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In September 2022, we introduced our new product, flatfair Deposits, to the market. We recognised that the traditional deposit process was outdated, slow and admin heavy. So we built a new way for our partners to streamline their deposits process and offer tenants a choice, while ensuring full compliance.
Since launching, we have seen increasing popularity of Deposits, with our partners seeing the efficiency gains first-hand. Here are a number of success stories from agents and operators who are loving flatfair Deposits.
“Having both options in one platform is much simpler”
Renowned property developers Greystar were the first adopters of flatfair Deposits, trialing it at their Ten Degrees site in Croydon. Carmine D’Orazio, Community and Operations Manager at Ten Degrees had this to say on the value of Deposits to their team and the increased choice for their tenants:
“Bringing flatfair’s 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.”
With such a successful trial, Greystar have now gone live with Deposits across all of their sites. Which means that all of their tenants will be offered the choice of a traditional deposit or flatfair No Deposit, on our platform. And we will automate the process for the Greystar teams, whichever option the tenant chooses.
“We have benefitted from real time savings”
Greystar aren’t the only partner of ours to highlight efficiency gains as a benefit of Deposits. Nadine Hardy, Community Supervisor at Native Residential said that their team love how our easy to use technology simplifies the process:
“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.”
In fact, through automating the process with trusted deposit schemes and taking payments via open banking with Truelayer, we save our partners approximately one hour of admin time per tenancy. So like Native, they can focus on the activities that will drive more business.
“We have seen our uptake rates increase by over 900%”
Saving time and increasing choice are just two of the many benefits that flatfair Deposits can bring, and Louise Passfield, Operations Manager at Breckon & Breckon, highlights how offering tenants a choice can also increase the take-up of No Deposit:
“As a long-standing flatfair partner, our early tenant adoption rates were not as high as we would have hoped. Since moving to the flatfair deposits module, which handles the entire journey, offering our tenants the choice between a traditional deposit and a flatfair No Deposit, we have seen our uptake rates increase by over 900%.”
With such a staggering increase in take-up, Louise’s team will experience increased revenue with more No Deposit plans, all while offering their tenants a choice.
We firmly believe that all tenants deserve the choice on how they secure their new home, particularly with the rising cost of living, and rent prices, which have increased 12.5% year on year according to Goodlord.
So if you can streamline your processes while offering traditional deposits and No Deposits all in one place, what’s not to love? Get in touch with our team today and start reaping the rewards of flatfair Deposits.
