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Fit for the Future: supporting letting agents in face of the tenant fee ban

Posted by on July 5, 2017

A 3 pronged solution for our letting agent customers includes our new Nil Deposit Scheme, free tenant referencing and monthly Rent Guarantee.

Today we have launched Fit for the Future, the first phase of a combined letting solution developed to help agents combat changes to the managed property lifecycle and tenant fee ban. The Fit for the Future package provides letting agents and their landlord clients with peace of mind against a backdrop of changing regulation and shifting customer confidence.

The service offers our customers access to a monthly rent guarantee, free tenant referencing, and the Let Alliance Nil Deposit Scheme. The Nil Deposit Scheme is a securely-backed offering that provides an attractive benefit for tenants, while still ensuring both landlords and agents have effective protection. The Let Alliance Nil Deposit Scheme will be exclusively accepted in association with the Let Alliance Rent Guarantee.

We arrange Tenants Liability Insurance for 1000s of tenants each month, delivered exclusively through our letting agent customers. The Nil Deposit Scheme is an extension of this service range. All our products are offered on a Nil Excess basis.

Three customers have already signed up to Fit for the Future for the initial pilot – Martyn Gerrard Estate Agents, Ryder & Dutton and Boydens Estate Agents – and registration is now open for agents across the country. With 30 offices between the pilot agencies the new package is now already available to around 8,000 tenants and 3,000 landlords nationwide.

This combined solution was developed following consultation with over 200 customers earlier this year. The A-rated secured scheme, underpinned by a leading international insurer, is offered exclusively to our customers. MyDeposits, TDS and DPS will be offered the opportunity to resolve any disputes raised by tenants at the end of each tenancy.

Andy Halstead, Founder and CEO of Let Alliance, commented: “Fit for the Future is a service that we have spent many months developing, and which will provide essential support for letting agents in this challenging market environment. Our research shows that it is a service the industry is crying out for. The Let Alliance Nil Deposit Scheme presents a very different offering to other schemes currently on the market as we replicate the terms and conditions of the current cash deposits registered in the official schemes. We are excited to bring this to market, and believe it will provide agents with a comprehensive protection package that will bolster their offer to both landlords and tenants. Letting agents will not only be Fit for the Future but will also have the opportunity to improve the earnings opportunity for their business.”

Simon Gerrard, MD of Martyn Gerrard Estate Agents added: “The Let Alliance Fit for the Future service presents a unique offering for a market being tested by government regulation and red tape. We look forward to being one of their first partners, and believe it will bring a multitude of benefits to both our business and customers.”

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