Deposit alternative firm selling additional cover and faster payouts

11 August 2020 | Renting

Deposit alternative firm selling additional cover and faster payouts

Deposit alternative service flatfair is now selling a top-up cover element that allows landlords to add a further six weeks damage protection.

Landlords pay an additional 1.5 per cent of the rent, plus VAT, to get the service, which flatfair is calling Boost. 

The deposit alternative firm claims this cost applied to an average rent would be only the same as a monthly subscription to Netflix or Amazon Prime.

Boost can be used by landlords to add the additional weeks on to a traditional deposit or can be used in addition to flatfair’s existing no-deposit product. 

flatfair says Boost would give landlords “faster payouts than they could typically expect”.

“Boost provides the same streamlined rental experience users have come to expect from flatfair but offers landlords added peace of mind during these extraordinary times…We will also pay out the cost of any damages within just one day after charges have been approved” according to Franz Doerr, flatfair founder.

This post has originally been featured in Letting Agent Today.