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 references a guarantor on the tenant's behalf.
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 sign our terms and conditions. If a tenant defaults on any fair end of tenancy charges then Reposit reserves the right to take further action which may affect their future credit rating.
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 contract 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, with Reposit they will still have all the security of holding 6 weeks in the bank via our insurance backing. Our insurance partner is Canopius, one of the top 10 insurers in the Lloyd’s market.
To help you introduce Reposit, we provide landlord specific information and support to our partner agents. Email the Customer Success Team on email@example.com for more details.
How can I be sure Reposit will be able to pay damages if the tenant defaults?
If there are any damages or rent arrears, we always try to recover the funds from the tenant first using the bank details they used when they paid their Reposit fee. If this process fails our insurance partner, Canopius, will endeavour to pay out within 28 days.
Who are Canopius?
Canopius are our insurance partner and are one of the top 10 insurers in the Lloyd’s market. If at the end of a tenancy a tenant defaults on a fair payment then Canopius will pay out to the landlord.
How does insurance work with Reposit?
We are partnered with the insurance company Canopius, a top 10 insurer in the Lloyd’s market. Once a tenant pays the service charge, equivalent to one weeks rent, the landlord for that property is added to an insurance policy. This policy means that in the event a tenant defaults on a fair payment at the end of a tenancy, Canopius will pay out to the landlord. The maximum claim amount is up to 6 weeks worth of damage and rent arrears.