The question is why wouldn’t you? With Reposit you receive 8 weeks’ worth of tenancy cover which is 3 weeks more than a cash deposit - completely free of charge to you!
Reposit gives tenants the opportunity to reduce initial moving costs while providing landlords with better end-of-tenancy protection.
Instead of a 5-week cash deposit, tenants that choose Reposit pay a non-refundable Reposit fee equivalent to 1 week's rent (subject to a minimum of £150).
You will also benefit from more interest in your properties and faster lets since tenants won’t need to pay a hefty lump sum deposit to move in. Not to mention you will have happier tenants!
Are tenants still liable for any caused damages?
Yes, tenants are responsible for paying back all charges they are found to be owing at the end of their tenancy.
The tenants are informed of their liability before purchasing a Reposit. Therefore, they will be required to cover any costs for caused damages, rent arrears, or cleaning that have been deemed owing.
How long does a Reposit last?
A Reposit runs for a two year term as standard. You can continue to extend a Reposit from your dashboard as the tenancy continues.
Extending a Reposit is quick and straightforward, please refer to our tutorial which shows you how to do this.
Is it compulsory for tenants to use Reposit?
No, as a non-mandatory fee, Reposit must be offered as a choice to tenants.
If there are multiple tenants, all tenants on the tenancy must agree to use Reposit. There cannot be a split of tenants using Reposit and a deposit on the same tenancy agreement.