Deposit alternative provider Reposit gained 243 new agency or Build-to-Rent (BTR) partners in 2024 in a record-breaking year of growth.
The list of partners included Boydens, the family-owned estate agency with branches in North Essex and South Suffolk, while in the BTR sector Reposit announced partnerships with operators at various sites including The Ironworks in Sheffield with Plumlife and Pinnacle Group’s Lampton Parkside in Hounslow.
Last year alone they also secured over 20 new partnerships with a number of branches within the TPFG network, including Belvoir, Northwood & Nicholas Humphreys.
The number of new partnerships rose by 58% last year compared with 2023, while year on year revenue increased by 32% overall.
PROFITABILITY
And not only has the business grown its client base but also delivered its third full year of profitability.
Ben Grech (main picture), Chief Executive of Reposit says that the company’s performance reflected growing demand for deposit alternatives and the competitiveness of its offering which includes eight weeks’ cover for landlords instead of the usual five.
He adds: “Our significant growth in partnerships indicates how momentum is building for our product, particularly within the BTR sector where revenue increased by 34% last year compared with 2023.
“This was due to several factors including an increased drive for operators to reduce cost barriers and enable easier access to rental properties, ultimately providing an improved resident experience.”
GREATER PROTECTION
And he says: “Within the letting agency sector, revenue grew last year by 29% and we’ve found agents are flocking to deposit alternatives as landlords seek greater protection under the upcoming Renters’ Rights Bill, while agents look to minimise compliance risks.
“Solutions such as ours streamline administration processes, reduce legal risks, and provide landlords with extra security, all while offering agents a new and fully compliant revenue stream.”
Tenants who use Repost remain liable for any damage at the end of the tenancy, with any disputes resolved through an independent resolution service within 14 days.
