Highlights
- Reposit has worked with Settio since 2020, Settio are an all-inclusive high-service level lettings management agency
- Reposit’s fully compliant and FCA-regulated product offers a streamlined end-of-tenancy process, saving Settio’s agents 3 hours in administrative time per tenancy compared to traditional deposit processes.
- Reposit’s FCA regulation ensures transparency and reliability, essential for Settio’s service-driven business
- The partnership has significantly improved Settio’s efficiency, reducing void periods, and enabling the lettings agency to provide a better service to landlords and tenants
“Reposit has been a game-changer in managing challenging tenancies. Reposit has the obvious advantage of being a better option for the tenant; it’s a cheaper entry point compared to a traditional deposit, but the huge difference for us was the outcomes. Property managers had a really smooth journey talking to Reposit and getting money back to our landlords really quickly.
The partnership has not only streamlined administrative processes but has also elevated the overall experience for our landlords, tenants and property managers.”
Samuel Fitz-Hugh, Co-founder – Settio
Company Overview
Founded in 2017 Settio are proud to support over 2,000 global landlords and have established their brand as new-build, city centre specialists. With their head office in Manchester and a presence in London and Birmingham, as well as their Asia-Pacific base in Singapore, they’re never too far away from their landlords and tenants. Settio offer a unique all-inclusive approach to UK property management, meaning unlike the majority of their industry, they include everything required to effectively support landlords, from apartment handover and snagging inspections, to electrical safety testing and tax efficient summaries.
Reposit partnered with Settio in November 2020 to help enhance the experience for landlords and tenants. The majority of Settio’s landlords are based overseas, while a significant portion of their tenants are international and often leave the UK at the end of the tenancy agreement.
Challenges
Traditional deposit schemes often lead to lengthy disputes, delayed settlements, and an increased administrative burden for lettings agencies. Many of Settio’s tenants had been willing to waive the cash deposit. However, the conventional deposit handling process often means a prolonged waiting period of six weeks or more for any resolution, particularly when responses to deposit return requests are missing or require proportional division.
Settio sought a solution that simplified the end-of-tenancy process, facilitated a more efficient submission of claims and evidence by both Settio and the tenant, while also providing robust protection for landlords and tenants.
The Solution
Reposit’s deposit alternative product appealed to Settio for a number of reasons. The simplicity of Reposit’s platform, combined with its FCA regulation, made it stand out among the other options available on the market. Reposit’s commitment to a seamless and transparent process addressed the challenges Settio faced in managing tenancy deposits.
The Result / Benefits
Efficient dispute resolution:
The platform’s adjudication process allows for faster dispute resolution, ensuring property managers have a smooth journey in communicating with Reposit and securing funds quickly for landlords.
Faster settlements and reduced void periods:
Compared to traditional deposit schemes, Reposit facilitates faster settlements, ensuring Settio’s landlords receive their compensation promptly. Eliminating issues related to void periods also allows for a more seamless transition between tenancies.
Enhanced landlord protection:
Landlords benefit from Reposit’s higher level of protection, offering coverage of up to eight weeks. The speed at which compensation and repair work reimbursements are processed also provides significant value for Settio’s landlord clients.
Streamlined admin process:
Reposit continues to play a crucial role in Settio’s tech journey by significantly streamlining their internal processes. On average the Reposit platform enables agents to save around three hours per tenancy, during the end of tenancy process when compared to administering cash deposits. Since November 2020, Reposit has delivered substantial savings to Settio, estimated at 2037 hours in administration time.
A positive tenant experience:
The Reposit platform has simplified the adjudication process, making it more accessible for tenants. Tenants also appreciate the flexibility to choose between Reposit and a traditional deposit.