Covenant
Sample · Anonymised illustration · v4.0
Sample audit pack
Foster & Field Letting Agency.
You send us your rent roll. Within 72 hours, your book is live in the Covenant dashboard and this pack comes back with it — a ranked action plan across all 320 managed properties, with the evidence your managers need to act on it.
Annual managed fees in the first 25 priority actions
£36,760
across the 25 highest-priority actions in your book — portfolio account plans, retention saves, a new-instruction win, and the strongest under-market reviews. Identified inside your existing rent roll; the full payback model is on page 20. Methodology on page 23.
Foster & Field Letting Agency
21 Preston Street
Faversham, Kent ME13 8NS
01795 590 040
Faversham, Kent ME13 8NS
01795 590 040
Foster & Field, its properties, landlords, and tenants are synthetic. Comparable evidence, postcode medians, and market commentary are drawn from real UK rental data. Methodology · page 23.
COV-AU-2026-05-FF2
Covenant · audit pack · Foster & Field
Page 02 / 26 · What Covenant is
01 · What Covenant is
The dashboard behind this document.
Covenant is software your team logs into — not a consultancy, and not a one-off report. Upload a rent roll and the dashboard holds your whole book: where every rent sits against the local market, which reviews are due, which landlords are at risk, and the evidence behind every number. Each page that follows was generated from it.
covenant — foster & field · 320 properties · ME13
PropertyRentMarket positionStatus
21 Newton Road2-bed terrace
£995
Review overdue · 25 mo
Generate pack →
3 Brenley Lane3-bed cottage
£1,480
Renewal · 45 days
Open
14 Sondes Road1-bed flat
£850
No rise · check-in
Open
142 East Street4-bed period
£2,475
Portfolio plan
Open
106 Cyprus Road2-bed maisonette
£995
Pricing hold
Open
Illustration of the Covenant dashboard. The ‘Generate pack’ button on this row produces the rent-review pack on page 9.
/01 Every property, placed in its market
Each of your 320 properties is matched against recent local lettings and scored — market position, review age, evidence strength — refreshed as new comparables appear.
/02 Reports are buttons, not projects
Every evidence pack in this document — rent review, no-rise, retention, portfolio, new instruction, dispute — is generated on demand. Re-running one with fresh comparables takes minutes, not an afternoon.
Examples · pg 09–13
/03 Voids and time-to-let, in view
See how quickly homes like each of yours let at different asking levels — so pricing conversations run on evidence, not nerve.
Voids · pg 14
In a hurry?
In a hurry? Five pages are the spine: the leak (04), one property before and after (05–06), one finished pack (09), what a contested increase costs (16), and the payback (20).
Covenant · audit pack · Foster & Field
Page 03 / 26 · The book at a glance
02 The book at a glance
What Foster & Field's book looks like.
Six numbers that tell you where your book stands — each from your 320-property rent roll, matched against recent local lettings and scored. Detail follows on the pages shown.
/01 Book size
320managed properties
Single Faversham branch covering ME13 town centre and outlying villages. 130 landlords including 21 portfolio landlords. Average managed rent £1,331 per month.
Methodology · pg 23
/02 Fee base
£581,829
Annualised managed fees across the 320-property book. This is the number Covenant protects — everything in this pack is measured against it.
Payback · pg 20
/03 Reviews overdue
140properties · 43.8%
Have not had a recorded rent review in 18 months or longer. Every month without a review is a month where the rent stays flat while the market moves — these are the easiest cases for your team to act on because the overdue review alone justifies the conversation.
Detail · pg 04
/04 Under-market exposure
48properties · 15%
Currently charging at least £75/month less than similar properties nearby. That gap is large enough to support a rent review backed by local evidence — without pushing the landlord above market.
Detail · pg 04
/05 Retention risk
13landlord relationships
At least one warning sign: tenant in place 3+ years, landlord owns only one property with you, renewal date approaching, or no manager contact in over six months. Each one is worth a 15-minute call before the landlord quietly moves to another agent.
Pack · pg 11
/06 Portfolio landlords
21controlling 135 properties
Including one 12-property strategic account. Portfolio landlords need whole-account conversations, not isolated rent-rise letters.
Pack · pg 12
Covenant · audit pack · Foster & Field
Page 04 / 26 · Where the leak comes from
03 Where the leak comes from
Where £36,760 a year in managed fees is going uncollected.
Four ways your book is losing fee income right now — the £36,760 figure is the annualised fee impact of the 25 highest-priority actions across these categories. Each category names specific properties and tells your team what to do about them. The full ranked list is on page 19.
/01 · Missed reviews
140 properties
Have not had a recorded rent review in 18 months or longer. Most cluster in the 6–18 month range, but 23 properties have gone more than 28 months without a single review.
Months since last recorded review. Red bars mark properties 18+ months overdue — the 140 most-defensible review candidates.
/02 · Under-market exposure
48 properties
Currently charging at least £75/month less than what similar local properties are achieving. Each dot below represents one of your 320 managed properties, plotted by how far its rent sits from the local market.
Each dot is one of 320 managed properties. Red dots mark the 48 properties at least 7.5% and £75/month below the comparable median.
/03 · Retention risk
13 landlords
In the 90-day renewal window with at least one retention signal: long tenancy, single-property landlord, or no recent contact. Each warrants a call before the renewal letter goes.
Fee exposure if all 13 churn: £14,459/year. Retaining just over half of that covers the Covenant subscription for the year.
/04 · Disputes & void-risk
3 + 4 properties
Three properties need a defensible evidence trail before formal notice. Four sit above market with a tenancy ending within 90 days — the pack recommends a retention conversation, not an automatic reduction.
Named properties appear in the ranked list on page 19.
These properties are already in your rent roll. The audit hasn't invented opportunities — it has found the ones your team hasn't had time to surface.
