Andrews & Flatfair - The story so far
Andrews Property Group launched its new deposit alternative partnership with Flatfair on 22nd January 2024.
Flatfair reports that, in the last twelve months, ‘No deposit’ plans have increased by 9%, accounting for 51% of total plans selected, meaning it is now the preferred choice for renters. This data shows the importance of ensuring your customers always have a choice of deposit options.
While tenant preference is clear, presenting the ‘No deposit’ option is ultimately the landlord’s choice, and it is important to understand that there are two distinct landlord benefits related to the marketing phase, and the tenancy itself.
- Flatfair data demonstrates that properties advertised with the ‘No deposit alternative option available’ on average, generates a 28% higher applicant response, and a 24% reduction in the need to reduce the asking price.
- Should the eventual tenant then choose to take up the deposit alternative, landlords benefit from rent protection for up to ten weeks rather than the current five weeks rent provided by a traditional cash deposit.
In the four-week period since launch, landlord adoption has increased by 133% - protection matters.
The deposit alternative option also provides an invaluable choice for thousands of tenants to save on upfront move-in costs alongside the benefits enjoyed by the landlord. Just six weeks into the partnership, 78.26% of Andrews tenants presented with the no deposit option have selected it. This avoids the ‘double deposit’ trap and free up funds to spend on making their new home their own. In the four-week period since launch, tenant purchasing has increased by the same 133% - people love options, especially around choices in how to allocate their funds.
In the uncertain economic times we live in, it’s more important than ever that landlords receive optimum protection, but that we also provide viable financial options to renters as well. For a tenant, using Flatfair provides an option to move without having to find a 5-week deposit upfront, while they still have a current property deposit ‘locked away’ from their previous home.
We believe that these mutual benefits align perfectly with our goal to become the most trusted and admired agent in the property sector, providing our landlords with more protection whilst enabling our tenants to access housing more quickly and economically.
To find out more please visit https://flatfair.co.uk/ or contact your local Andrews branch
David Bryant, Lettings Operations Manager
