Our spotlight this month is on The Depositary, an automation software that removes the frustrating admin associated with ending a tenancy.
Founders, Kristjan Byfield and An Deckers didn’t set out to create a software company. As they managed the end of tenancies within their own agency, they found it to be the most thankless and boring task, and just felt there must be a better way!
Here at Atomic we recommend The Depositary for those acquiring lettings businesses. We understand the impact it can have, saving valuable time and ensuring seamless compliance every step of the way.
WHAT DOES THE DEPOSITARY DO?
In a nutshell, The Depositary is a software that automates the process of concluding a residential tenancy.
From notice to refund, the system they’ve created takes the tenant through the process step by step, removing the need for endless calls and communication with your team.
Their mission is to ensure you’ll never need to read a checkout report again.
WHAT ARE THE BENEFITS FOR AGENCIES?
You get your time back – The Depositary claim you can reduce the admin of ending a tenancy by 90%, as the process takes just 15 minutes. Think about all the time you spend now and consider what you could spend it on instead!
Set tenants up for success – Automated weekly emails over the last four weeks of a tenancy, ensure your tenants are equipped to return the property in pristine condition, minimising deposit deductions and speeding up deposit refunds. Just customise these communications once and update them at your convenience, leaving the system to do the rest.
Checkouts and meter readings – Confirm checkouts, capture reports, and record meter readings seamlessly. Integration with their utility management partners means these tasks occur automatically, requiring zero manual intervention from your staff.
Handle deposit deductions with ease – When proposing deposit deductions, rely on concrete evidence rather than emotions. Enhance your case with photos, documents, contract clauses, and inventory records, simplifying the process and increasing tenant acceptance rates.
Effortless dispute resolution – In the event of a dispute, compiling and submitting evidence can be time-consuming. However, with The Depositary, in just a few clicks, you can generate and submit comprehensive Dispute Files, reducing hours of work to mere seconds.
All the data you need – You can run various granular reports that give you the level of data you need to judge performance. Data can be built into performance reviews and allows you to set goals for the future.
All the training you need – The Depositary offer free training for life, empowering agencies, and any future new starters, to navigate the system with confidence.
THEY HAVE BIG PLANS FOR THE FUTURE…
The Depositary to date, have helped agencies successfully end 39,000 tenancies.
But they’re always looking for ways they can improve the software. The process currently takes 15 minutes, but their ambition is to get that under 10.
In their office they have a dynamic data screen that shows the number of tenancies moving through the system and the time taken.
They’re determined to get the average process completed within less than 10 days, so when they hit that 9-day mark, they celebrate!
Co-founder, Kristjan Byfield explained:
“We’re also going on a journey with AI and testing it in the background. We’re excited to start showing the industry what we’ve done, which is actually quite staggering.”
TAKE A LOOK
If you want to find out more about The Depositary then they have a great website that demonstrates exactly how the system works – https://www.thedepositary.com.
Plus, they’re really open about their prices, don’t charge set up fees and don’t have a cap on the number of users, so definitely worth a look.
