I am about to use OpenRent for the first time and am looking to go for the Rent Now option for ease.
I am used to doing my own tenancy agreements and registering deposits but for the low fee I cant see any reason not to leave this with OpenRent to save me time.
With the deposit registration, do OpenRent hold the deposit or just register it and then transfer the deposit to me to hold.
I usually use MyDeposit’s Insured deposit where I keep the money rather than the custodial option. Am I right in thinking OpenRent keep the deposit as a custodial? I would rather not do this. Is there a way to avoid as i would rather use the full system.
OR use MyDeposits, and they register this in their own name, and you deal with Openrent to release it. My understanding is that if the deductions are disputed, the dispute is transferred to MyDeposits for arbitration.
I have just realised Openrent changed the deposit scheme. There was no notification of changes to their standard contract. The ease was relying on consistency, but they snuck this in, didn’t say they made fundamental changes so when reviewing I only reviewed the editable parts.
Basically it feel like Openrent will keep the interest earned on the deposits held. I now have some deposited here and some there. I need them all on one screen.
Openrent say it’s now a signed contract with me and tenant. So I presume I can just issue a subcontract addendum to correct that clause then Openrent would have no right to refuse the transfer. I don’t think they have a right to refuse the transfer anyway and my contract is between myself and the tenant. Nothing to do with Openrent besides facilitating.
What do others think?