A new proptech platform that will shorten the tenant check-out process for letting agents by up to 75% is about to be officially launched.
The Depositary, which has been under development for approximately two years, is now set to launch on 10th October and has been developed in partnership with deposit scheme TDS.
The platform claims to streamline the process of returning deposits to tenants after they give notice to quit.
Several industry figures were given a sneak peak at the new platform on Friday (pictured, above) including Russell Quirk from Properganda, former Northwood MD Eric Walker, Kerfuffle founder and former Reapit boss Simon Whale, Rajeev Nayyar from Fixflo, Nicky Stevenson from Keller Williams, agent Perry Power and Best Agent founder Charlie Wright.
“The end of tenancy process is messy and convoluted and it always felt that is was the perfect candidate for digital reinvention,” says Kristjan Byfield, who as well as founding The Depository, runs London lettings agency Base Property.
Kristjan Byfield is still holding back about how the new platform will work other than to say it will show tenants how their end-of-tenancy process is progressing via a timeline, but says it will bring transparency to a process that many tenants believe is ‘murky’.
He also claims that 90% of tenants who have tried the platform during testing said it was much easier than traditional check-outs.
The Depositary also claims that the check-out process for letting agents is reduced by three to four hours per tenancy between notice being given and deposit monies being returned.