Deposit? Or Reposit?
It’s the kind of tech innovation story that appeals… an actor from Northern Ireland moves to London, encounters a problem and joins forces with a web engineer to find a solution (as opposed to a serial entrepreneur finds a solution, looks for a problem and an angel investor). The problem? The struggle to raise six weeks’ rent as a deposit on a let. The solution? Reposit takes a single week’s rent as a payment, then promises landlords to reclaim damages for cleaning/breakages etc at the end of the tenancy. Agents are encouraged to register with Reposit, who point out it’s often the deposit-plus-one-month’s-rent that slows the process down and results in voids. (There’s also an affiliate scheme to encourage agents.)
The appeal for tenants is obvious. But a landlord, particularly one in London, where a significant proportion of tenants are “passing through” before returning to a variety of countries, might feel insecure without knowing the money’s actually there. See what you think.