Covenant · audit pack · Foster & Field
Page 05 / 26 · Before
04 · A property, shown twice
21 Newton Road, today.
AddressRent (PCM)Last reviewTenancy startLandlord
21 Newton Road, Faversham, ME13 8GU
£995
05 May 2024
12 Nov 2022
Dr M. Ravensbrook
One row · one of 320 · taken verbatim from Foster & Field's rent roll CSV
This is everything your rent roll tells you about 21 Newton Road — an address, a rent, a date, and a name. It doesn't tell you whether the rent is below market, what similar properties nearby are achieving, how confident you should be in a review, or who should call the landlord and when. The next page shows the same property after Covenant has processed it.
Continued overleaf · the Covenant pack version
Covenant · audit pack · Foster & Field
Page 06 / 26 · After
04 · A property, shown twice
21 Newton Road, in a Covenant pack.
Pack · COV-AU-2026-05-FF2-069
Rent review evidence · 2-bed terrace, ME13
Ready to send
88% · v1.0
Property
21 Newton Road
Faversham, ME13 8GU · ~68 sqm · Victorian terrace
Landlord
Dr M. Ravensbrook
four managed properties · on file
Current rent
£995 /mo
Last review
May 2024 · 25 months overdue
Headline action
Propose £1,110/month, effective 1 August 2026.
Modest, defensible, below the local top. Keeps the tenant in place and the landlord at mid-market.
Low£1,065Conservative
Suggested£1,110Recommended
Aspirational£1,160Top of market
Next stepSend rent review proposal · then file landlord-approved section 13 notice
OwnerEleanor Field
Due04 Jun 2026
Year-1 fee impact+£166 retained
Same property. Now your manager has everything they need to act: a recommended rent backed by three local comparables, a low-mid-high range so the landlord conversation has room to move, a score showing how strong the evidence is, and a named owner with a due date. The full evidence behind the number is on the next page.
Covenant · audit pack · Foster & Field
Page 07 / 26 · Comparable methodology · 21 Newton Road
05 · Comparable methodology · worked example
Why the postcode median isn't the answer for 21 Newton Road.
Sort Rightmove for 2-bed terraces in ME13 and the median is £1,165/month. That number is the postcode average — not what 21 Newton Road is worth. Each comparable on the next row is adjusted for what this specific property has: a Victorian terrace, courtyard garden, on-street parking, and EPC C.
Subject property
21 Newton Road, Faversham ME13 8GU
Current£995/mo
21 Newton Road, Faversham ME13 8GU
Type 2-bed end-terrace
Bath 1
Floor 68 sqm
Garden courtyard
Parking on-street
EPC C (75)
Boiler gas combi · 2019
Condition standard
Comparable 01 · same street
95 Preston Street, ME13
Type 2-bed terrace
Bath 1
SQM 91
Garden courtyard
Parking on-street
EPC C
+23 sqm vs subject−£22
courtyard vs courtyard—
EPC C vs C—
no condition delta−£14
Raw rent£1,175
Feature-adjusted£1,139−£36 · 3.1%
One comparable, worked in full. Each adjustment is a calibrated delta — bigger floorplate, same garden type, same EPC, no condition gap.
| Comparable | Raw rent | Net adjustment | Feature-adjusted | Let |
|---|---|---|---|---|
| 130 Belmont Road, ME13 | £1,180 | −£30 · private garden, EPC D | £1,150 | May 2026 |
| 121 Stone Street, ME13 | £1,195 | −£11 · no garden, off-street, EPC D | £1,184 | Mar 2026 |
Where the three numbers sit on the same axis
£/month · ME13 2-bed terrace
Raw comparable rent
Feature-adjusted (mapped onto subject)
Covenant recommendation
Postcode median (raw)£1,165What sorting Rightmove for ME13 2-beds returns.
Feature-adjusted median£1,158After normalising for sub-type, sqm, parking, EPC, and condition.
Recommended£1,110Mid-range, deliberately below the feature-adjusted ceiling.
Adjustments are additive deltas capped at ±10% of raw rent; any single delta above 5% triggers manager review. Full model and safety rails: page 23 · methodology.
06
Six kinds of conversation.
Not every conversation with a landlord should be about raising rent. Covenant covers the relationship the way a wealth manager covers a portfolio — uplift when the evidence supports it, restraint when it doesn't, and proof either way. The next five pages show one pack of each kind, branded to Foster & Field and ready for your manager to send. The sixth — the dispute bundle — appears with the tribunal pages, where it belongs.
Covenant · sample audit pack
Foster & Field Letting Agency · COV-AU-2026-05-FF2
Covenant · audit pack · Foster & Field
Page 09 / 26 · Evidence pack 01 · Rent review
21 Newton Road · the full rent-review evidence pack.
What to notice
The recommendation is £48 below the feature-adjusted ceiling, the two rejected comparables are shown rather than hidden, and the landlord letter is already drafted. Your manager sense-checks and sends.
Pack · COV-AU-2026-05-FF2-069 · v1.0
Rent review evidence · 2-bed terrace, ME13
Ready to send
Evidence 88%
A
Summary
2-bed end-terrace in Faversham (ME13). No rent review in 25 months. Postcode median for 2-bed terraces is £1,165; feature-adjusted median (sub-type, sqm, parking, EPC, condition) is £1,158. Recommended uplift: £115/month, taking the property to £1,110 — within the raw market band, deliberately below the feature-adjusted ceiling, supported by 3 included comparables (worked on page 7) and 2 rejected.
B
Comparable evidence · 3 included & feature-adjusted, 2 rejected
| Address / source | Raw rent | Adj. | Feature-adj. | Let |
|---|---|---|---|---|
| 95 Preston Street, Faversham ME13 | £1,175 | −£36 | £1,139 | Apr 2026 |
| 130 Belmont Road, Faversham ME13 | £1,180 | −£30 | £1,150 | May 2026 |
| 121 Stone Street, Faversham ME13 | £1,195 | −£11 | £1,184 | Mar 2026 |
| Median · 3 included comparables | £1,180 | — | £1,158 | — |
| 100 South Road, Faversham ME13 | £1,130 | — | — | Dec 2025 |
| 115 The Mall, Faversham ME13 | £1,280 | — | — | Jan 2026 |
C
Market commentary & risk
ME13 2-bed terraces have seen 4–6% YoY growth since mid-2024; stock at this rent typically lets within 2–3 weeks. The recommendation sits £48 below the feature-adjusted median — well inside the defensible band. Notice: two months section 13 (periodic AST); tenants in place since 2022; a second-step uplift toward the feature-adjusted ceiling is available at next review if signals soften.
