Lesson 1 – Use digital for two-way interaction

When lockdown started, TDS accelerated their online guidance to help estate agents, letting agents, landlords and tenants charter their way through the sudden paralysis of the rented housing sector. This resulted in the launch of new digital solutions that would not only advise members on what to do but also accompany them on that journey.

Firstly, a FAQ web page was published, fuelled by the growing number of questions from customers on how to comply with legislation whilst adapting to challenges. As the information surrounding each of those tenancy deposit related questions became clearer, TDS launched a series of webinars to expand on each topic. This allowed agents to interact with experts in a live environment, remotely from their homes, and stay in the loop on changing guidance.

Historically, digital content in the PRS (Private Rented Sector) has often been one-way, but this situation has shown us all how effective two-way digital engagement can be – and how much easier it is to engage through online webinars and video meetings than we maybe thought. Whilst we all look forward to meeting up in person again in the future, online events, training, and meetings offer a way to recoup on lost time and money as we move forward.

Lesson 2 – Regular, clear communication is key

One of the key lessons learned by TDS and its members during COVID-19 has been the importance of communication – at a time when traditional meetings were prohibited. During such uncertainty, it has become essential to stay in touch through other mediums, and to be clearer with the content of those messages.

Tenants have been stranded in homes, check-outs have been delayed, estate agents have been on pause, and landlords have been confused as to what the right course of action should be. By introducing a new set of practices for communicating, many tenancy disputes have been avoided, money has been saved and relationships preserved.

By keeping in touch and updating tenants on responsibilities, delays, and changes, deposit disputes can be resolved early and amicably without the need for further action. This not only saves time and money – it maintains reputations and makes life a great deal easier.

Lesson 3 – Look for ways to streamline to save time and money

During lockdown, there has naturally been a review of tenancy processes and a refocus on best-practice. Where agents have been forced to work remotely, they have found themselves seeking new and better ways of working with greater efficiencies than before.

Perhaps this is one of the greatest lessons we can take forward. Whilst there is still uncertainty ahead, we should take stock of what wasn’t working and make the necessary changes to save time and money in the future.

Start by looking at where time-savings have been made over recent weeks, and where more could be found as normal practice resumes. Can digital solutions streamline processes? Is it time to switch suppliers to those that have the technology and customer service track record to speed up tenancy deposit protection?

To find out more about how TDS Custodial saves its members time and money, visit Tenancy Deposit Scheme.