A Huge success for one of our Landlord using Reposit!
Over the last 12 months we have been using a new service within our Property Management department for both our landlords and tenants. We have partnered with Reposit to provide a nil option when renting one of our properties.
When opting to use Reposit, the tenant will pay a non-refundable service charge, equal to just one week’s rent. This is very different in comparison to a traditional deposit where the tenant would pay a larger sum of around 4-5 weeks’ rent. The aim of Reposit is to bring you an alternative to the traditional deposit, whereby the tenants are saving money and will be paying a much lower amount before moving in. Hence, your property will attract more potential tenants!!
The landlords will also be covered throughout the tenancy as the tenants will be liable for any damages or breaches within their tenancy agreement. From this, they will be liable to pay for any damage at the end of their tenancy just like they would if they had a traditional deposit. The service provided by Reposit believe in a smooth end-of-tenancy experience. They have set up an easy claim submission system, with any evidence provided by either the landlord or tenant, the claim will be submitted onto the platform within minutes!!
We even have a success story showing just how effective Reposit is! One of our landlords in Altrincham unfortunately had to fix up their property following the tenant moving out and not leaving the property in the best condition. Normally a traditional deposit is the equivalent of 5 weeks rent maximum. With Reposit the landlord is covered for up to 8 weeks rent therefore, in this instance, the landlord was an additional £993.00 better off by having Reposit rather than a traditional deposit! This makes a big difference when recovering a loss for the landlord!
This was a huge success for the landlord, as they were able to claim and eventually win their full amount which they submitted. However, had they opted for the traditional deposit they would have only been able to claim the full amount of the deposit, which in some cases will not match the overall expenses for the property. The landlord was very happy with the result and has continued to use Reposit in their next tenancy.
If you are a Landlord or Tenant and would like to learn more about Reposit and the service they provide, head over to the following: