Leading referencing platform Vouch has added ‘alternative deposits’ to its agency offering after signing a deal with Reposit.
Letting agencies can now manage a tenant’s deposit through the Sheffield-based platform’s app, and also earn a £25 referral fee for each one from Reposit.
It is one of a clutch of alternative deposit suppliers within the industry along with Zero Deposit, Canopy and Ome and offers tenants the opportunity to forego the traditional upfront deposit payment of five week’s rent, instead asking for a non-refundable service charge of just one week’s rent.
Vouch says the new addition to its app will help agents reduce their administrative burden, rent properties quicker and reduce the length of voids for landlords.
With ‘Reposits’, tenants remain liable for any end-of-tenancy charges, as they are with a normal deposit.
Reposit says it then fairly and quickly recovers these costs from the tenant on behalf of the landlord or agent as part of the moving out process, significantly reducing the amount of checkout admin for agents.
Simon Tillyer (pictured, above), Director of Vouch, says: “Coming after the Tenant Fees Act 2018, which introduced a 5 weeks’ cap on security deposits, we’re also proud to offer our agents an alternative that guarantees up to eight weeks of property protection.
Ben Grech, CEO of Reposit, says: “We offer the most cover for landlords, the most competitive price for tenants and the highest commissions for agents.
“Our FCA authorised status shows that we hold ourselves to the highest standards and always operate in a fair and fully-compliant manner.”