By - Boost allows landlords to recover damage costs one day after charges are agreed
- New product can work with traditional deposits and flatfair’s No Deposit solution
- Over three-quarters of landlords surveyed by flatfair said they would take the product
Landlords can now add on up to six week’s damage protection on top of the maximum five weeks available through a traditional deposit for damage protection through a new product available for a small monthly subscription fee.
Boost, launched by payment technology company flatfair, is priced at just 1.5% of the monthly rental value (+VAT) and enables landlords to recover the costs of any damages just one day after charges are agreed at the end of tenancy.
The average monthly rent in England is £700, meaning many landlords would only have to spend just over an extra £10 a month to more than double their existing protection. That’s roughly the same cost as Netflix or Amazon Prime.
Boost can be used by landlords to add extra protection onto a traditional deposit. But they can also use Boost with flatfair’s existing no-deposit solution – which allows tenants to move-in instantly by simply paying a one-off check-in fee equal to one week’s rent plus VAT.
A flatfair survey of 329 Buy-to- Let landlords found that over three-quarters of landlords would want to take Boost on, and would be willing to spend £25 a month on the product.
Apart from the added protection, the other key benefit for landlords is that flatfair’s platform promises faster payouts than they could typically expect.
flatfair’s landlord survey found many wait more than 2 months for issues to be resolved and for money to be released from the Deposit Protection Schemes.
flatfair’s latest innovation comes after the launch of Resolve, a free online tool for landlords to propose and agree on rent payment plans for renters who have fallen into arrears during lockdown.
The firm raised £11 million in a funding round led by Index Ventures last August and has partnered with some of the biggest institutional landlords and managing agents, including Spicerhaart, Beales, Greystar and CBRE.
Boost will be widely available by 10 August and landlords and agents can find out more about the product at www.flatfair.co.uk
Franz Doerr, founder and CEO of flatfair, commented:
“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 6 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.”
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