I am trying to update my advert to reflect the new current price. I thought I had updated it yesterday BEFORE I had viewings this morning but turns out I didn’t update it correctly so it’s still showing at the old price. Someone has come along and offered on the old price which is a bummer because i’ve just realised. The tenants still want the property at the updated price but I need to first reject their offer. if I reject their offer, can they still but in an offer at the updated price? or will open rent not allow this? We have no signed contracts yet, just an oversight on my advert which im norw regretting but can’t change unless I reject offers! any advice?
this is what it says on open rent :
Under the Renters’ Rights Act, landlords cannot invite or accept rental offers that exceed the advertised rent. To change the rent, you must reject any active offers. Any price change will apply to future applicants only.
Any price change will apply to future applicants only…Does this mean that my existing tenants cannot put down a new update deposit?
Yes exactly.
Did you advertise at £L originally - and you now want to charge tenants who viewed at that price a higher £H than it was advertised at? Sounds totally illegal under RRA, unless something has changed to justify the rent being different (eg if unlike.advert, bills now included)
“In essence, once the proposed rent is stated in a listing or advertisement, it acts as a cap, and letting agents and landlords must not ask for, accept or encourage prospective tenants to pay more rent than this advertised rent. The rule is that although the asking rent can always be reduced, it can only be increased in very specific circumstances”
@David122 may also have a view/be able to advise
Bite the bullet if these are good tenants for a price you were willing to accept previously, just go ahead with that price. If you really want the higher amount you need to advertise at that and find someone else
Good luck
Have a chat with the tenants.Explain that Open Rent did not update in a timely fashion. You want these tenants because they meet your high bar of selection. Build rapport and understanding. You might/will be issuing a section 13 in 10 months time anyway to match your local market -if not why not.
If you reject their offer today the property returns to the market tomorrow at the higher rent. The preferred tenants can submit another deposit request to secure the property for them.
I think @Christina21 may be worried that Openrent will not allow the same tenants to bid for a property at a higher rent due to RRA. We don’t know if they have implemented anything to prevent this.
Best