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TODAY'S OTHER NEWS

Big agency deal signed with deposit alternative firm flatfair

Deposit alternative provider flatfair has been chosen by CBRE UK Residential Lettings as the race for prominence in the sector continues.

This is the first deposit-free service which CBRE has joined in the UK. 

CBRE’s residential lettings business operates at the very top end of the UK property market, with an average rental value of £1,000 per week or £4,333 per calendar month for their letting properties. 

“We are pleased to be able to offer tenants an alternative to providing an up-front deposit, and access to a digitalised deposit and deposit-free registration process through flatfair’s platform” explains Sharief Ibrahim, residential agency director at CBRE.

And Franz Doerr, chief executive and founder of flatfair, adds: “We are incredibly proud that CBRE has selected flatfair as their deposit alternative of choice in the UK. We strongly believe that our technology solution offers a safer, more streamlined approach in comparison with the numerous insurance products that have entered the deposit replacement market, and are pleased that CBRE has recognised that.”

With flatfair, landlords are able to offer tenants the option to pay a membership fee instead of a deposit; at the end of a tenancy landlords can charge tenants directly for any lawful claims. 

flatfair says it offers better protection, equivalent to up to 12 weeks’ worth of rent, than a traditional deposit provides, as well as faster payouts and fewer voids.

  • Emma Hamilton

    And how do you claim for damage from tenants directly? They've probably long gone

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    Tenants provide card / bank details to be charged once payment has been agreed. It's a lot quicker than the traditional dispute resolution as well.

     
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    • D G
    • 23 July 2019 11:27 AM

    "With flatfair, landlords are able to offer tenants the option to pay anmembership [sic] fee instead of a deposit; at the end of a tenancy landlords can charge tenants directly for any lawful claims.

    So do the tenants get the membership fee back, if not surely it has to be classed as a tenant fee.
    What happens if the tenants refuse to pay dilapidations, does the landlord have to take them to court?

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    It's a membership fee so it is non refundable, however the expectation is that more and more agents join using flatfair which enables the tenants to build up a profile with flatfair, and show they are good tenants if there are no claims.

     
  • Paul Barrett

    Having a deposit facility for 12 weeks might not a tenant consider that a Premium Tenancy has been created as that is what occurs when you take more than 8 weeks rent as a deposit.
    Not sure how it works with these new schemes offering more than 8 weeks protection.

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