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TODAY'S OTHER NEWS

flatfair teams up with Martyn Gerrard to offer deposit alternative solution

Deposit-free renting provider flatfair has signed a partnership with Martyn Gerrard which has 12 branches across north London. 

The move will bring the platform to a wider audience, as thousands of tenants and landlords gain access to flatfair's membership service.

Instead of taking a deposit, landlords using Martyn Gerrard can ask tenants to pay a one-off fee - equal to the value of one week’s rent - to join the payment technology firm, which offers residential landlords up to 12 weeks protection and a free debt recovery option for any additional claims.

Simon Gerrard, managing director at Martyn Gerrard Estate Agents, commented: “We are committed to constantly improving the rental experience for both our landlords and tenants, so we are delighted to announce our partnership with flatfair.

“flatfair has built up a stellar reputation for not only streamlining the moving-in process for renters, providing top-notch protection for landlords but also building trust between both parties.

“As the UK works to recover from the economic impacts of the pandemic, flatfair offers added peace of mind to landlords while doing away with up-front costs for renters, putting that money back in their pocket.”

The partnership also means landlords with Martyn Gerrard will be among the first to be able to use flatfair’s new Boost product. Boost allows landlords to top up their damage protection by up to six extra weeks on top of the maximum of five that a traditional deposit allows. Boost can be used either with flatfair’s No Deposit solution or with a traditional deposit.

Boost, which was launched by flatfair this month, also allows landlords to recover damage costs within just one working day of charges being agreed.

Franz Doerr, CEO of payment technology firm flatfair, said: “We are thrilled that Martyn Gerrard Estate Agents has joined flatfair’s growing roster of leading landlords, agencies and companies to recognise that renting is in need of a long-overdue overhaul.

“Having already saved renters across the UK more than a combined £10m, we strongly believe that technology is the best and most effective way to improve the renting experience.

“Not only do we deliver effective protection for landlords, we also offer a more streamlined approach to many of the insurance products currently available on the deposit replacement market.”

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    Are they serious? The deposit is the only thing that tenants are potentially putting at risk. I will not ever consider tenants not willing or able to save two months deposit and put it up as evidence that they can save and will take care of my property. Two months deposit is still allowed in Scotland - but for how long?

    Matthew Payne

    All the 0% deposit providers pay a commission per tenancy every time an agent converts one. Far more meaningful to them than the interest earnt off holding a 5 week security deposit, less admin, less compliance. Some also think it attracts more tenants to their door as no deposit seems quite an attractive proposition to a lot of tenants, but that will start to wane when medium and high frequency movers work out that it is far cheaper in the long run to pay a traditional security deposit that they get back than pay a fee of equivalent to 20% of that deposit that they will never see again.

     
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    Just another company taking meat off the bone before we make a profit. As for this 'Boost' add on for LL nope tenants pay for that or property goes elsewhere. If Martyn Gerrard suggested that to me thats what I'd insist on or stick it on the rent - rounded up of course.

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