The Letting Partnership has launched DepositAudit™—a revolutionary service designed to assist letting agents in maintaining tenant deposit records in full compliance with tenancy deposit protection (TDP) schemes, thereby helping them avoid fines and penalties.
With DepositAudit, letting agents can now effortlessly spot inconsistencies between their internal records and those of TDP schemes, ensuring compliance and reducing the potential for unnecessary costs caused by keeping ‘ghost tenancies’ open in deposit schemes. Developed in response to agent concerns over deposit scheme accuracy, this innovative solution provides a time-saving alternative to manually reconciling deposit records, which can often take days even for small portfolios.
Jennifer Markham, founder of The Letting Partnership, explains, “When agents come to us for client accounting, we begin by reconciling their protected deposits and in around 95% of cases we find mismatches!” She continues, “DepositAudit was born from our commitment to help agents reduce compliance risks and in the vast majority of cases save money.”
Feedback from those using DepositAudit already has been overwhelmingly positive. Paul Morris of Scoffield Stone commented, “This is a very, VERY useful report—Two of the results alerted me to issues which could have had serious consequences.”
Industry experts echo these sentiments. James Garvey, Head of Client Management at DPS, adds, “We recognise how crucial accurate and regular deposit reconciliation is for letting agents to meet compliance requirements. Our range of reporting options, which integrate smoothly with tools like DepositAudit, help agents streamline deposit administration and reconciliation. We’re pleased to be working with DepositAudit in simplifying deposit protection for our customers.”
Steve Harriott, CEO of The Dispute Service, also praises DepositAudit: “We have worked closely with The Letting Partnership over many years, incorporating their excellent HealthChecks into our compliance process. DepositAudit is another brilliant addition to TLP’s toolkit, streamlining the reconciliation of protected deposit accounts. It will save time, give peace of mind about deposit account integrity, and prove invaluable for portfolio sales, acquisitions, or for businesses switching their deposit protection from insured to custodial. We look forward to working with the TLP team to promote the roll-out of this new product.”
Tim Frome, Head of Government Schemes (mydeposits/CMP/PRS), adds his support: “Having worked with The Letting Partnership closely with agents’ client money HealthChecks, we are delighted to support the launch of their DepositAudit service. Having the correct deposit protection information registered is more important than ever, and we would recommend all agents to regularly audit their data.”
Building on a tradition of providing award-winning services—including twice winning The Negotiator award for outsourced client accounting and receiving The Queen’s Award for Enterprise: Innovation for their HealthCheck service—The Letting Partnership continues to deliver cutting-edge solutions tailored to the lettings sector.
To celebrate the launch of DepositAudit, The Letting Partnership is offering a 10% ‘Early Bird’ discount for agents who complete a DepositAudit by 31st December 2024. Interested parties can contact 01903 957019 or visit https://www.thelettingpartnership.co.uk/depositaudit/ for further information.
