- Vonder will have access to wider pool of prospective tenants to gain improved income, improved risk and at lower costs
- New simple, smooth service sees tenants moving in faster, with no need for deposits through the introduction of Depositless service
- Housing Hand partnership means Vonder can rely on receiving 100% of its rent, 100% of the time for guaranteed tenants
UK rental guarantor service Housing Handand living and lifestyle brand,Vonder,have announced an exciting partnership for the brand new Vonder Wembley. The partnership will see Housing Hand provide a validation and Depositless guarantor servicefor Vonder’sbrand new living complex, which boasts312 beautifully designed apartments with state-of-the-art amenities in London’s Wembley Park.
With several international locations as well as a wide range of sites in the UK, Vonder is familiar with the pain points involved in moving tenants in. The challenge for companies providing all-inclusive spaces, and for those providing Build to Rent homes and purpose-built student accommodation (PBSA), has been that they usually need to rely on multiple providers to handle the process of taking tenants from application through to occupancy and the ongoing credit control once they move in.
This is where Housing Hand comes in. The dynamic company, which is well-known as the leading provider of rental guarantor services in the UK and Ireland, is providing Vonder with an extended guarantor service that includesDepositless renting for the Vonder members. The ‘Depositless’ renting removes a major barrier for renters. At the same time, the easier and faster onboarding process supports the effective movement of the market.
Through its partnership with Housing Hand, Vonder will also enjoy access to a wider pool of prospective tenants. This is because Housing Hand’s minimum affordability criteria is 1.5 times the monthly rent, as opposed to 2.5 times or even three times for standard reference checks.
“The time it takes to find and rent a property is quite time consuming in the current marketplace,not to mention the need to find a large sum of cash for the depositand first month’s rent. This means the tenant journey becomes longer than necessary. The extension of our service eliminates the need for a deposit for guaranteed tenants and reduces the risk for Vonder, as we take all the liability and legal cost.
“We are delighted that this partnership with Vonder means their tenants can enjoy a faster, smoother rental process, while Vonder benefits from a more efficient and more cost-effective service.”
James Maguire, Head of Sales and Business Development, Housing Hand
The seamless, simple process is a game-changer in terms of reducing the time it takes to rent out a property. Housing Hand has cut out the deposit requirement through Depositless guarantees. The company will provide a guarantor for tenants, meaning that Vonder can rely on receiving 100% of its rent, 100% of the time for all guaranteed tenants through Housing Hand. If any tenants don’t pay, Housing Hand will do so instead.
The Depositless service stands out from and is not similar to alternative deposit services on the market for several reasons. It is included in the cost of an extended guarantee, claims are paid out during tenancy rather than the end and at a lower price.
“We are delighted to have signed this new partnership with Housing Hand. Our ‘all-in-one living’ concept pioneered at Vonder Wembley is about providing private renters with not just somewhere to live that offers everything they need to socialise, exercise and work, but an experience that is frictionless and stressfree. The integration of Housing Hand’s services into the offer helps achieve that, ensuring the entire process of finding, securing, moving in and living in Vonder Wembley sets new standards in the sector.”
Tomer Bercoviz, CEO,Vonder
Housing Hand’s research has revealed that many Build to Rent and PBSA providers are running with a default rate of between 8% and 10% as standard. Pre-Covid, most providers were able to reduce that default to a write-off of around 1%, while post-Covid the figure is closer to 3% of total revenue. Reducing that default rate to 1%, or even 3%, requires the provider to involve costly legal fees, credit controllers and more.
Under the new partnership, Housing Hand saves Vonder from these expenses, which more than cover the cost of the new service. At the same time, Housing Hand ensures that Vonder receives every penny of its rent, reducing their credit risk to zero on all guaranteed tenants and delivering peace of mind, while also removing a great deal of hassle.
“It’s been really exciting to partner with Vonder and to build the start of such a ground-breaking service. It’s taken just 8 weeks to move from our first discussions to having the service ready for onboarding from October. There’s some real excitement and dynamism feeding into this – it’s a major overhaul of traditional rental arrangements.”
Graham Hayward, Chief Operating Officer, Housing Hand
For more information, please contact Housing Hand today on +44 (0) 207 205 2625 or visit https://www.housinghand.co.uk/