The importance of technology and integrations in the deposit process

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With technology constantly evolving, letting agents have access to a wealth of new industry suppliers to level up their business, including CRM platforms, marketing software, referencing providers, accounting software and deposit providers.

Most agents have adopted technology into their business in some way and integrations tie these platforms together, playing a crucial role for letting agents in streamlining operations, preventing fraud, and enhancing the experience for tenants and landlords.

Integrating your suppliers is an easy way to get more from what you already have.

Deposits are no exception

Which is why when evaluating deposit platforms, it is crucial for your business to use a product which is fully integrated with your trusted industry suppliers.

Here’s how flatfair Deposits utilises integrations with multiple industry suppliers to streamline tenancy deposits for more than 700 letting agents and their customers:

  1. You create draft tenancies on Reapit or Goodlord’s software, automatically feeding into our online platform and removing the duplication of tasks
  2. Homeppl and HomeLet are integrated into our platform so you can perform the usual referencing checks for tenants
  3. In one secure platform, tenants are offered the choice of a traditional deposit alongside our deposit alternative, No Deposit
  4. If tenants select a traditional deposit, flatfair utilises open banking technology to administer traditional deposits for you swiftly and in accordance with legal timeframes to ensure compliance
  5. If tenants select flatfair No Deposit, all the digital paperwork and payments can be completed via our platform

How our integrations benefit you

A smooth transition

Switching technology providers such as CRM’s or referencing providers can be timely and costly for agents. As flatfair Deposits is already integrated with your existing technology, there is no disruption to your current workflows and processes, helping to maintain productivity levels during the transition period. Carly French at Belvoir Grantham described flatfair Deposits as a “no-brainer”, saying “the integration with our deposit provider DPS meant that we didn’t need to change our existing processes, so it was a nice easy transition.”

Enhanced efficiency

flatfair Deposits saves agents lots of valuable time by removing the duplication of tenancy creations with CRM’s such as Goodlord and Reapit, enabling flatfair plans to be created at the ‘click of a button’. Agents save a further 60 minutes of admin time per tenancy as we administer all traditional deposits into their preferred scheme. Carmine D’Orazio at Greystar said flatfair Deposits has brought “significant efficiency gains to a time-consuming process.” This time saved can be better spent on revenue-generating activities.

Improved compliance

The significance of deposit errors cannot be overstated, with the potential cost of errors worth three times the deposit amount. By centralising all deposit transactions, flatfair Deposits provides a clear audit trail. Also, by automating the deposit registration process, we eliminate the risk of human error and missed deadlines during registration and reconciliation. Nadine Orea Garcia at CGT said flatfair Deposits is “a very secure process, which means we don’t need to worry about unnecessary, costly errors.”

Better experience for tenants and landlords

flatfair’s online platform facilitates a smooth end to end process for tenants to self-serve and choose their preferred deposit option, flatfair No Deposit or a traditional deposit. Whichever option your tenants choose, all the digital paperwork and payments can be completed via our online platform, providing a clear trail of documentation.

flatfair uses open banking tech to register the tenant’s debit card when they move in. Which allows for a swift and secure payment method for tenants, and as they’re aware of being liable for damages/missing rent, our technology ensures a straightforward way of recovering these costs for landlords at the end of the tenancy.

Want to find out how your business can increase efficiency and improve compliance with our integrated deposit platform? Book a demo today.