LAUNCH: Flatfair enables lettings agents to ‘unlock deposits’ for existing tenants
Industry-first service allows renters within ongoing tenancies to be paid back their deposits minus a week's rent as a fee to join the scheme.
Lettings platform Flatfair has launched an industry-first service that enables estate agents to ‘unlock deposits’ for their tenants.
Flatfair is one of several companies offering rental deposit alternatives within the private rental market but is the first to enable renters to take up their service during an ongoing tenancy.
Other services, including until now its own one, only offer deposit alternatives to tenants taking up new tenancies or renewing.
Agents already offering the platform’s existing services to their tenants, which includes Spicerhaart and several Hunters branches, have already signed up to the unique service.
Now, these agents can offer both new and existing tenants the option to pay Flatfair a one-off membership fee (of a week’s rent plus VAT) instead of a hefty deposit, although tenants must then pay for any lawful damage claims when they leave their property.
In return, landlords benefit from up to 10 weeks’ protection against rent arrears and dilapidations, or double the protection of a cash deposit it is claimed.
Financial strain
“We all feel the financial strain in the run-up to Christmas, which is why we’re pleased to be offering some light at the end of the tunnel,” says CEO, Franz Doerr (pictured).
“It’s our mission to put millions of pounds that are pointlessly locked away back in the pockets of tenants across the UK, while providing landlords with the cover they need.”
Elisa Baylis (pictured), Assistant Lettings Manager at Hunters in Bingley, says: “We have recently got on board with unlocking traditional deposits, with Flatfair deposit unlocking.
“All the landlord feedback so far has been extremely positive, and landlords are happy to offer it to good tenants, whilst doubling their protection.”
Read The Neg’s guide to alternative deposits.
