Hello,
A tenant of mine has moved in from abroad and has paid their deposit and first months rent via Transferwise, however it has been over 10 days since their move and I haven’t yet received the first months rent, why is that the case?? Thanks
Once paid by the tenants, we hold the upfront rent payment in a client account and release it to you 10 days after move-in.
The 10 day waiting period is one of our lines of defence against misuse of the system. As we don’t visit the property ourselves, we have to be reasonably sure the property is available, under ownership of the OpenRent landlord and has been moved into before transferring the tenant’s money. This is a requirement to ensure tenants using Rent Now are protected. In an ideal world where everyone was honest, we could obviously remove this from our system. As a company, we gain nothing by holding onto this money; it is held in a client funds account which means that it does not earn any interest.
We can’t be more precise on when the rent money will be received by you due to bank functioning times and the practicality of sending the money, but you will be notified as soon as it leaves our account.
This is also covered by our Help Centre Article here: https://www.openrent.co.uk/kb/articles/115001553012