenant within 30 days of payment.

Instead, this is all done automatically without the need for human input.

If not completed correctly, letting agents could face penalties of up to three-times the amount of the deposit and section 21 notices could become invalidated.

Aaron Messenger at Andrews Property Group, says: “We use Goodlord’s integration with mydeposits and it’s a life saver. We’re saving seven minutes on average for each deposit registered – more if there are multiple tenants.”

Once the deposit has been registered via Goodlord, the prescribed information is served to tenants automatically, keeping letting agents compliant with deposit protection legislation at the click of a button.

mydeposits kate cmpKate Mutter‑Bowen (pictured), Head of Tenancy Deposit Protection at mydeposits, says the idea behind the initiative was to help agents ensure they’re compliant with deposit protection scheme legislation right from the outset of the tenancy with minimal hassle.

Read more about Goodlord.

September 7, 2021

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