D
Landlord-facing explanation · ready-to-send draft
Dear Dr Ravensbrook,
21 Newton Road has performed steadily — tenants in place since 2022, no rent review in just over two years. The ME13 postcode median for 2-bed terraces sits at £1,165. Adjusting for the property's actual features — end-terrace, courtyard, on-street parking, EPC C — the comparable median lifts to £1,158.
I'd recommend a moderate uplift to £1,110/month from 1 August 2026 — about halfway between the current rent and the feature-adjusted fair value. Measured, evidence-supported, with headroom deliberately left on the upper band. Full comparables attached.
Best,
Eleanor Field · Foster & Field Letting Agency
E
Suggested call notes
- Lead"It's been 25 months — your property is overdue for a review."
- Anchor"Postcode median is £1,165; once we adjust for parking, EPC, sub-type, and condition, comparables land at £1,158."
- Recommend"We'd propose £1,110 — between current rent and the feature-adjusted fair value, with headroom intentionally left."
- Next step"Can I draft the letter and send it for your approval?"
F
Next-step task
Covenant · audit pack · Foster & Field
Page 10 / 26 · Evidence pack 02 · Stale review
14 Sondes Road · overdue, but no rent ask.
What to notice
Covenant recommends no increase here, and says so to the landlord. Evidenced restraint is what makes the next uplift credible — and it’s why landlords stay.
Pack · COV-AU-2026-05-FF2-301 · v1.0
Rent review conversation · 1-bed flat, ME13
Manager review
Evidence 62%
A
Summary
This 1-bed flat in Faversham has not had a recorded rent review since December 2023 — 30 months. Comparable evidence is mixed: the postcode median for 1-bed flats sits at £865, against a current rent of £850. The case for action is calendar discipline and proactive landlord contact, not a rent increase.
B
Recommended action
Schedule a 10–15 minute landlord call. The objective is to:
- Confirm tenancy status and resident satisfaction (the tenant has been in place since September 2022 — long-standing).
- Refresh property details on file (condition, any improvements, any changes to deposit or fees).
- Agree a review cadence going forward — typically every 12 months, with a reminder logged in the system.
No suggested rent band is provided in this pack. If the conversation surfaces new information (e.g. refurbished kitchen, increased council tax band, neighbouring lettings that have re-priced), a follow-up evidence pack can be generated within 24 hours.
C
Why no rent ask in this pack
The current rent (£850) is within 2% of the postcode median (£865). The 7.5% / £75 threshold for an under-market action is not met. Pushing a rent rise here without a defensible market gap would risk the landlord relationship — and the tenant, who has been in place for nearly four years.
Covenant deliberately produces this kind of pack to keep your team in regular contact with landlords before a leak appears. The conversation is the deliverable.
D
Landlord-facing draft
Dear Dr Quill,
It's been a little while since we last formally reviewed 14 Sondes Road — I wanted to reach out before the year ran on any further. Your tenant has been with you since September 2022, the property is performing steadily, and the rent is broadly in line with what 1-bed flats in the area are achieving today.
There's no strong case for a rent change at the moment, and we wouldn't recommend one. But I'd like a brief catch-up so we can refresh the details on file, confirm you're happy with how the tenancy is running, and agree how we want to handle reviews going forward. Could I book 10–15 minutes with you this week or next?
Best,
Daniel Hartley · Foster & Field Letting Agency
E
Risk flags
- Long-standing tenancy (since 2022). Any future rent ask should be modest and clearly framed to avoid retention risk.
- Evidence is medium (62%) because the comparable pool for 1-bed flats in ME13 is thin in the last 45 days — the action is still recommended, but the market read is patchy. A re-generated pack with fresher data is available in 2–3 weeks.
F
Next-step task
Covenant · audit pack · Foster & Field
Page 11 / 26 · Evidence pack 03 · Retention check-in
3 Brenley Lane, Boughton · renewal in 45 days.
What to notice
No rent ask at all. This pack exists to protect a £1,172 annual fee relationship, 45 days before renewal. Contact before the client has to ask: that’s the wealth-manager standard.
Pack · COV-AU-2026-05-FF2-111 · v1.0
Retention check-in · 3-bed cottage, Boughton-under-Blean
Proactive call
Evidence 71%
A
Why this landlord is at retention risk
- Tenancy at the property since September 2024 — two years in place. Tenant continuity has been the relationship's value to the landlord.
- Mrs H. Jardine holds four managed properties — portfolio diversification means this isn't a single-fee relationship, but losing one property often starts a chain.
- No logged manager contact in the past 8 months. Last touchpoint was the routine compliance reminder; no proactive engagement.
- Renewal date: 9 July 2026, 45 days from this audit. Letting agents typically lose portfolio landlords at renewal moments, not mid-tenancy.
B
Recommended action
A 15-minute landlord call before the renewal letter is drafted. The objective is to confirm Mrs Jardine's intentions for the next year, surface any concerns (rent, condition, fees), and reaffirm the value of remaining managed.
No rent rise is proposed in this pack. The current rent (£1,480) is within 2% of the market median (£1,505) — at-market and unlikely to be the reason for any churn. The conversation is about service, not pricing.
C
Suggested talking points
- Open"It's been a while — I wanted to check in before the renewal."
- Tenant"Your tenants have been in place since 2024 — that consistency is rare and valuable, and your rent reflects that."
- Property"Anything we should be aware of — condition, maintenance, energy efficiency?"
- Service"Are the monthly statements working for you, or is there anything you'd like changed?"
- Next step"I'll draft the renewal in line with what we've agreed — confirm by email."
D
Landlord-facing draft
Dear Mrs Jardine,
I wanted to drop you a note before the renewal date for 3 Brenley Lane comes around at the end of June. Your tenants have been in place since 2024 and the property has performed steadily — I'd like to make sure we're set up to renew on the right terms.
