Alternative deposit supplier Flatfair has landed a coup after signing a deal with the world’s largest property company, CBRE, and revealing that it is about to sign another deal with one of the UK’s most prominent franchised estate agency chains.
CBRE’s residential lettings arm in the UK, which has four residential branches, is to offer Flatfair’s service to its high-end tenants who rent properties for, on average, £4,333 a month or £1,000 a week.
The agency’s landlord clients are largely Family Offices, financial institutions and funds who are have been worried by the reduction of deposit cover from six to five weeks following the tenant fees ban.
Flatfair says its service offers landlords cover of up to 12 weeks instead.
“We are pleased to be able to offer tenants an alternative to providing an up-front deposit, and access to a digitalised deposit and deposit-free registration process through flatfair’s platform,” says Sharief Ibrahim, a director at CBRE’s residential agency.
“Franz Doerr, CEO and founder of flatfair comments: “We are incredibly proud that CBRE has selected flatfair as their deposit alternative of choice in the UK.
“We strongly believe that our technology solution offers a safer, more streamlined approach in comparison with the numerous insurance products that have entered the deposit replacement market and are pleased that CBRE has recognised that.”
Approximately 10,000 tenancies in the UK currently use Flatfair’s service as a cash deposit alternative, although tenants using its platform who do want to pay a cash deposit can do so via Flatfair’s hook-up with deposit protection service mydeposits.