Securing a tenancy in seconds – RentProfile launches real-time deposit registration

Proptech company, RentProfile, has announced that it now integrates with mydeposits and TDS to provide real-time auto-registration of tenancy deposits.

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Referencing and pre-tenancy software provider, RentProfile, has updated its Onboarding product to facilitate digital deposit registrations, reducing the time it normally takes from a few days to a few seconds.

The apparent industry-first feature enables tenants to submit their deposit directly to mydeposits or TDS via newly integrated online payment tech, rather than having to send the payment to the agent, who is then required to send it on.

By enabling direct transfers between tenants and the deposit schemes, tenants have certainty that the deposit schemes have received their funds, reducing the risk of scams, and benefitting from a faster turnaround in tenancy setup, enabling them to move into homes sooner.

mydeposits kate cmpKate Mutter-Bowen, Head of Tenancy Deposit Protection at mydeposits, said: “We pride ourselves on continuous innovation within our products and services to enable a better experience for customers. The partnership with RentProfile will ensure that agents are fully compliant with their legal obligations and save them valuable time in the process.”

RentProfile ensures deposit registration is done within the permitted time frame and automatically issues the prescribed information on the client’s behalf. Agents can also view the status of the deposit registration via the proptech’s dashboard and are copied into all communications with tenants where necessary.

“We have been using RentProfile’s new deposit registration feature for the past few months and have been impressed by the efficiency and time saved in admin,” added Ben Cann, Lettings Manager at Vanquish Real Estate. This new feature has taken onboarding to another level. We are very happy with the real-time turnaround and ability to remain fully compliant.”

External support

Dan Wilson Craw, Deputy Director, Generation Rent said: “Tenants should be able to pay their deposit directly to a protection scheme. This reduces the time to move in and adds greater transparency to the process. We welcome RentProfile’s continued efforts to make tenants’ rental experience as easy and transparent as possible, including their work in landlord verification and tenancy checking.”

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