my|deposits, the leading provider of Tenancy Deposit Protection (TDP) in England & Wales, has announced it is to reduce its fees for letting agents from the 1st April 2013.
The new pricing means that letting agents with Client Money Protection (CMP) insurance will now benefit from reduced protection fees of just £10*. Letting agents without CMP insurance will still be able to protect their tenant’s deposits for £35.
The cost of protection covers the fixed term AST agreement period plus any statutory periodic extension.
The scheme is also rolling out a new annual pricing model which will offer even greater savings for letting agents depending on the number of deposits they register and the ratio of disputes they receive.
Eddie Hooker, Chief Executive, my|deposits, said:
“As a leading provider of deposit protection in England & Wales we must continue to invest in the scheme and we hope that these changes will help improve the experience for our letting agent members.
“Our pricing policy has remained stable since we began supporting letting agents in 2007, meaning we’ve consistently been able to offer reduced prices year on year. This year is no different.
“As a leading provider of deposit protection, we have a commitment to improving industry standards and whilst we are the only scheme open to all letting agents, we want to encourage those who are actively making a positive difference in the sector.
“As such, we’re rewarding agents who have Client Money Protection (CMP) insurance with reduced fees and offering further discounts to agents who can demonstrate best practice in tenancy management**.
“We constantly strive to be the best deposit protection scheme and by offering both a flexible pay-as-you-go payment model and a new annual protection model my|deposits can better support the individual needs of all letting agents, regardless of size”.
For further information about the kinds of support my|deposits offers letting agents, visitwww.mydeposits.co.uk/letting-agents