Could I book a 15-minute call this week or next? I'd like to confirm your intentions for the next 12 months, walk through how the tenancy and property are running, and make sure the renewal lands without any surprises.
Warm regards,
Eleanor Field · Foster & Field Letting Agency
E
Next-step task
Covenant · audit pack · Foster & Field
Page 12 / 26 · Evidence pack 04 · Portfolio account plan
Faversham Residential Holdings Ltd · 12 managed properties.
What to notice
Four properties get action, seven are deliberately left alone, one needs a data fix. Recommending nothing is a recommendation. A whole-account view is what separates an adviser from a rent collector.
Strategic landlordFaversham Residential Holdings Ltdsingle account view
Properties12managed by Foster & Field
Annual rent£199,860portfolio total
Plan impact£2,720expected fee effect
| Property | Rent | Review age | Signal | Recommended action |
|---|---|---|---|---|
| 133 Whitstable Road2-bed flat | £895 pcm | 22 months | Portfolio review, Portfolio rent review | Portfolio account plan |
| 130 Newton Road2-bed flat | £935 pcm | 26 months | Portfolio rent review | Portfolio account plan |
| 72 Park Road3-bed terrace | £1,370 pcm | 11 months | Portfolio review | Portfolio account plan |
| 142 East Street4-bed period house | £2,475 pcm | 20 months | Portfolio review | Portfolio account plan |
| 89 Athelstan Road2-bed flat | £1,135 pcm | 24 months | Monitor only | No action |
| 70 Athelstan Road2-bed maisonette | £1,115 pcm | 11 months | Monitor only | No action |
| 141 East Street3-bed terrace | £1,285 pcm | 20 months | Monitor only | No action |
| 146 Forbes Road4-bed detached | £1,895 pcm | 20 months | Monitor only | No action |
| 114 Crockham Lane, Hernhill3-bed cottage | £1,810 pcm | 5 months | Monitor only | No action |
| 113 West Street3-bed semi | £1,465 pcm | 14 months | Data check needed | Data-quality fix |
| 76 Market Place1-bed flat | £860 pcm | 20 months | Monitor only | No action |
| 112 St Ann's Road3-bed terrace | £1,415 pcm | 28 months | Review due, no rent increase | No-rise check-in |
Account-plan call agenda
Open with the whole portfolio, not an isolated rent-rise ask. Separate properties that need evidence packs, properties to leave alone, renewal decisions, and data updates. Confirm the landlord's growth or disposal plans before sending individual recommendations.
Covenant · audit pack · Foster & Field
Page 13 / 26 · Evidence pack 05 · New instruction
128 Forty Acres Hill, Hernhill · winning a new landlord.
A prospective landlord comparing agents. This pack positions Foster & Field's valuation inside the evidence band and gives the agent a defensible fee conversation.
What to notice
The recommended ask is £35 under the market estimate, on purpose. The next page shows why launching high is usually the expensive choice.
Pack · COV-AU-2026-05-FF2-PROSPECT-004 · v1.0
New-instruction evidence · 4-bed detached, Hernhill
Ready to send
Evidence 82%
A
Landlord-winning narrative
We would advise launching at £2,050 pcm rather than chasing the top of the range. It is better positioned to generate viewings quickly, defend the agency's valuation, and show the landlord that Foster & Field is using local evidence rather than guesswork.
Market estimate: £2,085 pcm. Recommended ask: £2,050 pcm. Suggested fee: 12%.
B
Comparable evidence
| Comparable | Distance | Raw rent | Adjustment | Adjusted | Status |
|---|---|---|---|---|---|
| 14 Hernhill Road | same village | £2,100 | −£45 | £2,055 | Included |
| Forge Cottage, Selling Road | same market target | £2,150 | +£20 | £2,170 | Included |
| Mill Cottage, Boughton | same market target | £1,980 | +£35 | £2,015 | Included |
| 88 Crescent Road, ME13 | same outcode | £2,450 | — | — | Stale listing |
| 12 The Street, Goodnestone | outside target | £2,280 | — | — | Type mismatch |
C
Fee defence & objection handling
Position the fee around evidence, speed and reduced void risk. If another agent suggests a higher ask, show the adjusted comparable range and recommend a review after the first viewing cycle rather than launching too high. Evidence-backed valuations win instructions; optimistic guesses lose them at renewal.
D
Next-step task
Covenant · audit pack · Foster & Field
Page 14 / 26 · Pricing & void economics
07 · Pricing & voids
Two weeks of void costs more than a year of over-asking.
The dashboard tracks how quickly homes like each of yours let at different asking levels. For the 4-bed detached on the previous page, the arithmetic is short.
The higher ask gains
+£35/mo
£2,085 vs £2,050 · £420 a year
One empty day costs
£67
£2,050 ÷ 30 days · landlord rent forgone
Break-even
6 days
over-asking wins only if it adds less than a week
Over-priced lettings typically add two to four weeks to the void. The £35 ‘win’ costs the landlord £900+ — and pauses your management fee while it does.
Four properties above market · tenancies ending inside 90 days
Four properties in your book sit above market with tenancies ending inside 90 days. The pack recommends pricing holds, not increases — at 106 Cyprus Road, protecting the tenancy is worth more than the gap. Named in the ranked list, pg 19.
Void figures are illustrative planning estimates, not measured from your data, and sit on a separate axis from the payback model — they are never added to the fee numbers in this pack.
Covenant · audit pack · Foster & Field
Page 15 / 26 · Tribunal defence · prevention
08 · Tribunal defence · prevention
The cheapest tribunal is the one never filed.
Covenant prices every increase below the feature-adjusted market ceiling and gives the tenant the evidence with the notice. The number reads as fair, the comparables are already documented, and — under the current regime — a challenge mostly delays the rent rather than reducing it. Most challenges never start.
What the tenant feels matters commercially — an increase that arrives with its evidence reads as fair treatment, not a try-on. That’s what keeps good tenants in place and tribunals unfiled.
/01
Set below the ceiling
The First-tier Tribunal determines open-market rent and cannot set it higher than the landlord proposed. Because Covenant recommends below the feature-adjusted median, a tenant’s best case is the figure already offered.
