The Letting Partnership has unveiled DepositAudit™—a pioneering service aimed at helping letting agents ensure their tenant deposit records align perfectly with tenancy deposit protection (TDP) schemes, helping them stay compliant and avoid penalties.
DepositAudit offers letting agents the ability to easily identify any inconsistencies between their internal deposit records and those held by TDP schemes, eliminating the risk of incurring unnecessary costs due to ‘ghost tenancies’ left open. Responding to concerns from agents about maintaining accuracy in deposit schemes, this cutting-edge solution removes the need for manual reconciliation, a time-consuming task that can take several days even for smaller portfolios.
Jennifer Markham, founder of The Letting Partnership, shares, “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 adds, “DepositAudit was born from our commitment to help agents reduce compliance risks and in the vast majority of cases save money.”
Early feedback from users of DepositAudit has been extremely positive. Paul Morris of Scoffield Stone expressed, “This is a very, VERY useful report—Two of the results alerted me to issues which could have had serious consequences.”
The service has also been well received by industry leaders. James Garvey, Head of Client Management at DPS, commented, “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, highlights DepositAudit’s advantages: “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 endorsement, saying, “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.”
With a history of delivering award-winning services—including twice receiving The Negotiator award for outsourced client accounting and being honoured with The Queen’s Award for Enterprise: Innovation for their HealthCheck—The Letting Partnership continues to offer forward-thinking solutions to meet the needs of the lettings industry.
To mark the introduction of DepositAudit, The Letting Partnership is offering a 10% ‘Early Bird’ discount to agents completing their DepositAudit by 31st December 2024. For more details, contact 01903 957019 or visit https://www.thelettingpartnership.co.uk/depositaudit/.