In this video, Upad founder and CEO James Davis talks to Ben Harris, Sales Director at Zero Deposit, about how landlords can offer the zero deposit option to their tenants.
How to Get a Zero Deposit with a Upad Tenancy
1. Upload your property advert to Upad and request more information about Zero Deposit when prompted. Your property advert on Rightmove and Zoopla can also show that you will accept Zero Deposit for your let. This typically attracts 26% more enquiries.
2. Once you have found the perfect tenant, instruct Upad to conduct tenant referencing, complete your AST, and collect the tenant's deposit. Please note that Zero Deposit is not available should you not take this action.
3. Upad will offer the Zero Deposit option to your prospective tenant.
4. If the tenant accepts the Zero Deposit option, they pay for the Zero Deposit Guarantee. If not, then we will carry on our tenant sign-up service to collect and protect their deposit as normal.
What are the Benefits of Choosing Zero Deposit?
Offering the zero deposit option has benefits both for landlords and for tenants.
In addition to the increased number of enquiries:
Tenants save money by only paying the equivalent of one weeks' rent rather than six.
Landlords reduce the amount of paperwork and admin, such as protecting the deposit, they have to do, thus making it easier to remain legally compliant.
Landlords are protected up to the value of a traditional six weeks' deposit in the event of repairs or cleaning being required at the end of the tenancy.