The integration, which allows letting agents register deposits with mydeposits Custodial and mydeposits Insured directly through Goodlord's lettings platform, is now being made available to all Goodlord customers after the success of its trial period with Andrews.
Registering deposits can be a time-consuming task for letting agents, taking as long as 10 minutes per tenancy to manually enter the tenancy details and then serve the prescribed information. Furthermore, deposits must both be registered and the prescribed information served within 30 days of payment. If not completed correctly, letting agents could face penalties of up to three times the amount of the deposit and section 21 notices could become invalidated.
The integration between mydeposits and Goodlord allows letting agents register deposits as soon as they are received, without the need to manually enter any data, reducing the risk of manual error. Once the deposit has been registered, the prescribed information is served to tenants automatically, keeping letting agents compliant with deposit protection legislation at the click of a button.
Goodlord 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, comments: "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."
Aaron Messenger, MARLA MNAEA, Compliance Officer, Customer Support, at Andrews Property Group, comments: "We use Goodlord's integration with mydeposits and it's a lifesaver. 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."
