Do I have to pay to offer tenants Reposit?
No, Reposit is free for agents and landlords. We don’t charge agents or landlords to sign-up with us or to offer tenants Reposit. In fact, we actually pay you a commission of 5% of the monthly rent. Aside from the benefit of a new revenue stream, we save agents from spending hours registering deposits and remove the risk of fines for not registering the deposit on time.
Which tenants are eligible for Reposit?
Tenants who pass referencing checks or who have a referenced guarantor are eligible for Reposit. We offer a full ID check, credit check, and anti-fraud to all our landlords and partner agents through the Reposit platform, increasing the savings when using Reposit.
Reposit is available for tenants receiving DSS or students with no credit score as long as the landlord/letting agent also accepts a guarantor.
Is the tenant still incentivised to look after the property?
Yes, tenants are still liable for any damages and they will still have to pay any costs at the end of the tenancy, exactly like they would with a deposit. We make the tenant fully aware that we are not offering them insurance when they docusign our terms and conditions.
Additionally, we offer tenants a reduction in their Reposit fee for looking after the property. As long as the tenant leaves the property with no outstanding charges against them they will pay a lower fee on their next Reposit.
What is covered by a Reposit?
We honour whatever is in your own contact with the tenant up to the value of six weeks’ rent. This includes but is not limited to, any damages to the property or garden, missing items, unpaid rent and cleaning costs.
What’s the process if there are damages at the end of the tenancy?
At the end of the tenancy, after negotiating with the tenant as normal, you log in to your Reposit account, type in the charge and reason and it will be sent directly to the tenant(s). Your tenant can pay directly using any card and we pay it across to your nominated account in one working day.
How long does a Reposit last for?
Up to 12 months, but it can be extended after this period if tenants pay a £30 top-up fee every additional 12 months.
How does Reposit work for a joint tenancy or a HMO?
Multiple tenants (up to 20 per property) can be added to a Reposit. They each pay their share of the total weekly rent for the property and remain jointly and severally liable for any deductions at the end of the tenancy.
With a HMO, each tenant simply has their own Reposit for their room at the address and pays their own fee of one weeks rent.
Can I offer Reposit as well as a standard deposit?
Yes, we encourage agents and landlords to Reposit as a choice rather than the only option. In some cases the landlord or tenant may prefer to pay a traditional deposit.
How do I convince my landlords to allow Reposit on their properties?
We understand that your landlords may feel secure if you hold the deposit or put it into a scheme. However, we offer up to six weeks’ rent for any damages or arrears as outlined in your contract.
To help you introduce Reposit, we provide landlord specific information and support to our partner agents. Click here to email Charlotte for more information.
How can I be sure Reposit will be able to pay damages if the tenant defaults?
If there are any damages, we always try to recover the funds from the tenant first using the bank details they used when they paid their Reposit fee.
If the tenant is unable to pay for agreed costs at the end of the tenancy we still endeavor to pay out within 28 days of an accepted claim or dispute decision.