PropTech company Reposit has launched a product allowing properties to be let on a deposit-free basis whilst ensuring landlords are protected for eight weeks of rent, and it's available via the Vouch app.
The Reposit product works by offering tenants the opportunity to forego the traditional upfront deposit payment of five week’s rent, and instead asks for a non-refundable service charge of just one week's rent.
In return, Reposit covers landlords for damages, rent arrears, cleaning, and other costs normally covered by a cash deposit, up to the value of eight week’s rent, as opposed to the five week cap placed on traditional deposits.
The deposit alternative - which can be managed online via the Vouch app - significantly reduces the administrative tasks agents are required to carry out as part of the deposit process.
With Reposit, tenants remain liable for end of tenancy charges, just as they are with a normal deposit. Reposit takes on the responsibility to recover these costs from the tenant on behalf of the landlord or agent as part of the moving out process, significantly reducing the amount of End of Tenancy admin.
“Amidst the growing challenges landlords, agents, and tenants face as a result of the pandemic, we’re delighted to be partnering with Reposit to offer a reliable alternative to traditional deposit payments” explains Vouch director Simon Tillyer.
He continues: “Having compared a wide range of deposit alternative products currently on the market, we found that Reposit offers the most reliable, well-rounded cover for agents and landlords, and crucially stands to benefit everyone involved in the tenancy process.”