We've been hard at work making further improvements to our in-house finance system. We've just launched our new deposit deduction tracker. Here's a little bit of info on how it works and how it is already helping to cut down on admin time - allowing our team to focus on providing our high-quality service to all of our clients.

 

 

In the past, keeping track of 'tenant fault' deductions against a tenant's deposit, come the end of their tenancy, has been a battle. Scrawling back through email chains as far back as the tenancy began. Does anyone remember that hole in the wall 3 years ago? The tenant needs to be billed for that.

 

More often than not, tenants will be billed at the time of the issue, where appropriate, and they will pay during their tenancy to cover any damages they are liable for. In situations where the payment is held-off until the end of the tenancy, we need an easily accessible record of these charges to recap upon move-out and bill the tenant against their deposit that was paid on move-in.

 

Spreadsheets are a useful tool, but being able to keep these records secure against their account enables them to be accurately tracked throughout the tenancy and won't be missed when it comes to their move-out. This means that even if you or your tenant forget about that one issue they caused 5 years ago, our system will remember and will be there to refer back to once that tenancy ends. This enables us to work more efficiently and diligently to never miss an important detail.

 

We have mentioned our in-house finance software before, it is fully customisable and adaptable to our needs. Our Digital Team liaised with the Finance Team to understand exactly what information needed to be captured, where it needed to be captured and for it to accurately timestamp the information. By building small databases within our tenants' rent accounts, we can add these 'tenant fault' deposit deductibles to their accounts. This system is scalable for the entire duration of a tenant's tenancy. If they damage a wall in their first year and then leave the property 7 years later, we will still have that record fully accessible on their up-to-date rent account ready to claim back from the deposit.

 

You can rest assured that when the tenancy comes to an end, any costs you have or will have to incur for 'tenant fault' issues can be recouped through accurate and catalogued tenancy deposit deductions.

 

If you're looking for advice on how to deal with deposits and claims, check out this other article that we published here. If you have any further questions, you can call our expert team on 01482 562 562 📞