Strong Financial Position Cuts Costs for TDS Members

Subscriptions to the Tenancy Deposit Scheme and the cost of registering each tenancy are both to fall from April. This was announced at the ARLA Conference yesterday by Steve Harriott, the Scheme’s Chief Executive.

The minimum annual subscription for agents with less than 50 tenancies is being reduced substantially, from £750 to £500. The basic fee of £15 for each tenancy for NFOPP and RICS members and £18 for NALS and Law Society members will both fall by a pound. However, only ten percent of the whole membership of the Scheme will pay these in full.

Explaining both price cuts, Steve Harriott pointed out that with the scheme back in a strong financial position, it is keen to do as much as possible for smaller agents and to remain strongly competitive. The reduction in the cost of tenancy registration leads to a fee of less than £6 per tenancy when coupled to the 60% discount already generated by nearly half the membership. “And most members who are not eligible for the maximum discount are generating discounts of up to 25%,” he added.

The fall in the cost of subscriptions has been achieved due to the changes in the fee structure and despite the huge rise in the number of disputes.

Commenting on changes made within the Tenancy Deposit Scheme, Steve Harriott listed some steps recently taken. These include the Users Forum, which has already met four times, and the programme of Meet the TDS events. This programme started last month and the first event was oversubscribed three times over. An e-consultation programme has been launched, together with monthly e-newsletters and the new Member Relations Team is already active.

“Also very important,” said Steve Harriott, “is the demolition of what was described as a Berlin Wall. All senior managers at TDS can be reached on direct lines now and the call centre can put through enquiries that they are unable to handle themselves.”

2nd March 2011

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