Challenge
Safeguarding tenant deposits is a legal requirement for letting agents and landlords alike. When a new office manager joined a branch of Northwood Letting Agents, she wanted a simple solution for managing these deposits. While the branch was using an Insured scheme, she thought a Custodial scheme would be a better choice. Under the Custodial option, the deposit protection provider, not the branch, would be responsible for holding the deposits, providing the highest levels of deposit security without the need to pay fees for protection.
Solution
With the goal of protecting tenant deposits and streamlining deposit management for the branch, the office manager contacted The DPS. “By moving to a Custodial scheme, we know The DPS have the deposit and it’s safe.”
Northwood was immediately assigned a dedicated account manager. The first step was to manage the transfer process for the current deposits.
Making the switch from their previous Insured provider to The DPS was simple. “My Account Manager sent me a simple spreadsheet to fill in which was easy to do, then they let us know when they were pressing the button to move everything over. The switch was seamless,” says the office manager.
Moving forward, every new tenancy at the branch would have its deposit protected with The DPS. “When we have new landlords who wish to manage the properties themselves, we can send them a link to set up their own account with The DPS. We inform them that it’s free and easy to administer.”
While The DPS helps letting agents, they also help landlords and tenants – transparency, simplicity and security are built in. The DPS provides support and education about any disputes so everyone involved understands the situation.
“Because we use The DPS’ Custodial scheme, when there is a dispute the tenant knows that it’s not the landlord holding their money. The results of disputes are always clear and fair to everyone. I feel confident I can tell tenants that The DPS is there for them and will listen to them if they have concerns. It feels really genuine.”
The office manager is also pleased by the high level of service provided by The DPS. “There are open lines of communication with our Account Manager at all times, and the support team is always available if I need them. The support we get just makes life easier.”
Results
- The DPS assisted Northwood in moving 71 deposits as a bulk transfer.
- Tenants have the peace of mind knowing that an agent isn’t holding their money; the funds are held safely by The DPS.
- If there is a dispute, tenants can trust that The DPS will listen to their concerns, and the results of disputes are always fair to all parties involved.
- Northwood can rest assured their deposits are securely protected without needing to pay fees.
