Payment technology company, flatfair has launched a new online portal – Resolve, which enables Build to Rent landlords to agree on payment plans for rent arrears accrued due to Covid-19.
Resolve gives Build to Rent operators who are adversely impacted by rental shortfalls a tool to assist them in obtaining evidence of hardship, providing date stamped correspondence, and helping them to agree on a payment plan for residents.
“All landlords should look to find out if their tenant is in financial difficulty and is genuinely unable to pay the rent. Full understanding of the facts will lead to a better result for all concerned.”Franz Doerr, CEO & Founder, flatfair
There are currently restrictions on evicting residents as part of the government’s coronavirus support measures. The Housing Secretary, Robert Jenrick recently confirmed that landlords will be expected to mediate fairly with residents before eviction proceedings can move forward post coronavirus.
Resolve offers both landlords and residents a centralised and independent record of their agreement – by recording and documenting details on agreements for payment plans. Residents can raise concerns over their finances, by uploading proof of their financial situation to their landlord – but only landlords can propose rental payment plans. Both residents and landlords can sign up for free.
The online portal process
Resolve offers a simple process that Build to Rent landlords can follow – making the agreement on a rent arrears payment plan as simple as possible – while providing evidence that they’ve taken steps to mediate.
“Crucially, all the correspondence and documentation is recorded online on the portal, meaning there is a clear record that these discussions have happened. This gives both landlord and tenant certainty that they’ve followed all the right steps.”Franz Doerr, CEO & Founder, flatfair
Build to Rent landlords who have or expect properties to fall into rent arrears can request for residents to upload proof of financial distress, such as a redundancy letter, onto the Resolve platform. Landlords can review documents before proposing a payment plan over the portal, which a resident can accept or reject. Once a payment plan is agreed, both parties sign the plan electronically on the platform.
Image credit: Grainger