Landlords: why take a Deposit when you can Reposit?
You will no doubt have seen the continued publicity of the problems within the residential sales market with stagnant or falling values. The letting market has also seen a certain amount of caution from tenants. The general economic uncertainties have led to a much more cost-conscious applicant and rents have come under increasing pressure. This has generally led to a longer vacant letting period for landlords.
At Hazells we continually work to make your property that much more attractive to the market than the competition. As part of our efforts we have teamed up with a company called “Reposit”, which has taken a completely fresh look at how deposits work and their effect on cash flow for tenants when they are seeking to rent. Their alternative is to make a one-off charge to the tenant (one week’s rent) in return for the equivalent of eight weeks’ rent deposit cover for the landlord. It is based around an insurance policy backed by Canopius, a Lloyds of London Syndicate.
We have carefully examined this approach and feel it has a great deal of merit for our landlords. It offers both a choice to landlords/tenants during the set-up process and making landlords’ properties more attractive to the market. We view this as an opportunity to free up an applicant’s cashflow, whilst maintaining our high level of scrutiny as to their suitability for a particular property.
Please click the link to see what Reposit has to say about their scheme:
We can discuss this approach more fully when your property becomes available for reletting, it is optional for all parties! In the mean-time if you have any questions or queries about the scheme, then please do not hesitate to contact either Jane Sewell or Chris Oakes of Hazells on 01284-702626 or email firstname.lastname@example.org