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flatfair Deposits

Our all-in-one platform combines traditional deposits with our market-leading deposit alternative, No Deposit. Letting agents save up to 60 minutes per tenancy, reduce compliance issues and generate revenue with each No Deposit plan selected.

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What is the problem?

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Registering deposits is an outdated process

  • It is often manual
  • Time consuming
  • At risk of human error

Deposit payments are slow

  • Due to manual bank transfers and reconciliation

Deposit registration rules can be missed

  • There is a risk of high penalties
  • And a risk of being unable to evict bad tenants

How flatfair can help

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Increase choice

With 56% of tenants willing to use flatfair, never miss an opportunity to offer No Deposit and a choice to your customers.

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Improve compliance

All the information you need to register a traditional deposit or No Deposit from the collection of money to documentation, on one secure platform.

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Reduce admin

Reduce manual admin and unnecessary work, whilst remaining compliant with one platform. Improving the tenants renting experience too.

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Grow your revenue

Maximise tenant uptake of No Deposit and receive additional revenue for each tenancy you sell.

How does it work?

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1
Register all your tenancies on one platform, traditional deposits and No Deposits.
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Choose which protection you would like to offer your tenants, No Deposit or a traditional deposit. Or both, giving your tenants a choice.
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Receive real time notifications from the platform, regardless of which option the tenant(s) choose.
Get started

Registering your traditional deposit

We will take care of registering your traditional deposits into your preferred scheme.

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1

Payment

We partner with Truelayer to instantly collect the deposit payment with Open Banking or via bank transfer if preferred.
2

Registration

The money arrives at a temporary secure bank account. We automatically register the deposit in your preferred scheme for you.
3

Certificate

We send you the deposit certificate to be signed. Automating the flow of deposits and No Deposit and removing the chance of non compliance.
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Benefits of flatfair Deposits

Create more time for your team to focus on customer facing tasks. Less admin means more lettings.

Save time

  • Save approximately 60 minutes of admin time for your teams by not having to register, reconcile or process deposit payments.

Increase revenue

  • Uptake of flatfair No Deposit could increase to 56%* from your current conversion

Reduce compliance risk

  • Potential cost of deposit errors is 3 x the deposit amount

  • There will be one flow for all deposits, so you have an audit trail

  • Removal of human error and missed deadlines at registration & reconciliation

Automate the process

  • No manual registration process with a scheme provider

  • No annual renewal process

  • Sharing and signing the deposit certificate is automated and processed for your team, they simply need to sign

High-5

As a long-standing flatfair partner, our early tenant adoption rates were not as high as we would have hoped. Since moving to flatfair deposits, which handles the entire journey, offering our tenants the choice between a traditional deposit and a flatfair.

Louise, Operations Manager, Breckon & Breckon

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Since launching with flatfair Deposits, we have benefited from real time savings and are starting 2023 more efficiently. Our tenants love being offered a choice, and the team love how straight forward the deposit's journey is now.

Nadine, Community Supervisor, Native Residential

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Bringing flatfair Deposits platform to Ten Degrees in Croydon has brought significant efficiency gains to a time-consuming process. Deposit alternatives have been a highly requested feature, particularly as the cost of living bites, and having both options in one platform is a much simpler process for our staff.

Carmine, Building Manager, Greystar

Want to save time and increase your revenue?

Request a demo

Or call the sales team at 0207 078 7073.

Tenant FAQs

What if I decide to opt for flatfair No Deposit?

If you decide to opt for flatfair No Deposit over a traditional deposit you will save on your upfront costs. When you receive an invitation to the platform you will be presented with your eligible options and if you decide to opt for No Deposit you will be asked to sign up to our terms and conditions and make your payment.

Once this payment has been made, your agent will contact you to discuss the next steps.

Please note that if there are multiple tenants, the flatfair membership will be split equally and all parties invited to the platform to sign up and pay.

Can the traditional deposit payment be split between tenants?

Yes, if you wish to split the payments then you can share the details with your co-tenants and payment must be made via manual bank transfer and not open banking. Please note that until the full amount is paid your deposit will not be registered. It is important that this is completed before the commencement of your tenancy.

If you are having difficulties in making the payment please contact support@flatfair.co.uk.

How will I receive my deposit back at the end of my tenancy?

Currently, flatfair automates your deposit registration only. At the end of your tenancy, all the end-of-tenancy checks take place as normal and if there are any deductions you will agree on these with your agent directly. Your agent is solely responsible for releasing any/all remaining funds in the same way they do today.

Agent FAQs

Can a tenant change their mind once the protection has been selected?

If your tenant(s) decide to change their mind once they have chosen their protection option, please contact support@flatfair.co.uk who will be able to advise and amend the specific tenancy.

Will I need to let flatfair know if the tenancy extends - in the same way we do for No Deposit?

Yes, it is very easy, all you need to do is let us know on the platform that the tenancy has extended.

When will I know the deposit is protected?

The deposit is protected from the time the prescribed information and/or certificate is available to download. This can take up to 48 hours, and you will receive an email once the deposit is protected.