Are you saving operating costs by using free deposit protection?

Recent years have seen continual change within the PRS, with increased taxation for landlords and investors, discussions about how to make housing more affordable for tenants in the face of continued rising rents and, most recently, the government’s consultation on the banning of letting agent fees paid by tenants. Although the preferred option within the industry would be to place a cap on fees, it seems a complete ban is the most likely outcome.

Letting agents could be forgiven for thinking the future looks a little bleak. However, there is one way to save on operating costs.

Custodial deposit protection with The DPS - a simple way to reduce your outgoings!

Insured deposit protection schemes charge a small fee to protect tenants’ deposits, with some also charging annual membership fees and renewal fees. Include bank transaction charges and administration costs onto these fees, and the price of insured protection can start to mount up.

Our Custodial deposit protection is free, and we don’t charge membership fees to any of our customers. You pay the deposit to us at the start of the tenancy, and we hold it for the duration of the tenancy, returning it directly to the agreed recipients when the tenancy ends. As we hold and manage the repayment of deposits, it will save on your administration costs and you may also see a reduction in your banking costs.

Multiple deposit submission and repayments

Need to protect or repay multiple deposits at once? Our multiple deposit submission tool, means you can send us as many new deposits as you need to in one transaction, reducing the amount of time you spend administering your deposit protection. You can also repay full or part deposits to your tenants with our simple multiple repayment service.

Paying deposits in instalments

You can also allow your tenants to pay in instalments or add an additional amount to an existing deposit, using our Incremental Payment facility.