How does it work?
For the cost of just a weeks rent tenants can choose to purchase the Zero deposit guarantee rather than pay a traditional deposit. This is a regulated deposit scheme meaning you get the same cover as a six week tenancy deposit and you don't have to pay a penny.
Just like a traditional deposit tenants are accountable for any damage to the property or unpaid rent. f you wish to claim money from the tenant for financial loss or damage due to dilapidations shown in the check-out report, the tenant will be given an option to pay you this figure. If the tenant cannot pay you the agreed figure, Zero Deposit will settle this amount and will seek reimbursement from the tenant directly.
Why should landlords choose zero deposit?
- Attracts tenants - Properties that offer the zero deposit scheme often stand out from competitors and get more demand from tenants as they pay less upfront rather than an expensive cash deposit.
- Speeds up the process - By reducing the upfront cost the scheme can speed process and reduce void periods.
- Fair check out process - The process ensures that disputes have a fair outcome for the landlord.
- Provides protection and peace of mind - You are provided with the same cover as a six week tenancy deposit and avoid the risk of falling foul of deposit protection regulations as you don't have to take the deposit from your tenants.
- Reduces paperwork - Unlike the traditional security deposit the deposit doesn't need to registered with a deposit protection scheme meaning you will save time and money.