"RBS prides itself in being an innovative broker that is first to market with new products. And in so doing partners with a number of organisations that offer products and services that are both new and innovative. Rentshield is a cutting edge service offering and product mix that we believe our clients will wholeheartedly benefit from in both short and long term" says Julian Parr, head of Marketing and Communications at RBS.
According to Parr, Rentshield will be handling all the administration around the claims and underwriting process, while RBS focuses on the sales and advice side of the process. Rentshield will be offered to RBS clients as a choice over and above their products and services already offered to clients.
Martin Goodman, director of Rentshield, said: "We are proud to be associated with RBS Katz Breskal and believe our product will offer peace of mind to landlords across the board, as it protects them in more instances than a traditional deposit would. The old-school idea of an upfront deposit is dated and landlords are increasingly starting to realise the security and peace of mind Rentshield can add."
This new product offered by RBS takes care of many property investment risks associated with letting a property, including a loss of rental income for up to three month's rent. Should a tenant not pay on the due date, a slow payment solution is offered where the rent gets paid into the landlord's account within 48 hours of them submitting a claim.
It also covers the landlord's legal fees during the eviction process up to the value of R50 000 and ensures that all processes fall within the scope of the Consumer Protection Act. Other benefits include protection of up to one month's rental for unpaid utilities, any malicious damage to the property and absconding tenants.
Parr Concluded: "As brokers, it is our responsibility to objectively provide our clients with the widest range of products and honest advice. RBS is seen as a market leader in terms of their service offering and Rentshield simply adds value to our services."
