I was just wondering how deposits and 'reservations' work in rentals, in practice, when trying to get an application accepted?
For example - the one form I've filled in so far has a pricing section where it asks for:
Property Rental pw
2 weeks first payment
Cost of tenancy agreement
Reservation fee and period
- If I want to offer above the asking rate (can I, legally?), do I communicate this by simply writing it in the Rental PW box? If not.. and assuming someone else has.. how is this done?
- Also, if offering multiple months up front - again, is this a valid/legal sweetener, and how is this done?
- Since I assume we should 'put our money where our mouth is', I assume placing a reservation/deposit seals the deal, pending references? Do we push for a provisional acceptance of our application, and then send a deposit by BPay/etc before anyone else can, if possible? Or should we wait before we're confirmed as the first choice before offering any deposit, reservation fee, etc?
- How does the reservation fee work? Is it just something from calmer days, when a prospective tenant might ask the landlord to hold on for a few days while they make their decision? I assume it might be irrelevant these days, since with the market the way it is, any sign of hesitation would simply move the landlord on to the next acceptable candidate who unconditionally signs up?
- If reservations can still be used, and we want to hold it for a few days, again, how do we do this? Simply write a figure and number of days in the form?