Do deposit-free schemes fully protect landlords?

22/10/2019

We’re busting some myths surrounding flatfair’s deposit alternative as we hear and see so many misconceptions. To kick this off, we’re starting with one of the most frequently asked questions... do deposit-free schemes fully protect landlords?

With flatfair, the answer is a resounding YES. In the event of damage and/or rent arrears, a traditional deposit covers up to 5-weeks’ worth of rent, but with flatfair our unbeatable protection can reach up to 12-weeks’ worth of rent. For anything that goes above and beyond this protection, flatfair acts as a free recovery partner for any other unsettled amounts.

Did you know.... flatfair pays 99.7% of all charges submitted within 30 days of the submission date? flatfair offers landlords more security and faster turnarounds than a traditional deposit. This is just one of the reasons why UK agents, including Haart, Hunters, CBRE and Beals, have chosen to offer flatfair, rather than an insurance-based model.

01. Savings All-Around
Unlike other deposit alternatives, we're not selling insurance which means that tenants are encouraged to take care of their home, and only have to pay a small one-off membership fee, reducing costs all around.

02. 12-Weeks’ Protection
Landlords can benefit from up to 12-weeks' worth of protection (capped at 6-weeks of rent arrears within the 12-weeks) compared to standard deposits which are now capped at 5-weeks as a result of the tenant fee ban. Any end of tenancy disputes go through Hamilton Fraser, the head adjudicator for mydeposits, and one of three government authorised dispute resolution services. Charges are all managed 24/7 via flatfair’s online portal for complete visibility and transparency.

03. Convenience is Key
Join to offer flatfair within hours, it's as simple as that! As a bonus, landlords experience fewer voids and faster payouts in the event of an end of tenancy charge being raised. There’s also FREE recovery for any additional debts that may need to be pursued.