Tenant Shop, an Inchora company is delighted to announce that it has entered into a new partnership with Reposit in order to provide a security deposit alternative product within its portfolio for agents, landlords and tenants.
Tenancy deposits have traditionally comprised six weeks rent and despite the cap in the Tenant Fee Bill bringing this to five weeks, a lump sum of this amount can be difficult for some renters to find. Reposit’s security deposit alternative provides a new way to rent property, with tenants only required to pay a single week’s rent as a service fee to add their landlord to a group insurance policy. The policy covers a landlord for everything that the traditional lump sum would have covered at less cost to the tenant.
This innovative product helps landlords fill their properties quickly and securely and gives tenants a deposit alternative. The product crucially includes eight weeks rent as cover (three weeks more cover than cash deposits can legally offer due to capping at five weeks rent) as well as Reposit dealing with all collections of owed money from the tenant via their platform.
Tenant Shop prides itself in offering the highest industry standard of products and services to its customers and this is where Reposit’s product excels. Unlike other security deposit alternatives, this product sees a tenant paying a service fee and Reposit then adding their landlord to a group insurance policy as a named beneficiary. As a result only the tenant’s landlord can cancel the policy. This means that the policy is not in the name of someone who cannot claim or be a beneficiary. This ensures maximum regulatory compliance and a far better customer outcome for both landlord and tenant.
Reposit’s scheme has significant check-out / claims data to prove that the product works end to end with independent arbitration in the case of a dispute. Underwritten by certain underwriters at Lloyd's, regulated by the FCA and covered by the FSCS, Reposit proves itself as the strongest product on the market.
Tenant Shop has been partnering agents for over ten years providing its dedicated technology platform SULU to help them manage tenancies and reduce workload. It provides agent, landlord and tenant services through notifications, dedicated account management, a unique void solution and utility, media and insurance services (including rent protection). Reposit will be added to the portfolio in April and will be provided in two ways. Letting agents and their landlords will be able to use Reposit via direct introduction from Tenant Shop or coupled with referencing via their preferred referencing partner, UKtenantdata.
Glenn Seddington, managing director for Tenant Shop stated: “We are delighted to add Reposit to our portfolio. We select our partners very carefully taking great pride in offering our agents best in class solutions. We did a significant amount of due diligence to find the right security deposit alternative and we feel that Reposit offers the best product on the market. This is a key addition for us as more and more tenants look for a new way to rent property without the hassle of a deposit. We are delighted to offer it to landlords and tenants through our existing and new letting agent partners.”
Stewart Hinchliffe, head of Regulatory Compliance at Inchora commented: “We were immediately impressed with the Reposit team. We have a shared ethos, believing that compliance standards are key and that products should be properly designed to meet the needs of the customer. This is an insurance product protecting the landlord’s interests and as such it is vital that the policy holder and beneficiary is the landlord and not the tenant. Reposit’s solution ensures that the landlord has peace of mind that they are protected and the tenant is provided with an alternative to the traditional six weeks lump sum deposit, that is difficult for so many. We are delighted to find the right fit for our business.”
Jude Greer, CEO, Reposit said: ““Right from the start we were impressed with the Inchora team’s attention to detail and their understanding of the deposit replacement sector. We try and make sure that we partner with companies that have a shared vision as well as product standards that match our own. We are delighted to be partnering with a company that has such a strong reputation in the market, as well as the opportunity to offer many thousands of tenants and landlords the option of using Reposit. Our mission is to make renting more affordable and accessible to tenants, and this partnership takes us one step closer to that goal.”