/02
Already evidenced
Three feature-adjusted comparables, the rejected comps, and the rationale are prepared before the notice goes out — the same method worked on page 7. There is no missing evidence for a challenge to exploit.
/03
Little to gain
Under the Renters’ Rights framework the increase is not backdated to the notice. Challenging a fair, evidenced figure mostly buys delay, not a lower rent.
What the tenant receives — with the notice
A plain, branded one-page summary the agent hands over alongside the section 13 notice — transparency that defuses the dispute before it forms. Example: 21 Newton Road, the rent-review hero from page 7.
Foster & Field · rent review
Why your rent is changing — and how we worked it out
Effective
1 Aug 2026
1 Aug 2026
Current rent£995
Proposed rent£1,110
Local market level£1,158
Set below market by£48
We’d rather show you the evidence than surprise you. Your new rent reflects what comparable homes nearby are actually being let for — adjusted for this property’s size, parking, garden and energy rating — and is set deliberately below that level.
| Comparable local let | Type | Let | Adjusted rent |
|---|---|---|---|
| Preston Street, ME13 | 2-bed terrace | Apr 2026 | £1,139 |
| Belmont Road, ME13 | 2-bed terrace | May 2026 | £1,150 |
| Stone Street, ME13 | 2-bed terrace | Mar 2026 | £1,184 |
| Comparable market level | — | £1,158 |
Your proposed rent of £1,110 sits £48 below the £1,158 comparable level. If you’d like to talk it through or see the full evidence, call us on 01795 590 040 — we’re happy to walk you through it.
Covenant · audit pack · Foster & Field
Page 16 / 26 · Tribunal defence · economics
09 · Tribunal defence · economics
What a contested increase costs — and what stopping it saves.
Under the new regime a tenant can refer any increase to the First-tier Tribunal for next to nothing, the increase cannot be backdated, and the rent stays at the old level until the case resolves — typically four to six months. For the tenant there is no downside to challenging an unevidenced rise. For the landlord, the cost compounds: months at the old rent, and the next review clock restarting from the tribunal’s date, not the original one.
One contested £110/month increase. Combined cost anatomy below.
Anatomy of one contested increase
| What it costs | Why | Cost |
|---|---|---|
| Delayed uplift, year one | ~5 months at the old rent — the increase is not backdated | £550 |
| The clock reset | Next increase resets to 12 months from the tribunal date | £550 |
| Manager time | 12–20 hours assembling the case and the hearing | £500 |
| Adverse-determination risk | A weak, unevidenced ask can be trimmed; a modest evidenced one rarely is | £350 |
| Relationship & void risk | ~15% chance a contested case contributes to the tenant leaving | £300 |
| Per contested tribunal | representative £110/mo increase · combined landlord + agency | ≈ £2,250 |
Across Foster & Field’s book
Of the ~55 evidenced increases this audit puts in front of landlords, an unevidenced book would expect ~12% to be challenged; below-ceiling pricing plus the tenant evidence sheet brings that to ~3%. Call it five tribunals a year that never start — ≈ £11,250 in combined landlord-and-agency cost avoided, around £3,500 of it yours.
The strongest figure on this page is the one that never appears on an invoice: most of this is the tribunal you never have — rent collected on schedule, and a landlord who never had to think about it.
If a case still proceeds, the 72-hour evidence bundle (the dispute pack on the next page) shortens it and recovers most of the delayed uplift. Illustrative estimates — not measured from your data. “Value protected” is risk and cost avoided; it is a separate axis from the fee in the payback model and is never added to it. Covenant provides evidence and rationale, not legal advice, and does not guarantee any tribunal outcome.
Covenant · audit pack · Foster & Field
Page 17 / 26 · Evidence pack 06 · Dispute bundle
86 St Mary's Road · defensible evidence trail.
And if a challenge still comes: this is the bundle. A defensible evidence trail — included and rejected comparables, chronology, sign-off — assembled in under 72 hours instead of the days to weeks a manager needs from scratch.
What to notice
The rejected comparables stay in the file. If the recommendation is ever challenged, the evidence shows judgement, not cherry-picking.
Pack · COV-AU-2026-05-FF2-205 · v1.0
Dispute evidence bundle · 3-bed semi, ME13
Manager review
Evidence 69%
A
Property & context
86 St Mary's Road, ME13 8EN. 3-bed semi. Current rent: £1,475 pcm. Proposed rent: £1,605 pcm. Landlord: Mr E. Hawkins (7 properties, 10% management fee). Last review: 02 September 2024. Evidence score: 69% — manager review required.
B
Comparable evidence
| Comparable | Distance | Raw rent | Adjustment | Adjusted | Status |
|---|---|---|---|---|---|
| 133 Belmont Road, ME13 | same street | £1,580 | −£29 | £1,551 | Included |
| 26 Bensted Road, ME13 | same market target | £1,680 | +£69 | £1,749 | Included |
| 78 Bensted Road, ME13 | same market target | £1,665 | +£41 | £1,706 | Included |
| 17 The Brents, ME13 | outside target | £1,830 | — | — | Stale listing |
| 136 Park Road, ME13 | market target | £1,900 | — | — | Type mismatch |
C
Chronology
Last review recorded 02 Sep 2024. Current recommendation prepared 25 May 2026. Manager checks notice history, tenancy status and evidence pack before any formal route is used.
D
Sign-off note
This bundle supports evidence preparation. It is not legal advice and does not guarantee a tribunal outcome. Covenant should make the file clearer, not bypass professional judgement.
E
Manager checklist
| Checklist item | Why it matters |
|---|---|
| Confirm tenancy status and notice route | The evidence pack should support the correct process, not assume it. |
| Retain included and rejected comparables | Rejected evidence shows judgement if the recommendation is challenged. |
| Record landlord approval and tenant communication | Creates a chronology before the file becomes disputed. |
F
Response speed — time to a defensible bundle
If a tenant challenges this review — or refers it to the First-tier Tribunal (Property Chamber) — you can respond with a defensible, comparable-backed evidence bundle in under 72 hours, instead of the days to weeks a manager typically needs to gather fresh comparables, feature-adjust them, and document the rationale from scratch around a normal caseload. This is time-to-evidence, not a promise about the tribunal's decision: Covenant provides the evidence and rationale; it does not provide legal advice or guarantee any tribunal result. Illustrative estimate — <72h is the time to produce a ready bundle from the dated comparables, adjustments and rationale already in this pack.
