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Sowerbys and Flatfair relaunch!

The concept of deposit free renting is nothing new but as the industry starts to strike the balance between the ‘old’ and ‘new’ normal, we wanted to take some time to remind you of our partnership with Flatfair – the home of deposit free renting.

Let’s focus on the details.

What is Flatfair?

Flatfair was one of the pioneering ‘Deposit Free’ services that were born as a result of 2019’s ‘Tenant Fee Ban’ – a fresh concept in the world of Lettings whereby both Landlord and Tenant benefit. In brief, instead of the five-week deposit that would have been traditionally taken at the start of the tenancy, a tenant pays a fee equal to one week’s rent (plus VAT!) at the beginning of the tenancy and agrees to return the property clean & tidy, with no rent arrears once the tenancy ends, or they agree to pay the Landlord. The benefit for the Landlord? Well, they get protection for up to ten weeks’ worth of rent!

I’m a Tenant – what is in it for me?

The biggest selling point for a prospective tenant is that using Flatfair massively decreases your up-front move in costs. Not everyone has five weeks’ worth of rent in their bank account ready to hand over to a Landlord. Plus, we all know how expensive moving can be and that cash could be put to much better use, so if you are a houseproud applicant who is confident, they will leave a property in the same condition it was granted, and importantly, would be willing to pay out of your pocket for when you don’t, then deposit free renting may be the perfect product for you.

I’m a Landlord – what is in it for me?

The simple answer is, you get more protection. In a world before the Tenant Fee Ban, Landlords and Agents could dictate the value of the deposit. Has an applicant got pets? Is it a large family? A whole host of reasons meant you could negotiate a higher deposit however in the ‘Post Tenant Fee Ban’ world we live in, you are limited to five weeks’ worth of rent and many Landlords don’t feel this is adequate to protect their investment, therefore if a product like Flatfair can offer you 100% more protection, faster pay-outs, and seamless negotiation processes, why wouldn’t you?

It’s also a brilliant marketing tool, advertising a property with Flatfair has shown to increase buzz resulting in shorter void period and a wider choice of applicants with 70% more enquiries than properties advertised without a ‘Deposit Free’ option.

Flatfair provides choice and transparency to Tenants and great protection to Landlords – that is the takeaway message. If Sowerbys did not believe the product was an important part of the ever-evolving market, we simply wouldn’t use it.

Our team love talking about Flatfair and would be happy to answer any queries or explain any part of the process so please get in touch for a chat.