London firm partners with North East estate agency offering new tenancy deposit alternative
An insurtech company bringing tenancy deposit alternatives to the forefront of the residential lettings market has revealed its partnership with the North East region’s Pattinson.
Reposit helps landlords attract new renters by reducing upfront costs, and is said to open up properties to a wider demographic of potential tenants.
The cover is said to protect landlords from those same issues covered by a traditional deposit, such as rent arrears, damages and cleaning costs.
According to a 2017 House of Commons briefing study, between 1996 and 2006, the North East area saw an increase in private renting of 212 per cent.
Jonathan Parker, Pattinson’s head of residential lettings (MNAEA MARLA), said: “As a company, it is important that we are at the forefront of change and embrace new solutions to existing issues.
“The eight weeks of cover for our landlords was a key consideration, especially with traditional monetary deposits being capped at five week’s worth of rent come June 1.
“With FCA regulation and FSCS protection at the heart of Reposit’s product and a similar mindset to client care, our clients have the assurances they need. We are pleased to offer Reposit as an optional alternative to the traditional monetary deposit, therefore providing potential tenants with an informed choice over what route suits their circumstances best.”
The landlord is added to a group insurance policy that is FCA approved and protected by FSCS.
Jude Greer, CEO of Reposit, added: “It is great to partner with another major residential lettings agency. Pattinson has an amazing agency network across the North East. We are proud to be able to extend our offering to the North East.
“We have been impressed with the attention to detail driven approach of Jonathan and the team at Pattinson when it came to selecting us as a partner. We look forward to working with them for many years to come.”
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