Member Article

North East letting agent is the first to abolish deposits making renting simpler and safer

The North East is the best place in the UK to rent and rent out a home – thanks to one local firm’s ongoing rental revolution.

Property firm KIS were the first letting agents in the county to abolish deposits, replacing them with a one-of-a-kind landlord insurance policy and asking tenants to nominate a home-owning friend or family member to guarantee their rent.

KIS has this week signed an exclusive deal with a major insurance broker and insurance provider to launch Let By Cover – which removes the need for the guarantor and offers tenants and landlords:

• Guaranteed rent
• Legal assistance – including court and bailiffs fees
• 30% lower than average move-in fees for new tenants
• 24-7, 365 days a year emergency home repairs, administered by a third party.

In less than a week since Let by Cover’s launch, KIS have seen a threefold increase in the number of properties it manages being rented out.

The firm, which recently expanded into residential sales, manages properties for 700 landlords from branches in Sunderland, South Shields and North Shields and was named Letting Agent of the Year at the national Landlord and Letting Awards 2013.

Founder and Managing Director Ajay Jagota said: “The KIS renting revolution is evolving – making it simpler and safer to rent or rent out a home.

“As an industry and a society we’ve got it into our heads that deposits are just something you do, but future generations will look back on them the sense of embarrassment and amusement we have for the clothes we wore 20 years ago.

“£500 will barely cover a landlord in the event of serious damage to their property or serious rent arrears, even if you can convince the deposit protection scheme to pay out. At the same time they’re limiting potential tenants to people who have several hundred pounds lying around or starting tenancies with tenants who are financially stretched, which is not exactly the perfect recipe for a long-term tenancy.

“Let By Cover makes it easier to find and keep homes and easier to find and keep tenants, with peace of mind and security for everyone – and less than a week after launching we’ve seen a 300% increase in properties we manage being rented out, so it’s clear that both renters and landlords agree.”

This was posted in Bdaily's Members' News section by Ajay Jagota .