Agents

Putting flatfair Fake News to Bed

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We know that when it comes to renting, the various options can be confusing and often flatfair’s No Deposit solution can be misunderstood. We have put together the most common pieces of fake news we hear and explained how it truly works.

Using a deposit alternative will attract a poorer quality of tenant to the property.
At flatfair we have a strict eligibility that all tenants must meet, in order to sign up for our No Deposit solution. This includes, full referencing, their income verified and the right to rent in the UK. Visit our help centre for all of the details

If I don’t hold the deposit how do I know that the tenants won’t damage the property?
Using a no deposit solution offers tenants a choice and does not mean that they will leave the property in poor condition. However, all tenants are just as liable for any damages or unpaid rent as they would be if they secured a property with a traditional deposit. We offer tenants who have looked after the property well and offer discount on flatfair for having no rent arrears, influencing tenant behaviour. As well, landlords get even greater protection, of up to 10 weeks instead of the usual five.

No deposit schemes sound too good to be true.
We understand that all business decisions need research and not all of the options are the same. However, at flatfair our cutting-edge technology means that you’ll get paid any charges from tenant slip-ups as soon as the charges have been agreed. By covering the costs for any damages or missing rent ourselves, hold-ups due to ‘frozen’ (where tenants don’t respond) or ‘withheld’ (where ongoing litigation results in delays), deposits are no longer an issue, so you won’t be out of pocket. We offer up to 10 weeks protection which is market-leading. In cases where tenants don’t pay landlords for proven charges, flatfair is insured by AmTrust Financial, an A-rated insurer.

I like the fact that the deposit is held somewhere.
We understand that is how it has always been done, however, our award-winning rental solution means that we’re able to do things differently. We can avoid rigid policy checklists and keep things flexible as well as being able to process charge recoveries more quickly, so that landlords can rest easy knowing that their rental is in safe and secure hands. Finally, we are discretionary, so we judge every case based on its individual merit as well as our clear and transparent terms and conditions.

The end of tenancy process is much longer than a traditional deposit.
Our end of tenancy process is the same, if not quicker, as it is all facilitated through our easy to use technology. With flatfair’s technology landlords will get paid any charges from tenant slip-ups the day after charges have been agreed. By covering the costs for any damages or missing rent ourselves, hold-ups due to ‘frozen’ (where tenants don’t respond) or ‘withheld’ (where ongoing litigation results in delays), deposits are no longer an issue, so no one is out of pocket.

Deposit alternatives cost agents and landlords money, whereas a traditional deposit doesn’t.
A flatfair No Deposit is completely free for landlords and agents and offers up to 10 weeks’ protection in the event of accidental damage and/or rent arrears. Tenants only pay a one off non-refundable cost of 1 weeks’ rent + VAT, with no renewal or ongoing administration fees.

Using a deposit alternative can delay move-ins.
Just like a traditional deposit, we would never delay a move in. As long as tenants meet our eligibility and all the paperwork is in order, your tenants could move in the same day they pay!

Deposit alternatives are only for particular tenants.
flatfair is an inclusive service and we aim to accept as many tenants as possible. Whilst there can be many different circumstances, such as overseas tenants, students or guarantors, we will work with you or your agent to overcome any potential issues and if this is not possible, the tenant can still opt for a traditional deposit.

Landlords like cash in the bank.
It shouldn’t go to the landlord, even with a traditional deposit, by using flatfair you are able to protect yourselves and protect your landlords with up to 10 weeks protection.

We hope that this clears up any confusion you may have, for any questions or if you want to get started with flatfair then give us a call on 0207 078 7073 or email us at partnerships@flatfair.co.uk.


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