Continuing from last month’s blog post, there is an alternative to tenants paying a 5 week deposit; The Zero Deposit’s scheme. We have been trialling this scheme for the past few months and are happy with the uptake. Moreover, we have seen that it is an effective marketing tool for both the landlord and tenants. Here is a summary of the deposit scheme if you were interested in the idea:
Zero Deposit reduces the upfront cost of renting for tenants. This helps speed up the process of letting and reduces void periods. A tenant purchases a Guarantee that provides landlords with the same protection as a traditional security deposit. The tenants remain fully accountable for looking after the property and paying their rent. After the tenants have agreed to the scheme, landlords effectively get the same cover as a six-week deposit. However, ‘Zero Deposit’ does not mean zero responsibility. Zero Deposit approves claims within two working days and then pursues tenants for payment. If you can’t settle a dispute with your tenants, the evidence will be sent for expert evaluation by TDS, who have over 10 years’ experience settling similar end-of-tenancy disputes.
If you are interested and would like to find out more about the opportunities, feel free to get in touch with a member of our team.