Hi everyone, I’m a new landlord using Rent Now and I’m currently going through referencing and the early setup stages. My tenants are hoping to move in around September, and I’ll be honest — there’s a lot of information on the platform and I’m getting a bit confused.
I understand the deposit is held by OpenRent via a third‑party scheme, but I’m unclear about when and how the first month’s rent and the ongoing rent payments are actually released to me. I’ve already updated my bank details, but I’m not sure what happens next or what the timeline usually looks like.
Also, has anyone here purchased any of the additional services like legal support, maintenance packages, or rent guarantee insurance? I’d really appreciate hearing your experiences — is it worth it, or do most landlords manage fine without these extras?
Try reading OR guidance - all below easily found via google
Openrent Holding deposit
If the Landlord Accepts the Application
If the landlord accepts the application, the holding deposit will be protected in OpenRent’s client funds account while the tenancy is set up. Once the contracts have been signed, the holding deposit will be put towards the first month’s rent payment. In other words, the tenant will need to pay the first month’s rent, less the holding deposit. The tenant will see a full breakdown of what they need to pay after all parties have signed the contract and they are required to make the final payment.
Openrent 1st month rent
Openrent rent collection (if you have sign up for ongoing monthly rent collection via OR)
Find a landlord association online, join it and do their training. Yes it will cost you but, as a new landlord you could stand to get in very serious bother if you don’t know what you’re doing, especially these days.
Thanks for the advice. I was actually referring specifically to the OpenRent platform and how the process works through there, rather than general landlord guidance. But I appreciate the suggestion thanks.