10
From evidence to operating plan.
The next four pages turn the evidence into a ranked work queue, a payback case, a 30-day operating plan, and an outcome scoreboard. Every number connects back to a named property in the rent roll. Method and data-handling appendices follow.
Covenant · sample audit pack
Foster & Field Letting Agency · COV-AU-2026-05-FF2
Covenant · audit pack · Foster & Field
Page 19 / 26 · Top 25 ranked actions
11 · Ranked action list
The top 25 actions, ranked by value × urgency × evidence.
Excerpt from the full 320-property scored list, delivered as a spreadsheet. These 25 actions aggregate to £36,760 in annualised fee impact — the number on the cover. Identified opportunity, not a promise of collection; the converted ROI ladder is on page 20.
| # | Property / account | Action type | What it is | Cumulative | Fee impact (yr) |
|---|---|---|---|---|---|
| 01 | Faversham Residential Holdings Ltd12 properties · strategic account | Portfolio | Whole-portfolio account plan | £2,720 | £2,720 |
| 02 | 142 Crescent Road, ME13HMO · renewal window | Retention | Renewal-window retention call | £5,025 | £2,305 |
| 03 | Portfolio landlord7 properties · £122k annual rent | Portfolio | Whole-portfolio account plan | £6,549 | £1,524 |
| 04 | Portfolio landlord8 properties · 4 renewals in window | Portfolio | Whole-portfolio account plan | £8,016 | £1,467 |
| 05 | 103 School Lane, Boughton3-bed cottage · renewal window | Retention | Renewal-window retention call | £9,378 | £1,362 |
| 06 | Portfolio landlord7 properties · 6 below market | Portfolio | Whole-portfolio account plan | £10,873 | £1,495 |
| 07 | Portfolio landlord7 properties · ME13 8/9/7 spread | Portfolio | Whole-portfolio account plan | £12,288 | £1,415 |
| 08 | Portfolio landlord7 properties · £109k annual rent | Portfolio | Whole-portfolio account plan | £13,734 | £1,446 |
| 09 | Portfolio landlord5 properties · £94k annual rent | Portfolio | Whole-portfolio account plan | £15,190 | £1,456 |
| 10 | 107 East Street, ME13renewal window | Retention | Renewal-window retention call | £16,469 | £1,279 |
| 11 | Portfolio landlord7 properties · 4 renewals in window | Portfolio | Whole-portfolio account plan | £17,874 | £1,405 |
| 12 | 128 Forty Acres Hill, Hernhillprospective landlord · valuation booked | Prospect | New-instruction evidence pack | £20,876 | £3,002 |
| 13 | 58 Greenfield Close, ME13renewal window | Retention | Renewal-window retention call | £22,104 | £1,228 |
| 14 | Portfolio landlord6 properties · 2 under market | Portfolio | Whole-portfolio account plan | £23,567 | £1,463 |
| 15 | 3 Brenley Lane, Boughtonretention hero · pack on pg 11 | Retention | Renewal-window retention call | £24,739 | £1,172 |
| 16 | Portfolio landlord7 properties · 6 reviews overdue | Portfolio | Whole-portfolio account plan | £26,064 | £1,325 |
| 17 | 95 Whitstable Road, ME13renewal window | Retention | Renewal-window retention call | £27,173 | £1,109 |
| 18 | Portfolio landlord6 properties · all reviews current | Portfolio | Whole-portfolio account plan | £28,330 | £1,157 |
| 19 | 107 Lower Road, ME13renewal window | Retention | Renewal-window retention call | £29,435 | £1,105 |
| 20 | Portfolio landlord6 properties · £84k annual rent | Portfolio | Whole-portfolio account plan | £30,636 | £1,201 |
| 21 | Portfolio landlord6 properties · 4 reviews overdue | Portfolio | Whole-portfolio account plan | £32,166 | £1,530 |
| 22 | Portfolio landlord5 properties · ME13 7 cluster | Portfolio | Whole-portfolio account plan | £33,265 | £1,099 |
| 23 | 87 Linden Avenue, ME13renewal window | Retention | Renewal-window retention call | £34,291 | £1,026 |
| 24 | Portfolio landlord6 properties · 6 overdue · 3 above market | Portfolio | Whole-portfolio account plan | £35,524 | £1,233 |
| 25 | Portfolio landlord6 properties · all at/below market | Portfolio | Whole-portfolio account plan | £36,760 | £1,236 |
Every action in the top 25 is a portfolio account plan, a retention save, or a new-instruction win — not a single rent review. Covenant ranks by money, and the money is in whole-account work, not isolated rent rises. The book's 66 under-market reviews and no-rise check-ins are the volume layer; each still ships with a ready evidence pack.
Covenant · audit pack · Foster & Field
Page 20 / 26 · First-year payback report
12 · First-year payback
The money is in portfolio, retention, and new instructions.
Of the £65,344 identified across the whole book, 81% — £52,765 — sits in portfolio account plans, retention saves, and new-instruction wins. Rent reviews are the volume layer: 66 actions, high frequency, modest in pounds. Rank by money and the money is in whole-account work.
The ROI ladder — two multiples, never conflated
Identified, not promised£65,3448.5× the subscriptionGross opportunity Covenant surfaces across the whole book.
Banked conservatively£16,3362.1× the subscriptionWhat a 25% conversion banks — the number that pays for Covenant twice over.
Annual cost£7,680320 × £2 × 12Covered before a single rent review converts, on the time saving alone.
Gross (8.5×) is what we surface — identified, not a promise of collection. Converted (2.1×) is what a conservative agency banks. We lead with the lower, defensible number; the upside above it is real.
