Do I need a prospective tenant to pay a deposit before I can credit check them? And if so does this then stop/pause the advertisement, I have somebody interested, but I still have more viewings booked in for next week, how should I proceed?
If there is enough interest in your listing you would normally allow several viewings and choose the most suitable one to progress to the referencing stage. You need to ask questions of prospective tenants to ascertain who is the most suitable. Do they meet the income threshold for your property? When can they move in? How many people will be living there? Where are they living now and why do they want to live in the area? etc etc.
You would then invite your preferred candidate to place a holding deposit and take them through the referencing process. Once you accept a holding deposit your listing is frozen and nobody else can make enquiries.
P.S. Sometimes a holding deposit will be placed which wasn’t invited. Best to reject it. Don’t be rushed into making a decision. It is not a first come, first to rent service.
Good luck!
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@Tracy45 accepting a holding deposit does take listing down and you arent supposed to then be marketing the property (so eg no viewings) which is actually then illegal.
If you arent sure, let others view then if others also interested you can decide which to ask to put down the holding deposit
You can do a ref report at any time on any of them but no urgency- wait till you decide which is best prospect
If you wait too long for other viewings you can lose a good prosoect /tenant tho. Good tenants wont wait around a long time
Best
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Thank you that is great advice
Thanks for your advice, it has been helpful
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You can reference without a prospective tenant paying a holding deposit, and hence without taking off the market. Go to the ‘referencing page’ on OR.
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I don’t understand why would pay the deposit the tenant pays the deposit. I take it your using the Rent Now service
The Landlord wasn’t suggesting _they_ would pay the holding deposit.
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Thank you, answers my question as well.
Thank you with extra info. very good to know legal aspect. and the next steps. Not rushing very important I agree.