Letting Agent FAQs
1. How do we join the Blinc Deposit Replacement Scheme?
Simply get in touch and we will send out our terms and conditions, once you are happy with them we provide a unique link that can be used to invite tenants to join the scheme. You do not need to use Blinc for any other services in order to offer the deposit replacement product
2. Do we need to use Blinc for our tenant referencing?
No. The Blinc Deposit Replacement Scheme is a stand alone product that can be offered without changing any of your current procedures. Tenants are required to have passed minimum referencing criteria
3. How much does a DRS cost?
For our standard 8 week DRS the cost is the equivalent amount to 1 weeks rent (this includes VAT), we do also have a 12 week option available at an additional cost
4. How does this benefit my landlord?
By accepting a deposit replacement your landlord additional security as our standard DRS is for 8 weeks, with the option of increasing to 12 if the landlord needs additional security. It will also make their property more attractive to potential tenants who don’t need to tie up large sums of money whilst in your property, you also gain assistance from Blinc at the end of the tenancy in agreeing deductions with the tenant(s)
5. How does this benefit my tenant?
Our deposit replacement has been designed to be a simple and affordable alternative to a standard deposit, and can help your tenant save large amounts of money on their upfront costs, making moving much easier, and allowing them to defer any charges until the end of the tenancy when they know what they are
6. How does this benefit me?
Not only will you receive generous commissions on each DRS sold, but by offering your properties as deposit free it will help attract a wider range of tenants for your properties and give you a competitive edge. You also make the end of tenancy process much easier with the assistance of blinc in agreeing charges
7. When does a Blinc DRS expire?
We offer a Blinc DRS for the life time of the tenancy, meaning the period the same tenants occupy the property, even on renewal of a fixed term or periodic agreement. However the initial term will be for 12 months and will require confirmation that you wish to extend the product each 12 months, this is however completely free of charge to you and your landlord
8. What happens if a tenant doesn’t pay the annual administration fee to Blinc?
The tenant would be in default to us, but this would not affect our agreement with you and your landlord
9. Who pays for the charges at the end of the tenancy?
The tenant is liable to pay all charges at the end of the tenancy, however if they fail to do so, Blinc will pay you/your landlord and we will chase the tenant for payment separately
10. What happens if a tenant doesn’t pay Blinc the charge amount?
We will peruse the charge from the tenant, failure to pay may result in us passing the debt to a third party, and may affect their ability to obtain credit in the future, however this will have no bearing on you or your landlord
11. What happens if a tenant disputes a charge?
Blinc have partnered with HF Resolutions Ltd for our adjudication service, this is the same provider as ‘MyDeposits’, if a tenant disputes a charge we will pass the case to them and their decision will be final
12. Is the product safe?
Yes. The Blinc DRS is a guarantee, not an insurance product, however Blinc purchase an insurance policy for each DRS where the the insurer has a Standard & Poor’s A+ rating. This insurance is fully regulated by the FCA (Financial Conduct Authority) and covered by the FSCS, so Blinc are able to look to the FSCS if the insurer were to fail. The Landlord and Letting Agent are also added to the insurance as a beneficiary, meaning you can claim directly from the insurer if Blinc are not available.
13. Can we insist our tenant take a Deposit Replacement?
No. It is the Landlords decision to accept a deposit replacement, if they do not wish to accept it, then the tenant must be able to pay a traditional deposit
14. Is this a ‘fee’ and how will it be affected by the Tenant Fee Ban?
A Blinc DRS is not a ‘fee’, it is something that is offered to the tenants, and remains their decision to use this service, or pay a traditional deposit, meaning it will be unaffected by the tenant fee ban