Want to use Rent Now to create a tenancy with your new tenants, but they have already paid a holding deposit to you directly? The following are the next steps you should take:
1. Refund the holding deposit to the tenant
We can't be sure what terms you provided to the tenant, or whether the holding deposit was obtained legally (eg. in accordance with the Tenant Fees Act). As such this money will need to be repaid to the tenant so that they can apply via OpenRent.
It's unfortunately not possible to start our tenancy creation process without a holding deposit being paid via OpenRent. This is because we need to legally establish the application process and terms with the tenant when they apply, and collecting the holding deposit is a crucial part of this. A holding deposit paid via OpenRent commits the tenant to your property, and sets up a valid legal framework such that if a tenant provides fraudulent information or withdraws from the application that this money can be claimed, legally, by the landlord.
2. Ensure your property advert is live
You will need a live advert in order for your tenant to start Rent Now. You should republish the advert you had, or create a new one if you have not done so already.
3. Ask the tenant to place the holding deposit on OpenRent
Once you have a live advert your tenant will be able to go to the listing, click the green 'Rent Now' button and start their application by paying a holding deposit (equivalent to 1 week's rent).
You can also invite the tenants to do this here: Invite tenant to place holding deposit
It's worth noting that we will need to handle the first month's rent and deposit as part of setting up the tenancy. If you have collected those funds directly you will be able to pay them on to OpenRent once you have signed the contract for the tenancy.
You can find a useful overview of our Rent Now service here.
- How tenants place the holding deposit on OpenRent