Hi there,
I have some prospective tenants for my flat. I’m a little unclear around Rent Now. Does the holding deposit and rent go into Open Rent’s bank account? I think I read this on a post but can’t find it now. I tried to email one of my prospective tenants to let her know I would investigate re whether Rent Now or a direct payment was better and a message was autogenerated back to me to say they would prefer to rent via Rent Now.
Yes exactly.
“In the Rent Now process, OpenRent takes care of collecting the tenant’s deposit and the first month’s rent. They also ensure that the deposit is properly registered on the landlord’s behalf, so the tenancy is legally sound and follows all deposit-related laws. The deposit is legally secured and all funds are ring fenced in client accounts, audited, and protected bymulti-million pound client money insurance
OR pay the LL the 1st months rent up to 10 days after the move in day/start of the tenancy. That protects tenants from rogue LLs because if tenants don’t get the keys on move in date then OR can return the rent to them.
For 2nd month onwards it’s up to you as LL. Either you pay OR for rent collection for 10 quid a month the tenant pays to a bank account and they transfer to yours same day as part of their rent collection service, or you can have tenants pay directly to you
Rent Now means tenants aren’t trusting you as LL to deal properly with the holding deposit 1st months rent and security deposit. They are trusting OR instead
Best
Thanks very much for explaining, David.
That all sounds fair.