Have existing tenant, looking to move them across to OpenRent

Hi, I currently have tenants in a property that are wanting to renew the the tenancy agreement. The tenants were originally sourced/introduced by a local estate agent and now I want to move them across to OpenRent, I have checked my T&C and there isn’t any clauses/fees. My understanding is that I can move the tenants across to OpenRent using the RentNow method, I’d list the property and invite the current tenants to place a holding deposit (one weeks rent). As the original tenancy agreement was taken out before 1st June 19 the security deposit is slightly higher than 5 weeks rent, this is currently held with DPS (which I believe OpenRent use). So I’d like to understand what the process would be for the existing tenant to move over to OpenRent and could I use my exist DPS as well as reducing it to below 5weeks rent? Or do i have to make a part payment back to the tenant and then re register the new amount with DPS and supply OpenRent with the new DPS details?

Hi Mike, sounds like you’ve been in touch with our team about this (or read our guide to it) which is great.

You’re right that you’ll need to create a free listing on OpenRent.co.uk and then invite your tenant to click the Rent Now button.

You will probably be best refunding the entire tenancy deposit of your current tenancy, and then instructing the tenant to pay the new deposit of 5 weeks’ rent to OpenRent when prompted to do so once the Rent Now process is initiated.

Does that make sense?

Hi Sam, I read a few of your guides late last night so wasn’t sure if I had got the right end of the stick. From what you have said above it seems to suggest that I don’t need to pay for the RentNow service? However I would like to create a new tenancy agreement (for the renewal) , take a holding deposit (the tenant was at one point thinking of leaving, taking a holding deposit might make them think twice or at least make them commit). Given i want to go down that route then am I right in thinking I’d have to pay for the advertising + RentNow and just forgo using the advertising? Thanks.

Hi Mike, sorry if what I wrote wasn’t clear.

Once the tenant presses Rent Now and you accept their application, then you will be prompted to buy Rent Now.

In this case, you wouldn’t have to pay for advertising.