Happy ‘Flatfair-versary’ Andrews!
Andrews Property Group launched its Deposit Alternative partnership with Flatfair on 22nd January 2024. Since then, the partnership has flourished, and the popularity of the offering amongst our customers is clear to see!
Andrews went into partnership with Flatfair with a clear set of mutual benefits in mind:
Key Benefits:
Landlords:
- Stand to benefit from up to 26%* more applicant interest, and a 24%* lower prospect of needing to reduce their asking price, all of which translates to a quicker let at the best rent.
- Landlords also benefit from up to ten weeks' rent as protection against non-performance of the tenants' obligations as opposed to the five weeks provided by a traditional cash Deposit.
Tenants:
- Are presented with greater financial freedom. Those preferring to use their cash to manage the wider cost of moving can now do so, freeing up funds and avoiding the 'double Deposit trap' (needing to find another five weeks' rent while also having money tied up as well as the Deposit on the property from which they are moving).
Implication:
- Andrews can let the properties more quickly to a wider choice of tenants, and at the best price. Using the Flatfair platform, Andrews can also progress the end-of-Tenancy process more quickly and efficiently for both parties.
The benefits to tenants, and the growing number opting for the Deposit Alternative speak for themselves, but landlords have been equally enthusiastic about the offering.
Conclusion:
During the period July to December 2024 inclusive, Andrews move-in data shows that 48% of landlords offered the Flatfair option, and that 43% of tenants who were given that option chose to set up a Deposit Alternative in preference to the traditional cash Deposit.
Analysis of 2025 year-to-date moves in show those proportions increasing to 49% and 59% respectively.
Landlords are understandably concerned that the absence of a cash Deposit may lead to the tenant relaxing their attitude towards looking after the property and/or paying the rent. However, in practice, tenants are no less liable for damages and/or unpaid rent as they would be with a cash Deposit, and they are incentivised by, and rewarded with, discounts on future plans for leaving properties in good condition and with rental payments up to date. And as above, utilising Flatfair provides the option to move without having to find the money for an upfront Deposit equivalent to five weeks’ rent while they still have a similar amount ‘locked away’ from their previous home.
Andrews is pleased to be working with a partner that is able to offer its customers the levels of choice and protection provided by Flatfair.
We believe that these mutual benefits align perfectly with our strategic aim to become the most trusted and admired agent in the property sector, providing our landlords with more protection, and enabling our tenants to access housing more quickly and economically. If you would like more information on this popular and innovative product, please do not hesitate to contact your local branch.
* Data supplied by Flatfair
