Zero Deposit has celebrated its mass-market launch and announced it is already in 400 branches.
Founder Jon Notley said the tenancy deposit replacement company is now launching between 200 and 250 branches each month, and has 1,500 already contracted.
Among those going live this week was Foxtons, while the product is already available in most Your Move and Reeds Rains branches.
The Connells Group roll-out starts imminently, and Notley said he will be making further big-name announcements in the coming weeks.
Altogether, Notley expects there to be between 2,500 and 3,000 agency branches within a year, offering tenants an alternative to traditional deposits.
The early successes of ZPG-backed Zero Deposit have been announced as the company officially launched this week at a gathering hosted by Knight Frank in its central London headquarters.
Comments (5)
Should that read 399 branches?
https://www.propertyindustryeye.com/eye-newsflash-foxtons-shutting-flagship-park-lane-branch/
These deposit replacement schemes will without doubt become very popular. Some agents are already using the product to attract tenants and it is proving an effective marketing tool. Eventually most agents will have to offer it as an option because that is what the market will expect.
Well done Jon, a simple product which is a ‘no brainer’ for tenants and I’m sure with the support you’ve got from investors and agents it will be a great success.
Any agent using such a scheme will need to ensure any *commission* earned from a tenant purchasing such a service has been transparently communicated to the landlord.
I wouldn’t worry about the Your Move branches doing it. Compliance is one thing they have nailed. They once tried to stop me calling a bedroom a bedroom because it was empty!