flatfair’s most popular product, No Deposit, allows tenants to pay a one-off flat fee equivalent to one week’s rent (plus VAT) instead of a costly five-week deposit. flatfair Deposits will sit alongside No Deposit on the existing software platform, allowing agents and landlords to offer their tenants the choice of either. flatfair will then manage the entire process, whichever option the tenant chooses, ensuring the choice is clear and fully compliant with the Tenant Fees Act.
The platform now automates the traditional deposit process, speeding up the process and removing the chance of non-compliance and has calculated that its latest product will save agents on average an hour of admin time per deposit.
By partnering with TrueLayer, flatfair Deposits transfers the money instantly via Open Banking, with the funds automatically registered with the agent's preferred certified deposit scheme. All of the relevant administration is managed within the secure platform, reducing the risk of human error and ensuring there is an audit trail.
Carmine D’Orazio, Building Manager at Greystar, said: “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.”
Gary Wright, Co-CEO of flatfair, said: “Feedback from agents and landlords about No Deposit often mentions the simplicity and ease of use of our platform, so we aimed to bring that user experience to traditional deposits. Until now, these were a largely manual process in which small errors could come back to bite landlords and agents. Rolling out flatfair Deposits is an exciting next step in the continuation of our mission to make renting fairer and simpler for everyone involved. It has been great to see the benefits this is already bringing to Greystar and I look forward to providing the same benefits to many more agents and landlords.”