75 min → 8 minbuild vs review, per pack
~116 packsin this analysis
~116 hours returnedreclaimed manager time
£2,900–£4,060at £25–£35/hr loaded
Reclaimed manager time alone offsets 38–53% of the £7,680 subscription — before a single review converts. The time saving isn't the headline return; it's the floor beneath it.
Time figures are illustrative planning estimates, not measured from your data: a 75-minute manual build against an 8-minute review is a deliberately conservative blended average across the six action families, valued at a loaded £25–£35/hr. Read as time returned across the packs in this analysis, not a recurring weekly saving.
Covenant · audit pack · Foster & Field
Page 21 / 26 · Recommended 30-day plan
13 · Recommended 30-day plan
The first month, scheduled.
Four weeks of clear ownership, working the top 25 actions in priority order. Each week has a named owner and an outcome we'll track on the scoreboard from month two. Subscription only begins on week one if you give the go-ahead.
/Week 01 · 18–22 May
The top 8 packs go out.
Eleanor (lead manager) works the 6 portfolio account plan calls and 2 urgent retention check-ins. Covenant sits in on the first two calls; subsequent calls run solo. Outcomes logged in the shared sheet by Friday close.
/Week 02 · 25–29 May
Next 8 packs · first follow-ups.
Daniel takes packs 9–16 (under-market rent reviews with strong evidence). Eleanor begins follow-ups with any landlord who declined or wants more evidence — a re-generated pack with fresh comparables lands within 24 hours.
/Week 03 · 01–05 Jun
Branch review · 6 new packs.
Mid-sprint review with James (principal). Six new packs from in-flight renewal dates that land between weeks 3–6. Outcome ledger updated: agreed reviews, declined, awaiting landlord, retention saves.
/Week 04 · 08–12 Jun
Outcome review · next batch agreed.
Retained-vs-lost log finalised. Next-month batch of 25 packs agreed against the live rent roll. First scoreboard issued covering retained rent uplift, packs sent, packs converted, retention saves, average time-to-send.
Or we run the sprint with you. The 30-day sprint comes inside the £2/property/month subscription — there is no separate sprint fee, and the scoreboard from month two onwards is part of the standard service.
Covenant · audit pack · Foster & Field
Page 22 / 26 · Outcome scoreboard
14 · Accountability
Outcome scoreboard.
Covenant doesn't generate packs and walk away. This is the scoreboard after the first 30 actions are tracked through to outcome — every row a named property with a logged result. Account-plan calls show £0 at this stage by design: the booked call is the tracked outcome, and the fee lands when the property actions inside the plan are worked.
Outcomes tracked30first 30 actions
Approved or retained10positive outcomes
Deferred0future follow-up
Realised fee effect£12,423simulated month two
| Action | Subject | Outcome | Outcome date | Realised fee |
|---|---|---|---|---|
| Portfolio account plan | Faversham Residential Holdings Ltd · 12 properties | Account-plan call booked | 25 Jun 2026 | £0 |
| Landlord retention | Ms N. Yardley · 142 Crescent Road, ME13 | Landlord retained | 26 Jun 2026 | £2,305 |
| Portfolio account plan | Ms A. Norbury · 7 managed properties | Account-plan call booked | 27 Jun 2026 | £0 |
| Portfolio account plan | Dr A. Norbury · 8 managed properties | Account-plan call booked | 28 Jun 2026 | £0 |
| Landlord retention | R. Mellor · 103 School Lane, Boughton | Landlord retained | 29 Jun 2026 | £1,362 |
| Portfolio account plan | Mr E. Hawkins · 7 managed properties | Account-plan call booked | 30 Jun 2026 | £0 |
| Defensible rent review | 83 The Brents · Linton Family Trust | Review agreed · £2,075 | 01 Jul 2026 | £336 |
| Defensible rent review | 39 Court Street · Ravensbrook | Review agreed · £2,080 | 02 Jul 2026 | £295 |
| Landlord retention | Mrs S. Frampton · 107 East Street | Landlord retained | 27 Jun 2026 | £1,279 |
| New-instruction pack | Prospective landlord · 128 Forty Acres Hill | Valuation follow-up booked | 29 Jun 2026 | £0 |
Showing 10 of 30 tracked outcomes. Full scoreboard delivered as a live spreadsheet, updated weekly.
Covenant · audit pack · Foster & Field
Page 23 / 26 · Methodology
15 · Methodology
How we score, and how to argue with us.
Every number in this pack is reproducible from the rent roll and market evidence. If a pack looks wrong, this is the first place to challenge it.
Comparable selection · five rules
Covenant widens the search ring only when the prior ring is too thin:
- Property group first — same physical property or building.
- Exact postcode next — same postcode, same bedroom count, compatible property type.
- Outcode third — same outcode (e.g. ME13), same bedrooms and type. Used when the exact-postcode pool is fewer than 3 candidates.
- Market target fourth — subscribed boundary, tightened by bedroom and type; evidence score capped at medium.
- Bedroom and type match are hard; ±1 bedroom is allowed only when strict pools are empty and the pack is flagged.
Exclusions are explicit: missing achieved rent; stale listing; duplicate portal listing; property or bedroom mismatch; outside target market. Rejected comps are shown in every pack.
Feature normalisation
Raw rents are normalised against the subject property's features before the median is computed. Adjustments are additive deltas (±1.5–5% per dimension) across: bathrooms, floor area, garden, parking, EPC band, sub-type, and condition. Total adjustment per comparable is capped at ±10% of raw rent. Any single feature delta above 5% triggers "Manager review". Recommendations must sit between current rent and the feature-adjusted median, never above the ceiling.
Evidence-strength formula · v1.0
Evidence strength is a 0–100 score measuring how much comparable data supports each recommendation. Five components, each clamped to [0, 1]:
confidence = 0.40 · comp_density
+ 0.25 · comp_recency
+ 0.15 · match_tier
+ 0.10 · data_freshness
+ 0.10 · tenancy_signal
comp_density = min(1, included_comp_count / 5)
comp_recency = exp(-median_comp_age_days / 60)
match_tier = {exact: 1.0, strong: 0.8, usable: 0.5, weak: 0.2}
data_freshness = exp(-postcode_data_age_days / 30)
tenancy_signal = (rent_known + tenancy_known + landlord_contact_known) / 3
reported as 0–100 · packs < 70 flagged for human QA before send
Weights are tuned against pilot outcomes as data accumulates. Component breakdowns sit in the spreadsheet alongside this PDF.
