A new scheme which allows tenants to move in without a deposit could speed up the property rental process for both tenants and landlords.
The Smart Deposit Warranty allows tenants to move in without paying a large deposit and provides landlords with up to two months’ rent if things go wrong.
Independent estate agents Sims Williams have launched the new scheme through their offices in Chichester, Arundel and Walberton.
Protection for landlords and tenants is vital
Landlords have traditionally asked for deposits as the best way to protect their property investment against damage caused by irresponsible tenants.
Although tenants’ deposits are legally protected, it can take a long time for people to save up and can restrict their ability to move quickly.
Speeding up the rental process is good news for everyone
Under the Smart Deposit Warranty scheme, tenants can pay a one-off fee and move in as soon as reference checks are completed.
Landlords will attract more potential tenants and claims for damages will usually be paid within 14 days.
It’s all about choice
As local lettings and property management experts, Sims Williams will continue to offer nationally-recognised tenancy deposit protection schemes for tenants and landlords (Safe Agent and Tenancy Deposit Scheme) and the new warranty scheme provides an extra level of choice.
Sims Williams lettings manager David Vawdrey believes offering more choice and flexibility will strengthen the local rental property market.
“We meet lots of great potential tenants who miss out on the chance to rent one of the properties we manage because of the time it takes to save a deposit. Being able to move with zero deposit will really help them.
“For the landlords who trust Sims Williams to let and manage their investment properties, the Smart Deposit Warranty provides as much, if not more cover than a standard deposit, without much of the bureaucracy involved in setting up a deposit protection arrangement,” says David.
How the Smart Deposit Warranty works
The Smart Deposit Warranty is provided by FCC Paragon and is available through Sims Williams’ offices in Chichester, Arundel and Walberton.
Once the tenant referencing process has been completed, tenants pay a non-refundable warranty fee instead of a deposit. The fee is equivalent to 25% of one month’s rent.
If a property is damaged at the end of a tenancy, the landlord can claim up to two months’ rental value to put things right.
Sims Williams – experience and knowledge you can trust
Sims Williams has been helping people to rent, let and sell their homes since 1981 and its dedicated lettings office in Chichester manages hundreds of properties on behalf of landlords with small and large property portfolios.
If you would like to know more about our property management services or the Smart Deposit Warranty, please call us on 01243 836055 or email email@example.com.