Payment technology company flatfair has unveiled Boost which allows landlords to add up to six weeks’ of damage protection on top of the maximum five weeks available through a traditional deposit for a small monthly subscription fee.
Boost is priced at 1.5% of the monthly rental value plus VAT, and also enables landlords to recover the costs of any damages just one day after charges are agreed at the end of the tenancy. Boost can also be used with flatfair’s existing no-deposit solution, which allows tenants to move in instantly by paying a one-off check-in fee equal to one weeks’ rent plus VAT.
Landlord research by flatfair revealed that over three-quarters of those surveyed would want to take Boost on, following data which showed that landlords can wait for more than two months for issues to be resolved and for money to be released from Deposit Protection Schemes.
Franz Doerr, founder and chief executive of flatfair, said: “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.
“While renting through traditional methods means landlords can only secure a deposit capped at just five week’s worth of rent, flatfair with Boost provides an additional six weeks of protection.
“Furthermore, we will also pay out the cost of any damages within just one day after charges have been approved, so landlords can enjoy more peace of mind when it comes to their properties and better plan for the future.”
Paul Sloan, lettings operations director at Spicerhaart, added: “flatfair’s service has firmly established itself among many of our landlords as an effective and innovative partner that delivers extra protection and faster payouts.
“During these uncertain times, many will no doubt be taking stock of their current level of damage protection and seek to enhance it in the way that Boost does.”
This post has originally been featured in Property Wire.