After a very systematic and thorough selection process, the group of Martin & Co Scottish Offices has decided to use SafeDeposits Scotland to protect their clients’ deposit money.
Safeguarding of clients’ money is at the top of the agenda within the Martin & Co group. They have welcomed the introduction of custodial schemes which will control the handling of deposit money in the residential letting sector in Scotland.
Three schemes had been approved by the Scottish Government, but Martin & Co had to decide which Scheme they would use. Representatives of all three approved schemes were invited to an individual ‘Questions and Answers’ session during which a bank of questions was presented to them individually.
The questions covered the following aspects about their particular scheme:
* Business model including;
o Expected market share
o Previous and expected % of cases resulting in adjudication
o Previous and expected timescale for adjudicating disputes to be completed
* Mandatory and additional voluntary regulatory standards
* Protection of tenants’ and landlords’ data
* Avoidance of potential conflict of interest with other services that they offer
* Flexibility to transfer deposit from one scheme to another if the user requested
* Regional and local training
* Potential integration of their business with Martin & Co property management software
* Long term commitment of the scheme to the Scottish residential letting sector
During these very intense sessions each scheme was scored. At the end of the day it was very clear that SafeDeposits Scotland had the best position to support the service that Martin & Co already offer to the residential letting sector in Scotland.
‘Following fair and careful consideration of all three Scheme Providers it seems totally sensible that the Scottish Offices of Martin & Co support SafeDeposits Scotland, after all, they are the preferred provider of the Scottish Association of Landlords who represent the vast majority of residential landlords throughout Scotland’, Chris James, the franchisee of Livingston & Falkirk Office expressed at the end of the session.
‘SafeDeposits Scotland’s business plan is very sound and transparent, and it shows real commitment to Scotland’, Eduardo Prato, the franchisee of Aberdeen Office commented.
Now final arrangements are taking place so that training, procedures and new documentation are introduced within the timescales required by the legislation.
Rebecca Johnston, Operations Manager of SafeDeposits Scotland commented, ‘Martin and Co are one of the most recognised brands in the Scottish private rented sector, and I am delighted that they have chosen SafeDeposits Scotland to protect their clients’ deposits. The Scottish private rented sector is going through a period of significant change at present, not least with the introduction of tenancy deposit protection. SafeDeposits is now working closely with Martin and Co franchisees to ensure a smooth transfer of their deposits, and I look forward to a successful, long-lasting relationship’.
Martin & Co has 17 offices in Scotland and over 180 offices in the UK. They have recently won the ESTAS Gold Award 2012 for Best Large Chain (Lettings). www.martinco.com
Safe Deposit Scotland is a Scottish not-for profit organisation. The members of Safe Deposit Scotland are:
* Scottish Association of Landlords (SAL)
* National Federation of Property Professionals (NFOPP)
* Royal Institution of Chartered Surveyors (RICS)
* The Scottish Council for Voluntary Organisations (SCVO)
* National Union of Students Scotland (NUS Scotland)
* The Dispute Service (TDS)
Rebecca Johnston, Operations Manager, SafeDeposits Scotland, is available for interview or further comment: 0141 559 5010, firstname.lastname@example.org