New platform provides instant deposit registration for letting agents

A new integration, which allows letting agents to register deposits with mydeposits Custodial and mydeposits Insured directly through Goodlord’s lettings platform, is now being made available to all Goodlord customers following a success trial period with Andrews.

Agents signing up to the platform will no longer have to register deposits manually and then serve the prescribed information.

The integration between mydeposits and Goodlord allows letting agents to register deposits as soon as they are received, without the need to manually enter any data. Once the deposit has been registered, the prescribed information is served to tenants automatically.

Aaron Messenger, compliance officer, customer support, at Andrews Property Group, commented: “We use Goodlord’s integration with mydeposits and it’s a life saver. We’re saving seven minutes on average for each deposit registered – more if there are multiple tenants! Not to mention the compliance hassle that’s off our plate and the comfort we can take in Goodlord’s automated deposit process – we’re working far more efficiently than ever before.”

Goodlord says that it intends to integrate with additional deposit protection schemes in the near future so that their customers can benefit from a range of options to drive efficiencies and reduce the risk of manual error.

Kate Mutter‑Bowen, head of tenancy deposit protection at mydeposits, said: “We’re thrilled to have integrated with the Goodlord platform to make it easier for all of our customers to protect their tenants’ deposits with the mydeposits Custodial and mydeposits Insured schemes straight away, ensuring they’re compliant with deposit protection scheme legislation right from the outset of the tenancy with minimal hassle.”

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2 Comments

  1. Woodentop

    Once the deposit has been registered, the prescribed information is served to tenants automatically.  
     
    Shock horror! I suspect there are many a letting agents who can see, if not been on the receiving end of this one, not done correctly that protects landlord and agent when the brown stuff hits the fan later. But then these system work in a perfect worlds where nothing goes wrong.
     
    Far better to stick with DPS?

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  2. Bosky

    “The integration between mydeposits and Goodlord allows letting agents to register deposits as soon as they are received, without the need to manually enter any data. Once the deposit has been registered, the prescribed information is served to tenants automatically.”  
     
    Deposit can be registered as soon as received, sounds great.
    Prescribed Info is served automatically once the deposit has been registered, that’s a headache out the way.
     
    Oh wait, does this mean there is a potential for the prescribed information being served too early! Legislation requires deposits to be protected and prescribed information provided to tenants within 30 days of receipt, but what defines receipt?
     
    Maybe wrongly, but I have taken the view that funds intended to be paid as a tenancy deposit should not be deemed a deposit until a tenancy has been entered into i.e. when the agreement has been signed and dated; after all, prospective tenants can withdraw prior to entering into a tenancy. However, as there is no case law that I am aware of to cover this issue, I ensure a tenancy is entered into well within 30 days of receipt of funds earmarked for a deposit and, at that point, provide the prescribed info.
     
    If prescribed info is served prior to a tenancy being entered into, there is a risk, in my opinion, that this is being served too early, so will need to serve again when the tenancy is entered into. With this in mind, does an automated system, such as Goodlord’s, increase the risk of serving prescribed info too soon, thereby creating a breach!  

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