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Posted by Mandy Sykes on January 10, 2018
We have joined forces with inventory solution provider No Letting Go to help professional letting agents replace revenue that will be lost following the tenant fee ban.
Together we have developed the first fully integrated Tenant Deposit Replacement Scheme. The new proposition includes tenant referencing, Inventory software, Nil Deposit, Rent Guarantee and tenants’ liability and contents insurance.
Available exclusively to approved letting agents, the Let Alliance proposition will deliver on average £250 per property of ‘bottom line’ revenue to letting agents outside of London and an average of £350 in the London market.
Our Nil Deposit Scheme has been in pilot since September 2017 and proved to be very successful, with tenants having the choice of a deposit replacement scheme rather than paying a 6 weeks’ rent cash deposit. Letting agents are very positive, stating that Nil Deposit enables them to provide flexibility to those tenants that may have to borrow from friends or family to fund a further 6 weeks’ deposit, particularly when a previous deposit remains tied up against their current rented property.
Andy Halstead, CEO and Founder was initially sceptical about the emerging deposit replacement schemes, however extensive customer research and feedback from tenants changed his mind. Halstead said, “We are letting agents ourselves and for me nothing quite replaces the cash deposit in terms of security for landlords and a demonstration of commitment from tenants. This meant that Let Alliance needed to develop a scheme that effectively replaced a cash deposit in every way for it to have any chance of getting off the ground. We did exactly that – my team’s brief was simple; replace cash and we are onto a winner for all concerned.”
Nick Lyons, CEO and Founder of No Letting Go, has been supporting letting agents for the last 10 years with market leading Inventory Software, Kaptur and a nationwide out sourced service option. Lyons said, “I have known Andy for many years and we have developed and grown our businesses in a similar way. It makes complete sense for No Letting Go to join forces with Let Alliance and together deliver an unrivalled proposition to letting agents. Replacement Deposit Schemes cannot work in the long term unless they are fully integrated with first class, professional market leading inventory services”.
Halstead added, “Let Alliance work exclusively with letting agents and for the last 12 months our mission has been to develop a ‘Fit for The Future’ proposition that more than replaces fees that will be lost from tenants. If there was a silver bullet we would have found it. There isn’t, so partners and suppliers to letting agents need to collaborate, innovate and deliver value. If our customers thrive then so do we. For the last 7 years we have been totally committed to serving professional letting agents, and it’s just starting to get exciting. We are very proud to be at the forefront of this new service providing choice and flexibility for tenants.”