Have you ever spend 1/2 a day processing an application, made the tough decision, then offered the property to the applicant only for them to say "oh, I have changed my mind?"
That problem is why option fees were invented.
Here is my list of what I like about option fees for applicants on rental properties:
1. Eliminates tyre kickers, saving so much processing time.
2. Some applicants don't even have the capacity to save 1 weeks rent for the option fee = self-screening
3. Gives the applicants some financial commitment to my property.
4. Disincentive to applicants applying for 5 different properties, wasting at least 4 owners time.
You already know all this, so why am I posting?
BECAUSE THE PROPOSED OPTION FEE UNDER NEW WA REGULATIONS IS FIFTY DOLLARS ($50).
Totally useless, an administration hassle.
You have until 17 May to object - see my other post for details.
Regards,
Burbs
That problem is why option fees were invented.
Here is my list of what I like about option fees for applicants on rental properties:
1. Eliminates tyre kickers, saving so much processing time.
2. Some applicants don't even have the capacity to save 1 weeks rent for the option fee = self-screening
3. Gives the applicants some financial commitment to my property.
4. Disincentive to applicants applying for 5 different properties, wasting at least 4 owners time.
You already know all this, so why am I posting?
BECAUSE THE PROPOSED OPTION FEE UNDER NEW WA REGULATIONS IS FIFTY DOLLARS ($50).
Totally useless, an administration hassle.
You have until 17 May to object - see my other post for details.
Regards,
Burbs
