8 Replies Latest reply: Apr 9, 2012 7:20 PM by marilina.giannopoulou RSS

    Deposit 10 days after?!

    New Member

      Hello to everyone,

      i have a small problem with my guest. One week before, he sent me an inquiry and said that he want to rent my apartment from 22 June to 14 July . I sent the rental agreement to him and my payment policy and then i said to him that he must read, and sent rental agreement back with his signature.

      Also he must pay the deposit as soon as possible in order to book his dates. However he told me that going to pay the deposit after 10 days (specifically i will get it between 20-26 April in my bank). I told him again that 10 days is a long period booking the apartment without the safety of the deposit for the Homeowner (me). Then told me that i can reserve his dates without any risk and he think that is a good deal date for him to pay deposit.

      What can i do with him? Is 10 days long period to pay? Must i accept and wait for his payment? I am new to renting and i do not want to argue with him.

      I have read a lot about deposits in the community but i am confused with this situation.

      Please i want your help and your experience!!!

        • Re: Deposit 10 days after?!
          sophie Senior Contributor

          Hi marilina,

           

          You say "I am new to renting and i do not want to argue with him". You need to adopt the mindset of an owner and you need to have rules set. This is the best business practice as you can't let others dictate what your rules, regulations and time frames are.

           

          For me, I give my renters 48 hours to complete the contract and remit the funds. Under no circumstances do I block my days off of my calendar until BOTH are received. That is fine if he doesn't send the deposit back but I would NOT hold the property off the market and would continue to market it for that time frame.  This is verbiage that I put in my emails

           

          The reservation is finalized only when payment is received, so prompt payment will best assure that your lodging arrangements will be secure. We have put into place the “first pay, first book” policy in order to avoid the drama of competing claims for a given time on a property. It does not matter who might have said what, when, or what might have been understood. The first paying party receives the booking.

           

          And this:

           

          Please note that we continue to market the property until the deposit and signed contract is received. Reservations are not booked or guaranteed until the lease and deposit is received.

           

          Bottom line......Set your own rules, stick by them and don't let any renter argue or bully you into doing something you don't want to do. You are the one in control!

           

          Good luck and let us know if you have further questions!


            • Re: Deposit 10 days after?!
              stjvilla Active Contributor

              Completely agree with sophie.  All you have to do is say is that the house isn't booked until you receive the deposit and you will continue to offer it until you get that deposit from someone.  It doesn't matter when he wants to pay - it's your policy to accept the renter who pays first.  Tell him this and stick to it.  No need to argue!

               

              Stick to your guns and good luck.

              • Re: Deposit 10 days after?!
                New Member

                Thank you Sophie!

                He said that i must have confidence and his bank (in France) delay his payments to my bank (in Greece).

                He will put tomorrow the deposit but i will receive it 10 days after because to his bank policy.

                  • Re: Deposit 10 days after?!
                    sophie Senior Contributor

                    marilina.giannopoulou wrote:

                     

                     

                    He said that i must have confidence and his bank (in France) delay his payments to my bank (in Greece).

                     

                    That is fine.....but you still shouldn't hold the property.  Unless, he can give you proof from the bank that the payment is on it's way.....but I have a feeling he wouldn't be able to that. Do you accept credit cards or paypal? That is instant payment and might be a solution if you don't take them. You wouldn't have to wait for checks, etc. to clear.

                      • Re: Deposit 10 days after?!
                        New Member

                        Yes i accept paypal and he knows that but he said that prefer classic payment method (from his bank account to my bank account).

                        I explained to him that only when i receive his payment i will reserve his dates if they are available yet.

                         

                        Thank you for your help (Sophie and Stjvilla)!

                          • Re: Deposit 10 days after?!
                            sophie Senior Contributor

                            Then he has to roll the dice and take a chance!   I hope it works out!

                            • Re: Deposit 10 days after?!
                              anja Senior Contributor

                              Marilina,

                               

                              I would insist that he pay with PayPal.   He can transfer money from HIS bank account to YOUR bank account using PayPal.  All he has to do is sign up for a free PayPal membership....and it includes bank transfers.  PayPal does not expose any of the bank details during the transaction...so there is privacy protection in that respect.  So, YOUR bank account details do not have to be given to him (!!).....and HIS bank account details are also protected from YOU.

                               

                              My argument is:  I would not give this person my *bank* details...and I would not permit this person to tell me how to accept the money.

                               

                              I'm feeling uncomfortable with this entire "booking" as you have described it.   Sophie is right....it's your business and you have to set your rules {policy} and not let anyone tell you how to run your business.

                               

                              If I were in your situation, I would inform the renter that he can sign up free with PayPal...and then he can safely and securely transfer money from his bank to your bank!  His bank can take all the time it needs...via the PayPal transfer.  And...I would tell him that he is "risking losing the rental if it takes 10+ days for him to pay you the deposit !!...inform him in writing that you will continue to "advertise" your rental during the "waiting period" because you have no "binding agreement" between the two of you!  So, if someone else wants to rent it...faster...and pay you faster...then that person will get your house first!  This is not a "first come, first serve" business.....it is "First to Pay/Contract is First Served" !!!

                               

                              Get the money in your hands + his signature on your rental contract.  You then, both have a solid commitment between yourselves....not before.

                                • Re: Deposit 10 days after?!
                                  New Member

                                  You are right Anja, i told him that is easy, quickly and safety for both of us this transaction (paypal). Also i told him that a lot of guests prefer this transaction and we have no complaines yet from them. However still prefer the classic transfer because he does not know this system (paypal). I have sent to him a reminder email that i have the dates available and i have one family that want to rent the apartment for these days (true) so if they pay first then the apartment will not available for him anymore. (it is difficult for him because he has friends in this area and only my apartment has 2 bedrooms, for 5 people).

                                   

                                  Thank you for your responce!