What "ready to send" actually means
Three filters pass before a pack carries the green badge: a deterministic policy pass (no tone-of-voice breach, no PII outside the anonymisation envelope, no figure beyond the evidence band); an evidence threshold (packs below 70 get the orange "Manager review" badge instead); and a human reviewer sign-off for packs that cross any of three flags (missing landlord contact, atypical comp spread, void-risk).
Covenant · audit pack · Foster & Field
Page 24 / 26 · Anonymisation & data handling
16 · Anonymisation & data handling
How tenant data is handled, in three steps.
Letting agents hold tenant PII; rightly, you are paranoid about how it moves. The same row from your rent roll, shown three times, is the mechanic in plain view. The DPA-grade detail is at the bottom of the page.
/01 As you send it
Real names, real addresses, full landlord contact
// row · as received
21 Newton Road, Faversham, ME13 8GU | £995/mo | Last review: 05 May 2024 | Tenancy: 12 Nov 2022 | Dr M. Ravensbrook, [email protected], 07700 182564
This is what arrives at Covenant when you transmit the rent roll over the secure handoff link. The data is encrypted in transit (TLS 1.3) and at rest (AES-256). No third-party processor sees it before this point.
/02 During processing
Identities tokenised; only fields needed for matching are kept
// row · inside the pipeline
prop_a4f2 | outcode: ME13 | postcode hash: 7c81d9… | bedrooms: 2 | type: terrace
| rent: £995 | last_review: 2024-05 | tenancy_start: 2022-11 | landlord: ll_8d3e
| contact: ████████████
Inside Covenant's V2 pipeline, properties, landlords, and tenants are referenced by opaque tokens. Postcodes are kept (matching requires them); full addresses are stored separately under access control and never travel with the comparable-selection or scoring services. Contact details never enter the matching subsystem at all.
/03 As we return it
Real names back in; comparable evidence attached
// row · in the published pack
21 Newton Road, Faversham, ME13 8GU | Suggested: £1,110 (band £1,065–£1,160) |
Evidence: 88 | 3 comps included, 2 rejected (see pack 069) | Dr M. Ravensbrook |
Next: rent-review proposal, due 4 Jun, owner Eleanor Field
The published evidence pack puts real names and addresses back into the document Foster & Field's team uses internally — Covenant does this in a final render step, after scoring, so the matching layer never sees them. The PDF you read alongside a pack is the same document your manager works from.
Plain-English summary. Covenant is a processor under your data controller status. Personal data is held in the UK, on infrastructure that does not transfer it outside the UK or EEA. Retention: live data for the active audit + sprint cycle; archival rent-roll snapshots retained for 24 months for evidence-pack audit trail, then deleted. Subprocessors are listed in the DPA. Full terms at meetcovenant.com/dpa · privacy notice at meetcovenant.com/privacy.
What you receive
What lands in your inbox.
Six deliverables from a single rent-roll upload. The pack you are reading is one of them — built from your data, not a template.
/01 · DASHBOARD
Your book, live.
Covenant itself: every property's market position, review age, landlord risk and evidence strength — refreshed as new lettings appear, with every report in this pack a button your team can press.
/02 · PDF
The audit pack.
A bound report like this one — named properties, the ranked picture, and the evidence behind every recommendation.
/03 · SPREADSHEET
The full scored CSV and ranked queue.
All 320 rows scored with evidence components, and the 116 value-bearing actions ranked and linked to their packs — what to do first, who it's for, the expected fee impact.
/04 · SEND-READY
Landlord evidence packs.
Comparables, feature adjustments, recommendation, and a drafted landlord message — your manager reviews and sends rather than builds from scratch.
/05 · PLAN
The 30-day operating plan.
Four weeks of clear ownership working the top actions in order — a named owner each week and a tracked outcome.
/06 · MONTH TWO
The weekly outcome scoreboard.
From month two, a live scoreboard updated weekly — retained uplift, packs sent, packs converted, retention saves, average time-to-send.
/14 · Your own audit
Your own audit, in 72 hours.
Send us your rent roll. Within 72 hours, we return a complete picture of your managed book: which rents are below market and by how much, which landlords are at risk of leaving, which reviews are overdue, and exactly what your team should do first. Every recommendation comes with the local evidence behind it — so your managers can pick up the phone with confidence, not guesswork.
/Day 00 · Intake
Book a 15-min intro call.
We confirm fit, scope your book size, and send a secure rent-roll handoff link.
/Day 01–02 · Analyse
Clean, classify, score.
Every property matched against recent local lettings, scored for review urgency, market gap, and landlord risk. Human-reviewed — no unsupervised automation.
/Day 03 · Deliver
The audit pack lands.
A report like this one — built from your actual data, with named properties, ranked actions, ready-to-send landlord communications, and a 30-day plan your team can start working immediately.
/Day 04+ · Act
Your team works the list.
Or we run the 30-day sprint with you. Subscription only begins when you say yes.
Pricing
£2 per managed property, per month. For a 320-property book: £7,680 a year — the 30-day sprint and the weekly scoreboard included, no separate fees. The audit fee is credited against your first 12 months if you continue, and refunded in full if the audit doesn't identify opportunity comfortably exceeding the subscription. Both written into the engagement letter.
Risk reversal · the audit fee is refundable
If we don't identify enough credible, evidenced fee-recovery and retention opportunity to comfortably exceed your annual subscription, we refund the audit fee in full — the test is on opportunity we identify and evidence (which we control), not on what your team later converts (which you control). On the book in this pack we identified £65,344 against a £7,680 subscription: 8.5×, identified, not promised. If you continue, the audit fee is credited against your first 12 months — written into the engagement letter, not a marketing promise but a contractual one.